Questions across 44 calls

Ankur Periwal

Axis Capital

Tega Industries Limited

Tega Industries Limited CC-Jun26.pdf · 2026-06-02

Congratulations for completing the acquisition there. My first question is on the growth strategy considering the combined network of Tega as well as Molycop. What could be the low-hanging fruits here, the benefits of which we can be derived, let's say, in the near term, maybe over the next 12 months? And your guidance of 15-odd percent growth on the non-Molycop business, does it include these benefits?

Sure. That's clear. Second bit on the margin profile, and I'm again talking of the Tega consolidated numbers ex of Molycop. For the full year, we are seeing a gross margin expansion. But at EBITDA level because of the higher other overheads, I'm excluding the onetimes here as well, there was higher rise in other overheads, which led to a slight dip in EBITDA margin. Any specific reason for this sharper hike? And how should one look at this number going ahead on the margin front?

InterGlobe Aviation Limited

InterGlobe Aviation Limited CC-Jun26.pdf · 2026-05-29

First question on the capacity management, while you alluded towards this, just curious to understand, given the constraints on the international routes, this capacity you mentioned has been deployed on the domestic market. One, if you can highlight whether these are more metro or the non-metro routes? And combining this with your earlier comment that the fuel price increase, at least in the domestic market in the month of May, give and take is largely done in terms of yield matching the increase in the ATF prices. So your thoughts there, please?

Sure. Yes. The second part there was your comment on domestic yield largely matching the ATF prices, while on the international, maybe on a route-specific basis, it may vary. But on the domestic side, it's largely matching the increase in ATF prices has been largely passed through?

Cummins India Limited

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2026-05-29

Yes, thanks for the opportunity. First question on the exports outlook. We have seen an uptick in terms of our annual revenues this year. Anything specific to look out here? Is there a change in trend? Or probably that range round sort of low range still continues going ahead? Your comments, please.

Sure. And secondly, on the Industrial side, you did mention towards some of the segments seeing some uptick there, especially railways. How will you look at the growth outlook here considering will it be only railways who will be driving growth for us? Or how do you see the overall growth outlook on that side? And if you can share the annual numbers in terms of the specific segments as well? Thanks.

Cummins India Limited CC-Jun26.pdf · 2026-05-29

Yes, thanks for the opportunity. First question on the exports outlook. We have seen an uptick in terms of our annual revenues this year. Anything specific to look out here? Is there a change in trend? Or probably that range round sort of low range still continues going ahead? Your comments, please.

Sure. And secondly, on the Industrial side, you did mention towards some of the segments seeing some uptick there, especially railways. How will you look at the growth outlook here considering will it be only railways who will be driving growth for us? Or how do you see the overall growth outlook on that side? And if you can share the annual numbers in terms of the specific segments as well? Thanks.

AIA Engineering Limited

AIA Engineering Limited CC-Jun26.pdf · 2026-05-26

Yes. Hi, Sanjay bhai. Hi, Kunal bhai. Thank you and Congratulation for the new client win there. So first question, while you are not disclosing from a volume growth perspective, have we got any initial orders from this customer given that year-end order book is much higher than what it used to be last year. So, from that perspective, have we got any?

Sure, sir. No worries on that. And just a follow-up on that. What is the capacity utilization here for us both in mining as well as in grinding media?

Anupam Rasayan India Limited

Anupam Rasayan India Limited CC-May26.pdf · 2026-05-25

A few questions on the stand-alone business first. So, we have a gross block of around INR2.5 -- INR2,500 crores, INR2,600-odd crores on the stand-alone side against the current revenue of -- I'm rounding off numbers, let's say, INR17 billion there. What is the potential peak revenue that we can do here with the current gross block?

Sure. And Vishal Bhai, which is where your comment that there is no incremental capex required on the stand-alone side. What would be your maintenance capex here, the number that we can look at over the next, let's say, 2, 3 years?

PI Industries Limited

PI Industries Limited CC-May26.pdf · 2026-05-20

Thanks for the opportunity. First question on the overall pricing environment, given the volatility in raw material prices off late and the pressure from Chinese-led, you know, the global pressure there on the Agchem cycle as a whole. Is there any significant pricing correction or pressure that we are seeing across our portfolio? And second bit, one clarification there, the 5% -odd realization decline in our exports that we are seeing, is it more a product mix issue or it is a R&D deflation or some pricing correction there?

Sure. So, okay, let me put it this way. Our focus here will remain on volume growth for our existing as well as newer products or we will prefer to have a balanced approach in terms of margin as well?

Kirloskar Oil Engines Limited

Analysts/Institutional Investor Meet/Con. Call Updates Kirloskar Oil Engines Limited has informed the Exchange about Transcript · 2026-05-14

Yes, hi team. Thanks for the opportunity and congratulations on a strong set of numbers. My first question is on the R&D and the overall product development side. Now, you know, glad to hear your earlier comment on Optiprime picking up very well. But just on that bit, are there any more products that we are working on over the next, let's say, one to three years, which can drive the growth further up or maybe even variants of the existing ones which can see a ramp up over the coming years?

Okay. Let me rephrase my question. So you did mention you're selling units up to 3,000 kVA. So the incremental focus is on going beyond 3, 000 kVA as well or within 3,000 kVA, our portfolio is reasonably placed and we believe there is no further new product investment required there?

Kirloskar Oil Engines Limited CC-May26.pdf · 2026-05-14

Yes, hi team. Thanks for the opportunity and congratulations on a strong set of numbers. My first question is on the R&D and the overall product development side. Now, you know, glad to hear your earlier comment on Optiprime picking up very well. But just on that bit, are there any more products that we are working on over the next, let's say, one to three years, which can drive the growth further up or maybe even variants of the existing ones which can see a ramp up over the coming years?

Okay. Let me rephrase my question. So you did mention you're selling units up to 3,000 kVA. So the incremental focus is on going beyond 3, 000 kVA as well or within 3,000 kVA, our portfolio is reasonably placed and we believe there is no further new product investment required there?

Tata Chemicals Limited

Tata Chemicals Limited CC-May26.pdf · 2026-05-04

Yes, hi sir. Thanks for the op portunity. First question, in your opening remarks you did highlighted some plants either going for a longer sort of maintenance or maybe mothballing. Does it change the overall demand -supply dynamics given the incremental supply that was coming from China?

Sure, sir. And just a follow -up there, there was an expectation that probably, the synthetic, the older plants in China may see a shutdown with this natural so rt of production increasing. Any updates, anything on that side or it's still the same capacity?

Tata Chemicals Limited CC-Nov25.pdf · 2025-11-03

Hi sir, thanks for the opportunity. First question on US business. This quarter, again on a Q-on- Q basis, we saw a sharp dip in EBITDA. I understand you highlighted last time that the domestic share was much higher in Q1 and hence higher EBITDA share. If you can just help us understand better, how should one look at this mix and possibly a sustainable number on how this number will move in the coming quarter?

Sure, sir. That is helpful. Your earlier comment did mention a higher share of exports. What will be the percentage export share right now versus, let us say, last quarter Q1?

Navin Fluorine International Limited

Navin Fluorine International Limited CC-May26.pdf · 2026-04-29

Congratulations on a good set of numbers. First question on the CDMO bit. Just sort of trying to understand the growth outlook better. So one, have we expanded our capabilities on the CDMO side versus, let's say, maybe 10 months back? Or is it largely the same? And the related part here, how has the revenue mix changed between the late-stage molecules and the early stage molecules for us?

Sure. Okay. Because this molecule number has been largely consistent the last 2, 3 years around that 50, 55-odd number. So this is what I was referring to from a revenue perspective.

Clean Science and Technology Limited

Clean Science and Technology Limited CC-Feb26.pdf · 2026-01-31

First question on the geographic breakup. If I look at the Q3 numbers in specific, domestic demand slowdown probably was a bigger factor here. If I look at 9 months, obviously, China is also a contributor here. So any thoughts from a demand uptick both in the international markets as well as on the domestic side?

Sure, sir. And just on the volume bit, is it largely the macro? Or is there a risk of the backward integration what we saw in 4-MAP, also playing out in some of our leading products there?

Clean Science and Technology Limited CC-Nov25.pdf · 2025-11-06

Yes. Hi, team. Thanks for the opportunity. Sorry joined the call a bit late, so pardon me if my questions that are repetition. On the HALS front, if I got you right, 25% Q-on-Q volume growth, 34% in terms of value growth, b ut the margins over here are still relatively lower on a Q -on-Q basis. So any specific reason?

Okay, sure. And we were waiting for a few product approvals to come in, especially from the global markets for HALS. Where are we over there in terms of approvals ge tting for those multiple products?

Clean Science and Technology Limited CC-Mar25.pdf · 2025-05-22

Congratulations for a good set of numbers and than ks for the opportunity. First, on the HALS bit, so you mentioned revenues were largely flattish Q-o-Q. But at the same time, you know, seeing new product approvals coming in. So, I was just saying on the HALS bit, so while the quarterly revenues were flattish, there has been sort of new product approvals as you highlighted from multiple geographies. So , two questions. One, the distribution network tie -up that we had done earlier, how has been the progress there and are you satisfied with that? And secondly, from a ramp-up perspective, what timelines are we looking at?

Yes, just the last sentence. So, from Rs. 25 crores we went to Rs. 80 crores in '25. On '26, give me the number.

Coromandel International Limited

Coromandel International Limited CC-Nov25.pdf · 2025-10-31

First question on the crop protection side. While there is some bit of benefit because of the integration of NACL for the quarter, but if I look at the margins, which is on your Slide #12, the standalone CPC margin versus the consol CPC margin, so is there a loss that NACL had made in this quarter because your consol EBIT is lower than the standalone EBIT?

That's helpful. Will it be possible to share those, the quantum of that one-time expense?

Gujarat Fluorochemicals Limited

Gujarat Fluorochemicals Limited CC-Jun25.pdf · 2025-08-05

Hi, sir. Congratulations on the good set of number. Thanks for the opportunity. Just a follow-up on the R32 bit. From an end-use market where you will be selling this, so this will be largely focusing on the Indian market or the proportion on the export side will be higher?

Sure, sir. That's helpful. Second bit on the new fluoropolymers you did highlighted we are going to almost optimal utilization by the end of this financial year. I recollect we had some expansion plans on the PVDF side, almost Rs. 300-odd crores. By when are we expecting this capacity to come on stream? And secondly, if there are any further plans given that we will be optimally utilized by the end of this financial year?

SRF Limited

SRF Limited CC-Jun25.pdf · 2025-07-24

There is a comment wherein we highlight ed that stricter registration norms are delaying some bit of product launches from the innovators. So, just wanted your clarification here. Is this referring to some of our AI that we are making or it is a general comment for the industry at large?

Okay. But as you mentioned, your 20% growth guidance remains intact, which factors in such delays or maybe the pricing -led strategic initiatives which we had highlighted there . Will that be a right statement?

Deepak Nitrite Limited

Deepak Nitrite Limited CC-Mar25.pdf · 2025-05-29

First question on the AI part. Your commentary suggests volume-led uptick across some of the segments wherein we are seeing some green shoots. My question is more on our thoughts and strategy given that the pricing-led scenario is the way it is, probably it will take some time for it to recover. So is there any enhancement in product specifications that we are doing to address the margin pressure? Or there could be a reset in terms of AI margins over the medium term as we scale up this business?

Sure. And just a follow-up on that. Within AI, is there any specific segment wherein the pricing or the competitive pressure is significantly higher, maybe Fine & Specialty or Basic Chemicals or even DASDA?

Sumitomo Chemical India Limited

Sumitomo Chemical India Limited CC-Mar25.pdf · 2025-05-28

Hi, sir. Thanks for the opportunity and congratulations for a good annual performance. First question on our capital allocation as well as the CAPEX plans. If I look at the timeframe over FY ’22 to ’24, we had seen some sort of ramp up in our CAPEX, annual CAPEX to around Rs. 100-150 odd crores annually but again slowed down in FY ‘25 while we are sitting at a strong cash balance of Rs. 1,500-1,600 crore plus and generating more. So, just wanted to gather your thoughts, you know, how should one look at this pace given that Dahej is still largely underutilized as an asset?

Thanks, Kunal. Just to follow up on that, so this CAPEX expansion that we plan to do, this will be largely for the debottlenecking-led or let's say, for the domestic business as a market? Or it is largely dependent upon newer products ramp up from the export market from Sumitomo from our parent perspective and that will be the bigger driving factor here?