Stockrabit · Analysts
Questions across 23 calls

Anuj Upadhyay

Investec

Tata Power Company Limited

Tata Power Company Limited CC-May26.pdf · 2026-05-12
Yes, Hi Sir, Thanks for the opportunity. Sir, need one clarification on how should we read Slide 7 and Slide 32 together? Because Slide 7, where we have highlighted 5 gigawatt of renewable capacity, of which, I guess, 1 gigawatt is a combination of plain wind and solar capacity? Whereas we have 4 gigawatt a combination of, I guess, 2.5 of FDRE and rest the hybrid project at the RTC. But if I see your FY32 slides, where we have highlighted the time line of the FDRE and hybrid wind getting commissioned, the contracted capacity comes only to the tune of 1,200 megawatt. So does the 5,000 gigawatt of renewable capacity is the actual installed capacity or the contracted installed capacity? Because to the prior question, you have mentioned that we'll be adding 2.5 gigawatt each of IPP projects. So, this is the contracted 2.5 or the actual capacity?
Sorry?
Tata Power Company Limited CC-Feb26.pdf · 2026-02-04
Hi, sir. Thanks for the opportunity. The first is on the margin front across your EPC and the rooftop. So, during the quarter, the margin has fallen across both the segment. And probably I was of an opinion that with the complete operation of your cell and module capacity, this margin volatility across the EPC should come down significantly. So, could you just explain the reason for this fall in EPC margin and rooftop?
Okay. So, this is what it should be on a sustainable basis?
Tata Power Company Limited CC-Nov25.pdf · 2025-11-11
Hi, sir. Thanks for the opportunity. Sir, first question is on the rooftop sustainability. So, how big are we anticipating this market to be and are we directly tying up any of the states to supply the rooftop? Likewise, we have few new entrants who directly enter into agreement with certain states to install a rooftop of around say 700 megawatts plus kind of a capacity. So, are we looking out for similar kind of an opportunity here?
Okay. And next is on the Mundra, sir. Sorry, I guess you have already mentioned that initial phase you would not be able to comment on the resolution as such, but as you mentioned that Gujarat would be the first state with whom we are negotiating as such , so, how long basically would it take for the entire 4 gigawatt capacity to get resolved? Earlier we used to have close to around 2 gigawatt or 1.5 gigawatt with Gujarat. So, is the only those capacity with which we are having a resolution or the quantum could be much higher than that?
Tata Power Company Limited CC-Jun25.pdf · 2025-08-01
Hi sir. Thanks for the opportunity and congrats on good set of numbers. Sir, again a follow-up question on your rooftop business. While we see even in the previous quarter where our cell plant is more partially operational, we did close to around 13 %-14% kind of a margin and considering the fact that the DCR supply has been quite constrained off late, the people who have access to it are meeting a very high margin by selling it to the third party. So, just want to get a sense on your rooftop business by using our own DCR cell and modules. Is there a probability that our margins in the rooftop segment can go further northward from 14 %-15% or it would be passed on at a pricing level so as to gain more market share? Just to get your sense into it.
Thanks, sir. That is helpful and I wish you good luck.
Tata Power Company Limited CC-Mar25.pdf · 2025-05-14
Yes. Hi. Thanks for the opportunity, sir. Sir, firstly on the EPC margin excluding the rooftop segment, it still struggles to cross 5% at EBITDA level EPC for the Q4. So, the reason behind that ? And secondly, your wind PLF continues to struggle to cross 20% kind of a level , so what actually has been impacting the wind performance out here?
Yes. So, I mean, initially the sense was that the EPC segment, excluding the rooftop I am saying, could scale up a level of around 7% to 8%. So that time we had this concern that we had orders which were at a low margin business, and we had actually executed those low margin EPC work , so the upcoming orders would be of a healthy margin. But still we see the margins to struggle somewhere in the range of 5% to 6% only.
Tata Power Company Limited CC-Dec24.pdf · 2025-02-04
And many of my questions have been answered. It's just a follow -up question which I have on two aspects. One is your Renewable generation business. In spite of 25% of facility additions from 4.2 gigawatt to 5.2 gigawatt of commissioning, profitability growth hasn't been much. I understand the PLFs were down, but it was marginally by 60, 70, 80 as such. So are these profitability numbers which have been report ed? Are there run rate numbers o r is just a timing which has led to an underperformance in terms of profitability?
Fair point, sir. Secondly, on the nuclear segment. Any ballpark figure which you can throw on the capex per megawatt on this added or maybe plant nuclear capacity and what anticipated tariffs for unit? I know it's premature, but still any approximate figure would be helpful, sir?
Tata Power Company Limited CC-Dec23.pdf · 2024-02-09
Sir, first question relates to your standalone business. So, the decline in profitability, is it purely because of lo wer dividend income or there's some other factor as well because our sense was Mundra under recovery would have gone significantly due to Sec .11. But in spite of that, the profit is down to nearly one-third.
Your margins across the EPC continue to remain quite volatile. This quarter we are back to close to 5% kind of a margin. Last quarter probably you have given a guidance at a low margin order book the execution has been completed. So, now we would be executing projects where margins are relatively closer to double digit or somewhere in the range of 7% to 9%. So, any comment on that sir?

Adani Green Energy Limited

Adani Green Energy Limited CC-Nov25.pdf · 2025-10-29
Yes. Hi, sir, and congratulations on a good set of numbers. My first question on the capacity expansions. In the first half, we have already commissioned 2.4 gigawatt and we had guided for 5 gigawatts addition in the first – second half, which is generally considered to be a strong period. So, any probability where we can scale up our guidance for the full year? And second question is related to the evacuation challenges. If you can throw some light how those challenges are placed as of now, which again gives us a confidence of adding 5 gigawatt plus kind of a capacity?
Yes, that is pretty helpful, sir. So next question is on the margin side. I believe during the quarter, the margin boosts were largely led by higher contribution from the non-PPA segment, that is your merchants, C&I and the CFD side. So my sense basically was the merchant realization was down during the quarter, but it largely has been led by higher volume of the merchant which has contributed to the EBITDA. Could you just clarify on this part, sir, how exactly the non-PPA segment has played its role in scaling up the margin here?

Lemon Tree Hotels Limited

Lemon Tree Hotels Limited CC-Jan26.pdf · 2026-01-15
Hi sir. Thanks for the detailed explanation of the restructuring. Sorry on my part, if I am repeating this question, but you mentioned that the margin across the Lemon Tree could go up from 70% - 80% over a period of time, and so as to do with Fleur which can fail at around 50% plus. I believe by the time this restructuring would happen, all our renovation exercise would have been done across Keys. So that would take scale on the margin for Keys. But how exactly the Lemon Tree margin would improve from 70% - 80%? And would there be any further scope for margin expansion across Fleur considering the fact, that rate hike could not be as steep as what we have seen in the past 2 or 3 years?

Power Grid Corporation of India Limited

Power Grid Corporation of India Limited CC-Nov25.pdf · 2025-11-04
Yes. Hi. Sir, two questions. One is on a clarification. When you mentioned that the Leh-Ladakh project price has now been revised to Rs. 30,000 crore. So is this Rs. 30,000 crore factor in our working hand of Rs. 153,000 or it is yet to be factored in? Secondly, any further comment on the Brahmaputra opportunity, which you mentioned throws a robust opportunity, but when can we expect the tendering to be out or it would be directly allotted to the POWERGRID or it would be on a TBCB basis?

Adani Energy Solutions Limited

Adani Energy Solutions Limited CC-Jun25.pdf · 2025-07-25
Sir, of late we have been listening to a lot of concerns related to the commissioning of the transmission project, which is leading to delay in the execution of renewable capacity. Just want to get your thought process on this, what is delaying the project? How we are progressing in case of Khavda and other power projects over? And what are the major bottlenecks which are leading to this kind of a delay?
Got it, sir. So, we don't face concern this majority of the project is what you are trying to say?

JSW Energy Limited

JSW Energy Limited CC-Mar25.pdf · 2025-05-15
Yes, thanks for the opportunity. I just want to get a sense on how our cash flows are placed to fund this Rs. 130,000 crores of CAPEX over the next five years. What my sense says is the extended KSK capacity and the Salboni will only come by FY '29 or '30. Because it has an execution time period of 4 to 5 years. And this would require a combined CAPEX of the tune of close to around 30 ,000 crores to 35,000 crores. So t he balanced Rs. 90,000 crores which is largely targeted towards the renewable capacity generall y has an executable time period of say 2-2.5 years kind of a time period. So just to get a sense on what sort of CAPEX because you added the next year CAPEX could be to the tune of 15 ,000 crores to 18,000 crores but over FY'27 or '28, can we see a bulk of 25 plus kind of a run rate of CAPEX happening in the country at company level?
Okay, fine. And next on the Vijayanagar, now the plant has been completely tied up, can we provide some kind of sustainable ROE or what P&L the plant would run that would be helpful. I believe. The plant have a regulated or equity contribution of close to around 1,300-1,400 odd crores. So can we provide some sense on what kind of ROE it would be making on the captive arrangement?

Torrent Power Limited

The Indian Hotels Company Limited

The Indian Hotels Company Limited CC-Sep24.pdf · 2024-11-07
Yes, hi. Thanks for the opportunity and congratulations on good sets of numbers. So two questions. One is what has actually driven the 25% kind of an ARR hike at your Mumbai circle? We also saw that Ginger, you especially mentioned, the Santacruz one performed significantly well, both in terms of margin as well as the ARR growth. So what actually is driving the growth in Mumbai area, especially in the lean period?
And secondly, on the wedding season, so as there's 30% more auspicious day in the second half compared to what we had in th e last year. So any rough figure, which you would like to contribute that wedding season could add in terms of incremental revenue for the second half of the year? Generally, a basic guideline on that each wedding contribution on the revenue. So basically, how much would that contribute, per se?

Kalpataru Projects International Limited

Kalpataru Projects International Limited CC-Sep24.pdf · 2024-10-29
Yes, hi. Thanks for the opportunity. Sir, it's a follow-up on the INR60,000-odd crores of opportunity you referred on the T&D space. So this is spread across over the next 2 years kind of a time period. And with such a scalability of opportunity, how do you see the competitive intensity out here? Just to get a sense on how the margins could be across this project because the overall market size has scaled up significantly?
Got it, sir. And this INR60,000 crores opportunity you referred is over the next 2 years' time period because last week, one of the developer -- asset developer had referred that close to around INR1 lakh crores of bidding is scheduled to happen over the next 6 to 7 months kind of a time period. So just wanted to get sense that 60,000 you referred was...

Inox Wind Limited