Questions across 4 calls

Arjun Khanna

Kotak Mutual Fund

Minda Corporation Limited

Minda Corporation Limited CC-May26.pdf · 2026-05-22

Congratulations. I think a very strong set of numbers. I think margin delivery, which you have talked of, has come through. My first query is in terms of our Turntide JV. So while we talk of the axial flux motors, essentially, if one looks at the current platforms, so we seem to have more on the radial flux side. So when you say you've won orders already, could you elaborate a little more? Are we talking of 2-wheelers, PVs, CVs, which segments are we referring to? And secondly, in terms of, this JV would be more of an assembly operations as of now? Or we would start with localization?

Sure. Just one query out here. Since this technology is slightly different, it's superior, but also the cost is higher, do you envision this to become substantially larger than the current set of motors?

Tata Chemicals Limited

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

Sure, thank you for taking my question. My first query is on our new capex plan. So we have enumerated almost INR 15 crores of additional capex. Could you help us with what kind of IRR we expect to generate on these four projects?

Sir, just on the Valinokkam, if one looks at the intensity , it’s capital intensity is 2x of that of Mithapur. So why would IRR be 20% unless the selling price is double?

SRF Limited

SRF Limited CC-Mar25.pdf · 2025-05-13

Congratulations on a great set of numbers. S ir the first question is on the capex. While we did indicate in the opening remarks that we have done debottlenecking , but if I look at capex this year, it’s been roughly Rs. 1,230 crore, and if I look at FY23, almost Rs. 2,800 crore and Rs. 2,200 crore in FY24. So just wanted to understand, given that the capex is lower for FY25, are we going to see substantially higher capex in FY26? We have a number of projects such as fluoropolymers, etc. coming online, so I just wanted a sense on that front.

Sure. Very helpful. Secondly, sir, if one looks at the specialty chemical side , w hile we did mention we are looking at overall chemical growth of 20%, if you could, now that we are at the end of the year, give us a sense how did specialty chemicals do for FY25? And what would be the mix between pharma and agrochemical at this point in time? The second part to that question is, we have talked about the intermediate prices improving , at the same time we have talked about pricing pressure from China. So, if you could clarify these points.

Bharat Forge Limited

Bharat Forge Limited CC-Sep23.pdf · 2023-11-06

Congratulations on a great set of numbers. Sir, my first question is on the European operations. We've stated in the opening commentary, we are at 70% utilization, and you look at EB ITDA margins at 3.5%. So as we scale up, what is the peak utilization we could reach? And how do you envisage the EBITDA margins play out over a period of time? Amit Kalyan i: Look, as I said earlier, our goal for our aluminum business is to take our EBITDA margin to the mid-teens, okay? The steel business is a 10%, 11% EBITDA business. But we are going to do some restructuring there in terms of new products and more value ad dition, which will allow us to increase our EBITDA margins there as well. I don't think you have to look at capacity utilization only as the driver. It's going to be a combination of cost value addition and capacity utilization.

So essentiall y, this is something that's probably two years out or probably something longer as we prototype only two products?