Stockrabit · Analysts
Questions across 12 calls

Arpit Shah

Stallion Asset

Cartrade Tech Limited

Cartrade Tech Limited CC-Feb26.pdf · 2026-01-28
Congratulations on a super set of numbers, great expansion on margins across all businesses. Just wanted to understand, over the years ahead, what kind of incremental revenues now would straight pass on to profits? Would it be 80%, 90%? How should we look at that?
Got it. And you just mentioned that we're going to be launching something like an OLX verified for Elite Buyers in the next 1 month or so. How big do you think that opportunity would be for revenues going ahead? Because I believe if I just see for Meta, maybe Instagram, Facebook that opportunity is about $2 - $3 billion every year in terms of just selling verified subscription. But how big that number could be for OLX?

BLS International Services Limited

BLS International Services Limited CC-Nov25.pdf · 2025-11-12
I just wanted to understand what kind of cash we are holding right now on the Indian books?
Any plans to get back the cash from overseas subsidiaries to India? Because what's typically happening right now is that we have been seeing a phenomenal performance in terms of revenues, EBITDA, visa applications, and everything, but all of that is not getting reflected in our valuations today in terms of the market cap that we should be having. We broadly have a 2-player market globally, we and VFS, and the kind of valuations markets are giving us today is because of probably the cash that is staying outside of India. If we can probably get that cash to India by paying all kinds of taxes, whichever are necessary, probably that will push up the valuations for our company, which is doing phenomenally well in terms of its execution, but given the cash is outside, the valuation stays has a cap to its number. How are you thinking about it?
BLS International Services Limited CC-Jun25.pdf · 2025-08-06
I just wanted to congratulate the management for this quarter's performance, 40% EBITDA margins in a quarter where it was faced with a lot of macro headwinds. And it is almost done this quarter's EBITDA is almost equivalent to FY '23's full-year EBITDA. I am just glad to see such kind of execution, such kind of progress in terms of execution that the management has shown us. I had a question regarding the VFS IPO, which is probably on cards, which is going to be coming in the next couple of quarters or so. I just want to understand how do you stack up against VFS? It is probably the valuation which is running around the street is about a multi-billion dollar, something around $8-$10 billion kind of an IPO. And how do we stack up against something like a VFS? And I just wanted to understand; we have seen phenomenal growth in the last couple of years. Even this quarter it was 11 lakh applications, more than 36% growth Y-o-Y in a tough macro environment. So, now how do we go ahead from here? Do we sustain this kind of growth rate going ahead or do we now step up beyond these outsourcing? Do we now start doing better things with better margins, higher margins? What is the roadmap? How do we become Rs. 1,000 crores PAT company let us say from current levels? How much time do you envisage seeing it currently? And just congratulations on a phenomenal performance, Thank you so much.
Got it. And if I could just speak about seasonality, typically if I have whatever I see in terms of EBITDA or the PAT numbers for Quarter 1, if you go for the full year, it is typically 4.5-5x our Quarter 1 EBITDA or PAT. Should we see a similar kind of seasonality going ahead even for this year? Or do you think the seasonality has changed post acquisitions and where you have different kinds of countries now participating that it tweaks the seasonality? Or do you think that the run rate that we used to see from Quarter 1 to let us say the full year, that number still maintain?
BLS International Services Limited CC-Dec24.pdf · 2025-02-12
Yes. Just I had a question around, if we see the seasonality part, if I see last year, number of visa application is around 7.14 lakhs applications in Q2, Q3 and Q4. And this year, you have seen a dip on Q-on-Q basis. From 10 lakh, we have come to 9 lakh v isa applications. So how should we read these numbers? And what kind of numbers should we expect for quarter 4? Should we expect 1.2 million applications for quarter 4? How we should read that number?
No, I was referring to Q2, Q3, Q4 FY '24. The numbers are broadly the same. There was no seasonality impact in FY '24. In FY '25, you have seen a dip of 10% Q-on-Q in Q3 FY '25. How we should read the Q4 numbers?

Sarda Energy & Minerals Limited

Sarda Energy & Minerals Limited CC-Jun25.pdf · 2025-08-04
Just congratulations on a very great set of numbers, great acquisition in terms of SKS Power. I just wanted to understand the power that we generated in the quarter 1, quarter gone by, the realization was closer to INR6.16 per unit. So how should we think about this number? I think we were guiding around INR5 per unit earlier on, maybe in the second or the third quarter? How should we look at this number going ahead? This is a sustainable number? Or this is a number just for quarter one and it just drags down and brings the total annual average to INR5 per unit?
So how do we then look at because since you're already operating at 90% load factors, how should we think about SKS power numbers for FY '26? And since you already got a new hydropower plant operation from November to December, how should we look at the whole of the power segment in terms of EBITDA for FY '26?

Vishal Mega Mart Limited

International Gemological Institute Limited

International Gemological Institute Limited CC-Dec24.pdf · 2025-02-28
Yes. Just wanted to understand what kind of synergies we can get from our European acquisitions, that is Belgium and Netherlands ? Because i f I see employee expenses in Netherlands and in Belgium, they are typically very, very high compared to Indian operations. So, what kind of synergize benefit we could start seeing from our European operations? Would we be outsourcing some of the employed cost to India? How should we look at that in the next, let's say, two or three quarters?
Got it. And do you have any payout policy for the company? What kind of dividend payouts could we see going ahead? Given that we are a very high free cash flow company, do we have any stated policy in mind?

JSW Infrastructure Limited

Multi Commodity Exchange of India Limited

Dixon Technologies (India) Limited

Anant Raj Limited