Stockrabit · Analysts
Questions across 44 calls

Arun Prasath

Avendus Spark

Gujarat Fluorochemicals Limited

Gujarat Fluorochemicals Limited CC-Jun26.pdf · 2026-05-26
Sir, my first question is on the fluoropolymers business. Generally, chemicals business excluding EV. So in the past, we said our steady-state targets for the existing assets and capacity at a much higher level. But now we are saying that we have not even reached 80 percentage of that, but still we are seeing that we are fully utilized and we would like to add c apex. So how should we look at this? Was it any expectation of ours didn't happen because we are not able to ramp up or what's happening around in this fluoropolymers and new fluoropolymer business?
Actually, what I meant was not with respect to the product approval time lines, but we understand that it's fairly longer gestation period products. But what I am trying to ask is, is this the kind of EBITDA numbers for the fluoropolymers at least in the chemical business, is this a steady state number that we actually envisaged when we put up those plants 2 years ago o r is it something like lower than what we envisaged?
Gujarat Fluorochemicals Limited CC-Nov25.pdf · 2025-11-11
Thanks for the opportunity and good evening, everyone. So, my first question is on the battery business again. So, we spoke about, we will be initially focusing on the export markets till the domestic market develops. So, this is only pertaining to the salt business or for our LFP cathode as well?
Because one would assume non-China, the US is the biggest market for these components. And will US manufacturers will be eligible for 45x credit even if they buy CAM from outside US?
Gujarat Fluorochemicals Limited CC-Jun25.pdf · 2025-08-05
Thanks for the opportunity. Good evening, everyone. I think earlier we had guidance for our existing business and EBITDA of Rs. 2,000 crores. So, in light of these developments with the fluoropolymers segment, are we still sticking to this guidance? Second, on a like-to-like basis, with the ref gas coming in, probably the like -to-like guidance number should be higher, right? So, if you can guide on this, it will be helpful.
No, not in the last quarter. It was mentioned before that, and it's kind of a kind of a medium - term target with the full potential of the fluoropolymer’s volumes.

Clean Science and Technology Limited

Clean Science and Technology Limited CC-May26.pdf · 2026-05-14
My question is on the MEHQ. So because of the excess HQ capacity last at least 3, 4 months, we were anticipating th ere will be -- we need to compete really hard in terms of pricing. So is that part behind us or we are still seeing too much of HQ being in China at least diverted towards MEHQ production and keeping us in toes?
Okay. So these HQ capacities were originally put up for manufacturing MEHQ or something else? And that something else is not happening that's why this HQ is diverted towards MEHQ? How is this happening in general?
Clean Science and Technology Limited CC-Nov25.pdf · 2025-11-06
Hi, good evening. Thanks for the question, Siddharth. So my first question is on subsidiary numbers. If you see this, run rate has improved sequentially, top line, but gross margin has come down from roughly 42% to 26% in the subsidiary. Is it the mix or a one -time some product has been lower or the overall portfolio, how should we look at this?
Okay, understood. So we should see the subsidiary margins coming back to this 3 5-40 percentage levels, depending upon which of course, right?

PVR INOX Limited

PVR INOX Limited CC-May26.pdf · 2026-05-11
My first question is on this asset -light model. I understand capital -light model helps us in diversifying the risk of content. But what I'm trying to understand is now that we have a very neat balance sheet, our constraint on balance sheet is not there. And unless and until we go for a very large number of screens, how is that asset -light model helping us? Because the way I'm seeing is that your screens count is increasing, but your capital deployed -- capex deployed is decreasing, which wi ll be at this point of time because we have enough resources. So can you just throw a light of what is our objective of doing asset -light model going forward if we have enough resources, if you are generating enough operating cash flows and we don't have any restrictions because of the balance sheet debt constraints?
One just clarification. The unit economics of the screen is not dictated by who funds the capex. So obviously, ROIC at the property level is not going to change because of we putting an asset- light or obviously, under our balance sheet, it makes a difference. But as long as that unit economics works in a particular catchment area and ROIC is not going to be different because of what -- who funds the capex. So ideally, if we have enough balance -- unless and until as I said the mall supply is so high and we can't be catering to all those screens by ourselves, then asset-light makes sense to me. Just a bit more nuance of why we are doing this if we have enough balance sheet is what my original question is.

Affle 3i Limited

Affle 3i Limited CC-May26.pdf · 2026-05-11
Anuj, my first question is on gross margins. If you see the last 7 -8 quarters, we are continuously seeing a reduction in the margins from a percentage perspective. While I see positive in this because we are able to deliver absolute growth in both Gross margins and EBITDA margins , my question is whether this gross margin reduction is because we are responding to the competition or is it because of the vertical mix change? Or is it a conscious decision? If it is a conscious decision, how much of this you would say that has contributed to our growth and where this leads to in future? Your thoughts on this, please?
Understood. One clarification on this. Say, 39% to 36.5% to 250 bps reduction in the gross margin, largely if it can be attributed to the investments, how long does it take for these investments to pay off? I mean, how long before we can get back to 37%-38% kind of margins? Is there any timeline you are operating with or it just still early days?
Affle 3i Limited CC-Nov25.pdf · 2025-11-03
I think we have now been fairly delivering consistent growth of roughly 20%, which is aligned with our long-term projections. Is there still a case for going after some of the other businesses, which may not be as profitable as at the current margins, but maybe by diluting some margins, we can deliver better growth? Thereby, the margins might be lower, but overall, that will deliver better value to the shareholders. Is there any case for us to go for this?
Right, clear. Secondly, on the available cash, we spoke about inorganic or strategic acquisition and you also indicated that, as and when the time is right and the price is right, you will go for it. Do you feel that we still have a lot of opportunity on the table to utilize this cash and deploy, and take our business to the next level? Or do you feel that currently, you still want to wait and watch and the valuation is a bigger concern hence, you will wait for an opportune time? How should we look at your inorganic growth ambitions?
Affle 3i Limited CC-Jun25.pdf · 2025-07-28
Can you give a broad-based commentary on what industry categories which are doing very well? I know most of your categories are probably doing very well, but any category you would like to specifically call out, which is showing some signs of slowdown or some kind of macro headwinds ? And which other categories are turning around and may offset the sectors slowing down?
Just a follow -up Anuj . Within category F and H, there are so many subcategories for an outsider like us to track. It would be helpful if , within the subcategories, you can call out for us to be able to track it from our side.

Aarti Industries Limited

Aarti Industries Limited CC-May26.pdf · 2026-05-05
So, my first question is on the utilization we are mostly at upwards of 80%, 85%. And if I look at the Q4 volumes and annualize it, it is close to 100 percentage. So, is this an industry-wide phenomenon? Or is it just because we are at this kind of utilizations because we did not have any supply during the last cycle?
Okay. In your assessment, that is a likely scenario that maybe we are at higher levels but the industry is not at this kind of level?
Aarti Industries Limited CC-Feb26.pdf · 2026-02-03
Good morning, thank you for the opportunity. Sir, again, question is on MMA because it is full tariff now, with the recent announcement, should we expect some kind of a margin uptick on this because I think we earlier said that the tariff was shared between us and the customer to a certain extent. So, what kind of an impact we can see on the pricing as well as margins on the MMA portfolio? Second, it would help us if we can understand what part of your overall U.S. exports is coming under the full tariff and non -tariff package. So that quantification will also be very helpful for us to understand the margin upside potential?
Understood and generally, we have been shying of putting up a very large capacity on MMA because obviously, it is a function of volatility between the gasoline and phosphates and it has stopped us from investing heavily at one go. This my understanding, correct me if I am wrong? Do we also have a case, being the absolute leader in this space, with maybe a swing supplier where by the virtue of having the largest capacity? Have you looked at the MMA from this angle to be the ultimate supplier at a global level? Would it help us in having stable margins in this product?
Aarti Industries Limited CC-Nov25.pdf · 2025-11-07
Yes. Hi. Good afternoon, everyone. First question is on margins. We have seen the improvement in margins despite our mix going more towards MMA and energy products. Can you comment on any specifics or any other category which has led to the increase in the margins? And how sustainable is it?
This is despite the slightly adverse mix, we have seen this. So is it safe to assume that when, say, probably the energy -related mix goes down, we will have better margins going forward?

Indus Towers Limited

Indus Towers Limited CC-May26.pdf · 2026-05-01
Vikas, Prachur, a question, once again, going to the sequential drop in the EBITDA that we have said. Okay. If I put it on a per tower basis, how we are looking at it? Is that there is a drop in EBITDA per tower on a sequential basis, roughly around INR 1,500 per tower per month. But not everything is coming from the same maintenance because, again, on a per tower basis, on a reported basis, it is just contributing 20% the increase, decrease is coming from the maintenance. It seems large part of the EBITDA per tower decrease on a sequential basis is coming from the revenue per tower or sharing revenue per tower. So, can you help us reconcile this difference?
Okay. The one-offs that you are saying, that is there in the Q3? And on the revenue side, you are saying that the negative one-off, is there on the revenue only on the Q4 but on the cost side, you are saying that one-off is there in the Q3 cost?
Indus Towers Limited CC-Feb26.pdf · 2026-02-03
First question once again on dividend. Since the Board will need to take a call in the March results, if you can recollect and say what exactly were the reasons deliberated by the Board when they deferred the decision to March? And maybe -- and is there the answers that is required to make the decision? Do we already have a clarity in our mind? That's the first question.
Second, when we acquired assets from Bharti Airtel last December, we said that we will -- anyway, we will fund that acquisition via debt funding. But since then, our overall borrowings have almost reduced by half. So when we consider the dividend distribut ion, say, next quarter, we will also be including this amount as also part of the fund available for the distribution?
Indus Towers Limited CC-Nov25.pdf · 2025-10-28
My first question is once again on the energy margins. Vikas, you explained how things have changed between first half to first half, but directionally, if we take performance in the last 10 years, there were 3 phases. If you see till kind of, say, FY19, FY20, we had a positive energy margin, something as early as 5%, 6%, 7% . Then something has changed in FY21. It became negative and it was hovering around 1.5% to 2.5% between 2021 to 24? Now suddenly, in 2025, we are at the minus 4.5%, and we are seeing some kind of a small decrease from that bottom. So what happened between these spaces? I mean there were these diesel issues 10 years ago as well, reconciliation issues again, it was there. So even if we take the decadal view, I'm not asking for the forward guidance . In the last 10 years, we are not able to understand this kind of a change in the energy margins?
Okay. You attributed this to 3 parameters. One is the pricing model pass-through versus FEM. I think fairly, we do have a control over. Those are all our controllable things under what we can do or what we cannot do. Weather, definitely, we can't do anything. And third is a grid availability. So except for the weather one, other 2 things are in our control. Ideally, it should have been priced in our tariffs, in our rate cards. Are we seeing that it has not happened so far? And is there any chance that this can change in the near future?
Indus Towers Limited CC-Jun25.pdf · 2025-06-30
My question is on the energy margins. If we have to see how the energy margins are -- how much contribution or the loss in the energy margins coming from, say, diesel pilferage and say, versus the reconciliation of the units between you and the clients, which bucket is contribut ing more to this energy margin? Second, if by doing more and more solar, directionally, are we planning to reduce the energy margins because of the diesel pilferage that's happening? And third, how do we charge back this to the customer? For example, if in solar, obviously, the operating cost is very lower after the capex is done. So will the benefit passed on to the customer or we will be showing this in the energy margins?
Sorry, one clarification. We keep saying that the energy margins are negative because of the timing issues, but this never seems to get reversed. It's always only piling up. Can you please help us understand this?

Navin Fluorine International Limited

Navin Fluorine International Limited CC-May26.pdf · 2026-04-29
A couple of questions. First is, you talk about demand -- you are not seeing any kind of a disruption. But I'm sure you would agree that there are two parts to this. One is -- one set of customers would be restocking and second set of customers, maybe they may be a little bit going slow and maybe we want to wait and watch. So your read on the demand situation, is it more because that some of these customers are restocking and probably the issues with respect to demand on the higher prices, will it come with a lag? Is that the right way to look at our business at this point of time?
Of course, I'm sure for your pharma category would be relatively insulated?
Navin Fluorine International Limited CC-Nov25.pdf · 2025-10-30
So my first question is on AHF. I think with even if the new plant -- new R32 plant running at full capacity, we will still have very large unutilized AHF utilization. In the past, we spoke about using that to sell the external -- to sell it to the externa l market. So how is the progress on that front? And when do we think that we can fully utilize the plant?
Would you say that on the yield part or on the consumption part, it is -- the benefit is more from the price front or from the yield front within the other expense?

Deepak Nitrite Limited

Deepak Nitrite Limited CC-Feb26.pdf · 2026-02-13
Just few questions. First on the projects that we have started in this quarter, can we broadly give a direction to reach steady state, say, 80% to 100% utilization, how many quarters we will take and how long it will take to reflect in our P&L? That's number on e. And second is, broadly in the last three years in the AI segment, the topline has reduced from, say, INR 3,000 crore, right now, we are close to around, say, INR 2,400 crore of annual run rate. What percentage of this would be purely led by the pricing, if you can give the pricing and volume decline or a growth, some broad directions on this.
Understood. Just one additional information on this. At current prices, what would be the steady- state revenue that we are talking for these production blocks at a cumulative basis? That will also be helpful. And my question on the AI segment, INR 3,000 crore to INR 2,500 crore, volume and pricing break up. If you can address that also will be useful?