Stockrabit · Analysts
Questions across 12 calls

Ashish Jain

Macquarie India

TVS Motor Company Limited

TVS Motor Company Limited CC-May26.pdf · 2026-05-13
Sir, firstly, on investments, you said that fiscal '27 investments will be INR 500 crores, INR600 crores lower. But I thought bulk of the Norton investment is behind us. So can you give some color on where that INR2,000 crores investment will be spent in fiscal '27?
Sir, secondly, if I look at our export volumes, while we have done a phenomenal job in terms of going ahead of the industry, our volumes are still more skewed to Africa. So like let's say, from the next 2, 3 years point of view, do we see an opportunity to gain substantially in LatAm? How has the experience been in LatAm? Can you speak a bit about that?

Dalmia Bharat Limited

Dalmia Bharat Limited CC-Jan26.pdf · 2026-01-21
Good evening. I had just one question. Puneet earlier in the call you made a point that capacity addition remains quite decent in the sector and utilization may not improve materially for the industry on an overall basis. So, in that backdrop, how should we think about the margin profile of the industry? Is it like remaining in a range and most of the expansion will be driven by cost efficiencies and all or there's a strong case for a sustained price hike for the industry from, let's say, the next 3-4-5-year point of view? And if yes, then what kind of drives that confidence? Because organic expansion also remains quite steep in the sector, irrespective of how much consolidation we see in the space.
Puneet, if I can just have a follow-up on that. Like the way my only concern is the cash flows in this sector are so strong that it's very difficult to believe that the capacity aspiration of companies will not be there tomorrow or day after tomorrow. So , are you seeing any change in terms of how managements are operating? Because ROE really is not something companies talk about that often in this sector particularly. So , do you sense there is a change in , especially given the change in ownership of capacities and all in the sector in the last 4 -5 years and could that be a trigger you believe in terms of how people think about profitability?
Dalmia Bharat Limited CC-Jul25.pdf · 2025-07-23
Hi, sir. good morning. Sir, my first question is on expansion. Like we are currently guiding for roughly 62 million tons in March '27, aspiring to 75 by '28. And still, we are saying that Jaisalmer dependent on JPA acquisition. So, because JPA will not be adding so much capacity, how are you thinking about capacity firstly? And secondly, even if I add Jaisalmer and JPA, let's assume both happen, still the visibility for 75is actually quite low at least to me. Can I just speak a bit about capacity, how are we thinking? And why are we so hesitant in terms of going all out on addition?
Okay, got it. And secondly, Puneet, can you just differentiate between growth in South and East? I know normally we don't share it, but given even Amit asked this question, given the divergence between what we have reported even if I adjust for JPA, it looks quite surprising. So, is it possible to give some color in terms of where we have been most conscious on mar ket share versus margin strategy?

Polycab India Limited

Polycab India Limited CC-Jan26.pdf · 2026-01-16
Sir, my first question is on, again, cable and wire margins. So, one is the one-off employee cost. Is it booked in any specific segment or where is it in the segmental results?
Okay. And this is one-off, right? This is not recurring from next quarter onwards because this is a onetime for retirals or -- and secondly, like in the presentation, we have listed 300 bps impact on margins due to unfavourable product mix and all. So that is largely higher institutional sales or -- because exports was anyways not doing that well for us. So, is it largely the higher institutional sales or there's something else also within that to drive such a margin here?
Polycab India Limited CC-Oct25.pdf · 2025-10-17
So Chirayu, my first question is on the growth in cable and wire, like this year also, we have seen a fairly sharp rally in copper prices, right? And some of our channel checks are indicating a similar stock up and all by the dealers. What is our sense on that? Does this volume growth reflect that?
Right. And second question is again on cable and wires, like what explains the margins there? Is it purely operating leverage or there's something else also? And an extension of that is where are we on price hikes given the sharp copper price rally that we have seen?

PG Electroplast Limited

PG Electroplast Limited CC-Jun25.pdf · 2025-08-08
Hi, sir. Good afternoon. So, my first question is, sir, some of the comments you made in terms of your AC capacity expansion, we are putting on hold and all. This seem like quite serious comments, right, because we are building business for the next three, five, 10 years and one bad season and we are revisiting or even pushing out our expansion. Can you just talk a bit more about that? And secondly, I think earlier we made a comment that we had to do some debtor discounting for cash management and I hope I heard it right. But can you just elaborate a bit more on that as well?
Sir, this inventory number is as of June you are saying is Rs.1,350 crores inventory or March you are saying?
PG Electroplast Limited CC-Jun24.pdf · 2024-07-25
Sir, my first question is on pricing. You know, you earlier said that pricing is typically set for a particular season, and it cannot be renegotiated with the customer. But given the demand momentum you are speaking about and all, should we think that we have a bit more pricing power for the next season? How do you think about that?
No, I am saying on the conversion margin, earlier on the call we said that conversion margin is typically fixed for a season and based upon demand it cannot be changed, right? But given the strong demand momentum that we are talking about, more structural in nature, shall we think that going ahead we will have lot more bargaining power on the conversion margin?

Havells India Limited

Ambuja Cements Limited

Ambuja Cements Limited CC-Mar25.pdf · 2025-04-29
Sir, on the capacity for ACC, which -- the clinker capacity, which you think will be dismantled, what is the total capacity for the 3 plants put together? And the second part of the same question is then versus the 89 million ton clinker capacity that we are indicating in the presentation, does it include any further expansion which is currently not listed there? Or the real number will be lower than 89 once you scrap the 3 plants?
Yes. Sir, it does.

ACC Limited

UltraTech Cement Limited

Hindalco Industries Limited

Hindalco Industries Limited CC-Dec24.pdf · 2025-02-14
Hi, sir. Good evening. My first question is actually on Novelis. On the Novelis call, Dev and Steve had referred to their confidence that they will be getting exemption on the import duties in the US. So I actually missed that call, is it possible to kind of elaborate a bit more on that? And how come we are so confident about getting an exemption, what’s the rationale behind that?
Got it, Steve. Thanks. But fair to say that there is a chance that this time it is different given clearly the approach seems to be more aggressive, given the levies on pretty much any import in to US and all, is that the way to think? Or we are actually very confident about an exemption? I know it's a very tough question to answer as nobody knows the right answer to it.