Stockrabit · Analysts
Questions across 12 calls

Ashish Kanodia

Citi

R R Kabel Limited

R R Kabel Limited CC-May26.pdf · 2026-04-30
Yes. Thank you for the opportunity. Sir, the first question is on the demand side. If you can highlight, you know, how was the demand for domestic in March? Because at least what we understand is that even domestic demand was impacted in March. If you can, you know, kind of quantify that. Also, how the channel inventory was at the end of March. Have you seen any channel destocking? That would be the first question.
Got it. Sir, you know, when you look at April again, or just on the domestic side, when you say, you know, demand has been normal. Is this more channel filling lead, or do you see that even, you know, from a underlying demand point of view, from a capex point of view, you know, the demand uptick has been kind of normal?

Devyani International Limited

Devyani International Limited CC-Feb26.pdf · 2026-02-04
Manish, just on the demand part, while I understand you have taken some of the strategic initiatives, but if I also look at 3Q numbers, there is an improvement in KFC, there is an improvement in Costa Coffee as well sequentially. And if I just look at how the food aggregators have reported, there was some uptick in growth in 3Q as well. So apart from the strategic initiative where you are seeing positive SS SG coming through, if you look at 3Q, October, November, December, have you also seen some bit of a tailwind coming through the quarter? Like sequentially ha s December been slightly better than November, adjusting for the seasonality?
Sure, Manish, that is helpful. And just on the store expansion side, if I hear you correctly, in Pizza Hut you will not add any stores on a net basis in FY26. But on FY27, just looking at Devyani part of the business, how should we think about store expansion for both KFC and Pizza Hut?
Devyani International Limited CC-Sep24.pdf · 2024-11-11
Manish the first question is around the consumer behavior. So, you mentioned conducting experiments and initiatives around pricing, discounting, and branding. I just wanted to check, based on your experience, what are you seeing? Is it that more discounting leads to more customer interactions, or are you seeing demand spread across the pricing pyramid? Specifically, are you noticing more demand at the top end, with a slowdown at the lower end? Also, as a related q uestion, is there a difference in consumer behavior between dine-in and delivery? If you could elaborate on that as well, it would be helpful.
And Pizza Hut you called out, there are some extra marketing spend which is also kind of impacting the brand contribution margin. So, is it significant enough to call out and maybe not looking at numbers but do you see this trend kind of continuing for the next say two-three quarters just to make sure that the brand gets stronger?

Page Industries Limited

Page Industries Limited CC-Nov25.pdf · 2025-11-13
The first question is again on the demand side. If you look at start of the year, what happened was festive season moved from 1Q to 4Q of last year, and that is where we saw 4Q '25 had an uptick in volume growth, but then 1Q got impacted. Now when we look at this quarter, 2Q again had an early festive season. And to that extent, do you see a risk that next quarter could have some of this impact because some of the prebuying or even primary sales would have got preponed in the current quarter? And just a related question on the demand side is on the price cuts w ide, I just wanted to check what was the extent of price cut? And to what percentage of the portfolio has seen? Because while in athleisure, where you'd would still have a decent chunk of product priced above INR1,000. So if you can share this too?
Yes, sure. On the GST cut because on apparel above INR1,000. Yes.
Page Industries Limited CC-Jun25.pdf · 2025-08-07
Yes. Thank you, sir. The first question is on the growth statement, which were made like May being stronger than April, and then June being stronger than May. Just wanted to understand that like, across the quarters also there are some quarters which are stronger and then there are some quarters which are relatively weaker. So typically, is this a phenomenon you see across the years that month-on-month, as you go from April to June, there is a month-on-month improvement or was this the first time you are seeing this trend?
So, Karthik, let me put it this way, right? When we look at the full quarter number, there is a 2% volume growth, right? If you look at April, May and June on a Y -o-Y growth versus last year, right, how different the growth profile would be? I understand, April could be maybe meaningfully different because of the early festive. But when you look at May and June on a Y- o-Y growth basis, was the trend very similar or was it different? And similarly, is like are you seeing any uptake in July or is July also kind of very similar to what you have seen last quarter?
Page Industries Limited CC-Sep23.pdf · 2023-11-09
Sir, the first question is on the distribution side, right? When I look at your MBO network, it has declined versus last quarter, there's almost a 2,300 touch point reduction and similarly, when I also look at the number of distributors that has also shrunk over the last two quarters, three quarters continuously, right? So any specific strategies tha t you are driving? Because post - COVID, there was a time when there was a rapid expansion in this retail touch point, distribution touch point. So what is driving this change?
Sure, sir. That's helpful. And the second question is when I look at the base quarter numbers, it seems that the number has been reinstated on the revenue and cost side, so what led to this reinstatement, so this was 2Q '23 there was almost a 2% reinstatement. And secondly, on the cost control side, right? When we look at this quarter number, there's a significant decline in other expenses. So on your earlier part, you said that you continue to make investments, so maybe you have not kind of bought on the marketing spend, etc.,. So I'm just trying to understand what cost controls initiatives you have taken in the last one quarter, two quarters?

Kalyan Jewellers India Limited

Kalyan Jewellers India Limited CC-Nov25.pdf · 2025-11-07
My first question was on the demand side. So if you look at the last, say, 15, 20 days or so, gold prices have started to correct a bit. So last year, when there was a custom duty cut, we saw a preponement of demand and a spike in overall growth. I understand the correction is more gradual, but have you seen any change in consumer behavior in terms of just any preponement of demand, et cetera?
Sure, Ramesh. The second question was on the EBITDA margin side. Now given that there was an early festive this year, so any expenses which was preponed because last quarter, when I look at the EBITDA growth, it was more than your revenue growth. And this quarter, if I adjust for the base quarter where you had a custom duty impact, the revenue growth and EBITDA growth, both are broadly similar. So just wanted to check like while there will be some contraction in EBITDA margin because of franchisee, but then you are also getting some benefit from oper ating leverage and the pilot you're running. So was there any expenses which got preponed this time, like higher marketing, et cetera?

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-Mar25.pdf · 2025-05-26
The first question is on the demerged ABFRL. Now when I look at the guidance, you're talking about doubling the margin. Now full year FY '25 post-Ind AS margin is 9% excluding the other income. And if you have to take it to, say, 18% in the next 5 years, what will drive this because Pantaloons it's at around, say, 16% to 17% margins? So do you see what will be the bridge for - - at a company level going to 18% margin? The second thing on the Pantaloons is part of, at least, the outside view is that when we look at the margin expansion, it's also driven through closure of these underperforming stores, almost 50 stores in the last 15 months. Now say in the next 1.5, 2 years, as you start to open new stores, what is the sustainable margins for Pantaloons? And the third question is on this INR97 crore adjustment, is it fair to say that this intersegment, which is now not getting adjusted, this is predominantly sitting only in Pantaloons because within Pantaloons you would also fill the Lifestyle branded merchandise. So is that understanding correct?
Aditya Birla Fashion and Retail Limited CC-Dec23.pdf · 2024-02-15
The first question was around the markdown management and discounting. So just wanted to understand, have you seen this as an industry phenomena as well where other players are also kind of curtailing the discounting? And on the similar line, you also said that demand was inelastic, so -- I mean, just to understand, is it more that even if there was a higher discounting, it would have not driven higher sales? Or the other way could be that consumers who wanted to purchase because of festive wedding and all would have anyway purchased, whether it's a full price sale or discounting. So just wanted to get your sense on this one first.
Sure. That's helpful. And second thing, in the Pantaloons and in the slightly affordable price segment, are you seeing that the competitive intensity has kind of increased in the last, say, three, four quarters or so? And secondly, from a planning perspective, when you think about the next 12 to 18 months in terms of store growth and investing in branding, marketing, where do you see more focus? Is it going to be more on, say, Reebok, American Eagle and maybe Lifestyle by Pantaloons to a certain extent, maybe within Madura, Peter England takes slightly a calibrated approach. Your thoughts on that?

Titan Company Limited

Titan Company Limited CC-Sep24.pdf · 2024-11-05
Thank you for the opportunity. The first question is on the competitive intensity. So, given the steep increase in gold price, if you can highlight how the regional and local players are behaving, are they giving some offer on the gold price? Because we also noticed Tanis hq was offering discount on the gold price for the first time and post the discount, the gold price was matching the gold price what some of the other large player offers. So, that is the first question?
So, instead of more discounts, part of the discount was routed through lower gold prices. Is that the right understanding?