Stockrabit · Analysts
Questions across 11 calls

Ashish Kanodia

Citigroup

Titan Company Limited

Titan Company Limited CC-May26.pdf · 2026-05-08
Hi. Thank you for the opportunity. So, the first question was on the bullion sales. If I look at on a full year basis, the bullion sales is substantially higher. So one, is this bullion sales largely because of the benefit which we have of 1% custom duty. So, you are just selling that gold. And if that's true, then where is the profit sitting? Is it sitting within the Jewellery EBIT?
Clear point, sir. The second question was on the Jewellery EBIT. Now, when I look at on the standalone basis on the reported financials, the Jewellery EBIT is around ₹1,711 crores. And when I look at the revised disclosure of the TMZ business domestic, it's around ₹1,813 crores. So, there's a difference of around ₹ 102 crores-₹ 103 crores. Now, please help me correct if I am wrong here this is basically the difference in Revenue as well as on the absolute EBIT is largely because of the primary sales, which happened from India to international. And if that's true, why is there a suddenly ₹102 crores loss this quarter versus typically having profit because this is mostly gross margins on the primary sales.

Kalyan Jewellers India Limited

Kalyan Jewellers India Limited CC-May26.pdf · 2026-05-08
So, the first question again is on the SSSG and specifically on the non-South. So, if you kind of split the SSSG trend between, say, the franchisee stores versus owned stores, do you see any -- broadly similar to what we have reported on an overall non -South basis? Because I think the non-South could also be benefiting partly because of the franchisee stores. So, I just wanted to understand, when you look at the SSSG non -South, FOCO versus COCO, is the t rend broadly similar?
Sure, Ramesh. Got it. And second question on the coin sales part. I think even if you look at the full quarter, the last, say, 40 days or so and compare it with maybe Q3FY26 as well as Q4FY26, have you seen that the overall intensity of investment-led demand, which is your coin sales have actually come down? And is it partly because when you look at the gold price movement, at least in the last few days or a month or so, it has actually been on the lower side, right? So, is there a lower intensity of the investment-led demand?
Kalyan Jewellers India Limited CC-Jun25.pdf · 2025-08-07
Yes. Ramesh, the first question is on this lean credit period, right? How does it change the sourcing in terms of gold metal loan? Will you kind of implement it across Kalyan Jewellers, will the gold metal loan contribution go down meaningfully from here?
Got it. And secondly, on the regional brand strategy, now within Kalyan, you already have been doing the hyperlocal strategy and we can see in that how you have expanded in the non -South region. So when you look at the launch of this regional brand, one, what is the rationale because you already have something which is doing a hyperlocal strategy? Second thing is, how should we also think about like the brand pool? Because currently, when you do marketing, branding, it's under one umbrella, one brand. So how do you create the brand pool, specifically when you are competing against a regional brand in most of this micro market, this regional brand have a very strong brand pool? And third question on -- related to the regional brand strategy, how should we think about the margins here? Because a lot of this regional brand basically cater to th e staple product, which anyway is much lower gross margin product. So, yes, this three on the regional brand strategy?

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-Feb26.pdf · 2026-02-10
Sameer, your first question was on the LFL. So if I look at the last 8 quarters performance, the positive LFL was coming predominantly because of all the strategic intervention you have taken in terms of product innovation, free delivery, etcetera? Now if I look at this quarter call commentary by other QSR players, there seems to be some uptick in demand. We don't know whether that flows through or not, but there is definitely some uptick in demand. So in that context, and I think in one of the earnings call, you called out that as well that if the industry start to improve, there will be an upside risk? So looking ahead, do you see that if the industry starts to improve or start to see positive SSG overall, there is an upside risk to this 5% to 7% LFL, which we have discussed?
Sorry, so maybe I'm just going to h arp on this one. Last quarter let's assume if the industry listed payer wise, if the SSG was minus 3%, minus 4%, and you have still delivered 5% LFL. If hypothetically, you see industry QSR space starts to grow at say, 2%, 3% SSG, do you see this instead of 5% to 7%, this goes maybe to 8%, 9%?
Jubilant Foodworks Limited CC-Sep23.pdf · 2023-10-25
Sir, just on Popeyes, right, I just wanted to understand that if you have to take this 30-store expansion in FY24 to maybe 70 -80 stores in FY25 right. What is the biggest maybe bottleneck or what's the equation which you're trying to solve? Because from a real estate perspective at least my understanding is given that you have 1900 Domino’s store, the understanding of real estate market is much better. You are already opening 200 -220 Domino's stores. So, is it just that the demand environment is muted or is it the supply chain? What would be that equation which you need to solve if you have to surprise on Popeyes to expand in next year?
Sure. That's helpful. And I believe the supply chain will partly get addressed through the Bangalore commissary, right, sir?

Page Industries Limited

Page Industries Limited CC-Feb26.pdf · 2026-02-05
Thank you. My first question was on the GST rate cut. While I understand the rate cut was only for a small portion of the product portfolio, but have you passed that on to the end consumer in terms of price cut? And the related question was on the gross margin also. What led to sequential decline in gross margin despite much better ASP?
Sir, my question was on gross margin, not on EBITDA margin. Sequentially, your gross margin has declined from 60% to around 58% while your realization of course has gone up. So, what led to that, not on EBITDA margin?

Avenue Supermarts Limited

Avenue Supermarts Limited CC-Mar25.pdf · 2025-07-30
Hi, Neville. Thank you for the opportunity. The first question is on the accelerated store expansion. So, you have been talking about that real estate, good real estate at the right price is always a challenge in India. Now, if I look at all the comments you have made during today's call, is there also a reason why there is an acceleration because maybe from a guardrails point of view in terms of what is the per square feet rate you want to pay depending on the micro markets in terms of revenue, cost, gross money, etcetera. There is some you are maybe dropping the guardrail a bit on the cost, at least on the land acquisition side, given how the competition both on the offline and online side is shaping up. Is that also one of the reasons?
I'm saying I understand you're accelerating, but I'm just trying to understand the reason that is it purely because of management time being spent there or is it also a factor of maybe looking at buying some of the expensive real estate as well?

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-Dec24.pdf · 2025-02-17
So the first question was on the fundraise. So given that this fundraise has happened at a consolidated entity level before the demerger happening. So just wanted to understand what was the thought process of leaving ABLBL with INR700 crores of debt? And related question on this was, by when do you expect that entity to become debt free?
Sure. That's helpful. And second thing, now when I look at your store expansion plan and looking at your presentation, I think there are 2 key categories which you are calling out in terms of accelerated growth. One is on the value fashion segment, which would be Style Up. And the second thing is on the Ethnic business side. So on Ethnic business, I think you guided for maybe 50 stores addition in FY '26. But if you can also give some sense in terms of what to expect in Style Up, and also within Ethnic, beyond Tasva, what kind of a store expansion can we expect?

Devyani International Limited

Devyani International Limited CC-Mar24.pdf · 2024-05-14
Hi, Manish. So, first on the Thailand business part. So , if I look at the last 4 -5 quarters data, which was reported earlier, the brand contribution margin was between, 14% to 15%. So just maybe not exactly on a number, but was there any meaningful deviation from that kind of a brand contribution margin versus what you have reported this quarter? Because on the international part, the brand contribution margin now stands at 10%. So definitely, there's a bit of impact on Nigeria, but I mostly wanted to check if Thailand was still in that ballpark 14%, 15% range?
Sure, Manish. And secondly, in terms of store expansion. So I think, you have alluded earlier as well that there will be more calibrated store expansion. So looking at FY ’ 25, what are the thought process in terms of expansion across the core brands in India?

Pidilite Industries Limited

Pidilite Industries Limited CC-Mar24.pdf · 2024-05-08
Just one question. So in FY 2024, we have seen sustained higher investment in branding and customer-facing initiatives, and that kind of helped in double-digit UVG. So when you look into FY 2025 with the ambition and target of double-digit UVG, do you see this accelerated or higher investment in branding and customer -facing initiatives continuing in FY 2025 as well? Or do you believe that the levels which we have seen in 2024 is ample to drive that double-digit growth?
Sure. But apart from ad spend, is there any other expenses where you are investing maybe in terms of dealer margins, etcetera? Are there any other items as well where there's a push to drive higher growth?