Stockrabit · Analysts
Questions across 41 calls

Avi Mehta

Macquarie

Page Industries Limited

Page Industries Limited CC-May26.pdf · 2026-05-21
Congratulations on this performance. I just wanted to check -- double check on this volume growth momentum. And given the strength that you are witnessing, is this something that is -- despite the macro environment, so are we seeing this sustain? Is that what is giving us confidence? Is that volume driven or is the price hike? I just wanted to kind of better appreciate the confidence in looking at continuing the 14% growth momentum?
And so when you say sustained volume growth -- just a clarification, when you say sustained growth momentum, you mean volume growth sustaining at the current levels of 11% and pricing probably depending on how it pans out? Is that understanding correct?
Page Industries Limited CC-Feb26.pdf · 2026-02-05
Yes, hi. Thanks a lot for this opportunit y. If you could just clarify, I am sorry, I just wanted to check this. The demand weakness in the entry-level price points in underwear is continuing or has that changed? I could not kind of grasp it from the last.
Got it. So in that kind of backdrop, I wanted to kind of just check again with you. By when do you expect us to be able to clock a double-digit level of growth? You know, something that we were hoping you would get by the end of the fiscal. Is it something that kind of moves into the next year? Any thoughts on that would be helpful.
Page Industries Limited CC-Nov25.pdf · 2025-11-13
Sir, you pointed to signs of demand improvement in September. My first question is, has that continued in the last -- in October until date? And how would you see FY '26 given the current demand environment? Because the first 2 quarters has been like 2% od d growth on volume. So I would love to understand how we should look at the pickup and the extent of the pickup?
Karthik, if I may just, do you think there is potential to see probably reaching double digits towards the end of H2? Is that something that you believe likely given the current demand environment? And just a clarification, the festive, I understood, but post festive, has that strength sustained because some other companies have indicated there has been moderation. So I just wanted to understand for the category, how would it has been?
Page Industries Limited CC-Dec24.pdf · 2025-02-05
Hi, thanks. So, the first question was on EBITDA margin. Congratulations on the 3rd Quarter performance. If I look at the run-up or how EBITDA margins have panned out, it seems to be a lot more on cost control. And given that is the case, you think there is an upside risk to 19%- 21% EBITDA margin range that we were now looking at for FY25 , given that most of the IT spends also have started to pan out. So, we would love to understand.
Sorry, my question was on FY 25 EBITDA margins, given that 3Q has seen a much healthier performance and the drivers of it are a lot more cost controlled driven and not one-off. Is there an upside risk to that 19% to 21% range that you had shared with us in the last quarter?

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-May26.pdf · 2026-05-06
Yes. Hi, Sudhir. Thanks for the opportunity. You know, just at once in basic question, most of the others have been answered. You know, while you're seeing margin under stress over the next coming quarters, you do have price hikes that are leading sales growth. In such a scenario, do you see consolid ated EBITDA growth also following a similar trajectory as margin that is moderating from 4Q levels in the first term? Or how should I see that?
Got it. Okay. That's all from my side. Thank you very much.

Marico Limited

Marico Limited CC-May26.pdf · 2026-05-05
Just wanted to kind of understand you pointed about supply chain constraints that are present by the smaller players and especially in Parachute. Could you give us a sense on how is it? Where Email: investor@marico.com Marico Information classification: Official are we, what are the kind of constraints you're facing to better appreciate the competitive advantage that you were kind of alluding to?
Saugata, the advantages that we saw, which started probably to wards the start of the conflict, would it be fair that competitive landscape is broadly the same. It's not kind of changed materially from there on despite government trying to reduce gas availability, etc. So it's more it's something that should sustain could sustain for some time. Is the right read through is that how...

Sapphire Foods India Limited

Sapphire Foods India Limited CC-May26.pdf · 2026-04-28
Two questions. First, this April SSSG of almost about 6% is a very stark contrast with what other discretionary peers are at least suggesting that there's a cautious consumer sentiment post the Iran conflict. Now I wanted to kind of get your thoughts on whether the strength is more due to what we have done? Would it be right? Or is it also seen -- is it because the industry is going up? So, any thoughts or any -- if you could give some thoughts over here, please.
Yes. Sorry, sir...
Sapphire Foods India Limited CC-Jan26.pdf · 2026-01-06
Just had a few clarificatory questions. First, if you could just explain the process through which the pricing for this 18.5% promoter stake will be determined and whether there is an exit fee in case the approvals do not fall in place, that is an unlike event, but I still wanted to kind of clarify that. And last clarification, just whether the marketing and innovation functions for KFC is this more a temporary arrangement and will they also eventually move? Is that also part of this agreement? J ust any clarification or were there any thoughts on that? That is it?
And what is the exit fee bit, Sumeet? Is there any ? In case the approvals do not pan out for any reason?

Lenskart Solutions Limited

Lenskart Solutions Limited CC-Feb26.pdf · 2026-02-11
Peyush, Abhishek, I wanted to understand the India sales growth again better. And the context is if you remember last quarter, you had indicated some disruptions because of the GST change which were normalized. Now, in that context, and just to appreciate the nature, could you give us a sense on what's the number between the months or how January has trended just basically to understand how much of it was just a normalization versus the last quarter versus the underlying trends and the benefits of the initiatives that you have taken? So that was my first question.
But Peyush, basically where I was coming from is 2Q we did see an impact in sales. So that's why I thought something of that did flow through. That was my understanding. Hence the question between months if there was any trend.

Pidilite Industries Limited

Pidilite Industries Limited CC-Feb26.pdf · 2026-02-04
I just had one clarification and just trying to understand. See, if I were to adjust for this one-off Labour Cost, Labour Code impact, and we are already at almost about 25.5% EBITDA margin. Your input costs are benign. Your demand momentum is actually doing very well. Is it fair or is it a possibility that near term, we could kind of breach that 20% to 24% range significantly upwards?
Got it, sir. That’s all from my side. Thank you very much.
Pidilite Industries Limited CC-Dec24.pdf · 2025-01-23
Hi, team. I just wanted to clarify on the pickup post budget point, is this more linked to a macro or is this something that tends to happen with budgets which tend to historically drive some pick up? I want to just clarify that point.
Okay. Just the other bit, Sir, I just wanted to understand as we are seeing more and more growth move towards the pioneer and the growth categories, do you see a need to probably revisit our 3% -4% ad spend to save the range to a higher target as these products, which you highlighted earlier, need more customer education?

Devyani International Limited

Devyani International Limited CC-Feb26.pdf · 2026-02-04
Manish, Congratulations on the elevation. I wanted to just check with you on two things. One, I wanted to understand if this positive same-store sales growth that we saw in January 2026, is this something that was specifically seen only in our formats or if you could comment whether you have seen it across other peers, and whether you have seen any change in the discounting intensity in the space, in the last few months? And the second question that I had was a bookkeeping one. My understanding is there has been an increase in India overheads. If you could confirm if that understanding is correct and what led to it? Those are the two things.
So sorry, Manish, just to confirm this number, what is the amount that I should kind of remove to get a more stable state run rate in the India overheads?

Asian Paints Limited

Asian Paints Limited CC-Nov25.pdf · 2025-11-12
Hi sir. Just two questions. First, you know, given how you're seeing your initiatives pan out and the demand improving, would love to get your thoughts on how you see the full year volume growth and value growth for us or for the industry to give us some sense. And second, we have historically seen this industry do double digit growth in value terms as well. What do you think is required or when do you see that panning out? Any thoughts over there would also. Thank you very much.

United Spirits Limited

United Spirits Limited CC-Jan26.pdf · 2026-01-21
Yeah. Hi, team. I just had a few questions. First, I wanted to kind of just understand the strategic review of the IPL team. If you could give us a sense on how it will pan out the likely timelines for the same?
Perfect. And also, if you could give us some sense on the how -- because we don't have -- we have limited idea on how the free trade agreement benefits would flow through as in -- just would love to kind of get some thoughts on what is the current expectation on when that benefit in bulk scotch kind of comes in.

JSW Dulux Limited

JSW Dulux Limited CC-Jun25.pdf · 2025-08-05
Hi. Good afternoon, Rajiv. How are you? So, Rajiv, I wanted to kind of just check with you… I am sorry if I missed this earlier , but could you give me a sense on what is happening on the ground on competition? I do understand that you are trying to juggle the transition, but there is also a competitive landscape that has changed , the competitor has been trying to take away, influence our dealers, distributors. So, if you could give me a sense on how things have panned out ? There were some comments about by some other peers saying that dealers are coming back to them. Would love to know your take on these things, please?
Got it, Rajiv. Very clear. Very clear on that. Just if I may, just as we move now, you had Akzo, which obviously is very, very premium, gives it particular culture of how you essentially go about, approaching dealers and then you had JSW, who has been, in a way, a new entrant of sorts, who has been also very, very aggressive on the ground. I do appreciate the joining of strengths that are coming in over here. One of the things that I worry about is the organization cultures. So, would love to hear your thoughts on how would you look to… what in your opinion would be the way forward to best integrate these different beasts, if I may say, while ensuring that they run together as a team? Sorry, I am not sure. I am just trying to understand how would you approach this? I am not looking for an exact answer here, but would love to know your thoughts on how you are looking at this.

Grasim Industries Limited

Grasim Industries Limited CC-Nov25.pdf · 2025-11-05
Sir, my questions were on the paint business, especially wanted to better understand your thoughts post the resignation of Rakshit, in terms of the rough time line for the successor announcement, any change in growth strategy, aggression. I would love to hear your thoughts on that. And so the second question, if I can put it up front, is on the performance in the paint business in the quarter on a sequential basis. You did point towards market share gains, but the other peers who have announced have seen almost a 10% decline given the weak monsoon, weak environment, I would love to know how does the business stack up versus that? Those are the two questions.

FSN E-Commerce Ventures Limited

FSN E-Commerce Ventures Limited CC-Mar25.pdf · 2025-05-30
I just wanted to kind of ask on the fashion bit. We've -- for the last few quarters, we've gone on this journey to reduce losses, and that has been in the period of a weaker growth environment as well.You pointed towards expectations of a recovery or some sort of a change in that momentum. Does that in any way require us to start putting investments back in the front versus margins? How should I kind of look at that play is something that I would love to understand from you. Second bit, if I may just kind of conclude is on the gross margin side. We've seen in the beauty side, a very good improvement in the gross margin profile, and congratulations on that. Would it be possible for you to give us some qualitative understanding of how does this flow through in each of the subsegments? Is this more a mix thing? Or is that the MBO or multi-brand retail is also seeing -- or each of the segments are seeing a diverse gross margin performance? Those are the 2 questions.
Okay. Abhijeet, just a follow-up. I mean, the reason why I was asking is if I look at fourth quarter versus the last few quarters, while I do acknowledge the full year picture and it is encouraging to see, the fourth quarter versus the last few quarters, there has been a change in the profitability profile. So I was just trying to appreciate this better or how should we kind of build it going forward between growth. So is the fourth quarter having some one-off, which is why there was a loss there?