Questions across 8 calls

Avi Mehta

Macquarie Capital

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-May26.pdf · 2026-05-20

Team, first of all, I must compliment you on the shareholders letter. It was extremely nicely done. I just had two questions. First, Sameer, on this the outlook as we speak. You have cited that there are some near -term headwinds. There is competition that has changed. I wanted to understand how do you look at store additions in this context and whether what is the pace that you would be more comfortable with as we go forward would be the first question, and I'll come later.

Okay. No, where I'm coming from, Sameer, maybe I'm just clarifying on this question. It was not on the quantity but also on the type because as you can see, Delivery is where the growth has been. Does that require a reset in the way we look at store additi ons? Does that mean we kind of look at change in capex and hence, that's where I was coming from. So that was the underlying question. I'm sorry for not clarifying.

Britannia Industries Limited

Britannia Industries Limited CC-May26.pdf · 2026-05-08

Given this kind of clarification that the fuel pricing is likely transitionary and the fact that price hikes are also kind of being taken not just by the industry but by you, could you share your thoughts on whether you expect FY '27 to result in a stronger sales growth than what we saw in FY '26 because of the pricing component? Or basically just trying to appreciate or understand the domestic demand environment.

If I may probe you a little bit more here, but when you say a good growth, basically, what I'm trying to understand is the pricing something that you believe will have a higher impact, price elasticity or your belief on how it would pan out is what I was trying to garner. That was the key bit, and that's where the question comes from. Not from a numbers perspective, but just your thoughts on how you see pricing elasticity kind of panning out and, in turn, kind of flowing through growth rates for the industry and for us?

Britannia Industries Limited CC-Nov25.pdf · 2025-11-07

Hi, sir. So, just two questions. One, if you could give us a sense on how is the underlying demand environment, basically, how much is the GST impact and by when does it fully normalize? And the second bit was on the quantum of the employee cost impact because of the RSU ? So, that I can understand the steady-state run-rate there. Thank you.

And that is what I should adjust to get the steady run rate as we go forward. Got it. Sir, just one follow-up, if I may, on the demand side. Do you think 1Q was, given that 1Q also had a lot of impact, the storm that or the pickup that you essentially allude to or what has been seen is, I am just trying to get a sense of quantum, is the double-digit momentum something that we can hope for? I know it is pushing a little bit, but I would love to hear your comments if any.

Devyani International Limited

Devyani International Limited CC-Nov25.pdf · 2025-11-06

I wanted to just get your updated thoughts on the expectations that you would look to stabilize discounting in second half, any change in that thought? And if yes and if no, how do you see margin performance as we move into the second half across the formats? That's my first question.

Got it. Just wanted to check if there's any quantum of the impact from the change in festive season timing and your sense on how the demand environment is behaving so as to get a perspective of how do we look at future quarters?

United Spirits Limited

United Spirits Limited CC-Nov25.pdf · 2025-10-31

Hi, team. Thanks for the opportunity. I wanted to kind of just , you know, pick up on the progressive policies that have been implemented, which you pointed out in the initial comments. Could you kind of elaborate what is happening and share some comments on these states that have seen changes?

Let me rephrase it. Maybe any update on, say, Delhi or we are also hearing some talks about Bihar? Any updates on these two and West Bengal in particular, if you could share some comments on these three particular states?

United Spirits Limited CC-Jun25.pdf · 2025-08-14

Yeah. Hi, team. Thanks for the opportunity. My first question was more on how to look at Maharashtra from a company level basis. Now given the salience of Maharashtra and your initial read on how demand behavior is, do you see that FY’26 Prestige growth may be lower than the double-digit growth that we typically aim for?

I'm more interested because typically, India has some pluses, some minuses, so I just wanted to get more overall feel? And how should I look at that?

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Oct25.pdf · 2025-10-17

Hi Sir, I have 3 questions and with your permission, I will just put them out up front. First, your comment on Q3, any signs of recovery as the festivities kick in? And would love your thoughts on whether you believe how we did in Sri Lanka. So, something like that, levers are in place to be able to at worst maintain margins at current levels, even if demand environment takes time to recover. So that was my first question. And should I put all the questions up front , how would you prefer?

Okay. The second part, sir, I wanted to understand is now we have seen 2 quarters of stronger performance in Tamil Nadu market, you know, given and it is clearly the proof is out there. I would just like to know what is the process and your thoughts on the timelines for this to flow through to other markets. And the last bit was, just wanted to understand, this resignation that has come in a nominee director of TR Capital, what triggered it would be useful? That is all from my side. Thank you.

Titan Company Limited

Titan Company Limited CC-Jun25.pdf · 2025-08-07

Hi team. Thanks for the opportunity. I wanted to get your thoughts on the market share in the jewellery segment. Now for the last few quarters we have seen a situation where our same store sales growth momentum has been lagging the other larger listed players. So I wanted to know how are you seeing this and what do you envisage is the way forward? Is this something that is beca use of the size and is expected, w ould love to hea r your thoughts on that?

Got it, Ajoy. Ajoy where I am coming from is, is this a case where the segment that we cater to is where we are gaining market share or is it more a geography mix? That's the clarification that I wanted to understand more than just a follow up on that?