Stockrabit · Analysts
Questions across 2 calls

Bharat Shah

BCS Capital Ideas

Solar Industries India Limited

Solar Industries India Limited CC-May26.pdf · 2026-05-15
Hearty, hearty congratulations. Once again, really standard defining performance. Hearty congratulations to you and the team.
Over a dozen-odd years that I've known you in a very quiet and unassuming way from virtually a limited product in limited geographies, we have built a business, which is multi-sector, multi- geography, multi-products, and made it brick by bri ck a very resilient and strong business. So great credit to the way the business has been built over a period of time. I remember 10 years back when defense business see ds were being laid and there was nothing on horizon and how painstakingly efforts have been put to build the business where it is today. So clearly, kudos to you and the entire Solar team. Just one -- two questions. Last year, if you see the financial year '25, '26, working capital is sucked away almost about INR1,600 crores. And in the year prior to that, wor king capital actually released about INR800 crores. So from the cash flow, operational cash flow, almost a swing of INR2,400 crores is being sucked away from the operational cash flow in the '25, '26. Any comments on that?

Bajaj Finance Limited

Bajaj Finance Limited CC-May26.pdf · 2026-04-29
Delighted to see the good results. I just had one broad question. If we see the evolution of Bajaj Finance and if we see the period prior to COVID, and I draw distinction for the period after COVID. So generally out of the 4 levers, the growth of the assets, the margin, the cost intensity or cost diminution and the credit cost, these 4 levers leading to ROA and in terms degrading leading to ROE. So if I see prior to COVID generally every element plays like a good nod in the overall symphony and therefore there was a rising crescendo. Typically, the yields and cost of the funds were managed to give typically a good or rising kind of NIM. The growth has always been very focused and strongly delivered vertical -- by vertically business segment by segment. And therefore, given good usage of technology we delivered even the cost metrics very efficiently over the period of time. And given our very strong discipline on credit cost management that also played a perfect part to the symphony. Even if there was some one note, out of the 4 notes, which might be playing a little jarring note at a particular point, overall symphony in terms of return on asset and return on equity, typically tended to be buoyant and in our favour. Post-COVID, that equation has been a little more middling type where generally, the final symphony outcome in form of ROE is still healthy by miles compared to any benchmark anywhere. But compared to our own benchmark, the crescendo has not been rising, but kind of, so to say, undulating one up and down type. Due to finally with the AI in play with a lot of attenuating factors hopefully behind us. Now are we really poised in a way where all the notes kind of combined together to produce a rising crescendo rather than kind of even or at times falling crescendo that we saw. Instead of that, on a more long-term basis, we are slated for the rising crescendo.