Sir, could you first share the originating volume numbers for this quarter?
Okay. Sir, when you give your guidance for the 10% growth in EXIM and 20% in domestic, is that on handling or on originating basis?
Questions across 44 calls
Bhoomika Nair
DAM Capital
Container Corporation of India Limited
Yes. Sir, first, if you can just share the originating volumes for both EXIM and domestic?
Sure, sir. Sir, in terms of the -- you spoke about onetime employee, how much would that award be and which would have led to a higher employee cost this quarter?
Sir, just wanted to understand the EXIM segment a little better. This year has been fairly muted in terms of growth, and we're talking about a 10% growth next year. How is the volumes really shaping up in the last 2 months? Has there been a pickup? And what is the outlook that you're seeing in terms of shipping lines? Is there a balance of trade between EXIM -- between export and import? If you can just talk a little bit about qualitatively in terms of the volume trajectory that we are seeing? Because last year, there was a lot of shipping disruption, which had impacted our volumes.
Sure, sir. Sir, the other question was on margins. If we look at EXIM margins for the current quarter, 4Q, while obviously, for the last 2 quarters, it has been quite healthy, but this particular quarter saw a drop to about 20% versus what we've been doing about 25%. So any particular reason why in this quarter there was a drop in the EXIM EBIT margins?
Blue Star Limited
Thank you, sir. The question is on the Commercial Refrigeration part of it. Last year, we have seen some challenges out there and there was a muted growth or even a decline in that segment. Could you kind of speak about how the growth has panned out in YTD on that segment, just to understand either qualitatively or with some numbers, whichever manner that you can speak about? Secondly, in terms of the RAC segment, it is said that there is a lot of inventories, etc. As we get into the year end, before the BE rating changes, do you think there could be some pressure on margins as the industry tries to liquidate the inventory prior to the BE rating change by December? Could that be a bit of a challenge? Lastly, if I may also squeeze in, our working capital has seen quite a bit of an increase on our net cash levels going to net debt level. As this inventory is wound down by the year end, do we see us coming back to the net cash level?
Sure. Thank you all the best.
Yes. Good afternoon, sir. Sir, one, I just wanted to check if I missed out the volume number growth for both 3Q and nine months and second in terms of continuation on the UCPL, the base is very high for last year, both for us as also the industry. So, while the outlook is strong, do you think we can continue to, as an industry, to grow at 15%, 20% plus, particularly in view not so much in terms of demand, but also in terms of the supply chain issues where compressor availability is a bit of a challenge is what our channel checks tell us. So, if you can, just throw some light on this aspect.
Yes, sir. Sir, the second question is on our capacity addition where we are doing the second phase of expansion at Sri City. So, one is obviously the CAPEX and the timeline, but secondly also wanted to understand how has the first phase kind of helped us in terms of margin expansion as also go-to-market from meeting the demand in a much timelier manner, production, etc., if you can throw some lights and what we can expect as we ramp up, this will benefit us.
Carborundum Universal Limited
So my first question is on VAW. It's been a tough quarter. You spoke about the 25%, 30% kind of decline. But if I look at the revenue numbers, the consol minus standalone, it seems fa irly stable. Can you explain why we're seeing the revenues being stable? And if you can call out the VAW loss during the quarter?
In EMD, yes, in EMD.
CG Power and Industrial Solutions Limited
Good evening, sir. And c ongratulations on a good set of numbers. Sir, my first question is on Motors. You spoke about the weak demand and how we have outgrown the industry for the last several quarters. Now in this weak demand environment, you have taken a 5% price hike effective July. Is this something that the rest of the peer set has also seen? And do we expect that this could possibly impact our market share gains that we have seen in the last couple of quarters?
Sure. And there's not a similar price increase in the HT Motor. HT Motor, the pricing has not been changed?
Sir, my first question is on the Power Systems segment. We've seen a very strong performance in FY '25, both in terms of revenues and margins being at a record high at 21% in the fourth quarter. As we are booking new orders, what is the kind of margin profile that we see sustainable over a period of time? And within this also, if you c an talk about the BTW acquisition, what is the status of that acquisition?
Okay. On the IS segment, you spoke about the market being weak and we are gaining market share. Would it be possible to call out market share numbers for LT and HT Motors separately? And we were working on several initiatives, par ticularly for HT to kind of scale up the market share out there. What is the progress? How are we looking at further market share gains, if you can talk about that? And perhaps if I can just squeeze in one question on the semiconductor -- we've seen a loss in the fourth quarter. What is that related to given I think Renesas should start reflecting from the first quarter onwards. So what should be the loss number that we should look at? And is this something which is sustainable? If you can just give some color on that, please?
Congratulations on a good set of numbers. Sir, just wanted to delve deeper into the motor category where you said there has been off -late some improvement in terms of both revenues and intake. Are we seeing this -- you said that yes, there is an improvement led by our GTM strategies that you spoke about in detail. Can you also comment about how HT Motors has kind of panned out and how that segment is moving? Plus, if you can also update in terms of the market share between both LT and HT, how it has moved?
So basically, market share has expanded for us in the first 9 months.
Havells India Limited
Yes. Good evening, sir. Sir, obviously, this quarter has been quite challenging with the weak summer. If you can talk about the inventory levels at the channel for both AC, fans and coolers, which have been the key areas of decline that you have seen this quarter , how is that at the current moment? And with Lloyd seeing fairly weak performance in 1Q, does that kind of impact our full year performance in terms of continued turnaround and improvement in margin profile?
Okay. And on the channel inventory, sir, across the three product categories?
Kalpataru Projects International Limited
Yes, sir, you spoke about T&D activity being fairly strong. How do we see that kind of on such a high base kind of panning out for the next couple of years? Do we think that domestic T&D intake can jump up significantly? And also, if you can talk about the competitive intensity. While it has been quite decent so far, you've not really seen much of intensity kind of going up, but are you seeing any change now?
Sure, sir. This was helpful. Sir, similarly, on B&F, if I look at it in the last couple of years, the scale of the business or intake has really gone up materially. We used to be sub INR 4,000 crores of annual intake. And if we see FY'25 has been a very strong performance. And we've seen that order intake going up to about INR 8,000 crores plus with backlog also jumping up quite a bit. While obviously, the visibility for the next 2 to 3 years is quite high, do you think on this high base, I mean if you can talk a little bit of private capex, how are you seeing the ordering activity, etcetera, out here? And do you think that the order intake can go to a INR 10,000 crore kind of a number in the next year or two?
Yes, sir. Sir, I just wanted to understand how the Oil & Gas order of Middle East from Saudi is progressing. I know it is yet -- we got it at the end of last year, the execution time line is elongated. But nevertheless, just wanted to understand how has your experience been? What margins are we seeing on that project? How is the working capital? If you can throw some light on that project, sir.
Got it. Sir, when you say high single-digit margins, that means on the EBITDA side, right?
Syrma SGS Technology Limited
Congratulations on a good set of numbers. Sir, my first question is on exports. I know you spoke about exports being a strong driver of growth next year. And we were looking at U.S. to kind of support that. But given the tariff situation, one is on a wait and watch out there. Could you throw some color in terms of how is Europe sales really going or other parts of the globe, which is supporting our confidence in terms of the growth aspect out there as we look at next year?
Sure. That helps, sir. Sir, my second question is on Industrials. We're looking at a very sharp growth out there and the percentage contribution also kind of improving. A lot of the growth is also driven by t he domestic segment where the energy meters will play a significant role. Now how large is this segment for subvertical for us? Are we seeing a decent traction out here? Or are there delays in terms of execution on ground, which could possibly impact into the second half? So just trying to understand this subvertical out here.
Yes, good morning. Congratulations on a good set of numbers. Sir, just wanted to understand how JDHL has performed in the quarter and for the 9 months, if you can share revenues , EBITDA and PAT and the outlook for the same? And my second question is on the auto and the industrial segment. We have seen all the backlog growing quarter-on-quarter, but I guess, I am not too sure if I got the number right, b ut you said that the Industrial was about 20-25% of the total order book. So, if you can just give some outlook on industrial, what are the new segments, what orders we have seen, because it seems a little lower than our historical trend?
So, I mean, what is the current, you know, where do you expect? What is the order book out here? And you know, when you are seeing FY 26, 27, you will see a significant ramp up. What kind of revenues are we looking at from this business?
Thermax Limited
Sir, one question was on the outlook in terms of the order inquiries and the pipeline that you're seeing, particularly given the macro uncertainty that prevails. So if you can just talk a little bit on how you're seeing on ground, both in terms of base orders and also in terms of large orders that we're looking at from the hydrocarbon space, how that is panning out?
Voltas Limited
Sir, just wanted to get a sense on if you've taken any price hikes and given the muted demand that we are seeing on the late onset of summer, are we seeing any discounting by any of the peer set, etcetera? And secon dly, if you can also talk about the Commercial Refrigeration business, you spoke about margins being lower. What was the margin impact both for 4Q and for FY '25? And also, if you can talk about the revenue growth for Commercial Refrigeration, both for the quarter and for the year?
So we would have broken even or marginal profitability?
Afcons Infrastructure Limited
Yes, sir. Sir, you spoke about the margin profile and the interest -bearing advances which has actually increased. As we move ahead, given that interest costs will kind of stay elevated because of this interest-bearing advances, would the margin profile in what we've seen in the nine months actually continue to remain on the higher side with PBT margins being more stable and the correct way to look at things?
Okay. Any which way, the PBT margin has also improved in the nine-month period. And would that be a more correct way to look at it as what we've seen in the nine months to kind of sustain as we go ahead?
Engineers India Limited
Yes, sir. Sir, just wanted to understand while we are L1 in the IOCL, but other petchem projects which are there in the pipeline whether be it in terms of other IOCL projects or BP , HP or any others, if you can give some color on what is the refining capacity expansion planned by all the OMCs where they could possibly be some opportunities for us to look at, both in terms of refineries as also in terms of petchem?
Okay. But any sign of -- if not in terms of rupees crores, in terms of possible refinery expansion where conversation is ongoing, which you think where ordering can possibly happen over the next 2 years. If you can talk about in terms of the capacity increase in terms of refinery or in terms of petchem?
Amber Enterprises India Limited
Congratulations on a great set of numbers. Sir, just wanted to understand the RAC segment a little better. Now if I look at it, for the nine-month period we have grown fairly well, even this quarter we have grown about 71%. Now, if I understand, a lot of the brands were putting up a lot of capacities in a lean season too they have continued to outsourced. So, if you can just explain what's driving this growth, what's the end market growth? And coming into the next season, given the overall slowdown in consumption and the base of last year being very high, how are you looking at the upcoming season really?
Sure sir, this is helpful. Sir on Sidwal you spoke about the deferment by Indian Railways which has resulted in a bit of a sluggish nine-month period. Now going ahead, how are you looking at the ramp up coming back? Because this year we will probably see some decline in revenues and drop in margins. But as we move ahead into '26, where do you see the acceleration coming through, what kind of execution can be there? And do margins then revert back to 20% if revenue growth comes back, or should we structurally look at a lower margin profile out here?
Dixon Technologies (India) Limited
Yes. Sir, just one -- couple of questions. One is on the TV segment. If I look at it, the volume decline has been quite severe. So if here you can talk about what has been the reason for this volume decline, is it just purely demand or market share loss? And if I net off the pr ofitability that Saurabh just spoke about in terms of refrigerators and the margins also seem to have fallen, so if you can just clarify firstly on that.
Okay. So what kind of volumes can we look at for the full year?