Stockrabit · Analysts
Questions across 28 calls

Binay Singh

Morgan Stanley

InterGlobe Aviation Limited

InterGlobe Aviation Limited CC-Jun26.pdf · 2026-05-29
Just picking up from the opening remarks when you talk about mid -teens the yield increase or revenue per passenger increase. Are you able to fully pass on the cost pressures with that? If you could comment both on the international side and domestic side? And also, a little bit about how are the utilization rates when you said 3% to 4% growth, what is the breakup of domestic and international? So that's it. Thanks.
Thanks for that. Any rough number where are the utilization rates on international now, like domestic data we get, just on international?
InterGlobe Aviation Limited CC-Jun25.pdf · 2025-07-30
Hi, team. Thanks for the opportunity. A very good quarter given the volatile environment that we were facing. Two questions, one on international and one on the Mumbai airport change. On the international side, in a few calls back, we had talked about rising competition, especially from Middle East carrier in the international space. Could you comment a little bit about how is international profitability been for you? I know it's very early to comment on the long-haul flight that you've started, but any initial feedback on load factors also over there? The second is on this year, we will see the change in the Mumbai airport. Do you expect any disruption to operations or any market share losses because of that change? Only these two questions, Thanks.
Thanks for that, P ieter. So, fair to assume no market share losses or anything that you foresee because of that change?
InterGlobe Aviation Limited CC-Mar25.pdf · 2025-05-21
Hi team, thanks for the opportunity. Congratulations on the good set of numbers, and best wishes for the long-haul foray. I will actually just ask Gaurav to comment a little bit more about the trend in yields and cancellation that he talked about. Have we started to see improvement in those trends, or we have not seen any pickup over there? Or if you could comment a little bit about, what are you seeing on the yield side also?
Right, right. Thanks for that. And my second question is, globally, when we look at low cost, long- haul foray, we have seen very mixed results across airlines. So as IndiGo is starting on to this journey, what are the challenges that you anticipate? And how is IndiGo or the IndiGo product changing or you are planning to change it to cater to that?

Ashok Leyland Limited

Samvardhana Motherson International Limited

Samvardhana Motherson International Limited CC-May26.pdf · 2026-05-20
Hi, team thanks for the opportunity. J ust starting with the consumer electronics Earlier, we had talked about INR 2,600 Crores capex in that busines s. Where are we on that number and in this capex guidance of next year -- is that -- are we -- have we increased it or is it just that is already included in this?
And secondly, the 16 million exit number that we talked about, that is unit number. Any guidance on what is the revenue per unit?

Bharat Forge Limited

Bharat Forge Limited CC-May26.pdf · 2026-05-07
Congratulations on good set of numbers. My first question is on your restructuring. You highlighted that it will conclude by end of CY '27. So could you share your thoughts on that? And in the intermittent phase, which is this year and next year, will the losses be at similar level? Like this year, you had almost a INR300 crores loss also on the Europe and U.S. operations. So I'm happy to hear your comments on that.
Thanks for that. Just on aerospace, what exactly was the number for FY '26 for you?

Hero MotoCorp Limited

Leela Palaces Hotels & Resorts Limited

Leela Palaces Hotels & Resorts Limited CC-May26.pdf · 2026-04-28
Hi team, congrats for good set of numbers given the environment we are in. Could you throw a bit more light on how were trends in March , because we see quite a sharp drop in occupancy , whereas, the war impact could have been only there for one month? So , could you specifically share some trends on March and how is April, May also trending? That will be the first question.
Thanks for that. But just to, sort of, in terms of any numbers on how March is and how, like, so March would have been down double -digit for us and then in April are we talking about high single digit RevPAR growth?
Leela Palaces Hotels & Resorts Limited CC-Jun25.pdf · 2025-07-22
Hi, team. Congratulations on a good set of numbers. Two questions actually. First, as we talked about expansion, including international expansion, is there any debt-to-EBITDA ratio that you would not want to cross, like any sort of guardrails or any benchmarks that you sort of kept in mind?
Okay, and that is helpful. Secondly, this 2030 guidance that we've given on the EBITDA side..so does it include, if you could, A, give us the key drivers of that? B, does it include the BKC property that you've talked about in the presentation? And C, does it include other income or is it without other income? So these three points. Thanks.

Apollo Hospitals Enterprise Limited

Apollo Hospitals Enterprise Limited CC-Feb25.pdf · 2026-02-11
Hi team. Congratulations on a strong set of numbers across businesses. I will first start on the hospital side. It is a very busy time for you, two hospitals you have ramped up and we also have Sarjapur and Kolkata around the corner. Could you -- last time we discussed about INR150 crore cost headwind coming out of this ramp -up. Any updated thoughts on that? How much of it is already built into these numbers? How much should we expe ct in the coming quarters? That is the first one.
Okay. So to an extent, some of the costs of that would start to come up in the March quarter, right, all your hiring costs and all?

TVS Motor Company Limited

TVS Motor Company Limited CC-Feb26.pdf · 2026-01-28
Congratulations for a very good quarter. If you look at other expenses in the previous quarter, we talked about 3 one-offs in other expenses. But in this quarter also, the other expenses growth seems to be ahead of volumes. So any one-off or anything you would like to call out in that?
Right, right. And sir, secondly, on the commodity side, we've seen commodity up cycles in the past also. But this time, it's coming after the GST cut where prices dropped. Do you think it will be easier for OEMs to pass on commodity as price increases in this cycle as the prices dropped quite sharply and customer appetite or affordability is better?

Maruti Suzuki India Limited

Maruti Suzuki India Limited CC-Jan26.pdf · 2026-01-28
Looking at the backlog that you talked about and demand trends, how do you see mix trending incrementally? Will it be favourable tailwind to margins? Or is it more in the discounted products? Could you comment on that?
Right. And Rahul, that leads me to the second question, how to think about EBIT margins incrementally? Because our December quarter utilization rates were quite high, mix looks favourable with high SUV share. But then we did have these one-offs that you highlighted, fixed cost hit and then the price reduction hit and now we have the PGM hit also rising. So how do we look at the margins on the EBIT level incrementally? Do you think this is where the business sort of stabilizes? Are there downward risks from here or upward risks from here?
Maruti Suzuki India Limited CC-Dec24.pdf · 2025-01-29
Hi, team. Congratulations. Good set of earnings considering the environment we are in. Just on the electric vehicle, will you be eligible for the PLI incentive? And the PLI incentive as I understand is on production, right? So, it doesn't matter whether you sell in India or overseas, it'll be on production that you are doing. So, could you share your thoughts on that?
That the production linked incentive is on total volumes produced, right? So, even if you are exporting it, once you qualify and then you will get the PLI?

Eicher Motors Limited

Eicher Motors Limited CC-Nov25.pdf · 2025-11-13
Hi team, thanks for the opportunity. In your opening remarks, you talked about maximizing capacity. Could you share your thoughts on what you are thinking on capacity addition incrementally because you're running almost at full capacity?
Right, right. And the second question is on the margin side. While we've seen -- like if you see revenues have grown by around 45%, but the EBITDA growth is around 39% because the operating expenses have risen quite sharply. So do you see any scope to reduce marketing or financing or other interventions to sort of have a margin expansion? How would you see that?

Sai Life Sciences Limited

Sai Life Sciences Limited CC-Dec24.pdf · 2025-02-07
Hi, team. Thanks for the opportunity, and congratulations for a good set of numbers, and best wishes for the journey ahead. My first question will be on the biotech funding in U.S. One of your peers talked about the pace of recovery being more gradual than they anticipated. Thus, the discovery business revenues were slower than what they were expecting a few quarters back. How is the demand environment that we are seeing?
Right. So, in light of that, like, when we look at seasonality from the limited data that we have, typically Quarter 4 is the strongest for the Company. Would that still hold with the visibility that you have today?

Hyundai Motor India Limited

Hyundai Motor India Limited CC-Jun25.pdf · 2025-07-30
Hi, team. Thanks for the opportunity. Our general understanding is that exports tend to be more profitable than the domestic business, but when I look at this result, where your gross margin is one of the highest that you've had, is it fair to assume that the export gross margin is 7 00-800 basis point higher than domestic because that's the only way to sort of deconstruct and make the margin. Is that a fair assumption?
Just to follow up on that, in your Slide 9, you've given this cost and other reductions, which is INR 549 million. Is that the material cost reduction number that you are saying that you've seen the benefit quarter over quarter? Because that's quite small. As a percentage, it's only 30 basis point or so. Is that the number when you're saying material cost optimization?
Hyundai Motor India Limited CC-Mar25.pdf · 2025-05-16
Hi, team. Thanks for the opportunity. I will just go back to the gross margin question. Could you quantify what was the Jan price hike? What was the discount thing? And also, we have seen in most of the companies that when EV share goes up, margins go down. So, was there a drag that electric vehicles rise had on margins? So, that is the first question.
That is helpful. And the second question again on EVs, I noticed that you've increased the number of electric vehicle launches from 4 earlier to 6 now. So, what's the thought behind that? Are we seeing more opportunity in EV than we anticipated? What is driving that change?