Stockrabit · Analysts
Questions across 52 calls

Chandramouli Muthiah

Goldman Sachs

TVS Motor Company Limited

TVS Motor Company Limited CC-May26.pdf · 2026-05-13
Hai good evening My first question is around production capacity. So in FY '26, we've manufactured and sold close to 5.9 million vehicles. I just want to understand at this stage, what is the rough range of our 2-wheeler production capacity and 3-wheeler production capacity. And then you have announced recently that you plan to expand capacity to service demand. Just want to understand what proportion of addition we can expect over the next 12 to 24 months as well?
Got it. That's helpful. Second question is just around some of the supply chain challenges that globally the automotive industry is facing. So you did call out gas, you did call out certain raw materials for production beyond that. Rare earth has been sort of up and down over the past 12 months and EVs are also picking up where rare earth might be important. So I just want to understand across some of your key materials, where are some of the challenges presently in manpower included? And then how do you see that progressing over the next few months?
TVS Motor Company Limited CC-Oct25.pdf · 2025-10-28
My first question is just on the gross margin. So in spite of higher commodity prices quarter- on-quarter, we've delivered almost 100 basis points of gross margin improvement. I just want to understand what are some of the factors which helped you deliver that superior gross margin performance Q-o-Q in spite of some of those commodity prices?
All right. That's helpful. Second question is just related to the pay commission formation. So it looks like a few hours back, the government has formed the 8th pay commission. I just want to understand in your experience, typically, it takes close to 18 months for the pay commission to submit recommendations. But this time around, it looks like it might be more expedited. So I just want to understand what your thoughts are on the potential tailwind for industry growth and benefit for TVS from a potential pay commission over the next 1 to 1-1/2 years?

Bajaj Auto Limited

Bajaj Auto Limited CC-May26.pdf · 2026-05-06
Hi, good evening and thank you for taking my questions. Congratulations, Rakesh. I have 2 questions. The first question is just a clarification on the 400 basis points potential impact as a percentage of sales that you had mentioned. Is this sort of from 1st Jan onwards, 1st April onwards? Just want to understand what the time frame is for this observation of a 400 basis points potential impact on margin growth from commodity inflation? And the second question is just around the prepared remarks that Rakesh had made that you'd hope to grow faster than the 7% to 9% broader motorcycle industry growth outlook. Just related to that, you had mentioned that there is a 10% to 15% impact on ability to service demand because of the LPG factors and the manpower factors and the shipping factors. So just want to understand, is that something that we were able to manage t hrough and then potentially grow beyond that 7% to 9% that you guided for the broader market? I just want to understand that in better context as well.
Got it. And the quantum of price hikes, that's 40% of that 400 bps. Is that what we should consider to be the quantum?
Bajaj Auto Limited CC-Jun25.pdf · 2025-08-06
Hi. Good evening and thanks for taking my questions. I have three questions. The first one is just on the e-rickshaw launches. Just want to understand what you think could be a fair market share. I think on the ICE 3 -wheelers, we enjoy close to 70%. On the electric passenger 3 - wheelers, you mentioned earlier that close to 35%. The e -rickshaws is a more fragmented market. So I just want to understand what you would think over the steady-state period could be a fair market share? Second question is just around rare earth situation. If over a three-quarter to four-quarter period, we're able to derisk and offset if we were to source some non -China sources for the entirety of our portfolio or replace HRE with rare earth or other solutions. Just want to understand what you think could be potential inflation on the BOM cost for your electric 2 -wheeler/3-wheeler portfolio? And the last one is just on the new platform on Chetak. At this stage in August of 2025, what is the rough mix of the new platform, which you mentioned is this positive EBITDA margin in the Chetak portfolio? Thank you.
Yes. Just on the Chetak new platform and what is the mix?
Bajaj Auto Limited CC-Mar25.pdf · 2025-05-29
Hi, good evening. And thank you for taking my question. My first question is just on the prepared remarks. I think you made a comment that you expect 5% to 6% industry volume growth in FY '26. So, I just want to understand how we look at our own volume growth outlook for FY '26. I think we had a good start in the first half of FY '25 and then it was more sort of negative 7% to negative 8% volume declines in the back half. I just want to understand what milestones we need to achieve to get closer to industry volume growth outlook in FY '26, if not exceed it? That's my first question.
Got it. And just a related question on volumes. I think in the prepared remarks, you mentioned that you expect a 15% to 20% growth visibility on exports. Could you just clarify what time frame you have line of sight on that? Is it sort of a 6-month period, or the full year given where inventory levels are in the export market?

Tata Technologies Limited

Tata Technologies Limited CC-May26.pdf · 2026-05-04
My first question is just around the Q -o-Q revenue growth. I think last quarter, you had guided for 10% Q -o-Q revenue growth, understanding was that half of that roughly might be organic and the other half might be inorganic. I think you mentioned in the prepared remarks that you've done close to 8.8% Q-o-Q organic revenue growth. I just want to understand the breakdown of the upside, how durable it is? And just related to that, if you could share any color on the JLR anchor customers and how recovery has been for you in that account since the cyber issues and any build - back help that you've been able to provide in addition to what you normally do?
My second question is just specifically on ES -Tec. So, I think with European acquisitions, it takes some time to extract synergies out of these transactions. So, I just want to understand now that we are -- we've already sort of integrated the asset, and it's been 6 to 7 months since we started the whole process. Just want to understand from what you've seen so far in the company, where you see both revenue and cost synergies? And what sort of timeframe you would expect to start potentially extracting some of those synergies for the combined business?
Tata Technologies Limited CC-Jun25.pdf · 2025-07-14
My first question is just around the sequential recovery we expect through the rest of the year. So does that assume that the current stand-off on tariffs get resolved at some point in the next couple of months. I just want to understand what needs to happen for more visible sequential recovery in the back half.
All right. That's helpful. And just related to that, you did mention that you have seen a pickup in the order book at the end of Q1 versus last year at the same time. So just trying to understand, we did have these disruptive announcements on tariff towards the end of March. So, through the quarter, have you seen things pick up since then? Just trying to understand Q4 this year versus Q4 last year, how the order book looked? Just trying to sort of understand what's happened to the quarter and then help your order book Q1 end of q uarter versus Q1 end of quarter last year?

Eicher Motors Limited

Eicher Motors Limited CC-Feb26.pdf · 2026-02-10
My first question is just around the margin performance. So this appears to be the first time in almost 5 to 6 quarters where we've seen sequential improvement in gross margin and sequential reduction in other expenses. So I just want to understand what drove this? And also, if you could elaborate a little bit on whether this could be a potential inflection point in your margin journey, given that over the past 5 to 6 quarters. We've built up a critical scale and volume now potentially comfortably above 1 million units per annum and what that means for value engineering and sourcing synergies?
Got it. Can you specifically comment on what drove the margin improvement at a gross margin level? And then also what drove some of the other expenses control in this quarter?
Eicher Motors Limited CC-Jun25.pdf · 2025-07-31
My first question is just on capacity. So it looks like now we are heading towards sort of early to mid-80% capacity utilization on our operations as we sort of head into north of 1 million kind of territory in annual volumes. So just want to understand how you're thinking about capacity as you look to grow the business over the next three to five years?
Got it. That's helpful. My second question is just around the Hunter 350 refresh, which happened in the month of May. So if I were to just contrast versus the bullet, which was refreshed last year in September, of course, maybe different products and different segments. I think the bullet had between sort of 10,000 to 15,000 units of growth Y-o-Y on a quarterly basis for the past three quarters. Hunter, maybe still early days, but it looks like it's relatively flat quarter-on-quarter even post the college buying season. So I just want to understand, are there any capacity constraints around the Hunter because of rare earth and so on or how do you think about the outlook for the Hunter as you get in potentially to festive season?

UNO Minda Limited

UNO Minda Limited CC-Feb26.pdf · 2026-02-05
I have 3 questions. First one is just on the alloy wheels business this quarter. I think into 3Q, the expectation was that entry-level products would be a slightly higher mix, and therefore, that might potentially impact alloy wheels, which might not be so apparent in entry-level cars. So just clarification on what drove the outperformance on alloy wheels? Was there a particular model and so on and so forth? And if you could also help us understand specific to alloy wheels, how much of the growth Y- o-Y was to do with aluminum-related price hikes that you were able to pass on? So that's the first one. The second question is just around commodities. If you could give us a little bit of clarity around what is the current level of inflation that you're experiencing? And how much of that you're able to pass on? And when do you potentially expect settlements with the OEMs on the last 6 weeks to 7 weeks of hyper commodity inflation that we've seen? And the third question is just a little more broader question around production versus growth. Historically, Uno Minda has been able to grow 2x, if not more than that in terms of top line versus what underlying production growth has been in the industry. This quarter, it looks like industry production growth has been in the mid- to high teens and Uno Minda's revenue growth has been closer to 20%. So is that, again, coming back to mix, which has been slightly more inferior this quarter? And how do you see that ratio going forward? So those are my 3 questions. I'll just pause back?
UNO Minda Limited CC-Nov25.pdf · 2025-11-07
My first question is around the automotive vehicle acoustic solutions, the ADAS. Could you give us some color around what the kit value could be there as that opportunity starts to take shape, as you said, potentially towards the end of next year? The second question is on the share of profit from associates. This quarter looks like it's close to about INR 63 crores. It seems to be higher than more recent quarters. Is there any one -off there? Or is this a sustainable rate? If you coul d just talk us through what the drivers are on that number? And the third question is just around the first 22 days of September during this particular September quarter, there seem to be some disruption to volumes that your customers, the OEMs could suppl y to their channel partners because of the issue and the GST transition. Was there an accompanied impact to production? And as a result of that, as you get into the December quarter, usually, there's a moderation in production during the December quarter. Will we see that normal moderation in production in the December quarter or because of the impact to production in September, is that unlikely to be the case? Those are my 3 questions.
UNO Minda Limited CC-Jun25.pdf · 2025-08-06
Hi, good evening and thank you for taking my questions. My first question is just on the castings business, which is well levered to SUV growth in India. So, after a very strong run of consistent SUV growth, I think June 2025 seems to be the first month where SUV growth sort of became flat after a period of almost 3 successive years of strong sort of high single-digit to mid-double- digit growth. I just wanted to understand, near term, over the next 2-3 quarters, how are you thinking about castings growth? Is this having some impact on the pace at which alloy wheels and castings might grow in the near term?
Yes. So, second one is just around disclosure in the annual report. I think you have disclosed that roughly 4% of revenue is being spent on R&D. But I think at the standalone level, it seems to be more like 1.7%. So, I just wanted to understand the gap there. And lastly, just wanted to request if you could repeat the split of other segmental revenues across controllers, sensors, ADAS, and so on. And also the split of the castings business between alloy wheels and other castings.

Maruti Suzuki India Limited

Maruti Suzuki India Limited CC-Jan26.pdf · 2026-01-28
My first question is just around the amalgamated financials. So, if I were to just compare, it looks like the change to amalgamated financials is causing close to about INR700 crores quarterly increase in depreciation, and that number potentially comes out of the lease, rentals line that you had mentioned, which possibly sits in other expenses. But having said that, the other expenses, I think pre-amalgamation versus post-amalgamation is almost flat at close to INR 3,700 crores quarterly run rate. So, I just want to understand if there was a meaningful pickup in other expenses this quarter and what potentially drove that? And if there are any sort of one-offs sitting in the other expenses number? Or if that is the sort of steady- state run rate we should assume going forward for this level of volume?
That's helpful. Second question is just around export volumes. I think over the past 4 to 5 quarters, we've been doing a healthy clip of 25%, 30% plus volume growth. This quarter, I think the volume growth on exports was more sort of low-single-digit run rate Y-o-Y? I just want to understand if there's any one-offs on the export volume. And just related to that, if there's any clarity you're able to provide on how you're thinking about South Africa as an end market, just in the light of some of the news flow items around potential increase in duties in that market?

C.E. Info Systems Limited

C.E. Info Systems Limited CC-Nov25.pdf · 2025-11-11
My first question is just around, I think, some of the lumpiness that you addressed. There has been a positive lumpiness in the IoT-led business this quarter, maybe headwind on lumpiness in the map-led business. So I just want to understand if there are any one-off factors there in either IoT or map-led which potentially reverse into the back half of the year? Just if you could address the lumpiness and factors behind that, that would be helpful?
Got it. That's helpful. Second question is just around the clarity that Rohan had provided on that INR10 crores to INR15 crores – given that you consider that sort of one-off investment for the future on potential revenue-generating business that you could get from these efforts, I just want to understand if you expect more sort of investment of this nature within this particular project or this set of projects in the future as well? Or if it's restricted to sort of this quarter?

Ashok Leyland Limited

Ashok Leyland Limited CC-Jun25.pdf · 2025-08-14
Hi. Good evening and thank you for taking my questions. My first question is just around the upcoming capacity that you discussed in the prepared remarks. So, you mentioned that you expect mid-single-digit demand growth volumes through the course of the ye ar. Interest rates have been getting cut. So, I just want to understand sort of in the context of that, how you think about volume growth in the medium term? And what is the current capacity utilization? What is the current plan in percentage terms in adding capacity over that timeframe?
Got it. That's helpful. Second question is just around one of your competitors, there has been a proposed acquisition of a European trucking company. So, I think with Iveco in the past, you have disclosed that they have been technology partners to you in prior years. Just want to understand if control of that entity changes, if there is anything to disclose in terms of technology sourcing and alternates that you have to think about?
Ashok Leyland Limited CC-Mar25.pdf · 2025-05-23
My first question is just around the industry outlook that you touched upon towards the end of the prepared remarks. Some of your peers have indicated that there could be single-digit volume growth in FY '26 for the CV industry at large. I'm just trying to get your understanding on what you would expect for the MHCV segment, the bus segment as well as the LCV segment, just given that this year we've got AC cabin norms, you did mention steel, safeguard duties upfront, and also maybe lack of clarity around broader government capex. So just keeping all those factors in mind, I just want to understand what magnitude of growth you would expect for each of these CV segments?
That's helpful. And just as a follow-up to this question, if you could just giv e us some color on each of these segments, buses, trucks, LCVs, if you could give us your pecking order in terms of where you think there is more growth momentum available and where it might be relatively low?

Hero MotoCorp Limited

Hero MotoCorp Limited CC-Jun25.pdf · 2025-08-07
My first question is just on the network. If you could just refresh us on how many sales touch points, service touch points you have? And just related to that, if you could also give us some color on at this stage, the VIDA portfolio, including the VX2, what is the kind of channel network that we're operating on that product?
Got it. That's helpfu l. And just as a clarification on Xtreme 125 as well. Is that now available across the 6,000 touch points? Or is that also sort of restricted to Hero 2.0 and Premia only?

KPIT Technologies Limited

KPIT Technologies Limited CC-Jun25.pdf · 2025-07-30
My first question is just on head count planning for the year. So I think the last 3 years, we've had between 15% and 30% sort of head count addition in F '22, '23, '24 and F '25 was sort of a little bit of a reset year where it was flat. So just going forward this year with back half recovery expected? Just want to understand how you're looking at sort of head count additions, just given that I think this quarter, we've had a slight maybe net reduction in headcounts.
Got it. That's helpful. My second question is just around, I think, the comments you've made on potential good momentum exiting the fiscal year, back half to be better than the first half. So we have seen very stable and good level of deal wins over the past 4 quarters, even if you look at it on a Y-o-Y basis. So it looks like you are able to win business in this tough environment, but maybe conversion into revenue is taking slightly longer. So just want to understand, as you look into the back half, maybe even if next quarter is a slow recovery in the back half, do you see visibility in your pipeline or conversions for that sort of 5% to 6%, maybe higher than that kind of Q - o-Q growth that you have done for almost 15, 16 straight quarters before FY '25. So I just want to understand what sort of trajectory you expect in the back half? Just given that your wins have been relatively strong in a relatively hard environment.