Stockrabit · Analysts
Questions across 26 calls

Chintan Sheth

Girik Capital

Concord Biotech Limited

Concord Biotech Limited CC-Feb26.pdf · 2026-02-12
Congratulations, Raviraj ji, for joining Concord Board. My first question, Ankur, is on the growth, which you mentioned that FY '26 will not be grow as per the historical trends, which we have been growing. So on beyond FY '26, how do you see business momentum going on? How confident you are the external factors which we have faced this year in particular, what gives you the confidence that we will be back to our normal growth? That's one? And second, on the Labour Code, which we have kind of provided a provision of INR 3-odd crores. That is on a retros pective basis, we have taken the provision. But if you can provide going forward, how should one look at on the recurring basis, the impact of new Labour Code to our finances? That these are two and I'll jump back into queue?
So Ankur, just a follow -up on injectables. Given we will be focusing on domestic, do we have to incur a little bit more to develop the on -ground team because I believe these injectable products will be directly supplied to hospital chains, right? That was our initial understanding. And for that, do we have to incur a little bit more on marketing, a little bit more on developing that business in the domestic part and that will also have some impact on our margins overall?
Concord Biotech Limited CC-Nov25.pdf · 2025-11-14
On the results front, if you can quantify the revenue loss for the EU part, just to help us, how much of growth we have anticipated, which we could not execute because of the challenges we faced during the quarter. If you can just quantify if those challenges were not in place, how much revenue growth or how much revenue can be spilled over into subsequent quarters, would be helpful.
And that seems the full-year guidance will continue to be healthy if we add this back up. We ar e anyways single digit or slightly lower on a Y- o-Y basis. Prima facie, the annual run rate or annual growth does not seem to be very much affected because of the weak Q2 in the first half.
Concord Biotech Limited CC-Mar25.pdf · 2025-05-30
A very strong comeback from the fourth quar ter and congratulations to the team. A couple of questions from my end. Do you have an update on gross margin on the annualized basis ? I understand that the share of formulation has increased over FY '24 and that has resulted in a slight margin compression at a gross level. But if I look at the current quarter, the API share has been pretty strong and the gross margin contraction has been pretty sharp. If you can just provide some input on how we should look at even if we see the share of APIs to be very strong this quarter?
Got it. Got it. And second, on the capex front, you mentioned even in the CDMO side, we don't anticipate a huge investment going into the project we are currently discussing with our clients. I'm just trying to understand how one should look at capex given the injectables already commercialized and we are largely capitalized. Some part is still left, which is sitting in CWIP. But if you can highlight or guide something on the capex front, it would be helpful.
Concord Biotech Limited CC-Dec24.pdf · 2025-02-14
Thank you, Ankur Ji, and Lalit Ji for the opportunity. On the revenue growth, you mentioned the reason for quarterly revenue. But even if I look at trailing 12 -month revenues, the growth has been around 10%, 12% versus what we were initially guiding for this year , which was around 18% to 20%. So, I am just trying to understand whether we maintain our current year growth guidance at around that level or if we will like to revise it a little downward. And secondly, on the Limbasi facility, if you can highlight how the ramp-up and the product shifting, which was likely to happen during the year, how that progress has been made so far?
And just to touch upon the growth. Are we seeing end market demand for the products for our clients are declining or competitive intensity with them has increased, which results in the slower offtake from them? Or this is just a channel timing issue in terms of procuring from you guys?
Concord Biotech Limited CC-Mar24.pdf · 2024-05-28
Thank you for the opportunity and congratulations for a good year. Just a couple of questions on the customer side that you mentioned. A couple of customers have shifted manufacturing based which impacted the numbers. If you can quantify what kind of revenue we lost because of that and is it pertaining to API division or it was the – I presume it is for the API division only, right?
And what is the impact if you can quantify what kind of revenue loss we kind of, witnessed because of that?

Mankind Pharma Limited

Mankind Pharma Limited CC-Jun24.pdf · 2024-07-31
Thank you for the opportunity and congratulations. One question on the EBITDA margin, which you disclosed adjusted EBITDA margin at 25.2%. Even if I adjust that our other opex line item seems to be a little higher, both on a Y-o-Y and Q-on-Q basis, if you look at adjusting that non- recurring expenses, our other opex as a percentage of sales comes to around 24.8 % versus previous quarter, it was around 21.8% and 21.4%, respectively, Y -o-Y and Q-on-Q. So if you can just point out anything which led to a slight sharper increase in other opex, because it's kind of matched whatever gross margin benefit, which we got during the quarter?
Okay. But do we see this recurring over the fiscal FY'25 or whether it will normalize over the course of FY'25 in the coming quarters?

Multi Commodity Exchange of India Limited

Multi Commodity Exchange of India Limited CC-Feb26.pdf · 2026-01-27
Congrats to the team for the great set of numbers, even the January numbers looks really -- the momentum continues to be pretty strong. So, in that context, ma'am, if you could elaborate on product launches you alluded to in the past, if you can further give us an update, which are the contracts which -- or new launches, which one can expect from here on? That's one. And second, on the SGF, given the volumes rising, we have seen this consistency as a percentage of revenue that is what one should expect going forward? That's another -- that's the second one. And lastly, the bookkeeping one. If you can split the revenue between the futures opti ons would be helpful? Yes, those are the 3, and I will join the queue.
And lastly, on the launches, if you can update us on...
Multi Commodity Exchange of India Limited CC-Jun25.pdf · 2025-08-04
Hi, this is Chintan from Girik Capital. One question was on SGF contribution. If I see the previous quarter number and full year number, that got revised upward by meaningfully from INR63-odd crores for the full year '25, now in the Q1 audited really hit INR79 crores if I'm not mistaken. So, I'm trying to understand the reason for further revision to -- okay, it's clubbed with the regulatory fees, is it sir?
Okay. So INR63 crores plus whatever it is, is the regulatory fee, which has been clubbed. Got it. Second question is on the other operating income. Like somebody was asking about it earlier that it has been flat relative to the volumes we have seen. So, if you can run us through what … what drives that other operating income one more time, it would be great. And the last question was on the breakup of the transaction revenue, if you can provide for the quarter, futures plus options?
Multi Commodity Exchange of India Limited CC-Mar25.pdf · 2025-05-09
Sorry to have again on the product launch. We have recently from the media learned that SEBI has announced the in-principle approval to NSE for electricity futures. So just trying to understand how - - what's our strategy even if we get the approval, say, during this year, that's the expectation, then how should we look at the volumes coming through our platform? And what will be our strategy given the NSE is already got the principle approval …is already there?
Right. And coming to the weekly expiry of index ’s, we believe we were trying to understand, create the future volume initially to drive this success. Where are we in terms of improving our indices, strengthening the volumes over there, which can drive business for us? So if you can -- what are we doing actually over there to try to manage, to try to manage that? Before launching the weekly contracts on the indices?
Multi Commodity Exchange of India Limited CC-Dec24.pdf · 2025-01-21
Thank you and congratulations, ma'am, for the role. One question I had on the FPI participation. You mentioned that we are working towards, increasing participation Public from both, every strata of the trading community. If you can throw some light on how has been the FPI participation overall transaction in the quarter and how do you see this improving going forward?
If you look at the Crude contract for the last couple of months, starting from September, it has started to, you know, soften a little bit month-on-month. Any reason, which participations are kind of leading to lower volumes or lower transaction in the Crude contract?
Multi Commodity Exchange of India Limited CC-Jun24.pdf · 2024-07-29
So, I was just observing the client member's numbers and which we quarterly publish, if I look at the numbers, we have been seeing the member number count has been declining to 544 now. It has been consistently or tracking a little down every quarter , then authorized person data point also, if we look at a couple of years back, it used to be 50,000 is now at 35,000 odd. So, if you can help us understand what is happening there? And secondly, on the F PIs, Cat II, Cat III, if you can give us -- provide some update on how the traction or what are our conversation s with them is happening and as they started hedging or trading with the Exchange.
Second was on the Cat II, Cat III.

InterGlobe Aviation Limited

InterGlobe Aviation Limited CC-Jan26.pdf · 2026-01-22
Yes. So, on the DGCA penalty, any more review is pending, which can result into a higher penalty going forward? Or this is a final reading from the regulator? And nothing incremental likely to come through going forward? If you can elaborate on that.
Sure. And second on the FDTL, the 10% guidance which for the 4Q, it implies that we have already adequately prepared ourselves in terms of recruitment and everything and that is factored in our assumptions, right, in terms of pilot availability and roster availability for 4Q?

International Gemological Institute Limited

International Gemological Institute Limited CC-Aug25.pdf · 2025-07-29
Yes, hi. So, the question is on the follow‐up on the GIA strategy to move, standardise the LGD. Do you foresee any risk on, the full‐fledged certification demand to make a minimalistic brochure certification and that impact our overall realisation in the future?
How is the price differential between our full‐scale certification and the GIA certification? If one has to just compare. Our price differential between full‐scale certification versus those years of minimal certification, which we do internally as well.
International Gemological Institute Limited CC-Mar25.pdf · 2025-04-21
Yes. Hi. Thank you for the opportunity. You are audible?
Yes. Thank you for the opportunity and great set of numbers, congrats to the management. On, on the ramp up part you mentioned about on the resource addition and the infrastructure capability improvement. If you can guide us in terms of how should one look at opex impact as well as capex impact in our balance sheet for the year or a couple of years and any update on the ad spend because if you look at sequentially our opex has been flat. You did mention about your international rationalization, of course, but if you can help us understand or segregate the marketing spend, how it has been incurred over this quarter and what is the accrued benefit we can expect to the rati onalization in a strategy which we are executing currently in the international businesses?