Stockrabit · Analysts
Questions across 35 calls

Deepak Krishnan

Kotak Institutional Equities

Emmvee Photovoltaic Power Limited

Emmvee Photovoltaic Power Limited CC-May26.pdf · 2026-04-29
Hi, hope I’m audible. Just maybe one particular thing I just wanted to check on the 6 gigawatt integrated cell and module capacity expansion. We understand we have the land and the loan sanctioned, but what sort of the progress on ground and by when do we see the module line coming through and when do we see the cell line kind of coming through? So, both timelines of that. And now that ingot-wafer has been announced by 1st June 2028, what is the quantum of capacity that we’re sort of evalu ating to put? If you could sort of answer those questions, I’ ll come back with a couple more?
Sure. If you can sort of at least quantify Phase 1, how much is the amount of that a nd second just wanted to check on the working capital also. So, we have seen that advanc es have gone down and inventory -- inventory receivables have slightly gone up. So, is this the new normal like about 70 days, 80 days of sales with lower advances? Just wanted your thoughts on both this Phase 1 of wafer and as well as the working capital cycle that you note?

Waaree Energies Limited

Waaree Energies Limited CC-Jan26.pdf · 2026-01-22
Hi, sir. Just wanted to sort of understand the e xceptional item that you booked and you have already taken a charge when nothing sort s of happened. So, what's sort of the thought process with regards to the US investigation?
Sure. Maybe just one follow-up. Just wanted to sort of understand. So, we have seen RenewSys and Jackson saying that module price needs to go up by about 25% to sustain the impact of silver and the rebate going off. Now when Sonal ma'am talks about maintaining gross margins, does that imply that 25% increase in DCR and non-DCR modules helps maintain the same spread or are we talking about maintaining percentage margins, essentially taking price hikes over and above the impact of silver as well as any other sort of change of export or any other element?
Waaree Energies Limited CC-Dec24.pdf · 2025-01-31
So, just obviously on top of your mind, you know, if you look at Q -on-Q, production has been at a similar level, so has been revenue. But gross margin has sort of seen about a 500 basis points expansion. So, I think any factors or anything that you want to highlight given a similar level of execution, what has sort of changed for us? Where do we see any sort of cost materially being different? So, is this a procurement strategy that you sort of applied? Is it for us? Does it hold for the industry as a whole? And can we do sort of a similar sort of margins for the current business on an annual basis? That's sort of my first question.
Yes. So, broadly understanding similar production, similar revenue levels and no real change in cost pricing at a global level. So what measures have caused this sharp improvement in margins? How sustainable is it on an analyzed basis if we do the same business? Do we sort of continue to report these sort of margins?
Waaree Energies Limited CC-Sep24.pdf · 2024-11-19
Yes. I just wanted to sort of understand, I think we are at a pretty advanced stage for the 1.4 gigawatt in the US. But the further capacity expansions, how are we looking at it? What could be the potential challenges or positives that we are looking at from an IRA perspective? Do we still require IRA to go ahead with that or we will be in a wait and watch mode? And once there is only policy uncertainty, that's when we'll sort of go and expand over there.
Sure. Maybe just a follow up to that. So if I look at the quarter, obviously you indicated one is 27% is exports. That's indirectly impacted our realizations also as domestic has picked up. But for the full year, how are we targeting in terms of export and domestic mix? And for the 13.3 gigawatt capacity we have, what is the rough production numbers that you're sort of targeting for FY '25?

Amber Enterprises India Limited

Amber Enterprises India Limited CC-Nov25.pdf · 2025-11-07
Yes. Just maybe just a follow -up from the previous question. Essentially, if mass production starts from Q3, and this would be for about INR600 crores out of the INR991 crores, INR650 crores. Is that understanding correct? And we would see half year revenue implying closing to 1.5x asset terms. Is that right? And essentially on Ascent Circuits also for the Korea Circuits also, if you can sort of classify the time lines by when we would sort of start commercial production, given that approval comes this quarter, should we assume it to be FY '27? Or how should we look at the first phase of INR1,200 crores for Korea Circuits?
Sure. And maybe just on your AC growth that you still expect about 13% to 15% growth in the consumer durables business. Essentially, do you also see any impact of prebuying any that is sort of helping you in any form or do you think this is essentially going to be very Q4 heavy with Q3 still seeing a lot of inventory in the system. So this is really more of a Q4 impact where the growth would sort of come through?
Amber Enterprises India Limited CC-Dec24.pdf · 2025-01-24
I just wanted to check, we have seen a lot of interested other peers as well as companies potentially putting up compressor plants due to maybe restrictions of imports coming through. Our thought as to why we are not considering that given the sort of str ong growth? So, just your views on that, sir?
Sure, sir. And maybe just wanted to understand what is the inventory level currently in channel given the summer, as such the previous summer was very strong with virtually stock outs, and after now two quarters we are seeing volume coming up. So, in terms of overall inventory level, is it at normalized levels? Do you see this growth momentum continuing till Q4? And after that, does it depend upon the season? Just maybe a check on the inventory level, at an aggregate industry level?

Cochin Shipyard Limited

Cochin Shipyard Limited CC-Jun25.pdf · 2025-08-19
Yes. Sir, I just wanted to understand the HD KSOE announcements, the dry docks announcements, as well as sort of other sort of announcements with M aersk. Each of these three, at what stage are we in terms of getting anything on the ground – are we looking at building a separate shipyard with HD or in terms of medium term, what could potentially be the revenue potential that could kind of come through from all of these ventures? What are we planning to do ? By when and what is the sort of revenue that we are looking at?
Sure, sir. Maybe I just wanted to understand on the order pipeline given on the slide 2.2 trillion , out of that 1.29 trillion is at RFI stage for the defense side and the Rs.65,000 crores on the commercial front. In this context, also wanted to understand where are we in terms of IAC-2, any developments since the last earnings call that we have had ? So, the pipeline for both defense commercial and IAC, if you could give any updates on all of those?

Premier Energies Limited

Premier Energies Limited CC-Jun25.pdf · 2025-07-28
Yes. Chiranjeev, just more of a strategic question. Just wanted to get your take on building versus make. How do you kind of see this? You know, there are lines available at depreciated cost globally. Is there a chance that Premier would do that to accelerate its capacity additions? And what are their views? Because we've also seen some players commission at a shorter period of time versus our initial lines were 2 years plus. Now it's 18, 21 months for the remaining cell lines. So how do you see this in terms of Premier positioning itself for this?
Sure, Chiranjeev. And maybe just, wanted to understand, let me look at, this particular quarter, the incremental sales have happened at, very low margins if I look at the incremental EBITDA jump. Is that all a function of, incremental sales have been ALLM and non -DCR sales because we have capacity constrained, and that mix should ideally improve in coming quarters? And maybe just a follow-up on the question the previous participant asked. Basically, your sell and revenue percentages for the previous quarters have been restated in the presentation. Any particular factor that is driving that? So the Q4 number that was there in the Q4 presentation and this presentation do not match similarly for some of the other quarters. So any factor that is driving that? And just a mix of it looks like all the incremental sales have been at 10% margins, so looks everything has to be ALMM. That should sort of rectify as we sort of add the sale capacity. And what stage are we in terms of stabilizing the 1.2 gigawatt line? Is it like in full production already this quarter?
Premier Energies Limited CC-Mar25.pdf · 2025-05-19
So I just wanted to first check on this Ingot vehicle. Are we going to await any policy support to do this? Because some of the peers have PLI and we don't currently. So are we going to get some local spec schemes for that? And secondly, on the BSS 12 gigawatt capacity, what are you going to do in terms of how much is the capex, what level of backward integration? So maybe this is the first question, and then I'll come back for a couple more.
Sure, sir. Maybe just on the commissioning of your module and cell line, I think, given that cell is about a quarter of the 1 gigawatt than what we had initially thought through, and we've had a change of location for the 4 gigawatt, how confident are you of achieving the 6.4 capacity by 2026? Is there Would stabilization be post that or are you implying COD plus stabilization by June ‘26?
Premier Energies Limited CC-Dec24.pdf · 2025-02-03
Yes. Congratulations on a good show. Just wanted to sort of understand first on margin performance. So, obviously, the [inaudible 06:52] cell mix is favorable as well as utilization has gone up, but anything else from a cost perspective that would sort of work as a lever for us in this particular quarter?
Sure. And maybe just wanted to sort of – maybe this is for NK, sir, more – just wanted to understand. So, if I look at Q2 versus Q3, our other expenses was closer to about INR193 crores last quarter and it's come down to about INR107 crores this quarter. So, which number is sort of a more normalized number to sort of look at from a regular basis and anything either in the base quarter or this quarter that you want to sort of call out as some gain or maybe the previous quarter had some heightened provision or anything of that sort? Anything that you would like to call out?
Premier Energies Limited CC-Sep24.pdf · 2024-11-08
Congratulations on a good set of numbers. Maybe just wanted to first start off, you know, given the strong performance in H1, is there any sort of revenue and EBITDA margin guidance that you would want to give for the full year?
Sure. Maybe just wanted to sort of understand this sharp margin improvement that we've kind of seen. Even considering the fact that we've seen a sharp increase in other expenses. Anything that you want to call out why other expenses have seen a sharp jump QoQ when revenues have sort of been flat?

Mazagon Dock Shipbuilders Limited

Kaynes Technology India Limited

Kaynes Technology India Limited CC-Dec24.pdf · 2025-01-28
I just wanted to sort of understand how much of -- so we've sort of given a revenue guidance of INR4,500 crores for next year in one of the television interviews. Just wa nted to sort of understand, does that include any of these future M&A that you are sort of thinking of? And this related part two that is what is sort of the revenue potential that we are seeing from some of these M&As and tuck-in acquisitions that we sort of announced?
Sure, sir. And maybe just wanted to sort of understand, obviously, we'v e sort of seen a minor deferral this particular quarter, largely linked to smart meters and some of those products. But anything else that we have kind of seen from a hiccup perspective, given that we've expanded rapidly from isolated Chamarajanagar now to Hyderabad and all these new facilities. From a capability perspective, how are we sort of positioned that in terms of team, in terms of size such that these kind of hiccups, there is a lower probability of that sort of happening in the future?

Bharat Electronics Limited

Syrma SGS Technology Limited

Syrma SGS Technology Limited CC-Dec24.pdf · 2025-01-29
I just wanted to understand on the new JV, the new entity that we have formed for laptops. What sort of revenue potential can we see from this new venture that we are entering into? And maybe just on revenue guidance, wanted to check if the 4,500 crores guidance still stands or is that number sort of revised down with a higher EBITDA margin?
No, the laptop business r evenue potential and the 4 ,500 crore revenue guidance that you have given for this year, does it still holding?
Syrma SGS Technology Limited CC-Sep24.pdf · 2024-10-28
I just wanted to sort of clarify. I think in one of the media interactions you indicated a potential INR12 to INR15 crores of PLI incentive with this quarter. I just wanted to know the actual number, and given that we have sort of put INR4 crores in 1Q, we had said about INR16 crores of in PLI incentives. Are the incentives as such done for the year, or because we have seen strong growth over the last one year, the incentive numbers can be even higher?
So is it correct to assume that all the PLIs sort of booked in one so far? Maybe just...

Dixon Technologies (India) Limited

Kalpataru Projects International Limited

Kalpataru Projects International Limited CC-Sep24.pdf · 2024-10-29
Just wanted to check the Q-o-Q increase in our finance costs when our sort of debt levels have gone down due to improved collections. Any FX or any other factor that has caused our interest expense to increase on a sequential basis?
Sure, sir. And maybe just from a revenue perspective, I think we understand this year, water has been slightly slow, and we may be lower than the 20% number. But given that the backlog is closer to INR60,000 crores, should we see a sharp uptick in '26 and '27? How are we looking at it ex of water if you look at all of it? How do we see growth beyond the current year as well?