Stockrabit · Analysts
Questions across 57 calls

Devanshu Bansal

Emkay Global

Page Industries Limited

Page Industries Limited CC-May26.pdf · 2026-05-21
Karthik, I just wanted to check on the volume elasticity, right? So we will be taking some price hikes in FY27, early in FY27. So can you throw some light as in will sort of volumes get affected by these price hikes? And then how are you sort of getting confidence on supply and volume?
Understood. And Karthik, this volume thing is also -- this confidence, is this coming also from a reduced competitive intensity? If you could throw some color on the intensity across categories? You have mentioned in times of inflationary, but I'm just taking on the current competitive intensity?
Page Industries Limited CC-Feb26.pdf · 2026-02-05
Yes, hi. Thanks for taking my question. Karthik, you did mention that there is broad divergence across price points, right? So, I wanted to check when the problem has been identified that the entry-level price points are not doing better. What are we exactly doing in terms of new product launches for this particular price segment? Maybe the allied marketing that is required? Because in my opinion, this should be a key recruitment driver from a consumer perspective as well. So, any thoughts there that you could share?
So, these product changes as well as marketing, etc etera exist already in the market in full swing or we have only just started?
Page Industries Limited CC-Nov25.pdf · 2025-11-13
Sir, you must be monitoring a lot of data points. So I wanted to check which are the key indicators that help you to conclude that the lower growth is a result of weak demand and n ot because of market share loss? So can you help us better understand?
Understood. And following up on this, so you also mentioned that there is encouraging response for bonded tech -- technology, right? So based on your historical understanding, which parameters sort of suggests that whether the new product has been received well and is now sort of well shaped for distribution expansion? So just some light there?

Vishal Mega Mart Limited

Vishal Mega Mart Limited CC-May26.pdf · 2026-05-15
Congratulations. Sir, we are investing more in the apparel category, both in terms of promotions as well as a celebrity-based marketing campaign, which itself is a bit differentiated from a value space perspective. I wanted to understand if these investmen ts are need of the hour to sort of continue with our existing growth, maybe in light of increased competitive intensity? Or are we trying to improve our growth rate either with focus on premiumization or by gaining new customers for this category?
Sir, just a small follow -up here. So obviously, congratulations on the strong traction for the campaign. Is this also sort of converting into higher footfalls for you as of now? And subpart to it is, have we also worked on improving the fashionability of t he product, right? So obviously, marketing has gained strong traction, but have we also improved our products, made them more fashionable, etc?
Vishal Mega Mart Limited CC-Feb26.pdf · 2026-01-28
Hi, thanks for the opportunity. GK, the normalized SS G, as you mentioned, is closer to 10%. I wanted to check if this is the run rate that we should consider or there was additional short-term weakness due to delayed winters. And even at the start of the year, there was some preponement of these, which happened in Q4, which may have had some incremental impact. I wanted to check if there were some additional weaknesses in this 9-month performance.
I understand. Just a small follow-up here. Can you split your growth in terms of transactions in bill size? Then of this 10%, how this is broadly divided?
Vishal Mega Mart Limited CC-Nov25.pdf · 2025-11-14
Hi, sir. Good afternoon. Thanks for taking my question. Congratulations on a strong performance. Sir, I wanted to check. There is a GST reduction that has happened. And you have indicated that consumption should see a pickup. So, you did indicate that your average bill size pre this reduction was about INR 800. So, I wanted to check. Are we sort of sustaining at that level? Because of this GST reduction, there is some level of reduction that has happened. The intent of asking this question is whether we have been able to sort of impress consumers to sort of spend more at the stores or consumers are sort of spending or taking the benefit of GST reduction themselves.
Understood. And over on the portfolio level, sir, what is the GST reduction? Any quantifiable numbers that you can suggest?

Devyani International Limited

Devyani International Limited CC-Mar26.pdf · 2026-05-15
Congratulations on a strong pickup in KFC. Manish, we have made multiple leadership announcements in the recent times. Maybe if you could highlight how these leadership changes across some of the key roles can help us in growth augmentation in the subsequent quarters would be helpful?
Okay. So, if we have to summarize this , one is from a marketing perspective, right? And the other one is from maybe our own delivery capabilities as well as from a customer acquisition perspective. And thirdly, from a COO perspective, obviously, that will be from an on-ground sort of growth focus. Is that the right way to look at it, Manish?
Devyani International Limited CC-Feb26.pdf · 2026-02-04
Congratulations on a good operational performance. At the onset, Virag, kudos to your long career at Devyani and execution discipline with healthy operational savings that the company has seen despite a prolonged macro weakness. And Manish, congratulations and all the best for your new role as C EO of the merged entity. Just Manish, starting off, still there is some time for the CEO hat, but you have been in the system for quite some time. Checking if you would like to share some initial thoughts on your key focus areas for ramping up the next phase of the growth journey for Devyani?
Fair enough, Manish. Looking forward to the updated strategy. The second question, the commentary mentions that most formats have seen positive SSSG in January 2026. I wanted to understand the key initiatives which have led to this improvement just to better gauge the sustainability of this SS SG turnaround?

Titan Company Limited

Titan Company Limited CC-May26.pdf · 2026-05-08
Yes, sir. Hi. Congratulations on a good set of numbers. Sir, firstly, I wanted to check on gold sourcing. The industry sources a considerable part of gold from Middle East and there was some news flow also that there has been delay in the re newal of import licenses by DGF T. I am checking if you could provide some color on the current inventory levels as well as any increasing costs related to sourcing that you foresee in the near term.
Sure, Sir. Second, a couple of bookkeeping questions. Sir, Damas is a recent acquisition. International loss has been around ₹80 crores in Q4. If you could guide us on the top line scale growth as well as near-term loss run rate for Damas, it would be helpful in sort of forecasting for FY27.
Titan Company Limited CC-Feb26.pdf · 2026-02-11
Congratulations on a good performance. Sir, first question is on jewellery gross margin. The comparable gross margin, so that we report in our stand -alone financials, has dipped by about 200 basis points in Q3. While operating leverage and other cost efficiencies has offset 150 basis points of this impact, why I'm sort of checking on this, because we have not seen such kind of a gross margin dip in previous quarters. I wanted to check the nature of these growth investments that we're making in the business. What happens if sort of growth profile of the business takes a dip? Are these sort of investments reversible in nature? Or we may see some margin challenge if growth doesn't show up?
Sir, I have excluded that. So in Q3 last year, there was no bullion reported by you; and this year, it's very small, about..

Kalyan Jewellers India Limited

Kalyan Jewellers India Limited CC-May26.pdf · 2026-05-08
Congratulations on very strong numbers. I wanted to check on the supply side issues that are sort of there, right, from Middle East tension perspective. A lot of gold is imported from that part of the region. And there was some news flow that renewal of licenses is also getting delayed from the GST's perspective. Do you foresee any kind of challenge from availability of gold as well as from the increase in maybe say, interest rate on gold metal loans?
Got it.. And secondly, sir, you did provide some color on strong trends continuing in April. I wanted to check since our wedding -related salience is relatively higher and there is this extra month inauspicious days in Q1. So, will that for time being sort of lead to lower sales for us? That was part number one. And secondly, Q4 has seen very strong growth. Has there been a preponement component also where, the Q1 weddings purchases related to Q1 weddings got preponed to Q4. So, I wanted to check on these two things.
Kalyan Jewellers India Limited CC-Feb26.pdf · 2026-02-06
Hi, sir, good evening. Thanks for taking my question. Sir, a bit on a conceptual line, in a high gold price environment, we are noticing that players are pushing on installment schemes as well as gold exchange programs, right? So, I just wanted to check how are we placed there in terms of mix, if you can share some data around the revenue from installment schemes or through gold exchange programs. What is it trending currently and how was it like a year before?
Yes. That was what I was intending, because we have seen players sort of marketing both these things very aggressively. Our perform ance has no doubt been very strong. But maybe, if you could just comment our sales from these two mix perspectives, what is it trending as of now and what was it like a year before would be helpful?
Kalyan Jewellers India Limited CC-Nov25.pdf · 2025-11-07
Congratulations on very good numbers in H1. Sir, you mentioned that 30% SSG for festive. I wanted to check if you could also split this growth into number of buyers. Has that also sort of picked up in relation to whatever trends we have seen in H1 and within buyers, if you can comment on, say, coins, plain gold jewellery and studded, that will also be useful.
I was checking on the buyer growth, sir. So this 30%, how much is the buy er growth in this overall, overall bill cuts, maybe what is the bill cut growth in this 30% SSG?

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Jan26.pdf · 2026-01-06
Congratulations to all the parties involved on this announced merger. Sir, Devyani has always been a great executor in terms of operations. But now the company also has to manage other verticals like technology, supply chain, marketing as well as execute product innovations as well. So how are you as an organization planning to ramp up capabilities in these verticals? So that was my first question.
Manish, you did indicate some similar leadership hiring. So are you sort of trying to indicate that from a CEO perspective also, you will be looking for fresh candidates here who can sort of manage the overall new set of capabilities that will be coming into picture for the merged entity?

Varun Beverages Limited

Varun Beverages Limited CC-Apr26.pdf · 2026-04-27
Hi. Many congratulations on a strong set of numbers. Sir, first question I wanted to check, in the base quarter, the rain disruption was across all the 3 months last year or it was more towards the second half of the quarter, if you could provide some colour?
Okay. And there are some supply chain issues, so which might have impacted opening of new plants for competition. On the other side, we have sufficient capacities. So, wanted to check, can we benefit from this or the competitive intensity that you were anticipating is on those lines itself?
Varun Beverages Limited CC-Feb26.pdf · 2026-02-03
Hi, sir. Thanks for the opportunity and congratulations for a good volume growth pickup. Sir, as you mentioned, in quarters with low seasonal variations, our volume growth has returned to 10%, which was visible in both Q1 and Q4. Now that the base is comfortable as the peak season was impacted, just checking, would mid -teen kind of volume growth in CY 2026 be a tall task or this is an achievable number if the season sort of remains as per the normal trend?
Yes, sir, double digit you have maintained in normal years. So since the base was only 1% - 2% growth. So that is the reason I was checking, can we improve the outlook towards mid-teen or we would still like to maintain that double-digit comment?

Lenskart Solutions Limited

Lenskart Solutions Limited CC-Feb26.pdf · 2026-02-11
Hi, Peyush and team. Thanks for the opportunity. Peyush, first question is on international growth trends. Currency adjusted growth is pretty encouraging with 24%. Has this trend come as a surprise to you as well, specifically for international markets? And what is the level of confidence on continuation of this growth in the coming years as well?
Yes, that's visible , Peyush. Second question, ticket size increase has been there due to premiumization and progressive in India. However, this did not reflect into gross margin gains again, right? So how are you thinking on flow through of these allied gains for the India operations going ahead?

Aditya Birla Lifestyle Brands Limited

Aditya Birla Lifestyle Brands Limited CC-Feb26.pdf · 2026-02-03
Hi, Vishak. Thanks for taking my questions. So, first question is on retail channel growth. If we compare this growth with some of the other players that have reported so far, it's a tad weaker. Even the LTL that we've reported is running a tad weaker versus the other players. So, I just wanted to check within the marketplace, what is leading to this weakness for our brands?
That's fair, Vishak, but I was checking from a nine-month perspective also. So, if we see our retail sales growth has been a tad weaker versus what other players have reported. So, even on a nine…

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-Nov25.pdf · 2025-11-13
Hi, Sameer. Thanks for taking my question. Sir, and actually I noticed that there is some base to your packaging charges, but you see the delivery in size that has been about 2% based in Q2. So, I wanted to check on both fronts, whether actually we are making some changes to the packaging charges. And what is leading to this 2% this is in delivery business?
Yes. So, I am pointing to the bill size for delivery channel because order growth is higher than the revenue growth. So, from that, I am back calculating that there is a dip of about 200 basis points in delivery channel bill size.