Stockrabit · Analysts
Questions across 40 calls

Gaurav Jogani

JM Financial

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-May26.pdf · 2026-05-26
My question again is in relation to Pantaloons. Now if we add up the Q3 and the Q4 numbers and then we compare it with the last year H2 base, the growth is 6%. Now the growth that we see in Q4, would you say just it's merely a shift of the one quarter to other? Or I mean, as you've been highlighting that the strategy is working out. So, are you seeing the benefits again seeping in, in the Q1 numbers as well?
Sorry. So, when you say like -to-like, I mean, the reported growth obviously would be in the same line given the store additions have been negligible. So, would that be the right understanding?
Aditya Birla Fashion and Retail Limited CC-Nov25.pdf · 2025-11-05
Sir, just a question regarding the CapEx. If we see from the cash flow statement, the capex for H1 is around INR260-odd crores. And I'm assuming that we have also a strong store expansion plan both in OWND! and also in Tasva and the other pieces. So, what should be the capex for the H2 part of the business?
Okay. And Jagdish, just one thing clarification. So, there is also a new retail identity for Pantaloons that has been rolled out. So, how many stores are we planning to convert the new retail identity? And what could be the related refurbishment cost for that?

Page Industries Limited

Page Industries Limited CC-May26.pdf · 2026-05-21
My first question is with regards to the overall competitive intensity. In a rising pricing scenario, that is the inflation scenario, do you think it kind of benefits to a market leader like you when the other people kind of struggles to get the raw material and other stuff. And that is also, in some extent, has helped you to drive a better margin versus the benefit, coupled with the, of course, the improving consumer sentiment?
So just one follow-up on this. We have been hearing about the womenswear space, one of the large competitors is kind of taking some heat. Are you also seeing the same? And is there an opportunity for you to gain that part of the market?
Page Industries Limited CC-Feb26.pdf · 2026-02-05
Thank you for taking my question. Sir, my first question is with regards to the data on the insourcing manufacturing data. Last quarter, if I rememb er, it was 70% and this time it is expecting around 64%. So, does this have to do anything with the inventory cost also coming down? Are we outsourcing more and hence the inventory cost is also coming down?
The manufacturing capacity in terms of the insourcing capability that you have put out in the presentation, it shows now 6 4% versus 70% last quarter. So, does that have any linkage with the employees trend because now you ar e outsourcing and hence you do no t require that much employees.
Page Industries Limited CC-Nov25.pdf · 2025-11-13
I have 2 set of questions, both on the margin front. So one is on the gross margin. We have seen handsome gross margin expansion continuously sustaining. And this is despite the fact that in the RMs remaining stable and even you have not taken any price hi kes. So in the past, if you look at it, we have not seen such kind of gross margins being attained. So how should one look at the gross margins from the current levels?
Just a follow-up to this on the EBITDA front as well. While we have seen that the gross margins have been better, on the employee expense side, actually, this has been a sharp increase. And on the other expenses also, is there an element of front-loading of the marketing spend ahead of the festive season here?

Vishal Mega Mart Limited

Vishal Mega Mart Limited CC-May26.pdf · 2026-05-15
Thank you for taking my question, sir. First question is with regards to the availability of the products. While we understand that there has been significant inflation, but some demand checks suggest that the availability of the material has been a challenge. So have you faced any challenge in terms of your general merchandise products and also in terms of materials required for store openings, because tiles players, etcetera, even those are facing issues.
Sure. And sir, another question is with regards to the Karnataka region specifically. If I remember it right, last time you have highlighted that you had done some tweaking in terms of the store area, specifically in Bangalore area. So, if you can highlight that has been done entirely? And what the changes have helped you in improving the productivity or the desired results that you are seeking?
Vishal Mega Mart Limited CC-Feb26.pdf · 2026-01-28
Thank you for taking my question. My first question is with regard to the revenue per store from the southern market. Now, if we calculate the basis, the break-up that we have given in the PPT, it shows that the revenue there is around, for the quarter, at least around 4 crores or nearby. Whereas if you look at the northern and the eastern market, the revenue per store is a bit higher. So, is it a function of, because we are having smaller stores there, and is it because these store additions are also newer, which is impacting this, and probably a scale-up of these stores in the next couple of years could improve the revenue per store there?
And just lastly, on the rental bit, I mean, if you look at the absolute rental, that is the rental that is not recorded or the pre-IndAS rental that we see, we have as a trend, the limited trend that we have, we have seen that number kind of going down in absolute basis in Q3. So, is there anything to read specifically here? Is there any quarterly variance that happens here that you would like to highlight?
Vishal Mega Mart Limited CC-Nov25.pdf · 2025-11-14
Thank you for taking my question, sir and congratulations on a great set of numbers. Sir you did highlight that Q2 was partially benefited because of an early festive of Durga Pooja and Chhath. But we also gather that there were some regional disturbances in the Assam region. And you know, Assam has a very decent contribution to your overall growth. So, would that also have some offsetting negative impact during the quarter?
So, would you like to quantify the impact of this, especially the Assam thing, if any?
Vishal Mega Mart Limited CC-Jun25.pdf · 2025-08-14
Thank you for taking my question. I have only one question with regards to the competitive intensity. I mean, we've been seeing, there is a lot of expansion by players in not only the apparel space, but even the largest grocery player is also kind of expanding in the northern part of India. How do you see these competitive intensity impacting your overall cost items, even in terms of rental? There will be more demand for the space, more demand for labor. So, your incremental addition does this impact on the cost of the items in any way??
Okay. Thank you, sir.

Devyani International Limited

Devyani International Limited CC-Mar26.pdf · 2026-05-15
My question is with regards to the store openings. Basically, we have seen that there have been store closures across formats. So, is this a deliberate strategy wherein as a part of this exercise of reorganization, we are kind of chucking out the loss -making or the nonprofitable stores and then start on a cleaner slate for the next year? And if so, is there any change in the guidance for the store expansion?
Manish, thanks for this. Just a follow up , you’ve also been highlighting that you’ll be undertaking a lot more tech-driven initiatives. So, would you be tinkering with the store size or making any changes to the capex per store? Do you see any changes on this front?
Devyani International Limited CC-Feb26.pdf · 2026-02-04
First of all, I would like to congratulate Manish on his elevation for the post of CEO. My question to Manish is regardi ng the international piece of the business where the growth has been, I would say, a bit muted despite Nigeria and Nepal doing better. So is there some impact of the growth in the Thailand piece of the business because Q3 typically is a good season business for them?
And Manish, just on the corporate overheads bit. You know, the corporate overheads for the i nternational business also seem to have increased. So is there some currency-related impact that is there because of which it seems a bit higher?

Kalyan Jewellers India Limited

Kalyan Jewellers India Limited CC-May26.pdf · 2026-05-08
Sir, my first question is with regards to the debt repayment. I mean you have so far paid approximately INR500-odd crores of non -GML debt, and you're planning to repay the debt entirely, the non -GML piece that is in FY'27. Given the strong profitability that you have witnessed in FY '26, is there a possibility that you might be able to pay that off entirely by, say, by H1 FY '27 end?
Sure. And just one more question with regards to the new -- the third brand that you are planning. I mean that south store was supposed to be launched somewhere in Q4. So, what's the update on the same? And is there any progress to it?
Kalyan Jewellers India Limited CC-Feb26.pdf · 2026-02-06
Hello. So, sir, my first question is with regards to the volatility in the gold prices. Because the gold price is almost risen by, I would say, almo st near 100%. So, in this context, how is this impacting the new franchise addition for you , given that the newer guys would now almost require 80% or 90% higher, amount to put up the same kind of tonnage. So, how are you navigating this? Are you seeing any changes in your franchise to your addition plans because of this?
Sure. So, no. So, Ramesh, what I meant was that, because initially, when they would have signed the agreements was last year maybe, so the prices would have been lower to that extent. So, would there be a recalibration in the tonnage that would probably be kept in the store, while the value could remain the same? I mean, what are the changes that you would need to make because of this sharp price in gold prices?

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Feb26.pdf · 2026-02-06
Thank you for taking my question and congrats on the strong operational performance, I would say, in the challenging environment. Sir, my first question is with regards to the improvement that you are seeing. I think your other franchise partner has also indicated the same of improvement in January and even one of the burger brands have also indicated this. So are you seeing a pickup in the overall macro environment or is it because of the specific initiatives that you have been taking is dri ving this positive SSSG or momentum improvement in January as well?
Sure. No, sir, the reason why I asked -- when I meant the macro, it is specifically for the food services industry is what I meant, the improvement?

Aditya Birla Lifestyle Brands Limited

Aditya Birla Lifestyle Brands Limited CC-Feb26.pdf · 2026-02-03
Thank you for taking my question. My question is with regards to the wholesale and the other piece of the business…
Hi. Thank you for taking my question again. Hopefully, I'm audible this time. Just one question now from my end. Just one question on my end from the margin front. You know, the other segments that is the Reebok, innerwear, etcetera, business together, is now showing a very good decent margin this quarter around? So if you can break it, how this improvement was and how much sustainable this is going ahead, given that, you have also mentioned that innerwear business losses are halved now. So when can we expect this business to become profitable? And where are the other pieces of the business on the profitable journey?

Titan Company Limited

Bata India Limited

Bata India Limited CC-Jun25.pdf · 2025-08-14
Hi, Gunjan. My first question was with regards to the gross margins in the quarter around. We are seeing improvement in the contribution from the premium part of the portfolio. We are also seeing the quality of the merchandise, etc., improving. However, still we see that, the gross margins have declined. So, if you can highlight what has really led to this?
Okay. Sure. That is clear. And my second question is with regards to multiple steps that we have been taking, even, I mean, Zero Base Merchandising, the portfolio revamp, even on the tech front where you are doing multiple initiatives. However, somehow the revenue growth has been hard to come by. If you can dissect that what it is that despite a very low base, we are not able to take the revenue growth to even mid-single digits. So, what apart from the slow macro consumption would help you to drive it to double digits?