Stockrabit · Analysts
Questions across 53 calls

Gaurav Rateria

Morgan Stanley

HCL Technologies Limited

HCL Technologies Limited CC-Jul26.pdf · 2026-07-13
Hi, thank you for taking my questions. I have three questions. Let me just, you know, just lay down that all and then you can answer based on your comfort on order of preference. My first question is on your strategy around the datacenter. If we compare the current cycle to the cloud and digital cycle, at that time, you know, as services company, we did not require to build the required infrastructure to support the rollout of our services. So, we did not have to build the cloud, we had to partner with the right hyperscalers. But this time it looks like we have to build out the required infrastructure to be able to roll out the small language model and other capabilities. So, I'm just trying to understand how is this cycle different from the one that we saw in the cloud and digital side of things. The second question is on your near-term visibility and guidance. So, my understanding is that this quarter has turned out to be probably, you know, slightly better than what we expecting because our YoY growth in services business is ahead of our midpoint of the guide. And we are maintaining our guide, it kind of shows some deceleration in the YoY trajectory for services business over the coming quarter. So, is the outlook incrementally sort of, you know, become a little bit tougher than what we saw at the start of the quarter? And the last question is on the margins. So, our current margin guidanc e, does it take into account incremental impact from the amortization-related expense that will come because of the M&A? Thank you so much.
Thank you, all the best.

Tata Consultancy Services Limited

Tata Consultancy Services Limited CC-Jul26.pdf · 2026-07-09
My first question is given the comment that you made around net-new AI deals, significant ones in the current quarter, is there a change of mix in your current order book between renewals and the net-new deals?
Got it. My second question is around your AI revenues. Given that it now includes multiple baskets of sub-segments, whether it's physical AI, agentic AI, could you give any example where the billing engagement or the engagement model with the client is substantially diƯerent from historical time and material or fixed price, move to some outcome-based in any particular bucket? Which bucket would that be? Any such example will be very helpful.
Tata Consultancy Services Limited CC-Apr26.pdf · 2026-04-09
Hi, thank you for taking my questions. I have two questions for Krithi and one for Samir. My first question for Krithi is your comment that you made on the growth in the client's band of revenue bands in mid and large size and you talked about stability returning. Is this due to a lower leakage compared to the past or is it more led by better macro, which is improving the spend in these accounts? The second question is on AI. If you keep the macro aside for the moment, would you expect the new AI services to be accretive to revenue growth in fiscal '27, net of all the deflation that you see in your renewals existing business or is it too early to confirm any such trend? And the last question for Samir is that AI for business, when you look at the revenue productivity and the margins in that portion of the business, how does it compare to company average? Is it better? Is it in line? Is it lower? Thank you.
Thank you very much and all the very best.
Tata Consultancy Services Limited CC-Sep25.pdf · 2025-10-09
My first question is about the investment in the new subsidiary on data center. Should we look at this investment as a standalone new business you need for providing co-location services or should we think about having a very thick synergy with your existing portfolio of services using this asset intensive business to build some services on top of it?
My second question is the interplay between humans and AI that you talked about. How is it going to change the delivery model and the billing models? Do you think that will incrementally move away from effort -based business models to outcome -based business models? Is that how the business should evolve, and there should be more nonlinearity in the business going forward?

Pine Labs Limited

Pine Labs Limited CC-Jun26.pdf · 2026-05-26
Congratulations on strong performance on operating profit and cash flows. I have actually three questions, Amrish. The first question is that you have let significant amount of revenue pools in each of your segments. If you could help us to bridge the gap between the 17 and 21 to 23.5 guidance of which revenue pool will see an acceleration and which will help to kind of give us comfort on bridging that gap. That is question number one. The question number two is any color on what has been th e revenue growth in the affordability business per se within the flow and segment you had in FY2026 and how much has been the same store growth versus that of the expansion to the larger percentage of the terminal generating this revenue? That is question number two. The last question, I was quite intrigued by the comment on the new segments that you are adding on employee expense, which probably will be dilutive to the CM, but may not be dilutive to your operating profit? If that is the correct understandi ng that I have, then your conversion of the incremental contribution profit to your adjusted EBITDA, that number ideally should improve more than 55%, which you are mentioning for your business, so is that understanding correct? Thank you.
Thank you. Just a question on the affordability revenue growth in FY2026 and what would be that number for the same store growth basis?

Swiggy Limited

Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript of the Earnings Conference Call for Analysts and Investors held on May 08, 2026 · 2026-05-08
My first question is on understanding the trends around the retention ratio in the quick commerce business for your MTUs. At the peak, we were adding 3 million consumers a quarter. Right now, we are adding 0.5 million. And our marketing spend largely would have remained intact. So, it appears that the gross addition would have remained largely the same and the retention ratio would have come down for existing users. Is there any metric to get a comfort on how the retention ratio has changed in the last couple of quarters? Any repeat business percentage now versus about a year back?
Fair enough. My second question is on the NOV growth. If you look at this year heavy lifting was done from the AOVs with all the initiatives. And maybe now normalize. And therefore, next year growth would be driven more from an order growth perspective. And the current competitive market, what we are seeing in the order growth in the last two quarters, as an example, on a sequential basis would kind of be a right reflection of the growth in the coming quarter as well. So, is it fair to say that from a next year growth perspective, keeping where our contribution margin targets in mind, the order growth will be a right reflection, AOVs have largely normalized and the current level of growth that we are seeing is the right reflection of the growth?
Swiggy Limited CC-May26.pdf · 2026-05-08
My first question is on understanding the trends around the retention ratio in the quick commerce business for your MTUs. At the peak, we were adding 3 million consumers a quarter. Right now, we are adding 0.5 million. And our marketing spend largely would have remained intact. So, it appears that the gross addition would have remained largely the same and the retention ratio would have come down for existing users. Is there any metric to get a comfort on how the retention ratio has changed in the last couple of quarters? Any repeat business percentage now versus about a year back?
Fair enough. My second question is on the NOV growth. If you look at this year heavy lifting was done from the AOVs with all the initiatives. And maybe now normalize. And therefore, next year growth would be driven more from an order growth perspective. And the current competitive market, what we are seeing in the order growth in the last two quarters, as an example, on a sequential basis would kind of be a right reflection of the growth in the coming quarter as well. So, is it fair to say that from a next year growth perspective, keeping where our contribution margin targets in mind, the order growth will be a right reflection, AOVs have largely normalized and the current level of growth that we are seeing is the right reflection of the growth?
Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2026-01-29
My first question is on your contribution margin at the quick commerce business. It was really heartening to see 100 basis points of margin improvement. Is it the same pace at which one should assume organic margin expansion because of network operating leverage in the next two quarters? And along with that, there will be some benefit of reversal of some of the campaigns, which will lead you to breakeven. And what it really means in terms of percentage of stores that will be contribution margin positive, which is 25% as of now?
Got it. My second question is on your expansion. If you see, your space expansion was almost 100% Y-o-Y , which also coincides very much with the GOV growth. And the current pace of expansion is implying that the overall space will grow at 20%-25%, if this is the pace that continues over the next few quarters. So my question is how much improvement in throughput can really happen from a 12-month point of view? I know that you have mentioned that you can go to 2x of GOV per store -- from a throughput perspective over a period of time. That is the kind of headroom that you have. But from a 12-month perspective, if the space is going to grow at 20%-25%, how much throughput really can improve, which will be the key driver behind the GOV growth? Thank you.
Swiggy Limited CC-Feb26.pdf · 2026-01-29
My first question is on your contribution margin at the quick commerce business. It was really heartening to see 100 basis points of margin improvement. Is it the same pace at which one should assume organic margin expansion because of network operating leverage in the next two quarters? And along with that, there will be some benefit of reversal of some of the campaigns, which will lead you to breakeven. And what it really means in terms of percentage of stores that will be contribution margin positive, which is 25% as of now?
Got it. My second question is on your expansion. If you see, your space expansion was almost 100% Y-o-Y , which also coincides very much with the GOV growth. And the current pace of expansion is implying that the overall space will grow at 20%-25%, if this is the pace that continues over the next few quarters. So my question is how much improvement in throughput can really happen from a 12-month point of view? I know that you have mentioned that you can go to 2x of GOV per store -- from a throughput perspective over a period of time. That is the kind of headroom that you have. But from a 12-month perspective, if the space is going to grow at 20%-25%, how much throughput really can improve, which will be the key driver behind the GOV growth? Thank you.

Meesho Limited

Meesho Limited CC-May26.pdf · 2026-05-06
Hi. Thanks for taking my question. Congratulations on a good set of numbers. I have a couple of questions. Let me just read out all of them in order to just be more efficient. My first question is on monetization. When I look at the revenue number on the m arketplace and look at it on a per order basis, it doesn't seem to have moved on a quarter on quarter basis, whereas the NMV has grown. So why monetization has come down whereas our ads contribution should have increased during the quarter? The second is on your comment on 145 basis point one -time impact. Should one assume that this is not going to be there next year and hence it will be a straight flow-through to the EBITDA numbers from next year profitability perspective? The third is the logistics issues that you talked about which kind of impacted your performance. What have you done or what are the initiatives that you're thinking in order to make sure that the business does not see any such issues in future and become more resilient? Thank you.
Thank you. All the best.
Meesho Limited CC-Feb26.pdf · 2026-01-30
Hi, thanks for taking my question. My first question is on logistics cost optimization initiative. Is it only going to come from the Valmo related stuff or will there be any efficiency that will be shared by the 3PL guys on pricing front or other front , which would comprise this margin improvement journey for you?
Got it. And last question is on your cost of customer acquisition. My understanding is that every new 50 million or 100 million that you add on the platform is going to come probably at a higher cost of customer acquisition. So, what has been your experience since you kind of accelerated your growth in the annual transacting users? Have you seen your Customer Acquisition Costs (CAC) moving up compared to last year and then , if that happens , how do you manage your payback period? Thank you.

ETERNAL LIMITED

ETERNAL LIMITED CC-May26.pdf · 2026-04-28
Hi, congratulations on good performance and profitability in quick commerce. I have two questions. My first question is about your comments around competition, which probably hasn't changed much in the last couple of months and still you expect 60%+ CAGR in the quick commerce business. Is it that you're not changing your stance and you still expect this healthy growth to continue at 60%? At what point in time, you need to kind of re-look at the stance on your certain thresholds of MOV or other things? What is the North Star metric that you focus on, whether it is MTC addition, order growth, NOV growth, etc., or market share to be able to understand that at what point in time you need to change your stance to react to the competition?
Got it. My second question is on your top eight cities. You did give a very good data point on geographic coverage of 80-90% coverage in the pin codes. Does it mean that now from here on, incrementally, growth will be less led by the customer addition in these top eight cities and more by the wallet share and the average spend per customers and hence the growth rates? When we look at the MTC addition, is it going to be largely driven by the non-top 8 cities? Thank you.
ETERNAL LIMITED CC-Jan26.pdf · 2026-01-21
Hi, congrats on stellar performance this quarter. My first question is on your comment around 100%+ growth, which would be possible with 3,500+ stores, which was probably earlier possible with 3,000 stores. Does it mean that incrementally whatever stores that you are likely to add will carry lower throughput than what you were expecting earlier? And is it because the competition has been aggressive in rolling out their own stores and hence the penetration of the number of stores has increased substantially which brings down the throughput for you?
Okay, my second question is on your competitive intensity. I guess you did allude to some tactical interventions that you may have done during the quarter. Is it fair to say that if competition remains where it is right now, whatever interventions that you are doing are sufficient for you to hold back to your market share and deliver whatever profitability you have or their will be need for more interventions if the competition remains at the current level?
ETERNAL LIMITED CC-Jun25.pdf · 2025-07-21
Hi. Thanks for taking my questions. I have three sets of questions. The first is on the leadership. You mentioned two years of rotational style with limited timeline forces leadership to perform with urgency because there's a limited window to create impact. So, my first question is, how do you really measure this impact? Like what are the KPIs under which you measure, and you decide that the stint can be further extended or not?
Ok. No problem. My second question is on understanding the bit on the Contribution margin in the quick commerce business. Ideally, with your expansion ratio coming down as the number of new stores (as a percentage of existing stores) keep coming down, your Contribution margin should keep moving in the right direction. But this quarter was largely flattish to down. So, just trying to understand what are the various moving parts that go inside, which drives your Contribution margin movement?

Infosys Limited

Updates Infosys Limited has informed the Exchange regarding 'Transcripts of the press conference and earnings call conducted after the Meeting ofBoard of directors on April 23, 2026'. · 2026-04-23
Hi. Thank you for taking my question. My first question is on the construct of growth. When I look at that, there are broadly three factors that comes to my mind. The first is the macro, compared to last year, it appears that the headwinds related to tariffs, etc are not there. So, there is slight improvement, which is reflected in 40% of your portfolio that you talked about. The second factor is AI services, which probably has become larger than the last year and growing faster, which again is a tailwind. And the last factor could be the deflationary impact on existing business on account of productivity savings. So the fundamental question is that the first two tailwinds look better than last year. And the growth rates in organic terms does not look better at the midpoint of guide. Is it that the deflationary impact assumed in your guidance at the midpoint is slightly higher than what you have seen in the last year?
Thank you for that detailed answer. The second question is on, the new AI services, would it be fair to say they come at a relatively higher revenue productivity than the core business and also better gross margins or not? Lastly, Jayesh, any color on when would the wage hike cycle kick in during the current financial year? Thank you.
Infosys Limited CC-Apr26.pdf · 2026-04-23
Hi. Thank you for taking my question. My first question is on the construct of growth. When I look at that, there are broadly three factors that comes to my mind. The first is the macro, compared to last year, it appears that the headwinds related to tariffs, etc are not there. So, there is slight improvement, which is reflected in 40% of your portfolio that you talked about. The second factor is AI services, which probably has become larger than the last year and growing faster, which again is a tailwind. And the last factor could be the deflationary impact on existing business on account of productivity savings. So the fundamental question is that the first two tailwinds look better than last year. And the growth rates in organic terms does not look better at the midpoint of guide. Is it that the deflationary impact assumed in your guidance at the midpoint is slightly higher than what you have seen in the last year?
Thank you for that detailed answer. The second question is on, the new AI services, would it be fair to say they come at a relatively higher revenue productivity than the core business and also better gross margins or not? Lastly, Jayesh, any color on when would the wage hike cycle kick in during the current financial year? Thank you.

Urban Company Limited

Urban Company Limited CC-Nov25.pdf · 2025-11-01
Hi, thanks for taking my question and very good set of disclosures and detailed shareholders letters, thanks for that. So, my first question is on your interesting disclosure.
So, my first question is on the interesting disclosure that you made on the number of hours which has been steadily going up per service professional per month. I think it is a good proxy of utilization. But what should be the right ways to understand where are we in this journey? And also, when you look at from a density point of view, the number of people that you have per service micro market, what is the right density to reach to over long-term where you think this utilization metric can move up substantially?

Wipro Limited

Wipro Limited CC-Jun25.pdf · 2025-07-17
Hey, congrats, Srini. Congrats upon good execution. My first question is on the kind of the deals. If you look at the last one year, you know, the areas where we have won the deals like the deal with the insurance on the claims side, the deal with the telecom player in the U.S., these are areas where Wipro had traditionally not been very strong or been present. So, what tweaks we have made to be able to win deals, which probably traditionally has not been very strong for Wipro. So, just tryi ng to understand the initiatives taken around that.
Thanks for the detailed answer. The second question on you mentioned last time that there were certain pauses on large projects. You gave examples also on SAP project that were paused by the clients. Have you seen any update on that? Have things started to move and is this part of your guidance?