Questions across 48 calls

Gunjan Prithyani

Bank of America

TVS Motor Company Limited

TVS Motor Company Limited CC-May26.pdf · 2026-05-13

Thanks for taking my question. My first question is just going back to the comments you made that for the next 1 or 2 quarters, we'll be cautious. I'm just trying to understand, is it more the cost headwinds that worry you? Is it the supply disruption or maybe to some extent, the sort of price increases that the industry is taking to offset the commodity? Do you see that there could be some risk to the demand as well, which is pretty strong at the moment? So some more clarity on the comment you made around the next 2 quarters cautiousness?

Okay. Got it. And the second question is if you can share a bit more color on the investments that we made in this quarter of INR 700 crores. And the losses also from subsidiary were a bit higher this quarter. So any color on that? And if you can share a guide for fiscal '27 for investments in capex?

TVS Motor Company Limited CC-Oct25.pdf · 2025-10-28

Just a couple of follow-ups. On the EV business, can you just share some thoughts on where we are on the profitability. Now I know you've been mentioning this is still at the very early stages and product introductions have been made. But if you can just t alk us through on where we are on cost curve and how do you see the margin for the business panning out?

Sir, when you say positive margin, you mean that at the contribution margin level? Or is it at the EBITDA margin with PLI, we are positive?

Escorts Kubota Limited

Escorts Kubota Limited CC-May26.pdf · 2026-05-07

Yeah, hi. Thanks for taking my question. My first question is on the industry growth outlook. You did mention a couple of things that the momentum is sustaining, but the external risks are there. How are you internally planning for fiscal '27 for the tractor industry growth? And there are a bunch of new products that you've launched in the last couple of quarters. Can you also talk us through a bit more on those products and how they can just -- they can sort of help strengthen the market share improvement going forward?

Is it fair to assume that we are confident of a positive growth irrespective of whether industry is a mild it has been?

Escorts Kubota Limited CC-Feb26.pdf · 2026-02-10

Thanks for taking my question. Just a couple of questions. Firstly, on the industry, I just wanted to hear your thoughts on the lumpiness of the industry, because like you mentioned, there are a lot of these state government subsidies which have come in the last couple of months? Does this mean that as these subsidies come off, the industry will see some sort of deceleration? So, some thoughts on how we think about F'27 and the impact of these state subsidies on the growth?

Okay, got it. But if you were to like sort of just crystal gaze into the F'27 number, is it fair to say that we are not sort of fearing a sudden downturn hitting us in F '27 because there has been so much bunching up? I am just trying to draw comfort. Can it be like a really down year because we have seen 20%-plus growth for industry in fiscal '26?

Escorts Kubota Limited CC-Nov25.pdf · 2025-11-04

Just first question on the industry. If you can share a bit more color on what are we seeing on the ground in terms of the sentiment. There's clearly been a step-up in the growth guidance, right, from mid-single digit to now low double digit. So a little b it more color on what we are seeing regionally, what we are seeing in terms of HP-wise and the sustainability of this going forward for the remainder of the year?

Sure. This is very helpful. Just a follow -up on your market share. I mean, clearly, we've seen some stabilization in the recent months. But in the backdrop that South and West continue to sort of do well, it is going to be essentially your product actions that will help recover the market share? So any early thoughts on the product interventions that we've been making over the last 6 months? How is that -- how has been the response to those new products? And how do we think about market share here on given that it's still going to be more about South and West showing higher growth?

Bharat Forge Limited

Bharat Forge Limited CC-May26.pdf · 2026-05-07

Thanks for taking my question. Just a couple of clarifications on the aerospace and the defense. In aerospace, you mentioned INR400 crores for full year and you also mentioned 26% of exports in quarter 4, which essentially means exit run rate of almost INR300 crores. So in fact, the number we sort of worked through for the next year is that it can be INR1,200 crores?

Okay. Got it. Was it similar to what we're saying for defense as well, that 30%, 40% sort of growth. So these businesses sort of log that number?

Bharat Forge Limited CC-Nov25.pdf · 2025-11-11

Hi, thanks for taking my question. Just quick clarification. On this tariff, this was only for a month or two, it was in Quarter 1, it was only INR 14 crores, but partial period, right? This is for the entire period. Is that the correct way to look at it? The entire quarter had a tariff implication?

Okay. Got it. No worries. Just going to the defense business, now with the new order, we will be roughly at whatever INR 11,000 odd crores sort of order book. How would you think, we think about the revenue or execution timeframe of this? I am just trying to assess what sort of growth we think on the defense business in over next two years. More addition, new wins. What is the growth that we bake in from the current level?

Hero MotoCorp Limited

Hero MotoCorp Limited CC-May26.pdf · 2026-05-06

Yes. Hi. Thanks for taking my questions. Just continuing on the margin question that Binay asked, could you talk about the price hikes taken so far since the beginning of this year? And also, is it fair -- could you also share in the sense that all the price hikes that we have taken, does it largely cover for where the commodities are right now or it covers 50%, whatever is there some thoughts that you can share what is the offset that we've already managed through the price hikes taken?

And just so maybe I'm clear, what you mentioned is high single-digit increase that you mean is high single-digit increase as a percentage of ASP or as a percentage of revenue. That's the way I should look at that number, right? 2% against maybe...

Hero MotoCorp Limited CC-Nov25.pdf · 2025-11-14

Congratulations on good festive. First question was more on the festive trend. You did speak about the 17% growth. Can you give us a bit more color on what we are seeing particularly post GST in terms of a bit segment color, whether if you can split this 16%, 17% as to what came from entry, what came from scooters, etcetera - a bit more color around that and rural urban sort of color as well?

That's actually quite good to hear. Ashutosh, actually just a little bit zooming into what you said on the growth. I'm just trying to understand post GST, is it that we've seen entry surge back? Or for now, it is more around everything being very broad-based and for you, it's a combination of a little bit of scooter, new products adding in. So if you can give us some sense on how is entry responding to post the GST rate cut . Is this far outsized growth coming from entry when you look at the retail that you are in?

Hero MotoCorp Limited CC-Jun25.pdf · 2025-08-07

Just 2 questions. Firstly, on the industry. It did seem like the start of the quarter was pretty strong, but things slowed down towards the end of the quarter at industry level. So if you can talk about 2 things - On industry, One, what is it that we have seen on the ground in rural, urban and why the softness in the month of June and again, July as well? And there's an interesting data point that you put on the financing penetration that it went down for a couple of quarters and now has come back to 65% in July. So what are we seeing on the financing side?

And just to be clear, this financing, there is no cautiousness or are you seeing that change in the lenders, because there was a period where the lending norms were being more stringent. Is that something which is changing now? Or it's more just the seasonality?

Bajaj Auto Limited

Bajaj Auto Limited CC-May26.pdf · 2026-05-06

Yes, hi. Thanks for taking my questions and congratulations, Rakesh, on the expanded role. Just 2 questions from me. Firstly, I think a bit of a follow -up on the export. When you said that Nigeria is almost there at last year's level, I mean, can you give us a little bit more color on you've usually talked about the monthly run rate of 25,000 there versus the peak of 50,000, where we are? And do you think that we are on the scale up back to at least higher levels there? And Brazil, again, a bit more color, it's been clearly a big positive surprise market for the last 2 years. How much more upside do you see? Where are we on market share in Brazil, which is these 2 markets?

On the Brazil.

Bajaj Auto Limited CC-Nov25.pdf · 2025-11-07

Hi. Thanks for taking my question. If you can sort of share a little bit more perspective on what you have seen post-GST in terms of customer behavior in terms of wh ile you called out some premiumization, but it was good to know what are the behavioral changes you are seeing pre- and post-GST? Also, can you share the festive growth number in itself? How did it fare for you if you had that number handy? And a clarification of the 6%-8% growth for the remainder of the year, is this for the entire industry or is it for motorcycles?

Got it. That is quite helpful. My second question is on the CV exports business. Clearly, it has seen an impressive growth for the last couple of quarters. Just looking to hear your thoughts on, is it opening up of new markets, is it stabilization, or there were some license issues and fidget restrictions. What is it that driving the growth? And more from the perspective of sustainably, how do we look at this category growth over the next 12-18 months?

Ather Energy Limited

Ather Energy Limited CC-May26.pdf · 2026-05-04

Yes, hi. Thanks for taking my question and thanks for the comprehensive comments in the beginning. I had a few questions. I think firstly on the more near -term cost headwinds that you called out. I think, we'd generally understand the aluminum and metal really to some extent, but could you also give us some color on lithium? You know, there's been such a huge rebound on the lithium prices as well, right? So, how are we working to mitigate that and more fundamentally, how do we think about the impact of lithium prices on the overall BOM cost if you can share some color on that?

And this 40 % to 50% or 30 to 50% that you mentioned on the lithium or the cell cost, like everything is up, is it fair way to think that the cell in itself will -- is there a number that you can give me in the sense that what will be the cell as a percentage of BOM cost? Because this number has changed over the last two, three years as the cost structure has improved, right? So, what should be the ballpark number of, the battery cell, pack, motor, anything that you can give us, that can make us think better on this?

Motherson Sumi Wiring India Limited

Motherson Sumi Wiring India Limited CC-May26.pdf · 2026-04-28

Just a quick follow -up again on the copper side. Could you just refresh us to how much how do we think about the proportion of copper in the raw material basket or if you can share a number in terms of percentage of revenues? And the typical pass -through, is it 3 months? Is it 6 months? Some color if you can give on that? And like similar to last quarter, you had quantified the impact of copper inflation that we sa w on gross margin. Is it possible to quantify that for this quarter as well?

Okay. And which should 3 months, 6 months, what's the typical pass-through timeline?

Maruti Suzuki India Limited

Maruti Suzuki India Limited CC-Jan26.pdf · 2026-01-28

Just looking for a bit of clarification on the numbers that you shared on the margin, can you talk about the PGM impact, the 60 basis points that you called out, do we see further pressures on this front? And what is it that we are looking to do in terms of mitigating these incremental cost headwinds that we are seeing? So, a bit more color on the commodity inflation would help. And I think I just need a clarification on the rare earth thing also, what is it actually, if you can share more information. How significant this impact is and will this recur?

Okay. And bit more on precious metals, how significant is it in terms of the commodity costs? Is there more headwind to go going into quarter 4 as well?

Maruti Suzuki India Limited CC-Oct25.pdf · 2025-10-31

Hi. Thanks for taking my question. Just a quick clarification. Did you talk about the pending bookings post-festive and what that number would be?

Just two questions. Firstly, on the small car recovery that we are seeing right now. Of course, it will take time to ascertain the sustainability. But if this was to come back, how do you think the launch cycle and the product action changes because a lot of focus incrementally is on SUVs. If we were to go back on the drawing board and think about smaller car s coming back, how soon Page | 7 or what sort of changes we expect? That will be the first question. I mean, what sort of excitement we should see on that portfolio? We haven’t really seen much on the non-SUV side.

Maruti Suzuki India Limited CC-Jul25.pdf · 2025-07-31

Hi, thanks for taking my questions. Just follow up again on the retail number for this quarter. If you can sort of share the color between how is the growth between the rural and urban that you are seeing and clarification that the discount number that yo u said is same as last quarter? You mean that is in terms of the rupee per car that's the number that you are talking about, if you can clarify that?

Okay, got it. Any color on urban, like you said de -growth, is there any difference that you are seeing between rural and urban that rural is doing well or is positive. Some thoughts around that?

Samvardhana Motherson International Limited

Samvardhana Motherson International Limited CC-Nov25.pdf · 2025-11-13

Hi, thanks for taking my question. My first question is on the order book that you mentioned of 3 billion for consumer electronics and energy. Can you share a little bit more on how is the split between the two businesses and what sort of conversion timeli ne should we be looking at for this order book?

Sure. I appreciate that. I mean, the reason I asked that is as an analyst, I am honestly grappling with how I think of the revenue ramp-up in this business . In consumer electronics, specifically, I mean, of course, profitability and all are something which will follow through. So I am just looking for a little bit of direction from you on how we think about the revenue line of this segment.

Eicher Motors Limited

Eicher Motors Limited CC-Nov25.pdf · 2025-11-13

Hi, thanks for taking my question. Firstly, on just the new module capacity that you said will sort of kick in from 1Q, what sort of debottlenecking or expansion are we looking at? And also November 13, 2025 the comments on the post GST customer demand seeing a boost. Is there a little bit more color that you can share as to what sort of new set of customers are coming into the showrooms? I'm just trying to gauge if there are these first-time buyers? Or are these people who were fence-sitters and with GST, the conversion has just happened much quicker. A little bit more thoughts on the customer buying behavior post GST change?

But how much will this module add, which you just referred to in terms of capacity? Does 1.35 go up? That's what I'm trying to get at.

Ashok Leyland Limited

Ashok Leyland Limited CC-Jun25.pdf · 2025-08-14

Hi, thanks for taking my question. Firstly, on the margin side, can you give us some color on what were the key variables? We did see commodity pressures in this quarter. There was this mandatory AC cabin regulation as we ll despite that we have somehow managed to keep the gross margin stable. So, if you could give us what were the drivers to it and how should we sort of think going forward? Are there more commodity pressures to bear in mind in the next couple of quarters?

Okay, got it. My second question is on Hinduja Leyland Finance and congratulations. I think this was long, long due. Now, what is the process forward? How soon do we see the conclusion of this restructuring that we were pursuing? Along with that, if you can also sort of comment on what is happening to the financing landscape for CVs because when I go through a lot of lender or NBFC commentary through this results season, it has indicated that there are some asset quality issues cropping up on the CV side. So, is that something that you are also seeing either in Hinduja Leyland Finance book or otherwise from your customer segment? So, just these two.