Questions across 63 calls

Harit Kapoor

Investec

Emami Limited

Emami Limited CC-May26.pdf · 2026-05-21

Just wanted to check on this talc impact for the year. So if you could just highlight how much has been the impact for the year of the summer portfolio of the talc? What is the share of that business now in fiscal year '26? That's the first question. And the second was that can we see some abnormality in that number again if the summer drives up again this year with almost 2 months done of the summer, is that a likely outcome as well that you see another spike in growth as you saw in fiscal year '25? And lastly, on this is that how is the margin structure for that category? Is it similar to what our average margins are?

Got it. Got it. Mohan ji so talc now as a percentage of the business for '26 is how large now? Is it like -- is it...

Emami Limited CC-Nov25.pdf · 2025-11-10

So my first question was on the H2. So if you look at quarter 3, you have a couple of elements which affected you in quarter 2, almost entirely coming back, which is the minus 4% on the GST impacted portfolio and another minus 4% on the winter loading. Just wanted to get your sense about do we see this kind of strong double -digit growth number because of some of these impacts in Q2 straightaway coming in Q3 itself? That's the first question. And just an addition to that is, in this minus 10% number for the consolidated revenue, how much would have been the volume decline? So that's my first question?

Got it. Got it. And on the volume growth, what would be volume decline, wha t would be that number broadly or if you can just tell me the pricing impact in the total revenue in the way?

International Gemological Institute Limited

International Gemological Institute Limited CC-May26.pdf · 2026-05-20

Yes, hi, good evening. So just had two or three questions. First was on the, you know, strong realization growth. You mentioned mix is the key driver here. Just wanted to get your sense, Eshwar, that is pricing per segment, has that continued to be stable like it has been in the last two quarters? Is that a correct assumption?

Okay. And any broad outlook you have on that for, you know, the near to medium term? Do you think that it should broadly remain , pricing should broadly remain in the same range and then whatever happens to mix happens depending on the growth? Is that the right way to think about it?

International Gemological Institute Limited CC-Feb26.pdf · 2026-01-27

Hi, good evening. Since I have a few, the first one was, you know, if you could just explain a little bit more in detail as to in this particular quarter, and even actually even in Q3, we saw very sharp growth in natural diamond lose. 29% and now 45% India is even higher. And lab also has seen an acceleration. So, whether it's festive, it's the US New Year, Christmas, whether its pipeline filling for Valentine's Day. If you could just give us a sense on what's happened this quarter, because 40%-50% growth in natural diamond is something we're not used to seeing.

And given Eashwar that the ND shares are relatively lower compared to lab, is this, I mean, not 45%, but is this a trend that lab that natural grows in line or ahead of the overall certification revenue, at least in the CY '26? Because why I'm asking is because it has a material impact on the realization.

International Gemological Institute Limited CC-Nov25.pdf · 2025-11-05

Hi, good evening. Firstly, congratulations on an excellent result in a fairly challenging environment. I just had two or three questions. One was on this realization decline of about 5%. I think you mentioned in the presentation also that it was largely product-mix led. But if you look at the performance of natural diamonds and lab- grown diamonds, which have grown 29% and 24%, it is typically the jewelry segments which are slightly weaker , they grow faster, the mix deteriorates. I just wanted to understand whether there is a like-to-like pricing decline also in the quarter , and if so, how much that is , that would be my first question?

So, Eashwar there is nothing… Almost entirely.. Yes

PVR INOX Limited

PVR INOX Limited CC-May26.pdf · 2026-05-11

So first question was just to get your sense on the capital -light model. If you could just help us understand that what is the number that we currently have already in this mode l? And incrementally, what's the kind of -- within the 120 screen pipeline, what that number looks like going forward? That's the first question. And the second one was on the rental side. So I've seen that there is some reduction as the rent as a percentage of sales starting to kind of come down as maybe capital -light model kicking in as well as some operating leverage that you're getting on revenue. Just wanted to understand that over a 2-, 3-year period, once this capital-light piece picks up as well, w hat kind of basis point savings one can think of in this line item, which is your largest opex line item?

And Gaurav, just a follow-up is that this 138 number that you mentioned, that gets executed over what period of time?

Radico Khaitan Limited

Radico Khaitan Limited CC-May26.pdf · 2026-05-07

Yes. Hi, good evening. So, I just had three questions. One was on the initial comments, Abhishek ji, on the unlock because of the distribution expansion on the luxury portfolio. My understanding was that you have already done a lot of this work. Just wanted to get your sense on how much more this can benefit, whether in terms of more outlets that you can still reach on the on -trade or maybe more products in those same outlets, so what is the potential still of that? The second question was on exports. I am sure you would have taken some impact in the last six months because of tariffs, etc., I just wanted to kind of get your thought on how fast that segment can grow going forward and how much impact it would have had in ‘26. And the third question is on the margin bit. The 100 to 125 basis points, are you already including the fact that there will be an India -UK FTA benefit for you possibly in the second half of this fiscal year? Those are my three questions. Thank you.

Great. That is it from me. I will come back for more. Thank you very much.

Radico Khaitan Limited CC-Jan26.pdf · 2026-01-23

Hi, good evening and congratulations on excellent results again. So, I just had three questions. One was on 8PM [Premium] Black. So, this has been a brand that did extremely well for us and then we saw it slow down a little bit last year, seems to have kind of picked up in terms of growth again. So, if you could just highlight any changes that you made in the brand, in the packaging , blend, is it just increased distribution expansion and just an outlook, do you see increased market share gains in that price point segment now? You also have After Dark there. So, just some sense on 8PM Premium Black and its trajectory. That is my first question.

Got it. The second thing was on the Scotland subsidiary. So, could you just explain a little bit about how this helps in terms of your procurement and what benefits you get out of this as well as whether there is any investment required in this one?

Marico Limited

Marico Limited CC-May26.pdf · 2026-05-05

Just two or three from me. One was on the gross margin side on the standalone entity. Given that sequentially, I know, we normally see some sequential drops. But given that there has been a sharp improvement sequentially. Is it fair to assume that the low -cost base completely starts playing out in quarter 1 only for copra? Is that the right way to think about it?

Got it. And just one thing on your sense on this consumption uptick, which it looks like in quarter 4, right? You've seen a lot of the companies actually deliver numbers which are ahead of third quarter trajectories. I mean, what would be your kind of prognosis thought process at least on a top-down basis on what's kind of driving this at a sector level would be great to hear your comments.

Marico Limited CC-Jan26.pdf · 2026-01-27

There is two questions. First is on foods. The growth rates, you had already mentioned in the last quarter that you will relook at the profitability, just adjust it and then see an acceleration in growth. You have spoken about 25% CAGR as well in your presentation. Just wanted to know, what is the timeline that we can expect that you see a recovery in the growth rate starting to kind of pick up again on the food side? And the second question is on Bangladesh. Again, phenomenal performance in that market, as you have continued to do extremely well, but there continue to be some macroeconomic uncertainties. So, just wanted your thought, the last time something like this happened, you kind of went through relatively unscathed. Just wanted to get your sense on how do you see the position on ground? So, these are the two questions.

And i f I could take one more question. The Parachute process that you have mentioned is basically saying that there was a reduction in the RPIs that you were making because you took a much lower price increase than you did, and you wait for those RPIs to maybe slightly normalize a little bit, and then you take the one shot price tag. That is right?

Varun Beverages Limited

Varun Beverages Limited CC-Apr26.pdf · 2026-04-27

Most of my questions are answered. Just wanted to get your sense on market shares. On a very high base, you have done an exceptionally good number. Also given the availability issues which you are able to tide upon, just wanted to get your sense about do you see opportunities in the market where maybe some of the other players have not been able to do as well as you in the current situation and that could play out in terms of at least near -term market share gains? How do you see the situation on ground right now?

Got it. And the second question was on distribution. So, you do mention a certain number that you would like to do every year in terms of growth. For this year, calendar year, that 8% -10% type of, addition number is the year panning out consistent with that?

Varun Beverages Limited CC-Feb26.pdf · 2026-02-03

Just 2 questions. One was on international. Any sense you could give us of what like constant currency kind of growth would be because you are seeing just a 10% growth in volume but optically looks like a 20% plus growth there on the revenue side. And given what happened with currency, some sense on what would have been the currency impact this quarter and I know it is hard to say, but how can we see it going forward? That is my first question?

The second one was on India business. You spoke about the SKU and pack changes but I just wanted to understand about going into the summer, are there plans in terms of product innovation as well, some white spaces that you probably would not have filled up, etc. Anything to look forward to in the next 2 months as you go into the summe r? Should that also be something we should be watching for? That is my second question?

United Breweries Limited

United Breweries Limited CC-Dec25.pdf · 2026-02-11

So the first question was on the revenue bit. So you've seen almost a 5% realization improvement this quarter. How much of this is the pricing that you spoke about, where you've been able to get some incremental pricing? And how much of it is mix -led because markets like West India, specifically Maharashtra, did well. Can you give us a sense of what proportion of this is mix, what proportion of this is price?

Yes. My question is on realization growth, which is almost 5% this quarter. How much of this was price and how much of this was mix? Just some sense will help there. That's my first question.

Titan Company Limited

Titan Company Limited CC-Feb26.pdf · 2026-02-11

So just 2 questions from mine. The first one was on domestic jewellery. So over the last 6 months, last 2 quarters specifically, have you been kind of positively surprised with the level of gross contribution you've been able to hold as well as the relative inelasticity, if I can call it that, on the grammages, while they obviously would have declined? But has both these elements kind of positively surprised you? And in that context, your comment on kind of consumer behavior and expected going forward also would be helpful. That's my first question.

Great. And the second question was on -- earlier participants have asked about formalization, but my question is from the perspective of in an environment where the cost of doing business, as far as inventory is concerned, dramatically goes up and the enti re market doesn't have the balance sheet that you do, do you expect pace of expansion in the industry to kind of relatively slow down. Not for you but generally, to slow down given just the inventory cost is so high, is primarily a COCO model ex your business. So just some thoughts on that?

AWL Agri Business Limited

AWL Agri Business Limited CC-Feb26.pdf · 2026-02-03

I had a few questions. So the first one on the soya, palm, sun kind of pricing situation. It seems like things have a little bit norma lized. Your volume growth is also back. Just wanted to get a sense of how you're kind of thinking about the macro context on the Edible Oil prices. You have a strong team who kind of works around this. So -- and how in turn could that kind of affect the overall volume growth, maybe a near to medium term will be helpful basis your understanding.

And you mentioned about the smaller grammages market moving to 750 grams. So what's happening here? Why the movement downwards? Is it a price thing? Is it affordability, driving up affordability? Is it competitive intensity? If you could give some color on what's happening in the market as you're moving down SKUs?

AWL Agri Business Limited CC-Nov25.pdf · 2025-11-04

I just had a couple of questions. One was on the industry essentials piece. So if you could just give a little bit more detail, the H1 has actually been quite good. And I think you mentioned that Oleo has kind of driven this growth. So how much of the share of Industry Essentials now is oleochemicals? And how different currently are the margins for o leo versus, say, castor and de -oiled cakes in your mix? The idea here is just to understand that what can be a sustainable kind of a per tonne number that we should look at? I know it is volatile, but oleo is relatively lesser volatility. So just if you could explain Q2 1H as well as the outlook.

The other thing was on edible oil. Now you very clearly mentioned how the pricing trend has worked for the different oils. And also that H1 from an industry volume perspective has been quite low. I was just trying to get your sense about how do you foresee H2? Do you see that because of these differences in pricing that palm oil will continue to be -- the palm oil piece will continue to be under pressure. And from your perspective, palm oil is a reasonable mix. So do you expect that there is a n improvement in the volume growth for H2 here or because of this palm oil prices still being pretty firm versus soya, there will be an impact. So just wanted to get your thoughts on that.

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-Jan26.pdf · 2026-01-23

My question was on India volume growth only. So, if you look at this quarter, obviously, this performance has been extremely strong. But you also, as you have mentioned in your release, had the benefit of base. As the quarters progress over the next, say, 2 to 3 quarters, you're still fairly good base, a low base, but it is higher than quarter 3. Just wanted to get a sense of what can help sustain volume growth number, given that base moves up and part of the soap benefits have started already to come in. So, if you could just shed some light on the moving parts, that would be very helpful. That's my first question.

Got it. Got it. And the second one was on gross margin. So, look, India business has seen an improvement on the gross margin now, second consecutive quarter sequentially, the GM has improved. But when we kind of compare this quarter 3 to say, the last 4 or 5 years of quarter 3 performance, we are still below our averages. So, is it explained by a same higher cost table? Or do you think it is explained more by how the mix has shifted in the business from a product category perspective? Because if mix is the factor, then we have to think of the similar kind of trajectory going forward as well.

United Spirits Limited

United Spirits Limited CC-Jan26.pdf · 2026-01-21

Hi, good evening.

Yeah. Hi. Good evening. Hi. Good evening. You know, most of my questions are answered. I just had a couple. One is the way you mentioned Maharashtra, it seems like incrementally from the pain in Q3, it should not be too incrementally painful in Q4. So I just wanted to get your sense that if I -- if I should look at going forward and the 200 basis points of primary kind of -- which you saw impact in AP, that kind of comes back in the going forward quarters. And everything else remaining constant, at least that adds to the overall volume number. Is that the way to think about at least going forward? I'm assuming everything remaining constant, which itself is a fairly large assumption in this industry. So just your thought on that.

FSN E-Commerce Ventures Limited

FSN E-Commerce Ventures Limited CC-Nov25.pdf · 2025-11-07

Hi, guys. Am I audible.

So, I just had two questions, both on fashion. The first one was if you look at the new brands that you also onboarded, as well as with H&M coming in, just wanted to know whether you expect a little bit of an AOV dilution going forward. First half has seen very strong AOV growth also in the fashion business in mid-single-digit. So, the kind of brands you're onboarding, as well as with H&M coming in, do you expect a little bit of AOV dilution going forward as well on the fashion business? That's my first question. And the second one was, again on fashion. So, the first half has seen exceptionally strong growth in terms of whether monthly average unique visitors, number of visits. And this has come despite an early double-digit growth in Marketing and S&D. So just wanted to get your sense on whether it's been really driven by the significant expansion in onboarding new brand partners, which is the key driver of getting more people on site or is it just better utilization of marketing ad spend? If you could just spend some time on what's driven this despite marketing, going up?

Britannia Industries Limited

Britannia Industries Limited CC-Nov25.pdf · 2025-11-07

Hi, good morning. I just had three questions. First was, is there any inverted duty structure impact on the margins that you have? For example, your costs, some of them are at 18% and bulk of your business now is at 5% on the output. That's my first question. The second one was on how large is this pool of small and regional players that you allude to? Because 70% of the market is top three and then you have certain large, smaller players as well, organized smaller players. So, in terms of size of market, how large would this pool be? And the third question was in your quest to increase the volume growth or drive volume growth and you also mentioned that you believe the company's time has come to drive higher volume growth. How do you think of adjacencies and outside adjacencies, newer categories, areas where you think you can play over the next 12-24 months or look to explore?

No worries. I can refresh that. So, you have two questions. One was on the inverted duty structure. Is there any inverted duty structure impact on your business?