Stockrabit · Analysts
Questions across 63 calls

Harit Kapoor

Investec

United Spirits Limited

United Spirits Limited CC-Nov25.pdf · 2025-10-31
Yes. Hi. Good evening. my question was more on the festive. So in the same quarter last year, I think Hina had mentioned that they were expecting a strong festive, and it hadn't really panned out in the same -- at least as per expectations. This time, you -- and it was more so on the luxury super premium side that we had seen some sort of weakness. This time around, you mentioned that you've seen a strong primary sell-in for the BIO, BII, and that's part of the gross margin expansion bit also. Just wanted to get your sense, whatever you are seeing from the market in the last two months, does that -- is it giving you greater confidence, at least in the super premium portfolio at this time around, at least going forward, you should see higher growth from a demand standpoint? That's my first question.
Great. I meant H2 of last year. So I have the same…
United Spirits Limited CC-Mar25.pdf · 2025-05-23
Yeah, hi. Good evening. So, my first question was on the innovation bit. I think it was mentioned in the presentation that 2x innovation. I just wanted to understand the nature of this innovation. Do we view this -- given that there has been already a sizable chunk of the global portfolio in India now, is this more likely to be Indian -centered innovation where you're launching more Indian brands? Just now you've done a McDowell's No. 1 Oak Wood barrel as well. Or it would be still more heavy set on the global portfolio? And in that context, do we expect in order to support this, this 9% to 10% A&P to sales ratio to actually go up in the next 1 or 2 years? That's my first question.
And Pradeep, the 9% to 10% A&P spend, given that pace of innovation seems to be accelerating, at least from an expectation perspective, should that still be maintained?

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-Nov25.pdf · 2025-10-31
Yeah. Good evening. So, the first question is just a clarification. The comment in the press release and on this call on the remaining confident of achieving high -single-digit underlying volume growth in India is for the full year, right? I mean it's...
The second thing was on soaps. So , as we have seen this GST transition, if you could just help us understand what's the part of the -- what percentage of that portfolio have we had to take price cuts? And what percentage of the portfolio will eventually -- which is low unit tax will eventually see grammage changes? That will just help us gauge what incremental kind of volume you can see in that space.

Radico Khaitan Limited

Radico Khaitan Limited CC-Nov25.pdf · 2025-10-30
Just a couple of questions from my end. So, on the P&A side, again, last couple of quarters, the trajectory has actually accelerated. So if you can just talk about in the first half this year, which are the brands have kind of driven this 1H growth, because if you look at in absolute volumes also, you've seen a dramatic jump up, 40% and 22%. And Andhra is not a very large P&A market. So it's really happening from core markets, core brands. If you could just talk a little bit about which are the key brands that are driving this upward? That's my first question.
Great. Fantastic. And the second question was on the luxury and semi- luxury portfolio. I think last year, you mentioned Rs. 340 crores number for the full year. And this year, you have had a target of Rs. 500 crores. So, I just wanted to know, obviously, H2 is typically higher for the business , overall, but you think you're on track to hit this Rs. 500 crores kind of target?
Radico Khaitan Limited CC-Jun25.pdf · 2025-08-01
Good evening. So, my first question is on After Dark. I remember this being a fairly old brand in your portfolio now, while you had launched this along with another brand called Regal Talons and you were kind of doing the regional play here. But in the last two to three years, this brand seems to have really exploded in terms of growth. Could you just take us through as to what have been the variables to have driven this significant growth in this brand over the last, say, two and a half years? That'd be very helpful. That's my first question.
Just to follow up, is the aspiration now national for After Dark? Is it across markets? I just wanted to get an update on that. 10 | P a g e Q1 FY2026 Earnings Call Transcript

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Oct25.pdf · 2025-10-17
Good evening. So just had 3 questions I will ask them upfront. One was on how do you look at this continued decline in dine -in shares or dine -in mix because it actually also kind of has a margin impact with every 100 basis points cut. So, do you see in any way that we believe we can kind of arrest this and keep the shares around that 35%-36% for KFC or do you believe this is slightly more structural in nature and you will see a kind of dipping trend? That is my first question. The second one was, in KFC again, should we assume that we are starting off the quarter from a base of (+3) because that is where the impact has been. And then depending on the market macro, etc. hopefully it moves above that. And third one was on the gross margins in KFC and Pizza Hut, given that the focus is on value providing more to the consumer, et c. Our first half GM slightly the more normal for you as we look at 67% odd in KFC and 74-74.5% for Pizza Hut. Those are my 3 questions. Thank you.
The second question was on, we are starting from (+3) , should we assume that we start from (+3) and forward depending on macro your own initiative?

Titan Company Limited

Titan Company Limited CC-Jun25.pdf · 2025-08-07
Yes. Hi. Good evening. So, my first question was on the watches business again. So, even adjusting for this INR 50 crores, this 18.5% EBIT margin is extremely strong and way ahead of our expected guidance. So, just for the full year, is it likely to be a higher profitability year for watches or is there something sustainably that you think is going to be at the higher end now? That's my first question.
Got it. Got it. And just to follow up on this, analog seems to be doing significantly better. There's not much of talk of wearables in your release now. Is there a shift in the market or a mean diversion that's happened towards analog, if you could just give some sense on that?

PVR INOX Limited

PVR INOX Limited CC-Jun25.pdf · 2025-08-06
So I just have two questions. When you spoke about this blockbuster Tuesday, you spoke about three types of categories of people coming in, college students, senior citizens and house wives. I think two out of those three categories as per any -- as per the industry research done in the past were the categories which are not really coming in, in the past, I mean, housewives and senior citizens. I think that age cohort also was lower down in terms of the growth. So do you see this strategy as being kind of medium- to long-term structurally positive for you as in that can really drive up footfalls from these cohorts, which are especially probably challenging post-COVID?
Great. And we look forward to what your research throws up. The second thing was on ATP. This quarter, 8% growth, should we assume that there is a little bit of a drastic mix change also here, which is affecting this number? I mean, much lower South, stronger Hindi, stronger Hollywood, especially and this 8% growth, hence, is not representative of what the full year could be?

Marico Limited

Marico Limited CC-Jun25.pdf · 2025-08-04
Yes, hi. Good evening. So, just had three questions. One was on SETU. So, it's almost a year and a half in your three -year journey. Just wanted to get a sense of, how much of the 500,000 direct would we have broadly covered and any target for this year?
Got it. The second question was on VAHO, given that the non -Amla brands have grown in double-digit and clearly share has come from those brands, just wanted to get a sense of, who are the players that or which are the type of players that we have been successful in gaining share from? The question essentially is, if you look at it a few years back, you also had certain, D2C- led players in premium space who came in and took up some space there, created certain brands there. So, is some of it coming from there ? As well that as you are expanding your reach, customers coming back to umbrella brands, a little bit more color on that, that's all.

Emami Limited

Emami Limited CC-Jun25.pdf · 2025-07-31
So my first question was on the new launch pipeline. So just -- you put out a slide on the things you're doing. If you just kind of bifurcate this, it seems to be in the categories that we are either strong or already have a good hold on, if you look at, say, extensions in prickly heat or in oils or in Zandu Care. I just wanted to get a sense from Mohanji that is this how we look at initiatives now for the next, say, 12, 24 months that really penetrate into the larger macro categories that we are into -- is that the innovation strategy that we should expect going forward as well and not really maybe venture into, say, newer subcategories or newer categories, just increase penetration in terms of new variants in the larger macro categories that we are in. Is that the way to think about it?
In that context, Mohanji, do you see A&P spends kind of move up further? I mean as a percentage of sales this quarter, it's a tad lower, but from a full year basis, do you see that number getting stepped up as a percentage, given that we have some gross margin leverage also?
Emami Limited CC-Mar25.pdf · 2025-05-16
Yes. Good evening. I had a few questions. So one was, if you look at the pain management category for your business, it's been about seven quarters now of kind of single digit growth , obviously there was one de-growth quarter, but single digit kind of growth . M ostly from a slightly medium to long term perspective . is that the sort of trajectory that we should also kind of look at mid-single range, in a category that has got reasonable history, it should be kind of a normative growth? Or do you believe in any way innovations etc . can also kind of add a little bit more additional growth to this space? I ask because it's a high margin segment , so that was my first question.
Got it. And we should see some of that into fiscal year ’26, also the NPD?

International Gemological Institute Limited

International Gemological Institute Limited CC-Aug25.pdf · 2025-07-29
Yes. Hi, good evening. So the first question was on the ASP margin. So if you look at it, there has been some improvement sequentially on the ASP side. It just gives you a little bit of a sense that it seems like your ASP levels are stabilizing versus Q1 where they were down by about 12%. I just wanted to get a sense on pricing. Do you look at the fact that now, barring mix, ASP levels will be ‐‐ have stabilized at this broad range of levels, at least for the near to medium term?
Understood. Understood. And the second part was you did touch upon in the earlier question about some tariff‐related things on the Belgium subsidiary. But US as a market affects everything, including your standalone business. Just wanted to get a sense of how you are seeing the situation currently ‐‐ could there be in quarter, in the quarter going forward, some kind of volatility in revenue, given that there may be a stop‐start situation as far as this is concerned? Or you have another kind of view on that?
International Gemological Institute Limited CC-Mar25.pdf · 2025-04-21
Yes, hi. Good evening. So, just two questions. So, you know, historically, last few years, we've seen the natural diamond jewelry business in India not grow at a very fast pace. But, you know, you started to see a pickup there as well. So, is that just broadly indicative of the market context right now where natural diamond jewelry growth has picked up in the Indian market? Is that the way to think about it?
Yes, I get that, Tehmasp. Just that this quarter, you've seen on the standalone business, even the natural diamond jewelry growth has been, on a year-over-year basis, actually has been quite strong. So, I just wanted to kind of get, is there a base of issue or are we just seeing now pretty good growth on the natural diamond jewelry certification side as well, which was a little bit subdued in the past? Lab-grown jewelry, obviously, is a new kind of segment for you over the last two years?
International Gemological Institute Limited CC-Dec24.pdf · 2025-02-28
Yeah, hi. Good evening Tehmasp and Eashwar.
So, I just had one, my first question was on the volumes versus the pricing. It seems like if I just do a basic realization analysis, revenue divided by volume , there has been a bit of a dip on the realization for report . And this is at the same time that lab has done well and studded mix has fallen. So, could you just e xplain the interplay for the year, not for the quarter of course, for the year? And how do we kind of look at it, because the volume growth is an extremely strong from a certificate perspective?

AWL Agri Business Limited

AWL Agri Business Limited CC-Jun25.pdf · 2025-07-15
So my first question was on the FMCG side. This quarter, you have a clean kind of more branded base because there is not the government orders. And you've also reduced the share of the non- Basmati business, which is -- which seems to have resulted in like 5% kind of an EBIT margin for this business. I just wanted to get your sense on given that you've done this consolidation, how do you see the profitability for this business for the year? Because the year has started off better than what you would have earlier expected or at least on the margin side. So I just wanted to get your sense because this is the highest EBIT margin you have done in your quarter -- the highest absolute EBIT you've done in the quarter. So could you just help us understand the trajectory of this profitability for the balance year?
So this margin number is, you would say, a little bit, not one-off, but it's not reflective of the fact that you want to drive up the volumes further. It's a kind of quarter of consolidation at the bottom end. And then hopefully, you will drive up the volumes again, which brings this number down a little bit, but still maybe a little bit ahead of what you were probably expecting. Is that the way to think of it? I mean, is there a broad range that you think you can -- you can talk about for this year and where you will be on this side? Or is it still that kind of low single -digit number that you will go for, for this year and then can expand it over a period of time once the scale builds up?
AWL Agri Business Limited CC-Mar25.pdf · 2025-04-29
Yes. Good morning. Just had a couple of questions. Firstly, on market share. So, you mentioned there was a little bit of a dip in palm oil and you mentioned it in the presentation as well. So, just wanted to understand what's happened there? Is it that regional players have gotten more competitive? And what are some of the things that we are doing to -- what are the actions that we've taken to mitigate this? And when do we see an improvement as far as shares are concerned? That's my first question?
The second thing was on the food & FMCG side. So, how do we look at this segment going into next year? So, I know you have a target of INR1,000 crores, that's a 25% CAGR in revenue. But just into next year, should we assume that first half growth should be a little lower given the high base, given the fact that you had some export of -- additional exports of rice last year as well in the first half and a pickup in the second half of the year to get to that 20%, 25% growth number? Is that the way to think about the trajectory of growth through the year?

United Breweries Limited

United Breweries Limited CC-Mar25.pdf · 2025-05-08
So I just had a couple of questions. I just wanted to get a sense now, where are we as far as the share of premium the portfolio is concerned ? We had 2 years of fantastic growth on that part of the business. I know it is a slow move up in terms of mix. And when do we believe that scale benefits as well as benefits of RM, etc., start to really show up in an improved margin profile, which kind of positively benefit the portfolio? That's my first question on margins for premium.
The second thing was on preparedness for summer. Last year, we had certain supply chain challenges. I think a few months back, you also spoke of a lot of efforts have gone into making sure that those -- some of those blocks don't occur again. So just wanted to know, we're 1.5 months broadly through the peak summer, how is your execution in your mind panned out? Do we expect some positive offshoots of some of the supply chain unlocks that you would have done showing up in this time summer?

Britannia Industries Limited