Questions across 43 calls

Harshit Patel

Equirus Securities

Jyoti CNC Automation Limited

Jyoti CNC Automation Limited CC-Jun26.pdf · 2026-05-29

Sir, firstly, on the execution on the EMS side, as you explained, the client facilities are still not pretty much ready. So the execution in FY27, will it be more of back-ended? We will see more execution in the second half and first half will be relatively muted. Is that the right understanding?

Understood. Sir, secondly, we also have a very large aerospace and defense order book, and we also execute quite a lot from the India as well. So could there be any risk on the India aerospace and defense execution because at the end of the day, the technology comes from Huron, I mean, at least that's what my understanding is. So that India execution piece, whatever we supply from here, is that on track or maybe some sort of delay because of this investigation?

Triveni Turbine Limited

Triveni Turbine Limited CC-May26.pdf · 2026-05-19

Hi, thank you very much for the opportunity. Firstly, on the Indian market, could you give us an idea on the size of FY '26 addressable market in megawatt terms, essentially the less than 100 MW market size in India? And how do you expect this market to grow in the FY '26?

Sure, I will take it offline from Shreya. Secondly, what is the size of API turbines in our revenues, orders and order backlog? Is this part of the business expected to grow faster than the overall business or it will be broadly in line? So, is this business become sizable enough to call out or it is still not that large?

Triveni Turbine Limited CC-Nov25.pdf · 2025-11-12

Thank you very much for the opportunity. Firstly, as you mentioned on that NTPC large ESS order, could you give us an update on the execution progress? And also, are the margins in line with our earlier expectations? Has any clarity emerged in terms of where we will end up in terms of margins while executing?

Understood. Secondly, as you mentioned, we have seen the substantial growth coming back in the domestic orders in the last two quarters. Could you highlight whether is this because of market share gains for us, more penetration into the API market or whether this is mainly driven by the general uptick in the market? Also, have we witnessed any change in the intensity for smaller peers? Are there any peers who might have exited the domestic market?

Hindustan Aeronautics Limited

Hindustan Aeronautics Limited CC-May26.pdf · 2026-05-15

My question is on the ALH. Have we completed the execution and delivery of all the legacy contracts, including the army contract for 24 members? And what will be our execution schedule for the contract of the 143 ALH that you were mentioning that we will receive in the next couple of years?

And just a clarification of the HTT-40 program. I wanted to che ck on any supply chain issues with the production, especially with the Honeywell engines. Also, if you can share the execution strategy, that will be helpful. Did you mention we will start in FY '27 or FY '28 for delivery?

Hindustan Aeronautics Limited CC-Mar25.pdf · 2025-05-16

Hi, thank you very much for the opportunity. Sir, my question is on the LUH program, the Light Utility Helicopter. We are still awaiting the order for limited series production of 12 numbers. Why is this program been delayed so much? Is it undergoing a fundamental design change? And when do you expect the bulk production order of 20 odd numbers?

Sir, can I ask a second question?

Carborundum Universal Limited

Carborundum Universal Limited CC-May26.pdf · 2026-05-15

Thank you very much for the opportunity. Firstly, on Abrasive, China has removed the export rebate on Abrasive products from 9% to 0% effective from April onwards. Has the domestic market pricing improved because of this or we have been able to garner a little bit better market share in the last one or two months?

Understood. Just a follow up to that, given that we posted such a strong growth in the 4th Quarter, if you could explain your growth in terms of how industrial market did, how precision did, how retail Abrasives did and what would be the outlook on these three sub-segments going ahead?

Carborundum Universal Limited CC-Feb26.pdf · 2026-01-30

Firstly, on Awuko and Rhodius, while you have outlined your performance so far in the 9 months of FY '26, can you broadly highlight how we should think about revenue growth and margin development for both these companies for the next year, that is FY '27?

Sure, sir. In terms of the next quarter, which is the fourth quarter, will it be broadly on similar lines as to what we have seen in the third quarter? Or would there be a material improvement sequentially for the January to March quarter?

Carborundum Universal Limited CC-Nov25.pdf · 2025-10-31

Sir, my first question is on stan dalone Ceramics. I think the margins over there have been the weakest we have seen in last 4 years, about 20% or so. You have highlighted adverse product mix as one of the reasons. What could be the other factors over here? Also, we had expected a strong revenue growth as clean energy sales to the U.S.-based customers are reviving. However, we have posted only flattish sales. So if you could explain, co -relate these things, that will be very helpful?

Right. Just a follow -up to that, sir. But sir, when our Metallized Cylinders and Engineered Ceramics are doing so well, which are obvio usly the higher-margin businesses for us vis -a-vis the Wear Ceramics and Refractories, shouldn't the product mix be good for us? Should that not be an accretive product mix?

Carborundum Universal Limited CC-Jun25.pdf · 2025-08-08

Sir, firstly, on the U.S. tariffs, what would be the impact on our Abrasives and Ceramics exports because we export quite substantial amount to the North American base? Could there be a substantial impact on our supplies to that clean energy customer in the U.S. from where we have started seeing some pickup from CY '25 onwards?

Understood. Sir, my second question is on the capex. What are our capex plans for the next two years, FY '26 as well as FY '27 across all three of our major segments? I think you have highlighted doing some capex for fused alumina-based products in Electro minerals, supplying to the semiconductor OEM equipment from Ceramics, doing bullet -proof armour as well as vehicle armour related products. So if you could highlight all the areas and quantum across all 3 major segments that will be very helpful?

Schaeffler India Limited

Schaeffler India Limited CC-May26.pdf · 2026-04-30

Firstly, continuing from the last question since we have already begun Phase 2 of the e -axle localization at the supplier level, where do you think we would reach three to four years down the line in terms of the local value added in India? Will you be ab le to manufacture the entire system, almost 100% localization in next few years?

Understood. Sir, secondly on exports, we have posted an extremely strong growth in 1Q CY '26 itself and we have also upgraded our outlook for the whole CY '26. So, could you explain what has changed here in terms of end market uses, new business wins? Why is it that we are able to grow faster than what we anticipated earlier?

Schaeffler India Limited CC-Mar26.pdf · 2026-02-25

Sir, my first question is on the BIS segment. We have posted a very healthy growth on both Y - o-Y as well as Q-o-Q basis after a few relatively muted quarter. What changed in this particular quarter? You have highlighted the timing of projects in railways and wind as one of the reasons. Could you also highlight other factors? And do you believe that the current revenue run rate will further accelerate from here in this segment?

Right. Understood. Secondly, on the automotive technology, we have posted a growth of almost 42% Y-o-Y, significantly ahead of the automotive production volumes growth in the country. Obviously, you have mentioned some of the key business wins that you hav e registered for the past several quarters and that would have definitely contributed. But would you say that the majority of the growth in this particular quarter would have come from the ramp -up of the E - axle project. Would that project have the highest share of the growth that we have posted? And I mean, obviously, the growth rate could moderate from this very high level, but should we continue to see the heightened kind of growth in the Automotive Technology segment ahead?

Schaeffler India Limited CC-Nov25.pdf · 2025-11-03

Sir my first question is a few quarters ago, the parent has stated that they would be shifting a clutch manufacturing line from a U.K. -based plant to our Hosur plant. Has this shifting completed? And if yes, then whether it contributes to our domestic reve nues or the export revenues?

Understood. But we will also export these classes, right? This is not only for the domestic sales?

Schaeffler India Limited CC-Jul25.pdf · 2025-07-25

Sir, my first question is on our Automotive Technologies segment. We have been consistently outgrowing the overall industry level volumes when it comes to PVs, CVs, tractors, etc . So, could you provide a broad breakup of the revenues into these 3 or 4 larger segments? So , has this mix changed significantly in the last 3 to 4 years? And how do you see this mix evolving over the medium term?

No problem. Sir, secondly, you have previously mentioned that in the PVs, our content per vehicle has reached as much as €50 at present. So, how much this number would be for CVs as well as LCVs at present? And how has this number improved over the years with our newer product offerings and the business wins that we have been consistently generating?

ABB India Limited

ABB India Limited CC-Feb26.pdf · 2026-02-23

So my question is on the process automation order. This segment has not kept pace with the other two large segments in the last 2 to 3 years, and you have also highlighted the delayed decision-making by the customers, and we have seen that correcting in the last quarter as well. So while the orders in the 4Q were strong, our order book is almost at the same level, which was there in 2022. So do you think we would have lost some market share in the 2 to 3 years or we have performed in line with the capex environment in this industry and it was just a factor of the delayed decision making. Just your thinking and the outlook on the same?

Hitachi Energy India Limited

Hitachi Energy India Limited CC-Feb26.pdf · 2026-02-05

Thank you very much for the opportunity, sir. My first question is on our HVDC localization. I know you have highlighted in the past about we are making HVDC transformers, converter valves and doing the entire engineering of those projects in India. I want to understand whether we are increasing our HVDC localization further or we have already reached a stage wherein further value addition is not possible at the moment in India?

Thank you. Sir, could you please provide an update on the budgeted CAPEX for FY '26 and how much of that we have already incurred as well as if you can highlight your CAPEX plan for FY '27 and FY '28 that will be very helpful?

Hitachi Energy India Limited CC-Nov25.pdf · 2025-11-07

Thank you very much for the opportunity, sir. Sir, just a question on our Marinus Link product order that we had received from Australia. So, what percentage of execution is completed for this order? And by when, we will complete this entire order? If you could give those details.

Understood, sir. Could you also give us a sense on what kind of margins we have realized on this Mumbai HVDC project, and similarly on Marinus Link also? We don't want the exact numbers, but if you could give us a flavor on how much higher these margins are, to service our standard base order-related margins? That will be very helpful.

Hitachi Energy India Limited CC-Jun25.pdf · 2025-07-30

Thank you very much for the opportunity. Could you give us an update on the Mumbai, Ahmedabad, HSR electrical package? When will it get tendered? And how large is this opportunity size for us?

Understood. Sir, my second question is on the STATCOM, have we started any kind of manufacturing or assembly integration for these systems in India? What are our plans to increase local value addition in this?

Hitachi Energy India Limited CC-Mar25.pdf · 2025-05-15

Thank you very much for the opportunity. Sir my first question is on our capex. You have talked about investing close to Rs.2,000 crores over next four to five years. When I see our FY '25 capex, that number is close to Rs.130 crores. So from here on, will we step up our capex to maybe Rs.400 crores, Rs.500 crores per year kind of a level?

So, could you share what kind of product groups or solution groups that we will see? I think one clear area would be investing towards this incremental HVDC- related factories. Apart from that, what kind of investments we would see towards maybe STATCOM, the higher range of AIS, GIS transformers? Anything that you can share on that front will be very helpful? 18/23

Bharat Electronics Limited

Bharat Electronics Limited CC-Jan26.pdf · 2026-01-28

Thank you very much for the opportunity , sir. Sir, my first question is on the Akash Missile program. While it is under execution wherein Bharat Dynamics is the lead integrator and we supply to them. Why you have n o t included Akash Next Generation in your near term or the nex t 1 year pipeline? What would be the size and probable timeline for this large project? BATA BA r FLFCABOAT / CS

Understood, sir. Just a small clarification. You said we will be the lead integrator for Akash - NG and not BDL, right?

CG Power and Industrial Solutions Limited

CG Power and Industrial Solutions Limited CC-Jun25.pdf · 2025-07-24

Thank you very much for the opportunity, sir. Sir my question is on the Axiro. You have explained that given that this is the year of transition, the margins are slightly on the lower side over here. So sir, over the medium to long term, what could be the stabilized steady-state margin for this particular business for us?

Understood sir. Thank you very much.