Questions across 11 calls

Jay Kale

Elara Capital

Minda Corporation Limited

Minda Corporation Limited CC-May26.pdf · 2026-05-22

Congratulations on a great set of numbers, significantly outperforming the industry. My first question is regarding your Information & Connected System. We've seen that it has seen a steady growth rate outperforming our overall company growth rate over the year. If you could just point out a few things on the wiring harness. Where are we in terms of market share gains because of the localization? Where are we in terms of localization content? And which segment are we gaining market share and outperforming the industry? And within that also, in instrument clusters also, whether the new orders that we had received in the last 1 or 2 years, how have they been shaping up and the outlook going forward?

Understood. And my second question is regarding your Turntide JV. How should one look at it the scope of this JV, especially with Flash Electronics also having EV motors? What is the area that is solving your needs with Turntide which Flash wasn't? And how should these 2 go ahead from a customer as well as segment perspective?

Minda Corporation Limited CC-Nov25.pdf · 2025-11-06

Yes. So, my first question was regarding smart key solutions. If you could just give us a little more about how the acceptance for your ICE customers has been for this product? What is the contribution of smart key solutions currently? And how are you seeing that over the next 2 to 3 years?

Understood. And just on your export side, if you could just highlight, how you see your export orders? Any significant wins over there? aover the last two to three years export has underperformed the domestic growth. Are we seeing any change of fortunes on that side?

Minda Corporation Limited CC-Sep23.pdf · 2023-11-02

So my first question is regarding the sunroof. If you can just throw some light on the capabilities of this JV, is it more on the TVS sunroof or panoramic sunroof, how is the product profile for this partner, globally?. And what are the I mean, I understand you will not be able to give a flavor on the customer. But whom are they predominantly strong with, is it the European customer, South Korean customers, Japanese customers? Any flavor on that because that could also help you in having relationships, from an Indian context, with those OEMs?

Understood. And these other products would be largely the similar products, which are -- which they have currently in their product portfolio, and you will be partnering with them for that to get that into India, is that understanding correct?

Samvardhana Motherson International Limited

Samvardhana Motherson International Limited CC-May26.pdf · 2026-05-20

Yes. Thanks for taking my question and c ongrats on a great set of numbers. My first question is regarding our global OEMs or our customers, they have recently kind of given write-downs on their EV investments. And also in recent quarters, they've mentioned of supplier compensation regarding that?

Right. No, absolutely. But just that they were also , they've also mentioned of supplier compensations in the current quarter that they've given which has hit their margins. So have we received some of that in this quarter as per some compensations on that side?

Hero MotoCorp Limited

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

Thanks for taking my questions. So my first question was regarding the demand scenario. I understand you mentioned about high single-digit growth for the industry in FY '27. Just wanted to understand, if you see 3 months back also, probably we would have expected a similar kind of growth. And post that, we've seen a lot of macro headwinds in terms of sentiments around expected fuel price increase, prices increasing. So are you not expecting any dampening of that sentiment? What is driving this on-ground strength? If you could help us some texture around rural ve rsus urban and your expectations going forward? That is my first question.

Understood. And second question is on -- historically, we've spoken about scooters and premium motorcycles being the key focus areas for us. And it's heartening to see a lot of actions being taken and yielding results on the scooter side, both on ICE and EVs. If you could just talk a little bit about some of your learnings from that category and how one could use it to further enhance your presence in the premium motorcycles because that's clearly one of the last areas where one should -- one could expect incremental market share gains?

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

Congrats on a good festive and strong margins. My first question is on the scooter and motorcycle mix. We've seen that including EVs, it's now close to around 40 -odd percent. How are you seeing that? Because clearly, in the l ast 1 -1.5 years, the scooter ICE segment has positively surprised. With this GST cut and you mentioning about the rural and first-time buyers expectations coming back, how do you see this scooterization trend settling now? Have we hit a plateau or you see further scope of this moving up?

My second question is on -- you mentioned about first -time buyers now contributing in the festive of 70% to 80%, 82%, which also means that as we have more first -time buyers, the penetration of 2-wheelers has also started further inching up. How do you see this over the next 2 to 3 years given that already 2-wheeler penetration is relatively on the higher side. Of course, there is still opportunity. But how do you see this first -time buyer contribution settling because eventually, it will hit a level where further penetration increase will kind of plateau. So how do you see it from a next 2-3 year growth perspective?

Motherson Sumi Wiring India Limited

Motherson Sumi Wiring India Limited CC-Nov25.pdf · 2025-11-05

My first question is regarding your margins. I mean, you reported around 10.1 and adjusted for startup cost 12.7. You did mention that as startup costs, as your plans ramp up to closer to 70% to 80%, you should see meaningful improvement in margins. But just given your product mix in your new plan ts which is tilted, of course, also towards EVs, do you see these new plant margins at 70% to 80% utilization level reaching those 12.7% to 13% or it's fair to assume that given that EV mix is higher in the startup plants, it may be difficult for you to reach the current ICE margins even if once they fully ramp up?

One more question, what will be your CAPEX guidance for this year and probably next year?

Ashok Leyland Limited

Ashok Leyland Limited CC-Dec24.pdf · 2025-02-12

Yes, thanks for taking my question. So, my question is on the replacement demand. I mean, we have mentioned that the average age of the holding period of the vehicle has moved up and hence eventually the replacement demand should kick in. But what we also hear is that because of the price increases that we saw over the last three, four years because of emission norms etc., the tenure of the loans of the CVs have also moved up to cover for that price increase. And hence, structurally, there is an increase in the average holding period. And hence, the replacement demand may not be as fast as what we are expecting. Has that played out in t he last one or two years? And how do you see that impacting the replacement demand going forward?

Okay, understood. And so, in the last one, one and a half year, how would you have seen the replacement growth versus I mean, have you seen acceleration of replacement growth and the first time buyer growth probably has softened or how have you seen that trend?

Eicher Motors Limited

Eicher Motors Limited CC-Dec24.pdf · 2025-02-10

Yeah, thanks for taking my question. So my first question is, again harping on the earlier question, what would you see in your endeavor of balancing profitability versus growth? If I look at the EBITDA per vehicle also, it is kind of a 7-quarter low. So I'm just thinking from a management perspective going forward, are you looking at sustainable margins when you balance profitability versus growth? Are you looking at EBITDA per vehicle growing from here? Because despite the high volumes, we've not really gotten the absolute operating leverage benefits, which were expected when you have a very high volume growth. I understand the bulky expenses, but the marketing expenses, like you mentioned, are going to go ongoing. So how do you -- what is your target in the sense that to grow EBITDA per vehicle sustainably or margins or how should one look at it?

Understood. Yes. Just one more on your gross margin. So you mentioned that this is mainly because of mix. So how would have commodities moved in Q3 versus Q2? And going forward, how are you seeing the commodity projected?

Gabriel India Limited

Gabriel India Limited CC-Dec24.pdf · 2025-01-30

Yes, good morning , and thanks for taking my question and congratulations on a good set of numbers. So, my first question is regarding your Marelli Suspension acquisition. Just wanted to understand, you know, this entity has been in a kind of a bit of break-even and a marginal PAT loss as per their reported numbers. How are you seeing the turnaround of this entity? What are the kind of synergies that you have with this entity? Where are the low-hanging fruits to improve profitability? And any timeline of when you could take this entity closer to your existing business margins?

Okay, understood. And just on the technology side, you know, what is t he kind of technology because you all have been in the suspension market for quite long and you are one of the leaders over there. But what is the kind of incremental technology that, you know, you could benefit from this acquisition? I understand you all are working on semi-active, and you all have, you know, made the semi-active suspension from your R&D globally as well. But any new products or any new global clients that you all can leverage from the Marelli relationship?

TVS Motor Company Limited

TVS Motor Company Limited CC-Dec24.pdf · 2025-01-28

Congrats on a good set of numbers. Sir, my first question is regarding EV two -wheeler. We've seen that the penetration for the industry is hovering around the 6 -odd-percent, while we have done well. But what, according to you, is needed for this penetration to move up further? Because a couple of years back, the broad expectation was that if EV two -wheeler prices, scooter prices come down to closer to ICE vehicles, there will be an inflection point. Now as we see it, broadly, the industry has reached similar to ICE prices of scooters. What is it needed for it to further give a flip in terms of EV adoption? Is it that motorcycles will only drive the further EV adoption over years? Or where are we seeing the gaps in EV scooters as an industry?

Understood. And if you can just share EV contribution of -- for this quarter in terms of revenues that you had done last quarter. And just a few clarity on the Norton launches as well as the Hyundai three -wheeler that you mentioned, the timelines and the kind of product positioning that would have? And would we just be contract manufacturing? Or what would be our role in this? And how would it place?