Stockrabit · Analysts
Questions across 8 calls

Jayesh Shah

OHM Portfolio Equi Research

Cemindia Projects Limited

Cemindia Projects Limited CC-Jun25.pdf · 2025-07-31
Okay. I want to go back to the EBITDA question that people have raised. How do we read it? Because if you double your turnover every second or third year that you have done, then if your gross margins are same, the operating leverage should have helped you to have higher EBITDA. So are you bidding at slightly lower gross margins and getting better payment terms because we have seen improvement in working capital or is the mix of jobs responsible that the overall average EBITDA still remains at 10%? Because what we can't understand is that doubling of growth is not helping you in terms of operating leverage?
Okay. But at bidding level, you are bidding at the same margins as you were bidding before despite higher capability? Or are you able to pick and choose the contracts at higher margins now? If I look at your order book, will they be at higher margins than what you have done till now?

Aptus Value Housing Finance India Limited

Lemon Tree Hotels Limited

TITAGARH RAIL SYSTEMS LIMITED

KEC International Limited

KEC International Limited CC-Mar25.pdf · 2024-07-29
Yes. Mr. Kejriwal I think, you have done a very impressive job on working on the margins and cash flow given the overall constraints of the EPC business. And I think my question is similar to some of the other questions that the other participants had hinted that if you look at the entire transmission space, the higher margins or value additions are perhaps not in the EPC, but in associated areas whether visa products or whatever components or whatever else you can do and hence we have seen will companies doing so well while KEC has kind of lagged behind in that area. I have a simple question, and I think this is a question which you may also have been grappling with that, is there any way that you could transition from just being an EPC company to a product company given that the sector tailwinds are so strong, supply shortages are there, if at all KEC has to make this change the time is now or never. How would you look at it? Because I know as an answer to a previous question, you have said that you would like to do only EPC. You would not want to be developer. But I would still provoke you to give your thoughts here to all of us to understand better. Because we believe that KEC is capable of doing much more than just EPC?
I see. Okay. Thank you very much.
KEC International Limited CC-Jun24.pdf · 2024-07-29
Yes. Mr. Kejriwal I think, you have done a very impressive job on working on the margins and cash flow given the overall constraints of the EPC business. And I think my question is similar to some of the other questions that the other participants had hinted that if you look at the entire transmission space, the higher margins or value additions are perhaps not in the EPC, but in associated areas whether visa products or whatever components or whatever else you can do and hence we have seen will companies doing so well while KEC has kind of lagged behind in that area. I have a simple question, and I think this is a question which you may also have been grappling with that, is there any way that you could transition from just being an EPC company to a product company given that the sector tailwinds are so strong, supply shortages are there, if at all KEC has to make this change the time is now or never. How would you look at it? Because I know as an answer to a previous question, you have said that you would like to do only EPC. You would not want to be developer. But I would still provoke you to give your thoughts here to all of us to understand better. Because we believe that KEC is capable of doing much more than just EPC?
I see. Okay. Thank you very much.

The Jammu & Kashmir Bank Limited

Radico Khaitan Limited