Stockrabit · Analysts
Questions across 20 calls

Jonas Bhutta

Birla Mutual Fund

Thermax Limited

Thermax Limited CC-Feb25.pdf · 2026-02-05
Two quick questions. Firstly, Ashish, if you can give us an update on how the prospect list of new orders sort of looks like? Has it improved or deteriorated in the last 3 -6 months? And if at all, there has been loss of market share that sort of answers some bit of the slowness in order inflows that we've seen on the domestic side or it's just deferral due to the geopolitical uncertainty that was prevailing at least up until December? That's the first question.
Understood. The second question was on the Chemicals segment, which sort of saw a significant contraction in its profitability. If you can quantify what is the recurring amount of fixed cost that has got added and sort of needs to be covered for going forward? And how much of it is operating deleverage? And it also sort of highlights the 4%, 5% segmental margins sort of highlight even serious weakness on the base business, the existing business, which you've earlier alluded to saying it is getting impacted by Chinese competition. So if you can unpack what's happening in the Chemicals segment? And how should we think through over the next 12 to 18 months as to how does this under -recovery of fixed cost due to the new capacity sort of go away or continues to remain. So that's -- those are the two questions.

Tega Industries Limited

Tega Industries Limited CC-Jun25.pdf · 2025-08-05
A couple of questions. Firstly, while quarterly aberrations are pretty understandable. But if you could just give a qualitative feel on the consumables side, which has seen a revenue decline on a year-on-year basis. How has the non-mill part of the business sort of performed versus the mill side, within that also is DynaPrime on track of growing 20% for the year? That's the first question. And I have follow-ups.
Yes. So effectively, the consumable side, the DynaPrime business should continue to grow at 15% to 20%, whereas the mill equipment -- the non-mill equipment...

ABB India Limited

ABB India Limited CC-Mar25.pdf · 2025-05-12
Hi, gentlemen. Congratulations on a great set of results considering the environment. Just a question on the stickiness of the electrification segment margins. When I look at it from a recent quarterly perspective or even from an annual perspective drawing on information from the annual report, just could you help us connect the dots in terms of while the last two quarters order inflows for this segment have sort of moderated and the base quarters are sitting with large project orders, that coupled with a higher or let's say , no deterioration or the foreign exchange used or the import content remaining more or less the same as a percentage of sales, the margins for the segments seem to be really sticky and probably even trending upwards. So, I would appreciate it if you can give us some strategic decisions that you have taken that has put electrification as a segment at these margin levels and what happens when growth resumes in order inflows? Directionally, do margins for these segments sort of trend even higher from these levels? That's the only question.
Got it. And if I can just squeeze in one quick one for Sridhar. So if you can help us, when we see this line item called foreign exchange used, which tantamounts to roughly 50% of sales at Rs. 60 billion odd, most of these imports can be attributed to which segments? If at all you have to put in some directional thing, not asking for exact numbers.
ABB India Limited CC-Jun24.pdf · 2024-08-09
Congratulations on a great set of numbers and not just this quarter, probably now 4 quarters running. My first question was somewhat similar to what the previous participant checked and I'll try to sort of approach it from a different angle. So if you can s ort of talk about on which products particularly are seeing such a superior pricing power? And I would appreciate if you can give a slightly more nuanced understanding to the extent possible on the sales mix. Because if I were to sort of rationalize all the reasons mentioned in the press release for higher profits, something does not seem to add up because your service and export revenues as a percentage of sales is the same as last year. So they have grown at the same pace at the consol entity has grown. Second, your scale efficiencies or operating leverage is not visible because employee cost and other expenses growth in both these line items are higher than your sales growth this quarter. So that effectively leaves us with largely pricing power as commodity costs have largely remained flat in this period. And the nuance that I'm sort of looking at is because, sir, on the Process Automation side, the presentation mentions that given that energy as a percentage of sales within that segment was higher, and hence, we've been able to reflect this kind of margins. Our understanding was on the energy side, there's another MNC that sort of was a market leader. So have you sort of gained market share? Have you localized? So some more nuanced would really be appreciated across at least EL, MO and Process Automation, longest question, but I would appreciate your answer on this.
Got it. Sir, my second question was on the share of IE3 and IE4 motors in our CY '23 sales and in our first half. So what percent of our Motor sales largely comes from these two product lines given that we are further expanding our offerings here, even a rough cut ballpark number would help? And that's my final question.

RHI MAGNESITA INDIA LIMITED

RHI MAGNESITA INDIA LIMITED CC-Dec24.pdf · 2025-02-12
Firstly, congratulations on a decent show in a very challenging time. Couple of questions. I joined the call late-- maybe 1 or 2 of them may be repetitive…
So, I joined the call a bit late and 1 or 2 questions may be repetitive. But what I heard was that the pricing pressure that we are facing due to the spike in alumina prices in the earlier part of the year, we are finding it difficult to sort of pass it on to the customer. Just wanted to understand because historically, the industry had a fair bit of pricing power -- and from your comments, it seems to suggest that, that has gone down. Do you believe that this is more a structural phenomenon given that there's been a fair bit of local capacity addition that has come through and the Chinese imports are here to stay. So structurally, the pricing power for the industry has sort of reduced.

Cummins India Limited

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2025-02-07
Congratulations on a great set of numbers. Two questions, Shveta. Firstly, on the domestic growth, what we see, particularly in the high horsepower, there seems to be a delta of roughly INR300 crores to INR400 crores versus the normal run rate of INR450 crores, INR500 crores, which is roughly INR900 crores this quarter. Is it fair to say the large part of this delta is driven by the data center order execution?
Understood. And does the current order book on the data center projects give you enough visibility to sustain these kind of delivery levels at least for the next 3 to 4 quarters?
Cummins India Limited CC-Dec24.pdf · 2025-02-07
Congratulations on a great set of numbers. Two questions, Shveta. Firstly, on the domestic growth, what we see, particularly in the high horsepower, there seems to be a delta of roughly INR300 crores to INR400 crores versus the normal run rate of INR450 crores, INR500 crores, which is roughly INR900 crores this quarter. Is it fair to say the large part of this delta is driven by the data center order execution?
Understood. And does the current order book on the data center projects give you enough visibility to sustain these kind of delivery levels at least for the next 3 to 4 quarters?
Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2024-11-08
Congratulations on a great set of numbers. And Shveta congratulations on the new role. A couple of questions from my side. Firstly, if you can talk about volume growth in the PowerGen side. While we understand this quarter sort of benefited from a lot of restocking of CPCB IV+ engines at the dealer end. For the year, as a whole, do you expect volumes in the power gen to grow? Given that what we see as revenues is a function of price and volume and prices are up 25%, 30% for this year. So how should we think through volume growth, particularly in PowerGen, with the backdrop that last year, FY '24, saw 40% growth in megawatt terms, in the power -- on the generator sales side, which is what is reported in the annual report. So that's the first question.
Just a follow-up on this, Ajay. So just to close this out, is it fair to say that on a normalized basis, this year, we'll still see a 2x GDP volume growth? Pricing will obviously yield at a higher ultimate revenue number. But are you on track to do a 2x GDP volume growth this year? Is that what is the market is supporting?
Cummins India Limited CC-Sep24.pdf · 2024-11-08
Congratulations on a great set of numbers. And Shveta congratulations on the new role. A couple of questions from my side. Firstly, if you can talk about volume growth in the PowerGen side. While we understand this quarter sort of benefited from a lot of restocking of CPCB IV+ engines at the dealer end. For the year, as a whole, do you expect volumes in the power gen to grow? Given that what we see as revenues is a function of price and volume and prices are up 25%, 30% for this year. So how should we think through volume growth, particularly in PowerGen, with the backdrop that last year, FY '24, saw 40% growth in megawatt terms, in the power -- on the generator sales side, which is what is reported in the annual report. So that's the first question.
Just a follow-up on this, Ajay. So just to close this out, is it fair to say that on a normalized basis, this year, we'll still see a 2x GDP volume growth? Pricing will obviously yield at a higher ultimate revenue number. But are you on track to do a 2x GDP volume growth this year? Is that what is the market is supporting?
Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2024-05-30
Yes. Congratulations given on a great set of results. Two questions. So, Ashwath, just trying to better understand the implications of CPCB -IV+ on our both gross margins and EBITDA margins. And given that now this accounts for almost 33% of our Power Gen sales versus maybe, what, 25% for 9 months. Is it fair to sort of at least assume that the delta change that we've seen in gross margins Q4 over Q3, which is sequential and it is roughly about 100 basis points, a large part of that is attributable to the increased contributio n of CPCB -IV+, that's first on the gross margins?
And by when do you think that we'll probably end up getting a greater picture?
Cummins India Limited CC-Mar24.pdf · 2024-05-30
Yes. Congratulations given on a great set of results. Two questions. So, Ashwath, just trying to better understand the implications of CPCB -IV+ on our both gross margins and EBITDA margins. And given that now this accounts for almost 33% of our Power Gen sales versus maybe, what, 25% for 9 months. Is it fair to sort of at least assume that the delta change that we've seen in gross margins Q4 over Q3, which is sequential and it is roughly about 100 basis points, a large part of that is attributable to the increased contributio n of CPCB -IV+, that's first on the gross margins?
And by when do you think that we'll probably end up getting a greater picture?
Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2023-11-08
Two questions, firstly given that it’s been more than a quarter now that we are selling both CPCB-IV and CPCB-II engines. What are the sort of early indications that we are seeing in terms of the absorbable price increase, because I remember that you told us prior to the launch anywhere close to 20% upwards would be the pricing impact. But in reality, what is that on the ground in terms of the price rise that we have been able to pass through without impacting demand?
So, in a full year so say starting June 24, if volumes remain as is where is in terms of the demand, is next year potentially then our powergen sales by the virtue of just the sales mix should be up at least 15% odd, just because that’s going to be the pricing impact. Is that a fair assessment?
Cummins India Limited CC-Sep23.pdf · 2023-11-08
Two questions, firstly given that it’s been more than a quarter now that we are selling both CPCB-IV and CPCB-II engines. What are the sort of early indications that we are seeing in terms of the absorbable price increase, because I remember that you told us prior to the launch anywhere close to 20% upwards would be the pricing impact. But in reality, what is that on the ground in terms of the price rise that we have been able to pass through without impacting demand?
So, in a full year so say starting June 24, if volumes remain as is where is in terms of the demand, is next year potentially then our powergen sales by the virtue of just the sales mix should be up at least 15% odd, just because that’s going to be the pricing impact. Is that a fair assessment?

CG Power and Industrial Solutions Limited

CG Power and Industrial Solutions Limited CC-Sep24.pdf · 2024-10-21
Two quick questions. Firstly, if you can update us on the status of the capacity expansions, when they go live for both motors, transformers, switchgears. And co -joined to that is basically what drove, Industrial segment order inflow in Q2? Was it motor heavy or railway heavy? And the last bit is on the strategy for the company and for exports, particularly motors and transformers. And also, I think you also had expansion plans for a strategy for Industrial drives, if you can cover all of this, helpful.

GE Vernova T&D India Limited

GE Vernova T&D India Limited CC-Jun24.pdf · 2024-07-31
Congratulations Sandeep and team on a phenomenal result. I'm just trying to sort of further dig deeper on the gross margin bit. It's been asked multiple times, but I'll just have another go at it. So if I derive any comfort -- on the gross margin, it's largely driven by the sales mix. And if I see we've had export sort of accounting more or les s for the same quantum of sales as it did around the same time last year, and in fact slightl y lower on a sequential basis. Is it fair to say then the entire gross margin expansion has largely come from a better pricing environment in the domestic side of the business?
Understood. And from a product mix, if at all, I can ask, is the level of demand-supply mismatch that we see in transformers, also in AIS and GIS. S o if -- so other way put, is this quarter sales mix reflective of a greater transformer sales versus a switchgear sales?

Hitachi Energy India Limited

Hitachi Energy India Limited CC-Jun24.pdf · 2024-07-25
Just two quick questions. Firstly, if you can update us, what percent of the Mumbai HVDC project is complete as of now, as of this quarter?
And as this quarter has seen an increase in the share of projects versus products in our order mix. If you can just remind us of what is the typical differential in gross margins between a product order and a project order. And as India or BCL sort of starts awarding the HVDC projects over the next one, two years, given that these will be project heavy, just wanted to understand from that angle, how gross margins would be there?

Bharat Heavy Electricals Limited

Kalpataru Projects International Limited

Kalpataru Projects International Limited CC-Mar24.pdf · 2024-05-09
Thank you for the opportunity and congratulations to the team for a phenomenal show, both on the financial and even on things such as capacity building, etce . So just one quick question. Clarity on the other expense line items are both on the consol and standalone has seen a major spike. On the consol, it's grown by almost 66% year over year versus a sales growth of 22%. Is there a reclassification from the gross margin or the cost of goods sold to other expense or there is some one-offs in that, if you can just clarify.

Larsen & Toubro Limited

Larsen & Toubro Limited CC-Mar24.pdf · 2024-05-08
Two questions which are largely, you know, more confirmatory in nature. So, sir, if we see our order inflows for fiscal '24 for the core P &M business, which is about 2.4 trillion, 50% split between domestic and export, sir, you know, which is like 1.2. So, against the 1.2 trillion international orders, you are saying that we will probably clock closer to 90,000 because, you know, the 1,80,000 number that you quoted includes the services bit, sir. The reason I ask this is then we are actually, the ask rate on the domestic side is almost a 40-50% jump in terms of order intake. So, that's a more confirmatory, the first question.
Sir, the view is well appreciated over a 2 to 5-year period. That current year will have just 9 months operational from the government side and the ask rate of Rs 150,000 plus crores worth of inflows for us means at a country level even higher. This looks like a tad bit too kind of an aggressive assumption. That was my two cents on that. Sir, the second confirmatory question was again on margins. When we started F '24, we knew our order pipeline, we knew where largely the orders are going to come from . Yet we started with a guidance of 9%. Within that we had also clarified that the claim settlement will not form a very large, but it's not a needle mover. You know, starting F '25 with an 8.25 margin guidance, again what seems to have changed? Because I can't wrap my head around. We already knew the kind of re newable pipeline that we had for bidding, the hydrocarbon pipeline that we knew for bidding and we may have one slightly higher than our expectation , but this 8.25 margin and then sort of even tempering expectations from a slightly longer -term perspective, from an FY’26 perspective is also a bit confounding to me, sir. I know I am beating around the same bush but would really appreciate what has changed.

Triveni Turbine Limited

Triveni Turbine Limited CC-Sep23.pdf · 2023-11-02
Nikhil, congratulations on a great set of numbers. Two questions, Sir. Firstly, can you talk about the API turbine-based market, your comments in the investor note do highlight that, that segment along with the industrial segment has sort of seen growth, but slight more understanding from a product positioning perspective , market share gains have you seen in the last 12 -18 months. And is that becoming a larger part of our enquiry pipeline, maybe from what it was about two years ago? Some perspective on that will be helpful. And then I'll come back for my second question.
So, just a follow-up here, Sir, what we've seen is some massive ordering by the Middle East ern oil majors, particularly on gas processing fields etc. So, would we be beneficiaries of anything that happens on the gas processing side? Or we are largely currently from a product positioning perspective like downstream, refinery-based?