Stockrabit · Analysts
Questions across 19 calls

Joseph George

IIFL

Craftsman Automation Limited

Craftsman Automation Limited CC-May26.pdf · 2026-05-08
I have two questions, sir. One is in relation to the powertrain segment margins. We saw a good spike this quarter. Is it attributable to scale benefits, and will it sustain? One. In relation to that, you mentioned that, you know, overheads, labor, etcetera, are going up. This question pertains to, you know, all the segments. How easy will it be to pass on all these overheads, you know, energy costs, maybe labor, etcetera, to the customers in the given context?
Understood, sir. Sir, the second aspect I wanted to discuss was on cash flows. When I look at your cash flow statement, in FY 2025 there was a negative working capital impact of about INR400 crores, and FY 2026 there's another INR600 crores. I want to understand how to think about this. Is it because of, you know, one-time reduction in payables which will reverse in coming years? Or is this the level at which the working capital days will, you know, stay from here on?
Craftsman Automation Limited CC-Jun24.pdf · 2024-07-25
I just have one question that is in relation to the German acquisition. So, you will be investing, say, approximately INR 120 Crore and if I look at the current revenue run rate of about EUR 25 Million, for next year it will add maybe 3% or 4% to your consolidated revenues. Now, when I think about it, for 3 % or 4% addition to revenue, you are going to a complete new geography. INR 120 Crore is not a big number , but completely new geography, new challenges etc . So, I wanted to understand what really is the grand plan behind all of this ? I am sure you are not making this acquisition for 3 % or 4% addition to revenue. So, is it that the EUR 25 Million revenue can go up 2x, 3x based on the current capacity that they have or is it that you can use that technology to maybe introduce new products in India for Indian customers or whether you can get orders from European or American customers for manufacturing these products at a lower cost in India with some color on all these things, please?
Craftsman Automation Limited CC-Dec23.pdf · 2024-01-29
So my question is in relation to the expectations that you have in terms of growth for FY '25. So for Powertrain, you said that the end industries are likely to be flattish in terms of volume. So should we be looking at a single-digit kind of a growth for yourself, including the benefit of the new orders, etcetera?
Understood, sir. And on Industrial & Engineering, you mentioned that Storage Solutions is unlikely to see much of a growth in FY '25 because of the industry situation. So that would mean that even on an overall basis, Industrial & Engineering wouldn't see much of a growth, I'm guessing.

Amara Raja Energy & Mobility Limited

Amara Raja Energy & Mobility Limited CC-Feb26.pdf · 2026-02-12
Just one question. When I look at this industry, it's a duopoly and when I look at pre -COVID, the blended margins of the 2 companies used to be about -- 15%. And now we have reached a stage where I think the industry margin is at about 11% or so. Given that's a duopoly, given that post the GST cut batteries as a consumer category have become more affordable, do you think the industry will display enough pricing power to get back to the old margin range?
Sure, sir. Just one question on the OE segment. So do you have automatic pass-through for lead price for OE contracts? Or is that subject to negotiations?

Tube Investments of India Limited

Tube Investments of India Limited CC-Feb26.pdf · 2026-02-04
Thank you, Inba. So I have two, three questions. One is on the railway business. In the last call, you had mentioned that the bu siness commencement has been pushed out from 4Q FY2026 to maybe early FY2027. Just want to check whether that is on track in terms of time.
Sure, thanks. The next question that I had was, typically, every quarter, you give out the volume growth in the engineering segment. So if you can just help us with that number, it will be great.
Tube Investments of India Limited CC-Nov25.pdf · 2025-11-05
Thank you. I have a couple of big -picker questions. One is, when t he government announced the GST cuts, the hope was that it will trigger consumption, boost the overall GDP growth. etc. So from your company's perspective, compared to the growth that you were expecting for your businesses, I mean you do not have to quote numbers, but compared to the growth that you were expecting for your businesses say three months back, and when you look at the situation today, again when you look at the growth forecast for each of your segments for say FY2026 or FY2027, are you seeing a significant upgrade compared to what you were seeing say three months back without quoting any numbers, but just to give you a get a feel.
The second question that I had was also in relation to GST. So, after the GST cut on ICE vehicles, the relative attractiveness of EVs from a total cost of ownership perspective or the initial acquisition cost perspective would have relatively reduced. So, are you seeing any impact on your EV sales because of ICE vehicles becoming cheaper?

Samvardhana Motherson International Limited

Samvardhana Motherson International Limited CC-Nov25.pdf · 2025-11-13
Thank you. I am trying to figure out the organic growth in the overall business. So when I look at the consolidated revenues, that's up about 8.5% year -on-year. But the re are two factors. One is Euro -INR moved from, I think, 94 to 104. That would have contributed maybe 3%, 4% to growth. And then you have the acquisition of Atsumitec, which is another maybe 3% or 4%. So question number one, on an organic basis, like -to-like currency without acquisitions, what is your estimate of year -on-year growth? And second, when I look at it in the context of 3% growth in production volumes of light vehicles and 8% growth in commercial vehicles, how do you see that? Is it that the regional mix or the customer mix has hurt you adversely? Some comments on all of this?
Understood. That's clear. Thank you.
Samvardhana Motherson International Limited CC-Sep24.pdf · 2024-11-12
Hi, thank you for the opportunity. Just one question. When you mentioned that the second -half of the year will be much better than the Q2, is that related to the typical seasonality in the business where we see a stronger second -half compared to Q 2, Q 2 is obviously marked by summer holidays, etc. or are you really seeing an improvement in the underlying business excluding the seasonality impact? And if so, what are the factors?
Got it. Thank you.

Balkrishna Industries Limited

Balkrishna Industries Limited CC-Jun25.pdf · 2025-07-28
I just have one question. You mentioned that the euro realization in the coming quarters would be closer to the existing market rate, whereas last quarter, it was INR93, INR94. So what I want to check is -- and you also mentioned that you are maintaining your margin guidance of 24%, 25%. Now this euro benefit that you're getting is a significant amount. So do you not expect that to flow down to the bottom line? Or do you think it will be competed away because there will be other players as well who are exporting from India, and they will also have similar advantages?
Fair enough. Thank you. That’s all I had.
Balkrishna Industries Limited CC-Mar25.pdf · 2025-05-24
Hi, thank you for the opportunity. I just have one question, which is on capex. So I just want to get the numbers right. So the INR3,500 crores is only in relation to the new projects. And that you mentioned will be front-ended with heavy spends in FY '26, '27 and maybe a smaller amount in '28 because for new projects, you'll have to do the Capex upfront. So is that right?
Okay. And sir, what is the guidance for the capex on the OHT side? You did not give us specific numbers, but should we think of similar numbers as we have seen in FY '25 continuing in '26, '27, '28 broadly?

CEAT Limited

CEAT Limited CC-Jun25.pdf · 2025-07-18
I have 2 questions. One is when I look at your interest expense, it's about INR80 crores in the quarter, translating to an annualized INR320 crores. And when I look at that in the context of your debt number, which is about INR1,800 crores, the rate of interest seems very high. So if you can just clarify what all is included in that INR80 crores interest expense. That is one. And second is the share of profits from associates and JVs, which used to have a run rate of about INR50 crores per quarter has dropped to a loss of INR15 crores this quarter. So if you can just clarify on that as well.
So what is the split of actual interest on the debt versus the amount on security deposits, etcetera? Because when we calculate the rate of interest, it turns out to be a fairly high number.
CEAT Limited CC-Dec24.pdf · 2025-01-16
I have two questions, one is in relation to price hikes, so what I wanted to understand was of all the price hikes that have taken in the third quarter, how much is reflected in the third quarter results and how much would be the flow through into 4Q, so for example, if you hi ke price at the end of the quarter, the entire flow through will happen 4Q, if you can just quantify that?
So, would like 100 bps or something flow into 4Q based on the prices that you have already taken?

Ashok Leyland Limited

Ashok Leyland Limited CC-Jun24.pdf · 2024-07-26
I have a couple of follow-up questions. One is on the industry, you mentioned that we saw about 10% kind of growth at the TIV level. That obviously was on a low base because last year, we had the negative impact of the pre-buy. So, I wanted to just get a clarification. I thought you also mentioned that you expect the MHCV industry to be flat or see a small growth this year. Is that right?
And the second follow-up that I had was in response to the question on pricing discipline, you mentioned that you are not looking to gain market share with pricing. But could you also talk about the behavior of your peers ? Because I understand that last quarter, there was some disruption by one of the players by cutting list prices, etc. So, can you just give some color on the pricing discipline by peers?

Hero MotoCorp Limited

Escorts Kubota Limited

Motherson Sumi Wiring India Limited

Motherson Sumi Wiring India Limited CC-Dec23.pdf · 2024-01-31
Thank you and congratulations on a great quarter. So, I have two questions. One on the two- wheeler industry. So, historically, you've had a much higher market share in passenger car wiring harnesses compared to two-wheeler wiring harnesses. You may correct me if I'm wrong. And as -- the understanding was that with the shift to BS 6, etcetera, there was a strong opportunity for you to increase the two-wheeler market share. So, give some colour on how that has panned out, whether the market share gains in two-wheelers has played out strongly over the last two-three years, and how it's trending.
Understood, sir. And the second question that I had was in relation to the factors that impact margins in the form of, say, inflation or JPY, INR exchange rate, etcetera. In the past presentation, you have mentioned a movement in, for example, copper being unfavorable, movement in JPY becoming unfavorable, being unfavorable, etcetera. So, what I wanted to understand was are these two factors, copper and JPY, a pass -through with majority of the customers, or is it not?