Stockrabit · Analysts
Questions across 22 calls

Jyoti Gupta

Nirmal Bang

Bharat Electronics Limited

Bharat Electronics Limited CC-Jan26.pdf · 2026-01-28
Good evening, sir. Thank you so much , and g reat set of numbers. On a similar line, I just wanted to know EBITDA margin improved sequentially. What is your outlook for margin stability through FY '26 and into FY '27? Are there any headwinds from input costs or manpower e xpenses that we should expect for FY '27? Also, can you elaborate on the key drivers behind this margin expansion? Was it product mix, cost efficiencies o r prices ? Damodar Bhattad : FY '26, as we told, we are maintaining the EBITDA margin of 27% for the current year. As far as the next financial is concerned, we will be giving our guidance when we meet next time. So, we will be giving the guidance for FY '26 - ' 27 later on. Presently, we maintain the EBITDA margin of 27% for the current financial year. BATA BA r FLFCABOAT / CS As r egards to composition, it has different product mixes there. That's how it plays to this slightly higher EBITDA margin in the up to December. But overall, for the current financial year, still we maintain the EBITDA margin of 27%. Yes.
S ir , one more question in terms of execution pay, which is seen in the defense electronics. Are there any delays in project deliveries due to supply chain constraints or approvals? And if so, how is BEL mitigating those? In case there is anything for future products that you see or anything currently which is there?
Bharat Electronics Limited CC-Dec24.pdf · 2025-01-30
So I will begin with a very basic question, sir. So this INR 25,000 crores, which we will log in for this year, execution will start in FY '26 or maybe starting from the end of this year. But we have a backlog of FY '25 from previous years, which I believe is somewhere around INR 7 0,00 0 - odd crores of this thing? Now the thing is, one, this current revenue, which is coming, is it coming -- should be coming from the older orders book and there will be a combination of margins. So the backlog of the margin -- of the order, is that the mar gin rate is coming from? And therefore, going forward, the new contracts that we are getting, our margin may decline, maybe slightly or maybe marginally or could be higher? Other thing is what is the bill - to - book ratio? So if I take a look -- if I look at this number, we have done almost like in 9 months, roughly around a revenue of -- good revenue numbers of around INR 14,000 crores, 9 months. So this is still around 30% of t he boo k that we have or it is higher? And do we expect that our execution pace will increase, and therefore, this 30% will go to 35%, 40% because I know you'll have a decent order book for the next 5 years. There's no doubt. My question is on the executio n part. Are we stepping it up? Second is, how are the margins being evaluated based on the past orders and the current orders? And going forward, how much would be new orders be contributing to our margins going forward? BHAMreucr / tON / cs
Then the other thing is I wanted to ask that while you're saying that you are on track in terms of timelines for the LCA Mk - 1 , but the LCA Mk - 1 s are already delayed by a year. However, your timelines are very well matching with the -- I don't know when the LCAs would come out. So -- which means your revenues are not impacted in any way in terms of the delivery for LCA, right ? So is that LCA Mk - 1 you're saying, so in LCA Mk - 2 also, you would have got orders. Have you got orders or likely to come for LCA Mk - 2 as well because that will give us a guidance LCA Mk - 1, I don't know how many because anyways the squadrons have reduced the num ber of -- what we understand? And we do not know what is the kind of numbers we would likely to deliver for LCA Mk - 2 , as well in terms of the number of jets?
Bharat Electronics Limited CC-Mar25.pdf ·
Great set of numbers. My question is, of course, you being defense PSUs, the lineup of orders will never be an issue for you and you will continue to have very large orders. But my first question is in terms of margins. We've seen a sudden jump by 4% on a year - on - year basis. Any specific reasons that we see this margin which has happened? And the second thing is that while I understand a lot of procurement orders will be finalized in the next 7 to 8 days, even if they were not there, without that, we -- co uld we manage similar margins going forward if there was no such emergency situation or any of that sort? And why was other expenses -- and so I mean there's a sharp decline in terms of raw material and other expenses in the fourth quarter on a Y - o - Y basis . Could you please explain that?
Okay. O ther thing is in terms of, as an integrator, you said -- so one is you said you will have for subsystems and then you're also looking at integrator -- becoming an integrator for some of the procurement platforms. Now my question is if you were on the -- th is is irrespective of whether the orders are there or not, but on a general basis on a base case scenario, if we are on subsystems and we move to an integrator, how does that really improve my margins?

Data Patterns (India) Limited

Data Patterns (India) Limited CC-Nov25.pdf · 2025-11-13
Congratulations on a good set of numbers. Two questions. One, what percentage of INR667 crores, which part of your receivables would be realized in H2? Could we see anywhere between like 80% of that of INR667 crores. And the other thing is, then do I increase my revenue guidance from INR850 crores, which I've taken to INR1,000 crores this y ear and margins would be sustained close to 40% or it will be slightly higher because I believe your upcoming contracts will have higher margins. And this INR180 crores is one -off and that we do not see any such low -value contracts in the next two quarters. Also, how low was the margins from this contract? Was it like sub -20% because you had a very good rollout in terms of your contracts that you've been actually executing in the last 3, 4 years that I see?
Collectibles, sir, you're not audible, sir. Can you be a bit loud?
Data Patterns (India) Limited CC-Jun25.pdf · 2025-08-08
My question was on a similar line in terms of BEL. Two things that I wanted to understand was, one, is there -- while you have different platforms where you're actually delivering, is there a course where the margins I had anticipated slightly higher, is that -- are we getting lesser margins from BEL compared to other platforms? Or is it like this quarter has been a little bit of a washout? Second is, you will be delivering the radars of the EW for HAL and that is -- it looks like high. But if the numbers for LCA Mark -1s increase for FY '26, which is likely to happen given the engines will be delivered on time, higher than what we expected, like we were expecting 5 LCAs, but I think we should look at something like a 7 to 8 LCAs this year. Will that not also help you improve your revenue as well as your profitability? Just your thoughts on that.
Okay. Sir, I would like to understand one more thing on jammer ports that you have worked on, where all is it being -- who have been -- I mean, which all platforms are there being used? And what's the kind of order that you received on that.
Data Patterns (India) Limited CC-Mar25.pdf · 2025-05-19
Good morning sir, great set of numbers. My first question is the net working capital days is still quite high in FY '24; from 421, looks like we're going to 468. When can we -- what kind of net working capital days should we be seeing going forward? So -- and the other thing is in terms of revenue when you say INR1,000 crores in FY '26, just from the repeat orders, it looks like you're anyways crossing your current actual revenue growth of 36%, going to 41%. So that looks quite robust. And the last question is, why did we in this year, FY '25, did some low-margin contracts, any particular reason for that?
You said that you would have something like INR1,000 crores just from the repeat orders because of the emergency procurements. That is to the extent of INR1,000 crores and you delivered it?
Data Patterns (India) Limited CC-Jun24.pdf · 2024-07-30
Good evening, sir, good set of numbers. Two questions, one is the emphasis of ELINT and the COMINT. What kind of market are we seeing in this COMINT and ELINT systems in electronic warfare? So, what kind of time do we expect in the next five years? Second is, on your slide six, I see that there's a certain trend which is given to us where usually the first quarter is weak, followed by improvements in the second and third quarter, and obviously fourth is the best. Do we expect the same kind of trend in FY25 as well?
Okay. Thank you. Well, actually, I had a few more questions on the ELINT and COMINT part only because I know these are very important and critical platforms that you've been developing and working on. To seek clarity call from you. That will be all on my side. Okay.
Data Patterns (India) Limited CC-Mar24.pdf · 2024-05-21
Good morning, sir, and thank you. Congratulations for a good set of numbers, something which I had anticipated. Two things that I would like to understand in terms of revenues. What is going to be the percentage in domestic and exports? What is going to be the contribution of exports coming from the revenue side? Ballpark maybe in the next two years? What do you anticipate? Second is, do you expect your inventory days to go down from 187 in FY25? Third is, there is a steep decline in your raw material cost. Could you give some flavor on what are the key reasons for this decline in r aw material cost?

Nuvoco Vistas Corporation Limited

Nuvoco Vistas Corporation Limited CC-Jul25.pdf · 2025-07-18
Thank you so much for the opportunity. A great set of numbers. I have only one question on the realization side. We have seen an improvement of almost like Rs. 295 a ton in cement realization on a Q-on-Q basis. Was there any realization of quarter 4 which is not absorbed in quarter 1, which is not absorbed and therefore spill over to quarter one? Because there was some erosion of prices in the center. I mean, is there a possibility to get a breakup in terms of cement realization? Is it because the sale of premium cement was higher or how was it? Because as per my understanding, we had Rs. 200 increase in realization. This is almost like Rs. 295, very decent increase in realization on a Q-on-Q basis.
Just a follow -up question on this, when you mentioned Orissa, as I understand FY '25, Orissa declined by 12% on a Y-o-Y basis. Q4 also, we've almost seen like an 18% decline because of this political shift in power, in governance. Do you think FY '26, Orissa will see some sort of stabilization because already the market is, all the products have been installed and everything went to litigation. And then you're saying premiumization into looking at Orissa as launching this Double Bull that you said. Do you think it will be possible or is it like it's too early to actually get into the market, which is in a declining phase right now?
Nuvoco Vistas Corporation Limited CC-Jun24.pdf · 2024-08-01
Just one question is that we have not had a great Q1, possibly Q2 will not be great either and the entire industry is expecting Q3 is going to be good, the prices will mirror the demand. What if that doesn’t happen? And the other thing is the huge government investment, which is likely to happen in Bihar and some extent in Northeast, when do you think that is going to materialize during which timeframe are we looking or expecting that to happen, maybe some v isibility on that?

Solar Industries India Limited

Solar Industries India Limited CC-Mar25.pdf · 2025-05-21
Great set of numbers. Two questions. One, of course, the emergency procurement orders, which is going to a lot of defense companies. And you said that you're also aware and possibly -- I mean, and the defense devices, which have been used in India-Pak war, I believe, would you be getting repeat orders for that? Other thing is please throw some light in terms of the time lines for the domestic procurement plans orders and the international because as I understand, international orders would have possibly a delivery time lines of 2 to 4 years. While if I look at the Pinaka ones, which is like 85% in 10 years and the rest in the next 15 years -- the remaining part of the year. If I had to just bifurcate the entire order between domestic and international, what kind of time line -- average time line do we see in domestic orders and international orders?
Yes, sir. And could you just throw some light on the -- as at date, what kind of order book we have? And what do you expect in FY '26?

SHREE CEMENT LIMITED

SHREE CEMENT LIMITED CC-Sep24.pdf · 2024-11-11
Well, the numbers are quiet satisfying, but I just wanted to know, have we lost market share by any chance because there is a sharp decline of almost 7% in the East market or anywhere or has been some change in the strategy in terms of volume sales?
Sir, my next question is how do you perceive the Company with second-half for your Company and what would be your guidance in terms of volumes? And is there any increase in prices which you have seen in your key markets and do you see substantial improvement in EBITDA per ton or are we going to be in the same range in the third and the fourth quarter as well?

Kajaria Ceramics Limited

Kajaria Ceramics Limited CC-Dec24.pdf · 2025-02-04
I'm lucky that my numbers are completely in line. Only thing is I know that Morbi has not gone in. They've been contemplating, but no such action has been taken so far. However...
So I'm saying that my numbers are in line. So obviously, the thought process is quite well aligned. My question is while Morbi had been contemplating the shutdown, but nothing -- no such action h as been taken. How has been the outlook in fourth quarter? How has been the situation so far? Because cement has picked up? And how does it -- and what about the first quarter of FY '26? Is there any pickup in demand? And the other thing is, is it that the tiles is suffering because while the real estate is growing at a robust growth because of ultra-luxury segment where basically the demand is more for Italian models and less of tiles , because the segment should have grown this second half, but it has not picked up. What could be the possible reasons from the export angle?
Kajaria Ceramics Limited CC-Jun24.pdf · 2024-07-23
I believe good set of numbers. What surprised me was the volume growth. I mean, as per my dipstick this quarter had not been great, yet an 8% growth. I believe 2nd Quarter would be a little dull because of the monsoon. So, do you think we will be somewhere around mid-teens in terms of volume growth? Second is, as per my understanding, the gas consumption of 75 mmscmd has not come down. Is there any change in this quarter where the gas consumption has come down? If not, then do we expect the production to be at same levels and therefore the third quarter and fourth quarter should see a pickup in demand?
This quarter? Quarter 2 you are saying 11%-12%?

JK Cement Limited

JK Cement Limited CC-Dec24.pdf · 2025-01-27
Two questions, I understand that north has been extremely doing very well and 4th Quarter also seems to be robust. Two things, one just that since the volume growth has been there yet the raw material cost has increased on a YOY basis while your power and fuel has declined substantially by 19%. Could you please explain why is it not commiserating with the raw material cost increase? The second thing is, has the plant that we acquired in Orissa stabilized completely and has it become breakeven now? So, which means any losses from the east plant in Orissa has no implications on the overall EBITDA. And plus, what is the implication apart from the market share for Sa ifco, how do you intend to increase the capacity? And in what stages would you actually increase the capacity for Saifco?
And the plant in the east Orissa the one we actually acquired.
JK Cement Limited CC-Jun24.pdf · 2024-07-20
Just a few clarifications. I saw that the volume decline was on a Q -on-Q basis was around 6%, and a price decline on a Q-on-Q basis was 3%, and the total expenses per ton basis was 2% and therefore there was a decline in the EBITDA per ton was only to the extent of 7%. Now, in the next quarter, since the cost that you just mentioned, your total expenses on a per ton basis is likely to increase by 6%, which will again be, and we will see some sort of a decline in price as well, by 3% . So, can I comfortably consider that EBITDA however not bad, based on the assumptions, we will see, if not a marginal decline of maybe 972 ? Would that be a fair assumption?
No, because if I consider on a per ton basis the branding expenses and maintenance, which is obviously, it is part of the operations and this is totally on the operational aspect and completely understandable. In fact, I would say, these numbers are quite commendable and even if on that basis, even if I take, I think last 3 , 4 quarters, the way I see , JK Cement has performed quite well. So, a bit of dip in the second quarter, given that this quarter is going to be a tough quarter, both in terms of again we will see a dip in volume by almost like on a Q-on-Q basis somewhere on 5%, again pricing a dip of 2% to 3% because your major portions in the North, unless South gives a certain amount of volatility , and then you have this entire maintenance and branding cost. And all if I consider all of them together, we should be fairly sitting at a very, very decent EBITDA per ton. One more question is the logistics cost that the reduction that we are having, which part of the regions are we really consolidating in the sense, where are we really seeing that improvement in terms of lead distances?
JK Cement Limited CC-Dec23.pdf · 2024-01-23
Good afternoon, sir. Thank you so much for the opportunity. Good set of numbers. I would like to understand, given the capacity breakup between grey and white Cement, can I assume that we did 1,200 EBITDA on grey cement and roughly around 2,400 EBITDA on white cement?
Okay. So basically, based on my calculation, I believe that is where the number should be close to. And second, on the expansion line. Effectively, my gross numbers are quite close to, but in terms of -- where do you see the volume growth going forward in terms of the entire overall India cement growth since every company is expanding the capacity, do you think the demand going forward will commensurate the existing and upcoming capacities?

Dalmia Bharat Limited

Dalmia Bharat Limited CC-Mar24.pdf · 2024-04-25
Good morning sir, So my channel check suggest that the prices have been dropped specifically in the South and East, and the drop has come from you and the peers. And of course, that is basically to maintain market share. And as you said, in a subtle way to maintain market share, the prices may not improve. So because the companies are increasing their capacity, they have to show a minimum utilization, 70%, which means will the prices continue to take that beating just to maintain market share? And second is, I see that the raw material costs for all, for the last 3, 4 quarters have not improved. It continues to be at the same level or higher. And if that is so the case, then your EBITDA per ton for the next 3 quarters are not going to improve. I just want to understand your point of view on that.
Dalmia Bharat Limited CC-Sep23.pdf · 2023-10-16
So, I had two questions. One was on market share and second on the Jaypee deal which you have already answered. But my question is can you give us numbers on region wise growth rates for Dalmia? I know we have lost market share in Bihar, what is the other state we have lost market share? Correct me if I am wrong. And YoY, we still growth YoY basis for the second quarter?
Okay you don't share but what are the two states that we have lost market share?