Stockrabit · Analysts
Questions across 5 calls

Kamlesh Jain

Firm not listed in source transcripts

Jain Resource Recycling Limited

Jain Resource Recycling Limited CC-May26.pdf · 2026-05-18
So, Naman, the point is that here we always have hedging mechanism back-to-back work. And in the copper, there has not been a long-term contract. It's always contracts are like 30 to 60 days delivery. So, when we don't have long-term contracts, the formula in the previous years is generally varied from 0.25% to 0.5%. Maximum then on a three-months average, it is varied only by 0.25%. Formula don't move up and move down in the previous year, but this year copper was extraordinary rallied and the bullish trend in copper and the price went up to skyrocket from US $10,000 to $14,000. And because of that, a 40% increase in copper, the formula has impacted very big way. So in the quarter three, we had tailwind where we have got benefited from the elevated buying and driven by exceptional demand from China. This resulted in formula-led margin compressions. – But in the quarter four, there was a structural mismatch because whatever the sales formulas gone up in quarter three is gone down little bit and because of that there was a declining in the margin. So if you average both the quarters, it is getting normal. But because of the quarter three and quarter four there is a difference in formula pricing, and this is because of tailwind in quarter three, the quarter four margin was under the problem. There was also impact of geopolitical situation, which elevated the cost of oil, gas and chemical price compounded by war risk charges by shipping line. And Iran conflict has laid further fuel to the cost pressure, which was not budgeted, but it has passed on in the next quarter. So there was a sudden shock from the geopolitical situation. And there is also a -- sometimes there was a -- generally the -- when the LME goes up, the sale formula drop and that was -- and then we don't hedge the formula because of the like lead we have one year or six month long-term contract. The copper contract started, but we have changed the system now and we explained to our buyers. So in the future we will be working on a long-term hedging formula mechanism where the price of the formula which varies up and down won't affect our sale price. This is the correction we have done for the future. And we are sure that this volatility in the market when the copper like in every four-five years' time. One time the copper cycle boom. And because of that boom cycle the price go skyrocketing and it will impact the sale formula. So after the correction, the formula get dropped also. But in the forward guidance, I'm sure that this can be maintained and with constant and steady margin from the quarter, next years. This has been one-time impact and I'm sure it will not get repeated because of the tailwind goes up or down. Next question please.
Yes, it is because of the geopolitical war. There is a supply of the raw material has been constrained and a lot of containers got stuck in Dubai port. So we have a lot of material stuck in UAE port and we are not able to receive the material and that is why there was a problem in the raw material side so the volume has been little dropped. Which we have diverted now from the other ports, but the old material lying still stuck in the Middle East port and once the Hormuz Strait will open, then only those material come, but the future materials are getting diverted from other ports.
Jain Resource Recycling Limited CC-Feb26.pdf · 2026-02-11
Yes, so I will reply your questions. This time the working cycle has happened a little longe r because one was the New Year. So a lot of the collection got stopped because of China and the other countries. And there was almost even the European and all, they don't work for long in the New Year period. And second was the due to the -- we have taken a very huge tender and that has come, I mean, the huge quantity of copper has come together and in that, the inventory has pushed the -- our total working cycle requirements. So it has got delayed also. And one more reason is the compared to the lead last year, this time the copper is predominating and copper is the major part of the sale. Copper cycle is not as fast as lead cycle. The lead payment introduction comes faster than copper. Copper payment comes only when the material reaches to China and the other countries. So copper is now taking the lead, so that is why the working capital cycle in copper is larger than the lead. So there are some -- to consolidate to conclude is that there are three important reasons: one is the New Year holidays and the collection has got not received; second is the copper due to copper very volatile price, the collections are dropped also and got delayed because our buyers have to pay the margin call to their exchange, so they had little delay in that; and third is the lead, compared to the lead, copper collection takes little more time. But I'm sure that this collection will improve in the next quarter, you will see better days will come because I don't think any more cyclical or the price volatile movement is there. So it is got settled now. So you will see the better these collection days will drop now from 82 to might be, I think it will improve much more days. What was the second question, Rahul?
Hemant, would you like to reply this EBITDA per ton?

NMDC Limited

NMDC Limited CC-Jun24.pdf · 2024-08-16
Sir, one question on the part. Like, you have quantified all the liability how much could be the liability going forward, but just one fundamental question. We shifted from X royalty price to gross price since July 2023?
So I am saying that we had opted for the gross pricing including royalty and various other sales and levy, right from July 2023. So doesn't it make sense in this environment where the states are imposing their own duties and sales, doesn't it make sense that we should stick to that particular old regime because…

Action Construction Equipment Limited

Action Construction Equipment Limited CC-Jun24.pdf · 2024-08-01
First, one question on the part of, let's say, our proposed JV with Kato. So on that, regard, like I say, what addressable market you are looking at? Currently that they are operating in? So we are pioneers and the leaders in the cranes part. But what additional markets like we are looking and how much incremental revenues we can be targeting more next couple of years or 3,4 years?
And lastly, sir, on the -- so there is a lot of buzz about this automation in the warehousing, so a lot of, like say, self -operated cranes, all those equipments are gettin g a lot of traction in the warehousing. So are we looking to expand our footprint there as well?

JINDAL STEEL LIMITED

JINDAL STEEL LIMITED CC-Jun24.pdf · 2024-07-24
Sir, just one question on the part of the realizations. You have mentioned about the cost reduction. So how and what change we are expecting in the realization quarter-on-quarter?
Okay. And sir, on the part of our BOF-III and DRI-II? So let's say, is entire ordering being done? because no doubt, it has been delayed, but it is getting delayed like say quarter after quarter. And like say, last, in the November 2023, we had that revision than we, let's say, got back to the earlier schedule. So on this particular DRI -II and BOF -III, so like on that part, how much ordering has been done? Or what is the pending part there?