Stockrabit · Analysts
Questions across 76 calls

Kapil Singh

Nomura

Ashok Leyland Limited

Ashok Leyland Limited CC-Jun26.pdf · 2026-05-28
Congratulations on a strong performance. My first question is on demand itself. Recently, we have seen fuel price hikes. So just wanted to check what are the demand signals you are observing? Has there been any change? And for FY '27 as a whole, is there any outlook you would like to give on the growth for MHCVs? Similarly, on export also, if you can share the outlook?
Okay. That's good to hear. Sir, second question was on margins. The gross margins have seen an improvement this quarter. You alluded to it. So if you could just elaborate how much was the price hike we took? And what was the commodity cost pressure that was felt during the quarter? And also the outlook for next quarter, like if you have taken any price hikes and how much commodity pressure should we expect in the coming 1Q FY '27.
Ashok Leyland Limited CC-Nov25.pdf · 2025-11-12
Good evening, sir and congratulations on a very good performance. My first question is just on your full year outlook for MHCVs and LCVs. What kind of growth are you expecting for the full year or second half if you can give a range that would be helpful ? And at the time of GST cut, there were certain concerns that input credit may not be available to fleet operators who were organized. So is there a change in demand pattern you are obs erving between retail and fleet if you could give some color over there as well?
Sure, sir. And what would be the average age of the truck that also if you could articulate? And then the second question was on the drivers for margin expansion from here on. If you could just talk about whether we should expect, will it be more gross margin led or operating leverage led? How to think about discounting? That would be the second question.

Amara Raja Energy & Mobility Limited

Amara Raja Energy & Mobility Limited CC-Jun26.pdf · 2026-05-26
Sir, my question was just on your margin expectations. Historically, we have mentioned 13% to 14% margins. In the current context, how do you look at the margins as we move along because there is inflation as well, which is there. So I'm not talking of short term, but just your more 2- to 3-year kind of outlook on margins. Related to that, I also wanted to understand when we look at slightly longer-term picture, more over the next 10 years, is there a case here that our lead acid facilities become underutilized as the EV penetration rises. And we are seeing that happening in India as well as globally also. So both for your facilities as well as for your network, if you have any thoughts on how to handle this transition?
Second question was on the BESS business. What is kind of you think core competence or key success factors that we should expect in this business because there are many players who have been announcing that they will get into BESS. So how should we sort of try to assess the competitive landscape? And how are you looking at it?

Samvardhana Motherson International Limited

Samvardhana Motherson International Limited CC-May26.pdf · 2026-05-20
Good evening, sir and c ongratulations on a very good performance. My question was on consumer electronics division. I think the next plant will open in Q3FY27. So just wanted to understand what is the utilization level currently and how the revenues will pace here? Also, when I look at the top customers, consumer electronics customers are not reflecting in that list. So, have we included those customers also or where are they?
Sure. Sir this top 20 customers includes all divisions or it includes only automotive?

TVS Motor Company Limited

TVS Motor Company Limited CC-May26.pdf · 2026-05-13
Good Evening Sir! Thanks for the opportunity and Congratulations on the strong performance. My first question is just on your growth outlook for domestic and international for FY '27. What kind of growth are you expecting? And any color in-between motorcycles, ICE scooters and EV scooters directionally, what do you expect there?
Thankyou so much for the detailed answer on the commodity side also, I just wanted to know how much is the commodity inflation that we are expecting in the first quarter and how much price hike we have taken and also for similar numbers for Q4 FY '26?

Bharat Forge Limited

Hero MotoCorp Limited

Hero MotoCorp Limited CC-May26.pdf · 2026-05-06
Good morning, sir. Thanks for the opportunity. Sir, j ust wanted to und erstand how you think will be the pacing of growth between the 2 halves of the year because last year, we had a very strong second half and a flattish first half. So in the second half of the year, are you expecting growth on this base? Just some color there will be helpful.
Sir, also I had a quick foll ow-up on the commodity cost. In Q4, how much commodity cost pressure did we face?
Hero MotoCorp Limited CC-Feb26.pdf · 2026-02-06
Mr. Chitale, best wishes for the ro le. My question is to you in terms of strategy going forward, how would you like to operate? What I'm trying to ask is, are you looking to gain market share across segments? Or are there specific segments where you will be much more focused? From a margin perspective, what are your views? Do you feel that margins should rise further from current levels or the zone in which we are operating are fine? So just some thoughts o n the strategy would be helpful?
Just your thoughts on the margins also, if you can add?
Hero MotoCorp Limited CC-Nov25.pdf · 2025-11-14
Congratulations on a good performance for the quarter. I just wanted to understand our growth expectations in terms of the segments, when we are looking at 10% growth in the second half or the period beyond that as well, the 100cc, 125cc , premium and scooters, where -- how would you rank the growth rates or range of growth rates for these segments? And any thoughts you have?
Okay. And sir, on the ABS cost impact, how much it is , by when are we expecting? And can it impact the industry growth in your view?

Bajaj Auto Limited

Bajaj Auto Limited CC-May26.pdf · 2026-05-06
Good evening. First of all, many congratulations to Mr. Sharma. We hope to see even better performance as you assume the new role. So best wishes, sir.
Sir, I just want to go back to the comments you mentioned about the price hike and related impact on demand. If you could just articulate it a bit, have you seen some impact of the price hike and in which segment? And this 7% to 9% growth is only for motorcycles. What do you expect for scooters in that case? And whether the price hikes are happening in exports and there also, we could see similar impact because exports have been on a tearing growth. So, is it the ma rket doing well? Or is it Bajaj Auto gaining share across the board?
Bajaj Auto Limited CC-Feb26.pdf · 2026-01-30
Hey, good evening and Congratulations on the strong performance. My first question is on the domestic market itself. You had last time mentioned 6% to 8% industry growth outlook in the medium term. Looking at the momentum post the GST cut and hopefully, some dust has settled now, what is your read of the market situation? Are you comfortable with that forecast? Do you think there is upside risk here? And you've always mentioned that premium segments will grow faster. Is that something that is visible in consumer behaviour? You're seeing customers upgrading? And also, sir, in terms of market share earlier, we used to have aspirations to increase it quite sharply. So just your thoughts, I mean, even if you can't share any numbers, but just your thoughts on how you want the market share to evolve over the next, let's say, 2 years?
Great, sir. On the exports, I just wanted an update on what is the growth outlook for remaining few months of this year and next year, what broad ranges you are thinking about? And which will be the key markets that will drive that growth? In particular, f or Mexico, if you can share some update because there is potential to gain market share over there as it will have a duty advantage?

Ather Energy Limited

Ather Energy Limited CC-May26.pdf · 2026-05-04
Yes, hi. Good evening, Tarun. Tarun, and congratulations on a very strong performance. Firstly, I wanted to talk about industry growth itself, any thoughts there, how should it shape up? And also for Ather, you seem to be operating in a supply constraint scen ario, I think you mentioned that as well. How much can you extract from the current facility and how should we expect the ramp-up of new facility?
So by when can we expect 42,000 per month from a capacity point of view that you can extract?
Ather Energy Limited CC-Feb26.pdf · 2026-02-02
Yes. Hi, Tarun. Congratulations to you and your team for a wonderful set of results. Firstly, on the cost side, I just want to understand as you look forward, where are the areas where you can reduce costs? Is it more coming from scale or is it coming from some value engineering or innovations that you are doing? And just in terms of contribution, which of these areas has more potential? Just some color on that. And you mentioned that you will exit this year on a stronger note. Is there – it seems a little surprising given the commodity inflation we are seeing. So, just som e color on that as well, please?
Yes, I think it did…

Eicher Motors Limited

Eicher Motors Limited CC-Feb26.pdf · 2026-02-10
Congratulations on a very strong performance. I just wanted your view on the industry growth, especially for the premium industry, how are you thinking for Q4 and next year? And do you expect growth in the more than 350cc portfolio also when you are looking at next year? Or do you need to take some actions there to come with lower engine CC options to drive growth in that segment? So just some thoughts there.
On the more than 350cc portfolio, any comments? 10, 2026

Maruti Suzuki India Limited

Exide Industries Limited

Exide Industries Limited CC-Nov25.pdf · 2025-11-17
My question is on the lithium-ion business. Just wanted to understand how are you approaching pricing of the cells? Will it be at import parity? Or will it be cost plus? And the second thing is, when you talked about margins being in line with lead acid business, we know there is a wide variation between aftermarket and OEM. So is it in line with the OEM margins or with the aftermarket? Or should we look at the average?
And sir, the other question was on lead acid. Can you just talk about what is your expectation of the replacement market growth? And we are seeing some more inflation in lead. So can we expect in the near -term because you've not done a price hike, there can be more margin pressures?