Stockrabit · Analysts
Questions across 76 calls

Kapil Singh

Nomura

Ather Energy Limited

Ather Energy Limited CC-Nov25.pdf · 2025-11-11
Yes. Hi. Good morning, Tarun, and congratulations. I think great to see that market share is improving across the country. My first question is on the network expansion that you have been doing. How do you see the ASPs and the attached rates in the new regions that you are going to because that would be more in the interiors? And also, a lot of stores probably closer to 160 stores you have added in the last six months. So how much time does it take for those stores to mature? Because -- are you getting optimum volumes here or should we expect further gains on account of that as well?
Okay, great. And just on the new stores, I mean, I'd also wanted to check, like how much time does it take for the stores to mature? What are your observations on the dealer profitability in these new stores? Are you finding interest from new dealers in n ew locations to expand? Just some color on that?

FSN E-Commerce Ventures Limited

FSN E-Commerce Ventures Limited CC-Nov25.pdf · 2025-11-07
So, thanks for the opportunity and congratulations on a very good performance for the quarter. This quarter had a couple of disruptions or I would say, on account of GST, firstly, we saw there were certain changes. So, I would like you to just call out the impact across businesses that you see on account of the GST changes, if at all. Second is that the festive season came in a bit earlier. So just your thoughts if that had any significant impact on the performance for the quarter. And then secondly, just on the operating leverage for your beauty business, we see that fulfilment costs, marketing costs, etcetera, have been ballpark, I would say, in the same range, but not see much operating leverage. So how to think about the operatin g leverage in both the businesses going ahead?
Yes. No, I understand that. I mean my question was more also on the growth.
FSN E-Commerce Ventures Limited CC-Mar25.pdf · 2025-05-30
Hi Goodevening, Congratulations on a good performance for the quarter. My question is on the fashion business. Just wanted to understand whether you feel that looking at what's be en happening in the Beauty business on offline retail, do you think this is a business which requires a stronger presence in the offline given the category might require more touch and feel from the consumers, so just some thoughts around that? And secondly, are there any new categories, for example, things like wellness, et cetera, which could be relevant for...

Bajaj Auto Limited

Bajaj Auto Limited CC-Mar25.pdf · 2025-05-29
Good evening, sir. My first question is on KTM, just want to understand what is your vision on operating this business? Would it largely operate the way it was operating prior the issue that they face on account of market turmoil in the sense that the production will continue as it is? Or are there any guarantees for manpower to continue as it is? So that's one part. And the other part is from a capital requirement perspective, how soon do you think KTM will be in a position to service the debt that we have provided them? And is there a need for more capital in terms of working capital or capex requirements for the year till they come back?
Thanks, on that sir. And the second question is on the domestic market. You did allude to the fact that there was a bit of market share pressure, and you have taken some actions. If you could talk about the underlying market conditions, what has caused a bit of a slowdown that we are observing in the market that continues? And on the market share front, what is the number of new products that you are looking to launch in various segments in the coming year? And how do we see the ev olution of market share in the domestic market?

Maruti Suzuki India Limited

TVS Motor Company Limited

TVS Motor Company Limited CC-Oct25.pdf · 2025-10-28
Congratulations on a strong performance. On the GST 1 question I had on the electric vehicles. Now what that also does is reduces the gap sorry, increases the gap between ICE and EVs, right? So is there -- like what is your observation regarding EV demand after the GST cut or your thoughts if you have any?
Okay. And sir, on the EV side, can you let us know what is your EV revenue? And I just want to clarify that entire EV revenue is eligible and you are accruing PLI for that?

Amara Raja Energy & Mobility Limited

Amara Raja Energy & Mobility Limited CC-Aug25.pdf · 2025-08-18
Sir, I noticed that your 4-wheeler OEM growth is quite strong during the quarter. Could you give some color? Because the industry has not grown during the quarter. So have we gained some market share from new customers that we have added here?
Okay. And sir, just to refresh, like in terms of the unorganized market now, would you have an estimate like what percentage of the market is unorganized in the aftermarket in 4-wheeler and 2-wheeler?
Amara Raja Energy & Mobility Limited CC-Mar25.pdf · 2025-05-30
This is Kapil from Nomura. My first question is on the margins. You mentioned that the target is 14%. Could you give us some details in terms of how those margin levers will work? How much price hike you have taken? And are you facing any further cost pres sures in the coming quarters? Just some thoughts around it. Also, I think our tubular battery plant is about to start as well as the -- apart from the tubular battery plant, we have the lead recycling plant also starting, I think, in the next 3 months or so. So what will be the contrib ution -- positive contribution to margins from these?
Sir, on the pricing, can you also mention how much increase we have done?

Ashok Leyland Limited

Ashok Leyland Limited CC-Jun25.pdf · 2025-08-14
Yes, good evening, sir. Congratulations on a resilient performance and also the dealer satisfaction rankings. That's quite important. My question is on the demand, M HCV demand itself. You know, you've talked about a lot of positive variables we have seen, like the freight rates and operator profitability, but it's somehow not translated into demand and also replacement demand potential, which you have previously discussed. So, just what is your assessment of this situation? Like, what is holding back that replacement demand to come back? And what is your outlook for the full year demand for both domestic as well as international?
Any outlook, sir, for the full year for domestic?
Ashok Leyland Limited CC-Mar25.pdf · 2025-05-23
Yes. So I was just saying congratulations on a very strong performance once again for this quarter and the year. I wanted to understand, firstly, on the cost levers that you are looking at over the next 1 to 2 years, you've talked about some cost pressures, but we have as a company and as the industry done quite well in the face of a lot of cost pressures through the last 4 or 5 years. So you talked about realizations, but if you could talk about some other areas where there can be cost reduction or potential margin drivers over the next 2 to 3 years?
Sure, sir. Sir, the second question is on capex and investments. If you could let us know what is the target for FY '26? And in what areas will you be looking to invest? And on electric in particular, we have not seen, for the buses, the kind of orders that at one point we were hoping for. So just if you could talk about the landscape there because it seems like most of the ord ers are coming for diesel buses?

Hero MotoCorp Limited

Hero MotoCorp Limited CC-Jun25.pdf · 2025-08-07
My question is on VIDA. We've seen a sharp ramp -up in volumes this quarter. Is this mainly driven by VX2? And what percentage of sales are coming from VX2? Also, if you could talk about what is really working here? Is it the pricing or some features of the product? Is the product gaining share from ICE scooters, or is it the bike customers also who are coming in over here?
Sure. The second question was on ASPs. If I look at ASPs, excluding the spare parts revenues, on a quarter-on-quarter basis, it's not changed much. We had taken some price hikes for OBD II as well. So just trying to understand whether this is a mix impact or there have been some pricing changes also, which has resulted in this.

Bharat Forge Limited

Bharat Forge Limited CC-Aug25.pdf · 2025-08-06
Good evening, sir. Indeed, a tough quarter, but I would sa y a good performance considering the circumstances. Just wanted to ask you regarding the tariffs. Firstly, a more fundamental question. Who bears the tariffs? Is it distributed across the entire chain of customers, OEMs, and suppliers? Does Bharat Forge need to bear more? Just your perspective on this thing. Subodh Tandale: So, you are asking essentially how is the tariff compensated?
Yes. Subodh Tandale: Right now, irrespective of who pays the tariff, whether we pay the tariff or the customer pays the tariff, at the end of the day, it is compensated in price. And usually what happens is customers work with us to find such solutions because obviously these are extraordinary circumstances. And given the fact that we provide critical products, all customers are working with us to find suitable solutions because that is the need of the hour right now.

Eicher Motors Limited

Eicher Motors Limited CC-Jun25.pdf · 2025-07-31
Good evening Sir, Congratulations on the strong performance and the strategy of volumes seems to be working well. Just want to understand that since we changed this strategy last year, have you -- the new buyers who are coming, have you seen -- is there any change in profile? What is attracting them? Any color on maybe age profile or rural urban profile, that would be really helpful?
Sir, my question was more on Bullet where we have seen a large increase in volumes, almost 10,000 to 15,000 a month, right? So there, what are you noticing on the profile as these new customers are coming in?

Hyundai Motor India Limited

Hyundai Motor India Limited CC-Jun25.pdf · 2025-07-30
Yes. Hi, sir. Thanks for the opportunity. So, first question is on the demand condition itself. We have seen a weaker demand through the last few months. If you could just give some details of region-wise color, rural versus urban? Also, we have seen some improvement in mix of CNG as well as the feedback on CRETA EV seems to be good. So, electric vehicles, what kind of adoption and response you are seeing? And can we see these numbers ramp up going ahead?
Thanks for the detailed answers. Another question, was on material cost reduction. Could you give some color? What are the areas in which you are reducing this cost? What are the potential areas where you can reduce cost? And if, any potential number you've identified, like how much is possible to reduce over next, let's say 1 or 2 years?
Hyundai Motor India Limited CC-Mar25.pdf · 2025-05-16
Good evening, Sir. Congratulations on a strong per formance. My first question is on market share. We can see that quality of sales strategy is working quite well and your margins have been better than peers this quarter. But at the same tim e, there is some pressure on market share also that we see. So, how are you thinking about the bal ance of these? Are we going market share and margins and will there be any new nameplates th is year which can drive up your market share from where you are in quarter 4? And then on the exports also, recently we have seen some pickup. So, any more detailed color if you can shar e what has happened that has caused the growth rates to pick up there?
Yes, sir. Thank you so much. The second question i s on the capex plan. We have talked about INR7,000 crores. Could you give us a breakdown of w hat area this is going and is this higher than the average level that we will see over the ne xt few years because earlier we have talked about something like INR32,000 crores over 10 years. Linked to this we have also talked about some costs. So, if you could give us some indicatio n like will this drag down your margins this year or the EBIT margins or should we expect that you have other cost levers to offset that?