Stockrabit · Analysts
Questions across 10 calls

Kavish Parekh

B&K Securities

PVR INOX Limited

PVR INOX Limited CC-Feb26.pdf · 2026-02-05
Thanks for the opportunity. Congratulations on two great quarters consecutively. My first question pertains on the debt side , so second quarter of a solid show on the net debt front. I believe the company remains well placed to be net debt -free by the end of FY 2026, if not by Q1 FY 2027 max. But on the gross debt, do you plan to pare it gradually while holding on to cash? Or will there be accelerated payments on the gross debt front? That was my first question.
Understood. And secondly, given that content has been doing well for some t ime now and the near term also appears promising, do you find any low -hanging fruits to extract more juice for realizations like ATP and SPH? And secondly, do you find the need to have a loyalty program to sort of lock in users at times like these, when co nsumers are more likely to enroll for any loyalty-based offerings times when content is doing well?
PVR INOX Limited CC-Jun25.pdf · 2025-08-06
Congratulations on a good set of numbers. Firstly, on the margin front, fairly healthy show, 730- odd bps sequential margin improvement on the back of 150 bps occupancy expansion. You've already touched upon that part of it was aided by increasing share from Hollywood, part from cost control. Any cost levers tha t can further be exercised to sustain or rather derive these benefits in lull periods, which usually see sharp dips in margins? Any thoughts on that?
So increase in share from Hollywood as well as cost control aided us to deliver these margins. Any cost levers that can further be exercised to sustain or rather derive these benefits in lull periods, which usually see sharp dips in margins?
PVR INOX Limited CC-Mar25.pdf · 2025-05-12
My first question is on your expansion strategy. So over the past few quarters, you have laid out plans to expand via the asset -light models. However, no new screens were opened in 4Q. So were there any execution issues that seem to have emerged in this new model? And given the weak footfalls over a slightly longer period now, would it impact your ability to ensure that developers are wanting to work with us and incur capex on their books? That was my first question. I'll take the second question later.
No, no. I understand that fourth -- so as an end of 9 months and as an end of the financial year, we had opened 77-odd screen. In the fourth quarter, particularly no new screens came up. So I think that was on account of delays.
PVR INOX Limited CC-Dec24.pdf · 2025-02-06
Hi, team. Thanks for the opportunity. Firstly, I want to get a sense on synergies, the numbers that we had laid out at the time for our merger. Where are we now? From here on what levers do we have to improve the cost structure or margin trajectory? Especially, if occupancy stays where it is? And secondly, what is the update on our deleveraging plans, we had set out plans to generate proceeds of about three, 3.5 billion from sale of some of our properties. Where do thin gs stand as we speak? So, of course, debt reduction this quarter was commendable. But what from here on, considering the weak trends as we go into 4Q?
Understood. Thank you all for that detailed answer. So, just to follow up on our asset-light model, can we have some more color on how economics work in case of both the asset-light models? And if I can squeeze in one more question , any thoughts on price hikes in our F &B segment? So, I think the last hikes we took was in April ‘24. So, and this quarter, sequentially F&B revenues remained largely flat. So, what levels do we plan to exercise to ensure sustained growth in the F&B business?

Saregama India Limited

Saregama India Limited CC-Feb26.pdf · 2026-02-03
Hi, Vikram thanks for the opportunity and c ongratulations on a great set of numbers. Vikram, on the events segment, while I do understand that numbers here can be lumpy basis events calendar and all your initiatives seem to be on the right track, what kind of absolute revenues or say, growth can we expect here on a sustainable basis, say, some sense of numbers 2 years out? And secondly, what kind of margin upliftment do we expect at the consolidated level as the revenue contribution from the movie business goes down over the next 2 years?
So on the movies biz part, my question pertains to consolidated EBITDA margins. What kind of upliftment do you expect as the share of video, which is a low-margin business, goes down? Do you expect to revise your adjusted EBITDA margin guidance, say next year or maybe for F Y '28 going ahead?

Bharat Electronics Limited

Bharat Electronics Limited CC-Jan26.pdf · 2026-01-28
Hi, good evening. Thanks for the opportunity , and congratulations on a great set of numbers. My question is with respect to the QR S AM project. So, could you please break down the total project cost into key components and who will be the key suppliers for the same? For instance, missiles go to BDL. It would be great if you could quantify the same , and also mention w hat would be the order values for vehicles, launchers, et c etera . and how much of the content will be handled by BDL in - house?
But within that 70% could you quantify how much would be handled by BEL in - house?

Zee Entertainment Enterprises Limited

Zee Entertainment Enterprises Limited CC-Jan26.pdf · 2026-01-22
My first question pertains to the advertising side of the business. So, 9 months revenues are down about 12%. The year could very well end with the same kind of decline number. Now it has been 2, 3 quarters since you gave out details on key initiatives that you plan to pursue to sort of bring back some growth in this segment. So, do you think FY '27 could start seeing some benefits on account of this, coupled with a low base? And to add to that network shares for you are also remaining steady. So, what would be your growth targets and revised targets for the EBITDA margins for the next fiscal?
And anything on margins or even that is slightly early?
Zee Entertainment Enterprises Limited CC-Oct25.pdf · 2025-10-16
Hi, team. Thanks for the opportunity. My first question is on the advertising side of the business. So, at the start of the year, you aspired for 6% to 8% ad revenue growth, but 1H ad revenues are down about 14%. While you have highlighted over the past quarter, several initiatives to revise the segment, the impact, I believe, will take some time to fully reflect in the reported numbers? So, could you help us understand the revised outlook for ad revenues in the second half of FY '26 and how you are thinking about growth aspirations for FY '27 and what will be the key drivers here?
Got it. Secondly, on the cost side, there has been a notable increase in advertising and other expenses. We understand that this partly reflects new shows and channel launches, but we have also seen ZEE5 losses narrow sharply. So, this just makes the overall cost trajectory seem a bit elevated. So how do you think of margin trajectory over the coming quarters? Again, I think given that ad revenues have remained soft, the exit margin aspiration of 18% to 20% seems a bit aggressive?
Zee Entertainment Enterprises Limited CC-Jun25.pdf · 2025-07-22
My question pertains to ZEE5. So, revenue growth continues to be healthy, and you aim to achieve breakeven by the end of the year, while growing content threefold. So how do you plan to balance this? I understand you have mentioned that an omnichannel content creation strategy will help manage costs but wasn't this approach already being followed that is leveraging the same content across multiple platforms? And do you think relatively modest investments in content could impact ZEE5's medium to long-term revenue growth trajectory. That was my first question.
Understood. Second question is that we were expecting that reducing losses at ZEE5 would be a key contributor to overall margin expansion. However, with plans to invest in new initiatives. What kind of investments are being considered? Would these investments potentially extend the timeline for achieving the targeted 18% to 20% margin by end of the fiscal?