Questions across 7 calls

Keyur Pandya

ICICI Prudential Life Insurance Company Limited

Dixon Technologies (India) Limited

Dixon Technologies (India) Limited CC-May26.pdf · 2026-05-12

Sir, on the mobile volume side, you mentioned demand, maybe pricing impactin g the demand. So when we speak to industry people, so their point of view is that basica lly there is a shortage below $200 kind of phones and their brands are also prioritizing premium phones because of the shortage. Now in that backdrop, what is giving us confidence of flat volumes? Are we getting higher wallet share? And thereby, we are securing our volumes or as you mentioned, there is no impact on demand even with the same wallet share, you are confident of flat volumes. Since this part of commentary versus the industry player was slightly different, so just wanted to get more clarity on it?

Yes, yes, clearly. And just one more clarification. So as you have highlighted earlier, the profitability is on the per unit basis. So optically on the percentage margin may look lower, but that is it, otherwise per unit absolute profit remains intact?

Dixon Technologies (India) Limited CC-Sep24.pdf · 2024-10-24

Just one question. So, on the mobile side our execution has been phenomenal and the kind of run rate th at you are talking about for FY 25 as well as 26 probably we woul d be pretty large probably 30% of the India's volume. So, even larger in terms of the outsourced market, in general, how the discussion is going around say or volumes beyond FY26 or even for FY26 and thereafter once the PLI is over, so for that period, wha t has been the discussion with the client just to understand the thoughts from the client which is being converted to you. And any ramp up in components, will there be a gap between the ramp up of components and say, end of PLI, just thoughts on revenue, on mobile segment beyond FY26. Thank you.

Polycab India Limited

Polycab India Limited CC-May26.pdf · 2026-05-06

The question is on the EBIT segment margin for the cables or overall EBITDA margin. Basically, it is within the guided range, but in the backdrop of, say, lower export mix or primary, secondary sales and stocking, where do you see it settling, say, in next 2, 3 quarters? How should we think of it? I think in last -- some of the interactions you have mentioned that channel stocking has happened. And since now copper prices are more or less where they are for last 3, 4 months, should we see some deceleration in stocking? So considering all this, how s hould we think of profitability as well as primary sales growth?

But in the near term, are you seeing any challenge to primary demand or secondary demand?

Polycab India Limited CC-Jan26.pdf · 2026-01-16

First question is on the profitability side. Just want to understand, so Q -on-Q, generally Q4 is bigger than Q3, saying that backdrop, should sequentially margin be better than Q3 since we will have better operating leverage?

Understood. And just one more follow -up on the profitability side. So generally, we have maintained profitability margin in a particular range of 12% to 14% for cables and wires. And just to reaffirm, our profitability is linked to percentage margins, righ t, and not some specific rupees per tonnage, something like that. So, copper inflation in general helps in maintaining those percentage margins.

Blue Star Limited

Blue Star Limited CC-Nov25.pdf · 2025-11-06

Thank you. Just one question that is on Electro-Mechanical segments, so Segment-I. Considering the slowdown in order intakes and order book, how should we think of growth for, say, the next three or four quarters? And any qualitative color on anything is changing or anything is decelerating as far as growth is concerned? And in that backdrop, how should we think of profitability as well? Not for this year, but say probably next four or five quarters. Thank you.

Yes, Segment-I.

Syrma SGS Technology Limited

Syrma SGS Technology Limited CC-Jul25.pdf · 2025-07-24

Just the first question is on the revenue growth for FY '27. I mean, with just less than Rs. 100 crores of CAPEX this year, how do you see growth in FY '27? I think in the past, you mentioned about 5x kinds of fixed asset turn, which, at current level, basically would suffice to feed your FY '26 growth. So, if you can just reconcile this or give outlook for '27 as well, that would be helpful. That is the first question.

So, with the current g ross block, which was there in FY '25 end and your past guidance of 5x kind of fixed asset turn, you can achieve FY '26 revenue. But then with less than Rs. 100 crores of CAPEX, how do you see growth for FY '27? You would have enough capacity to feed that growth.

PI Industries Limited

PI Industries Limited CC-Mar25.pdf · 2025-05-20

Thank you for the opportunity. Question on the CAPEX for FY25, we hav e spent around Rs. 800 crore on the organic CAPEX and guidance also remains similar number for FY26 and on the current gross block that suggests that over 2 years, the average expansion, the gross block would be upwards of 15% -17%, whereas our revenue growth is relatively lower. So anything has changed in terms of asset turn or eventually the asset turn has to catch up by higher revenues. So if you can just throw some light on this and the breakup of the CAPEX on domestic, exports and pharma or any colour on CAPEX? Thank you.

Sir, just one follow up, so sustainably what kind of asset turn at a company level or as a segment wise we should think of and break up of CAPEX in these 3 key subcategories? Thank you and all the best.