Stockrabit · Analysts
Questions across 32 calls

Latika Chopra

JP Morgan

Varun Beverages Limited

Varun Beverages Limited CC-Apr26.pdf · 2026-04-27
Two follow-up questions to your earlier comments. One was on availability of raw material, particularly PET. You have mentioned you have reduced sales of packing materials. So, I was just wondering, have you started to see any visible signs of challenge for the smaller unorganized players in the market? And the second bit was in your assessment with this kind of inflation, which is going to come up, not necessarily for you but for the industry, do y ou see potential scope for price increases ahead as the broader industry tries to offset the inflation impact?
Understood. And initially you had explained the difference of realization for India business at 1.5% decline from 4% in the prior quarter. This was on account of product mix and also lowering of discounts sequentially. Assuming status quo on other things, but is 1.5% more like what we should build for rest of the year, assuming the current levels of discounts are maintained, or because of seasonality this number could fluctuate?
Varun Beverages Limited CC-Feb26.pdf · 2026-02-03
The first question, just wanted to bring the focus back on realization for India business. And the purpose was in the last few months we did see upsizing of your Rs. 20 pack, from 250 mL to 400? Assuming this will continue going into the season, do you think this volume value gap will sustain or it could even worsen from here? And the second bit I wanted to understand, would you like to play the Rs. 10 price point more aggressively in the coming season?
Sure. No, my question was actually more on realization. So maybe the value growth continues to lag volume growth. And that is what I was trying to understand better. EBITDA margins, I take your point.
Varun Beverages Limited CC-Dec24.pdf · 2025-02-10
Hi. Thanks for the opportunity. My first question was on margin front. You know, clearly CY2024 was pretty good in terms of operating margins for you, both on standalone and consolidated basis. And there were a variety of factors which drove this. I wanted to check with you, what is the comfort that you have for sustaining the domestic India margins at the current levels and similarly for the international picku p to happen, given the backward integration investments that you're planning, any thoughts on that?
Sure. You know, I heard your comments to the earlier question on competition. But clearly, we have seen the new entrant kind of putting out a number of 10% market share in select states. Just wanted to check, are you sensing any geographic variances in terms of need for higher promotions etc. in any of the key states that you operate in?

Vishal Mega Mart Limited

Vishal Mega Mart Limited CC-Feb26.pdf · 2026-01-28
Hi. Thanks for the opportunity. GK has kind of very well noted, what Vishal is doing well to grab more market share. But I would appreciate it if you have any broader thoughts on how are you reading the consumer sentiment on the ground? Is it that you have to make all the more effort to drive consumers to come in and make purchases? There's a lot of talk around the GST benefits, but are you sensing that consumers are coming in and are willing to spend more? I heard you said, regionally, you have not seen any significant shifts in consumption, but any broader thoughts on overall retail spending, consumer sentiment would be appreciated.
That's very clear. And the second thing I wanted to check was these smaller format stores that you're piloting, and also some of the new states that you have ventured into, is there any meaningful difference in the product mix, revenue mix between the thre e core categories that you lay out? I am just trying to understand whether the gross margin profiles are materially different or it's easier to sell more standardized products in FMCG and general merchandise, versus apparel, which could be a lot more, have regional flavors.

LG Electronics India Limited

LG Electronics India Limited CC-Nov25.pdf · 2025-11-14
My first question is around revenue growth. There was definitely a lot of noise in the Q2 numbers. If you could share what was the GST -led impact. Also, would like to know what is your confidence in driving the business returning to this double-digit growth pace in the second half of the year? You have talked about initiatives on Essential range launched. There is also going to be rating changes for air conditioners starting January. A nd also, if you could accompany this with some color on on -ground demand and inventory levels across your key product segments.
Mr. Chitkara, I was just trying to gauge whether some of these GST challenges are now behind us and the confidence that we go back to those double -digit CAGRs that you have registered in the past. So, that was the intent to just check and in case it is possible for you to call out any of these one -off impacts in terms of quantifying. The second piece that broadly I was just trying to understand was when we look at your margin trends, you have delivered in the first half EBITDA margins of 10.8%. Clearly, it is industry-leading and good in the context of challenging environment. But this compares, again, a 13% margin that you have delivered in FY '25. Just trying to understand, given all the kind of investments that we are going to see over the coming quarters, coming months in terms of new category interventions, localization, export, B2B, how confident are you to or what is the feasible margin outlook range in your view over the medium term for the business? And that is all from my side.

Asian Paints Limited

Asian Paints Limited CC-Nov25.pdf · 2025-11-12
Hi. Thank you for the opportunity. Two questions from my side. The first one was on margins. You've always maintained an 18 to 20% margin band for yourself. Given the raw material environment is benign, competitive intensity remains stable, though stiff, nothing incremental, hopefully, and clearly there are a lot of cost interventions. From your end, are you comfortable to see visibility that you can land at the higher end of this margin band instead of the lower end, which has been the performance in last few quarters. And the second question was at an industry level. We have seen introduction of consumer financing for painting services. What are your thoughts on this? This is very nascent, but is it a meaningful driver of consumer demand? And is it something that you could explore, or the industry players could explore in the future? And the third bit, just a clarification on your previous answer. You know, this gap between volume and value, you know, I understand over the next six months you are still looking at 4 to 5%, but when you frame your plans for FY27 in terms of mix and all the initiatives that you've taken, and also the salience of B2B which seems to be increasing, do you sense that this gap will reduce or there is a conscious effort to do that. Thank you.

Britannia Industries Limited

Britannia Industries Limited CC-Nov25.pdf · 2025-11-07
Hi, Varun. Most of my questions are answered, but I have a few clarifications. First one was, adjusting for GST if the revenue growth stood at 6 % to 6.5%. This was a moderation from 9% in Q1. What led to this? Is it because of the category growth of moderating or was it due to the market share challenges that you alluded to?
All right. The second bit was you mentioned by mid-November, the GST impact will normalize. Does it mean that for the full December quarter, you will not see any negative impact, right? It will get flapped up in the second half of the quarter?
Britannia Industries Limited CC-Mar25.pdf · 2025-05-12
My first question was around the revenue growth outlook. You mentioned you would want to maintain both volume and value growth sustaining. Looking at price increases -- are going to amount to roughly 5%, 6%, the kind of price increases we saw in Q4 to play out. Just wanted to understand the volume growth you mentioned, was that a tonnage volume growth or in terms of number of packs sold , because some of the price increases could be in the form of grammage reduction. And as you look forward to FY '26, do you get a sense of arriving at a double -digit kind of trend for revenue growth? We clocked 9% in Q4
For FY '26, how do you anticipate? Is there a confidence?

Pidilite Industries Limited

Pidilite Industries Limited CC-Jun25.pdf · 2025-08-07
Sudhanshu and team, my first question was trying to get some more color from you on demand trends. If you could comment on your confidence in sustaining or improving this 10% volume growth, which is fairly healthy? And also, if you could talk about some flavor on the sub segments in the B2C business on adhesives, Araldite, waterproofing? You already talked about tile adhesives was very strong. But some of the other core categories, how are these placed versus the broader 10% volume growth Relations - investor.relations@pidilite.co.in CIN: L24100MH1969PLC014336 that you have delivered? And also, what kind of pricing growth you would anticipate playing out for the rest of the year?
That is encouraging to know. And any comments on the pricing growth? This quarter, we did see this turning positively. Do you think this can strengthen or firm up further? Or we should work with low single-digit pricing growth for the rest of the year?
Pidilite Industries Limited CC-Mar25.pdf · 2025-05-09
My first question was regarding some color on the borderline volume growth for some of your new forays or relatively new forays. One is tile adhesives, the other is wood finishes. And also, if you can give some flavor on how waterproofing volume trends have behaved versus 7%-8% volume growth that we have clocked for C&B for FY25. And if you could also share some color on how do you expect these growth rates to trend going forward?
Tile adhesives Roff, basically.
Pidilite Industries Limited CC-Dec24.pdf · 2025-01-23
Thank you for the opportunity. Just continuing on the comments from you on the demand side, it seems there is a bit of a caution in terms of the growth rate. And at the same time , you said there is demand which could come from the projects or the construction schedule that’s happening. Just trying to get an understanding about the conviction, confidence you have in sustaining this 7 -8% kind of consumer and bazaar volume growth. Do you see a material downside risk to this? Is that what this caution is about? If you could comment on that. Investor Relations - investor.relations@pidilite.co.in CIN: L24100MH1969PLC014336
All right, understood. That's clear. The second part was on your domestic subsidiaries. You have put in a lot of investments behind these businesses and just wondering, would it be possible to get a figure on what is the annualized run rate for some of the se subsidiaries or businesses today? Just to get a sense of what levels these have reached that is ICA Pidilite or any other material businesses that are scaling up well?

Hindustan Unilever Limited

Hindustan Unilever Limited CC-Jun25.pdf · 2025-07-31
Hi Team, Thank you for the opportunity. First of all, thank you, Rohit, for all the engagements and insights over the last two years. And Priya, welcome back to India. And wish you the best in the new role. I have two questions. First one is on Skin Care. This quarter, we saw a positive low-single digit growth after two quarters of muted growth. Clearly, your premium portfolios are doing better, but I wanted to get some flavor on, how the mass portfolio is doing. Is it still a negative? Is it still in the negative territory or has it started to turn flattish ? And with multiple interventions that you're in, what is the confidence in driving growth in skin care to move more towards the high-single digit range? The second piece within this segment of Beauty & Wellbeing is on margins. You know, this segment has seen margin decline. Just wanted to understand, is it just higher A&P spends or is there a channel mix impact as well as you've gained market shares on quick commerce and e-commerce?

Avenue Supermarts Limited

Avenue Supermarts Limited CC-Mar25.pdf · 2025-07-30
Hi, Neville, always fascinating to hear you. Quick questions after hearing what you mentioned. First one is in Quick Commerce. I just wanted to get your thoughts on how do you view the Quick Commerce acceptance in smaller towns? Is there a credible opportunity in these smaller cities, any on ground colour you have, given some of the QC players are now expanding into Tier 2, Tier 3 cities?
Okay I was just looking more from you talked about some impacts.

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-Dec24.pdf · 2025-02-12
Thanks, Sameer. So, my first question was around new city additions, you have added almost 60 cities over the last four quarters. And you have added this year in nine months almost 145 new Domino’s stores. I am just trying to understand how many more citi es potential you see to expand into? And how does that feed into your store addition ambition on an annualized basis over the next three, four years, considering you are moving more towards street focused kind of unit?
And Sameer, any sense, I do not know how you cut it, whether the salience of Top 20 city is in your revenue mix, how has that behaved over the last five years for you, has that materially changed, if you can share some color on that? And also, in terms of profitability metrics across cities, our new cities are not margin dilutive for you necessarily.

Devyani International Limited

Devyani International Limited CC-Dec24.pdf · 2025-02-11
I wanted to check with you on your thoughts around this quicker 10 -minute delivery platform, which was announced by the leading food aggregators. How do you view this? Is this something which is feasible for formats that you run? Do you see this as an opportunity or a threat from a snacking perspective?
Understood. The second bit was just trying to check if there has been any change in agreements or any kind of inflation you have seen with any of the aggregators.
Devyani International Limited CC-Sep24.pdf · 2024-11-11
My first question was on KFC. If you look at the SSSG trends and if you could share some qualitative flavor, when you compare it to the previous quarters, if you have to break it up in terms of transaction growth and average ticket size growth , how have these two elements behaved? Because you talked about giving more promotions , if you could g ive some qualitative color on , a re you seeing any improvement in transaction growth and are you seeing any underlying degradation in transaction size growth? Just to understand how this SSSG is panning out and also if you could add or elaborate a bit more on a comment that you made earlier around green shoots in some of your larger markets. Is that comment related to Q2 or are you talking about how you exited the quarter? That's the first question.
Just a follow up on this. This issue of external issues started in Q3 of last year. So, would it be right to assume that in a way some of this negative impact gets lapped out starting the December quarter?

Honasa Consumer Limited

Honasa Consumer Limited CC-Jun24.pdf · 2024-08-09
Hi. Thank you for the opportunity. Apologies if this is a repetitive question but I wanted to check, what is the salience of broadly Suncare for you in overall revenue pool? And I believe Q1 seasonally could have been higher, right? We dealt with a very hot summer.
Thank you. The second bit was on channel salience. I remember in FY '24 the offline revenue salience was roughly 35% and 65% was online. I just wanted to understand how is Quick Commerce as a channel evolving for you? Any colour or any flavour on what would be the salience of this channel in your overall revenue mix today? Thank you.

JSW Dulux Limited

JSW Dulux Limited CC-Jun24.pdf · 2024-08-02
So 2 questions. The first one was at a broader industry level, it will be useful if you could share some nuances for decorative paints from a geographical standpoint. We're kind of getting these inputs that southern part of the country is a little more slower than the rest. Just wanted to check with you, are you sensing any kind of variations in the growth trajectory across the key regions in the country. If anything, where you start to call out?
That's useful and good to know. The second question was on price increases. You pointed out 1.5% price hike in Q2. Just trying to understand it from the cost inflation trends that you see right now and basis what the inventory days that you work with on ra w material front, do you anticipate the need for more price increases in the coming months? .