Stockrabit · Analysts
Questions across 2 calls

Madhav Marda

FIL Industries

Mankind Pharma Limited

Mankind Pharma Limited CC-Nov25.pdf · 2025-11-06
My question was on the domestic business. I think we are consistently growing ahead on volumes of the industry. Price growth, I think you just mentioned is a little bit lower. So it seems like the big difference is coming from new launches of Mankind versus the broader industry. Is that the right understanding? And if it is, then why are our new launches sort of trailing competition?
Yes, that's why I wanted to clarify that if our secondary growth is 6.3%, market is 7.2%, our volumes are growing faster than the indus try and price growth is slower. So implied basis, I'm just saying new launches are actually slower than the industry. So that's what I wanted to understand that most of the gap is explained by new launches, right? Like volumes are still beating the industry. So I mean that's the question.

Navin Fluorine International Limited

Navin Fluorine International Limited CC-Dec24.pdf · 2025-01-30
My first question was on the Specialty Chemical business, especially the agro CDMO business, which we do. Could you just give us some qualitative thoughts in terms of -- I think y ou did sound confident about a good ramp -up in FY '26 for the Spectrum business. So are we seeing the cycle kind of turning finally after almost 6, 7 quarters of weakness? That's my first question. Anish Ganatra Okay. Again, do you want me to take them 1 by 1 or you want to put your questions out.
So my second question was just on the R32. There has been obviously some pricing positive, which has been playing out in recent times, probably led by better prices from China. I just wanted to get a sense from your side in terms of calendar year '25, how do you all look at R32 pricing for us, domestic and export market? Anish Ganatra Okay. So on specialty, see again, with the ag chem sector, if you take a long-term fundamental view, that remains very , very constructive, okay? The demand for agri products is not going down. Additionally, if you look at some global statistics, there is a number out there which says that 40% of the produce actually gets lost to pests. So crop protection is quite signific ant and big. And thirdly, you must remember that agri also now plays a big role in energy transition for biofuels. So all these growth factors from a long -term point of view, there is solid sort of fundamentals remain, right. Now in the near term, we are going to see pricing pressure. There's no doubt about it. Like we said last time, we were early to recognize this. We played our sort of navigated that space, ensuring that our relationship with customers bring up the orders, give us the higher volumes and we work with them on newer molecules that we are bringing to the market in an accelerated fashion. Third thing, your point about R32 timing and China in pricing about calendar year '25. See, again, it's a factor of demand/supply, right? It's market conditions R32. We are very, very constructive about the market. And we believe that the pricing market should see upside from where we are now, difficult to quantify what that would look like. But certainly, the market remains very constructive for securing the upside.