Stockrabit · Analysts
Questions across 11 calls

Manoj Gori

Equirus Capital

Finolex Cables Limited

Finolex Cables Limited CC-Jun26.pdf · 2026-05-29
My first question. First, obviously, I would like to congratulate you on your new role. My first question is on the Communication Cable segment. Obviously, when we look at the quarter, this was the record quarterly performance on the revenue side. And even we saw some improvement on the margins, which would have been because of the scale benefit also. Now preform benefits are yet to kick in, and we have seen relatively better improvement on the margins. As you highlighted in your opening remarks that given the demand, especially from the West markets and some supply challenges, there is a huge scope for business into Communication Cable segment. For our purpose, how should we look at the growth from here on? And probably, where do you expect given the current prices, where should we expect that the margins probably by FY27 should settle for Communication Cable segment? That's my first question.
Sure, sure. Got it. So, my second question is on the JV. So, after a long period, we have taken a lot of efforts on the EHV side. And probably this is the first year where we have finally seen some numbers actually flowing in. Can you highlight like what are the steps that we have taken, how should we look at this business from a 2-year, 3-year view, where we can actually end up by FY28 or '29 in terms of revenue? Because PBT when we look at INR21 crores at INR458 crores of revenue, close to around 5%. So probably the things are looking relatively brighter year. So what's the overall thought process on this business?
Finolex Cables Limited CC-Jun25.pdf · 2025-08-14
Sir two questions. See, not being on quarter specific, but if we look at over last 4 - 5 years or even 6 years, we have seen some underperformance by Finolex Cables versus the industry. Now my question is whether this should be attributed to rising competition where we have been underperforming, especially in the wire segment. So, I'm doing a wire-to-wire comparison or probably when we look at, I think all the management related issues also started around 6 - 6.5 years back. And prior to that, we were growing in line or better than the industry. So, can you throw some light qualitatively like where are we missing on the growth front on such a longer time horizon that I have been referring to?
Got it, sir. Sir, but when I look at probably somewhere around FY '15 or probably FY '16 to FY '19 period, where our gross margins were significantly higher, even when we look at the EBITDA margin at company level on the stand-alone basis, we were doing reasonably well. But if we look at our gross margin from close to around 27% - 28% mark today, in FY '25, we ended close to around 19%, if I'm not wrong. Our EBITDA margins were high single digit, probably came down to below 10%. I'm not sure when was the last time we reported below 10% on an annual basis. So, when you say we are trying to protect our margins or profitability, so see, I think here probably numbers also even on the margin side, we are seeing some sluggishness. And plus, we are seeing top line or volumes which have been underperforming. Because when I look at some of the peers, including the market leaders or some players who have gradually increased their exposure into wires and have been growing at an exponential pace. There we have seen margin improvement as well as top line growth. So that's what I was referring to.

Voltas Limited

Voltas Limited CC-May26.pdf · 2026-05-14
So my question is on the margins. If we look at the reasons that we highlighted about commodity inflation and INR depreciation. But when I look at the company level, our gross margins have declined by only 85 basis points. But when I look at the segmental margins, there has been a bigger deterioration. When I look at the Unitary product margins, which are close to around 3.2% for FY26 versus 8.4% in FY25, probably how should we look at the margins during FY27 and '28, given that you have highlighted about a lot of measures undertaken for cost rationalizations and in fact, better utilization at both the facilities. If you can give some outlook on the margins and probably, how should we model margins for FY27 and '28. That's my first question, sir.
Sure, sir. One question on the current environment. If we look at it, we are already into mid - summer, how things have progressed during the month of April and May, also the outlook on the current season and probably how things are panning out at both secondary as well at primary level? And how should we look at FY27 as a year?

R R Kabel Limited

R R Kabel Limited CC-May26.pdf · 2026-04-30
Yes. Thanks for the opportunity. Sir, Just wanted to understand, we have definitely clocked strong revenue growth in difficult business environment. If you can throw some light like how the quarter planned out, especially on the exports business. Domestic, we were hearing that there was a lot of channel inventory correction, but if you look at the volume growth seem to be still in double digits during the quarter. So probably how the quarter planned out and how should we look at from a near-term point of view, especially from for 1Q, if you can highlight over there?
But should we expect probably high single digit to low double digit volume growth to continue in the coming quarters as well?
R R Kabel Limited CC-Nov25.pdf · 2025-11-03
Congratulations for good set of numbers. My question is, if I look at the performance over the last two quarter to three quarters, we have been probably doing well on the margin side. On wires and cables EBIT margins, we last year exited at close to around 7.4%. And currently, we seem to be on the upward trajectory. So, how should we look at the margin performance? Q -- H2 should be similar to Q2 levels or H1 levels and probably the volume growth that we have registered during the quarter two. That momentum continues even in October and probably that should be expected in second half, how confident we are on that based on the current visibility?
Glad to hear that. Sir, lastly, if you look at probably the inventories that you just highlighted, so is it just a near-term thing and probably should we expect the working capital going back to normal cash flows turning positive at the end of the year?
R R Kabel Limited CC-Dec24.pdf · 2025-01-29
Sir, since over the last one-one and a half years, we have been targeting to scale up our presence into weaker or probably into newer geographies. And we believe like this should have resulted into better than industry growth rate, especially in the wires. wires, we do understand that there have been underlying demand challenges. But ideally, we should have outperformed the industry and probably the geographical strength that we were looking to build, that's not visible in the numbers. So can you throw some light like where are we lagging probably, what's actually offsetting this growth? That's my first question, sir.
Sir, I will ask it a bit differently. So probably last one and a half years, can you throw some light like which are the new geographies that you have ventured into and how things are progressing over there?

Blue Star Limited

Blue Star Limited CC-Nov25.pdf · 2025-11-06
Yeah. Thanks for the opportunity, sir. Overall, when I look at the commentary throughout the call, somewhere definitely there has been caution. I just want to understand whether this is the near- term caution that we are seeing, because you also talked about the demand momentum getting disrupted. Or probably you believe that actually your outlook for FY27 also probably has been impacted, and probably now your view has changed a bit. If you can throw broad color on the overall, because if you look at today on the commentary, we have sounded more cautious on Commercial ACs as well as on Room Air-Conditioners. So just want to have a broad understanding about how we look at the things from near-term, that is, H2, and from FY27 point of view.
So sir, in this case on Room Air-Conditioners, so keeping aside FY26, obviously this is a year with a lot of uncertainty. But if I look at a two-year CAGR, let's say from FY25 to FY27, when we have been talking about 15% CAGR growth. This indicates in FY27 we should grow by close to around 30%, 35% for that 15%, 17% CAGR growth?

Havells India Limited

Havells India Limited CC-Sep25.pdf · 2025-10-17
Greetings for the festive season. Sir, my question is on the Lloyd front. So 2 parts into it. One, you said like inventories will get liquidated by 3Q. So probably when during November and December when channel will be building inventories for old star -rated ACs, so do we see pressure during Q3 on primary sales? And when we say like in the presentation , we have mentioned about the customer support schemes and offers that we have offered, which led to significant decline into contribution margins for Lloyd. So are this in form of customer support schemes or price cut that we have taken? Can you throw some light over there?
And this customer support schemes are likely to continue till?

KEI Industries Limited

KEI Industries Limited CC-Sep24.pdf · 2024-10-16
Thanks for the opportunity. Sir, a couple of questions. In the opening remarks, Anil ji highlighted like we used EHV capacity for HT. Can we throw some light because if you look at EHV margins would be relatively better versus HT.? So, what mad e us take this decision to actually make more HT than EHV? Was it lower demand for EHV or anything in specific?
Correct, sir. Sir, my second question would be on t he fundraising part. Sorry to follow up on that. If we look at the working capital requirement, probably, as you rightly highlighted, it would be close to around INR600 crores. Even if we adjust that, we should be doing cash flow from operations of close to around INR1,200 crores to INR1,300 crores during FY25 and FY26. And we are planning to raise somewhere around INR2,000 crores. Any other plans other than the greenfield and brownfield capacity additions that we are looking at currently?
KEI Industries Limited CC-Jun24.pdf · 2024-07-30
Thanks for the opportunity and sir congratulations on a good set of numbers. So my question here if you look at if we go back in FY'24 and then we see that we grew by roughly around 17% on top line front. So can you bifurcate like probably what was growth from government related orders or probably private orders and probably how you are expecting this to shape up in the coming years? Any qualitative answer over there that would be helpful?
Correct sir. Got it. So secondly if you the sectors that you just mentioned, anything you see in the coming years probably you're getting incrementa lly positive demand drivers from these sectors or probably in some of the sectors you are seeing some headwinds. Any read over there?