Stockrabit · Analysts
Questions across 51 calls

Navin Sahadeo

ICICI Securities

JK Cement Limited

JK Cement Limited · 2026-07-20
Yes, good evening sir.
Yes, so thank you for the opportunity. Sir, my first question was on your white segment. So if I look at more from an annual perspective, FY24-'25 were fairly muted for this segment. Last year there was a good 11% growth and in Q1, I observe a very healthy I think almost 28%-29% kind of a growth and that too it is coupled with reasonable realization increase as well of almost about 4% Q-on-Q. So I would just request what is driving first of all this kind of a volume growth and how is the pricing also the industry I mean company is able to pass it on. So is it fair to say that the competitive intensity which earlier was there has reduced? How should one look at this segment incrementally overall?
JK Cement Limited CC-Jan26.pdf · 2026-01-19
Hello. Good evening, sir and thank you for the opportunity. Sir, there are a couple of questions. So, first was that I think for nine months, our volume growth is already 18% - 19%. Should we look at it only from sales, incremental sales from new markets or new regions that we got? Or we got benefit or we could increase our market share in the existing markets as well? That was my question, first.
Okay. So, in North, you are saying our market share remained intact while we would have gained in Central, South and East, of course, was altogether a new market. Is that correct?
JK Cement Limited CC-Nov25.pdf · 2025-11-04
Good evening, sir. And thank you for the opportunity. A couple of questions. So, it is been a little over a month into the new reduced GST regime. So, I wanted to understand, if at a Company level we are seeing any premiumization trend. In the sense, like, share of premium products being higher versus what they were in the previous quarter ? Any such initial trend or it is business as usual?
Understood. Regards to Saifco, in one of the previous questions you said, you are looking at roughly 20,000 tons per month of sales from that particular asset. Is it possible to share how big is the market opportunity there in the sense that the addressable market there? How big is it? Is it 1 lakh tons per month or some numbers just to understand the address, let us say, the opportunity for us?

SHREE CEMENT LIMITED

SHREE CEMENT LIMITED CC-Feb26.pdf · 2026-02-06
Yeah, good evening sir. Am I audible?
Thank you sir. So my question was on this value versus volume strategy in the context of market share as well as industry superior profitability. Like past four quarters as you mentioned in your opening comments, since October '24, the strategy of value over volume was clearly I think rewarding us in terms of significantly higher EBITDA per ton or margins versus the peers. In this quarter it is a bit of a dampener and also of course the volumes are also like, some maybe if I may say some loss of market share as well?
SHREE CEMENT LIMITED CC-Mar25.pdf · 2025-05-14
Thank you for the opportunity. Sir, recently, there was an update about limestone mines being granted in Jaisalmer. I think just a few days back, there was an exchange notification to that effect. And in the past, I think we have had some mines being procured under auction in Gujarat as well. I believe this one, since you did not mention anything about auctions, I'm assuming it is under the old regime. So my question was, is it fair to assume that in the run-up to 80 million tons, one of those capacities is possible to come up either in Gujarat or in Jaisalmer or both?
Thank you. My last question, what is the net debt as of the end of March '24?

JSW Cement Limited

JSW Cement Limited CC-Feb26.pdf · 2026-02-05
Just a couple of clarifications. In your opening comments, the management said clinker utilization is almost 95%, 96%, if I heard that correct. And so is it only for the Indian market or the India-based clinker capacity that we are talking about becau se you also said that cement volumes without Nagaur can continue to grow in double -digit rather mid -teens, as you said. Just wanted to understand that?
Of course. So if it's already -- the domestic capacity is at 96%, are we banking on a significant increase in blending for the cement volumes to grow in double digits?

Ambuja Cements Limited

Ambuja Cements Limited CC-Feb26.pdf · 2026-01-30
So 2 questions. One is on your volumes. So in the quarter, you have reported about 17% growth. But if I were to just exclude Orient from it, which you have reported -- I mean, first of all, congratulations for the transparent kind of entity -wise reporting, which helps us really understand and even pose this question in the first place. So congratulations on that. My question was, if I exclude Orient, from the total volumes, then the volume growth comes to more like 6%. And even I'm assuming Penna would have ramped up. My question was that if the realization decline, as I see, is much less than peers. So is it that in Q3, we were focusing more on premiumization or on pricing or value versus volume and which is why we saw a slightly lesser growth in other regions, if I may think it that way? And how should one look at them incrementally going ahead about volumes ex o f South from a market share and growth point of view?
Sorry. My second question then was on the renewable energy. So 898 out of 1,112 is already commissioned, which is nearly 80%. But in your opening comments, you also said that you're not able to utilize it fully pending approval. So you're selling it in the market. So is it that this -- whatever you are selling in the market is -- how is that reported in the first place? And then what kind of savings -- by when can we expect and how much savings in the renewable space?
Ambuja Cements Limited CC-Nov25.pdf · 2025-11-03
Congratulations on a good set of numbers. Two questions. One is on debottlenecking. So, if my memory serves me right, under the previous management, we never really heard ACC Ambuja doing any sort of debottlenecking, while every other company would have th rived on this opportunity. Now in the presentation, you've given 13 locations, whereas I believe you have 45, 46 locations in total. So, just wanted to understand...
Sorry, I lost, again, and I'll just repeat the question. So, I'm saying that if my memory serves me right, historically or in the previous management, I mean to say, there was never a debottlenecking kind of a thing, which we heard from ACC and Ambuja. And now that we are hearing and congratulations for that. But my question is, it is at 13 locations. So, is it fair to say that this is all that we have identified or given that we have 45, 46 locations, there is more scope. And in the same breath, you said we are adding new kiln -- new clinker lines altogether. So, this is not per se like debottlenecking of clinker in that sense. We'll be adding new clinker, whereas adding more mills to get cement capacity. If you could just help us understand this overall debottlenecking, a bit of it?
Ambuja Cements Limited CC-Mar25.pdf · 2025-04-29
Great commentary indeed, very assuring. Two questions. One is that of the total promoter fund infusion, which was sum of INR20,000 crores, post the -- I think the Orient deal and of course Sanghi, the entire cash deployment is largely done. And also, I think a couple of months back in one of your maybe media interviews, you did mention that Ambuja will focus on more on organic expansions now. So from that perspective, having deployed the cash and the recent -- I mean, the interview, which I may be mentioning, in general, your view, can we say that the competitive intensity in the industry can be expected to get soften a little bit from here on and overall industry profitability could improve? Or you think that no, there is still room for more M&As and hence, it can be remain volatile?
Understood. My second question was then about the ramp-up of the acquired units of both Penna and Sanghi. And Sanghi, if I understand, it's still -- utilization is still under 60% in the peak quarter like March, having acquired -- I think it's almost the f ifth quarter for that entity. So if you can just throw some light as to how we can see the ramp -up for Sanghi going ahead? And of course, how is Penna doing so far in the ramp-up there?

ACC Limited

ACC Limited CC-Feb26.pdf · 2026-01-30
So 2 questions. One is on your volumes. So in the quarter, you have reported about 17% growth. But if I were to just exclude Orient from it, which you have reported -- I mean, first of all, congratulations for the transparent kind of entity -wise reporting, which helps us really understand and even pose this question in the first place. So congratulations on that. My question was, if I exclude Orient, from the total volumes, then the volume growth comes to more like 6%. And even I'm assuming Penna would have ramped up. My question was that if the realization decline, as I see, is much less than peers. So is it that in Q3, we were focusing more on premiumization or on pricing or value versus volume and which is why we saw a slightly lesser growth in other regions, if I may think it that way? And how should one look at them incrementally going ahead about volumes ex o f South from a market share and growth point of view?
Sorry. My second question then was on the renewable energy. So 898 out of 1,112 is already commissioned, which is nearly 80%. But in your opening comments, you also said that you're not able to utilize it fully pending approval. So you're selling it in the market. So is it that this -- whatever you are selling in the market is -- how is that reported in the first place? And then what kind of savings -- by when can we expect and how much savings in the renewable space?
ACC Limited CC-Mar25.pdf · 2025-04-29
Great commentary indeed, very assuring. Two questions. One is that of the total promoter fund infusion, which was sum of INR20,000 crores, post the -- I think the Orient deal and of course Sanghi, the entire cash deployment is largely done. And also, I think a couple of months back in one of your maybe media interviews, you did mention that Ambuja will focus on more on organic expansions now. So from that perspective, having deployed the cash and the recent -- I mean, the interview, which I may be mentioning, in general, your view, can we say that the competitive intensity in the industry can be expected to get soften a little bit from here on and overall industry profitability could improve? Or you think that no, there is still room for more M&As and hence, it can be remain volatile?
Understood. My second question was then about the ramp-up of the acquired units of both Penna and Sanghi. And Sanghi, if I understand, it's still -- utilization is still under 60% in the peak quarter like March, having acquired -- I think it's almost the f ifth quarter for that entity. So if you can just throw some light as to how we can see the ramp -up for Sanghi going ahead? And of course, how is Penna doing so far in the ramp-up there?

UltraTech Cement Limited

UltraTech Cement Limited CC-Feb26.pdf · 2026-01-24
Of course, congratulations on the robust volume growth that you have demonstrated. Two questions. One is your other operating income, just the difference between the net revenues and net sales that you report. Sequentially, it has got increased by almost about INR88 crores. And this was also the first wherein quarter in the incentives would have likely dropped on a pro rata basis in the sense, if earlier we got incentives at 28%, now we get at more like 18% on a base. I'm just comparing. So, is there anything one-off that we got in this particular revenue item?
Helpful. My second question was on India Cements. And of course, the company has done a remarkable performance there on the cost front. This quarter, in particular, the freight cost flipped, I would rather say, plunged significantly, almost 27% plus quarte r-on-quarter on a per ton basis. So, wanted to understand, is this the new normal because a higher brand transition has happened, so you can sell in a lower lead catchment area? Or this is anything one-off? That's my question.
UltraTech Cement Limited CC-Mar25.pdf · 2025-04-28
Sir, two quick questions. Sorry, I missed this. Kesoram volumes in Q4 was how much?
1.53 million tons. And just my second question sir was since we took charge of this asset from 1st of March, so brand transition will happen over time in the sense or there is a fair amount of brand transition already happened? I'm only asking to understand from a perspective that South as a region has seen, I think, a decent price improvement in April. So will it be fair to assume that Kesoram gets a higher delta of brand conversion and the price hike?

The India Cements Limited

The India Cements Limited CC-Feb26.pdf · 2026-01-24
Of course, congratulations on the robust volume growth that you have demonstrated. Two questions. One is your other operating income, just the difference between the net revenues and net sales that you report. Sequentially, it has got increased by almost about INR88 crores. And this was also the first wherein quarter in the incentives would have likely dropped on a pro rata basis in the sense, if earlier we got incentives at 28%, now we get at more like 18% on a base. I'm just comparing. So, is there anything one-off that we got in this particular revenue item?
Helpful. My second question was on India Cements. And of course, the company has done a remarkable performance there on the cost front. This quarter, in particular, the freight cost flipped, I would rather say, plunged significantly, almost 27% plus quarter-on-quarter on a per ton basis. So, wanted to understand, is this the new normal because a higher brand transition has happened, so you can sell in a lower lead catchment area? Or this is anything one-off? That's my question.

Nuvoco Vistas Corporation Limited

Nuvoco Vistas Corporation Limited CC-Jan26.pdf · 2026-01-16
Yes, great. Thank you. So, two questions one was on the industry -wide pricing, sir as you said you have taken some price hikes in January and you also mentioned that December as a month not just I mean it witnessed a double digit kind of a growth and I thi nk our channel checks are also indicating both North and East witnessed a very decent or may I say very bumper sort of a rebound volumes in the month of December. Typically, January volumes are at par to what they are in December, so my question was that if December as a month which witnessed such a sharp recovery could not give any prices rather prices continue to reel under pressure what gives the confidence that January would see some better pricing please?
Understood. Helpful. There can be a slightly long -term or a mid -term question this is in with respect to the CAPEX plans that you have mentioned. So, historically you always mentioned that whenever the net debt of the company comes to you know in the range of 3,500 to 4,000 you will pursue the next CAPEX which you are doing in the form of Vadraj. So, now since the last two quarters you have been mentioning a medium -term growth plans of Chittorgarh plant and greenfield optionality for Gulbarga . So, is there any thought process as to what levels of debt will the company then again net debt or the net debt to EBITDA will the company look to pursue these CAPEX?
Nuvoco Vistas Corporation Limited CC-Sep25.pdf · 2025-10-16
Good evening and congratulations on this set of numbers. Two questions. So, first question is on the net realization front. So, of course, post -GST rate cut, all the benefits were passed on to the consumers. My question was how should one look at the net realizations in Q3 in the sense that both the rate cut and as all mentioned the entire benefits passed on, but is there any benefit of premiumization that we can get because there has been a price drop or is there any like, I mean to say how should one look at the normalization of demand supply coming back and when can price increases resume? That's my first question.
Thank you. My second question then was about the expansion that you are pursuing or announced in the East region which is 4 million ton, but I also understand there is no clinker addition or debottlenecking which is planned which basically means that the entire premise rests on the increase in the blend ratio or the CC ratio as we call it. So, if you could just help us understand what is the current CC ratio in particular in East and how much then is the scope to increase it in the sense are there already companies which are offering that high a blend ratio in the region or we will be pioneers there also to sell the highest blended cement in the region to be able to use this 4 million ton expansion? Thank you.
Nuvoco Vistas Corporation Limited CC-Jul25.pdf · 2025-07-18
Thank you for the opportunity. So, two questions. First, just a continuation of the previous question. What is the total CAPEX now? Because you mentioned now, we are talking about the railway siding. So, 1,800 we paid for the asset and there is a cost to refurbish or get this asset up and running. And you also mentioned plans of railway siding coming through. So, if you could just break it down, the total CAPEX or total amount that the company plans to spend for Vadraj Cement, all three mills and the railway siding put together and related to the same question, what is the update on the thermal power unit we were to acquire or which is in the premises which belongs to JSW? Thanks.
Right. So, 1,600 and 200 is what you said. So, 1 ,800 and 1,800 basically total 3,600 is the way total CAPEX for the asset?
Nuvoco Vistas Corporation Limited CC-Mar25.pdf · 2025-05-02
Yes, good evening and thank you for the opportunity. Congratulations on a good set of numbers. A couple of queries, but let me start by congratulating the sales team first for the wonderful realization increase and also increasing the trade share from 71 % to 75%. So, indeed, a great job. My first question was in your opening comments, madam, you mentioned that the acquisition of Vadraj will be pursued without any further increase in net debt. So, if you could just help us understand or just t ake us through how do we really plan to do that , of course, net debt has come down to 3 ,640. But I think there is an upfront payment to be made of Rs. 1,800 crore to the NCLT or to the bankers itself. And then I think it was guided that Rs. 1,100 crore to Rs. 1,200 crore is what we will require over 2 years. So, I am assuming that 1200 crore, partly at least 500 crore will come this year and the balance next year. So, the upfront payment is almost Rs. 2,300 crore and plus maintenance CAPEX. So, just want to understand how do you see this without increasing the net debt?
Yes, sure. Just on this bit, when you say CCPS, and I am assuming you are talking about compulsory convertible preference shares, is it the promoters who will be looking to subscribe this? Are they putting in more money, or are we looking at an external investor or a combination of both? How should one look at it?

Grasim Industries Limited

Grasim Industries Limited CC-Apr25.pdf · 2025-05-23
My question first was in the paints segment related to premium segment and then the overall EBITDA losses. Now our understanding basically was that with the Mahad unit commissioning, the company will be able to offer a much larger bouquet or, in a sense, c ould emphasize more on the premium segment offering, so to say. And in that context, I also had an observation that amongst the large competitors, premium segment contributes over 50% of EBITDA. So, first of all, is that a fair understanding that premiumized, premium or those premium segment from Mahad plant will be the niche offering or the main offering, and hence, overall portfolio will tilt or focus on that? And then in the same context, if the profitability in that segment is high for peers, would it be fair to say that Birla Opus EBITDA losses would see a significant reduction as a part of this?
Yes.