Questions across 16 calls

Nirransh Jain

BNP Paribas

Amber Enterprises India Limited

Amber Enterprises India Limited CC-May26.pdf · 2026-05-18

Hi sir. Good morning. Sir, my first question is on the noncontrolling interest. Just wanted to check, as per schedule it's written INR1,750 crore fund that we took in has been accounted in the balance sheet. So if you can help us understand that how much percentage stake diluti on is being considered already in this NCI? And based on the CCPS conversion, how much could there be further dilution upon the conversion?

Okay. Okay. And sir, secondly, just wanted a clarification on the capex side. So do we expect to receive any capital subsidy also for the next year? Or do we expect it to get it in FY '28 once we commission the Ascent plant?

Amber Enterprises India Limited CC-Feb26.pdf · 2026-02-10

Firstly, congratulations on a very good quarter. My question is related to the capex announcement. So in a recent exchange notification, we have mentioned that for this 100 acres land, we'll be doing the INR6,800 crores worth of investment for 2 manufacturing facilities. So now since we know the details on the Korea Circuit with a INR3,200 crores capex, may we know the details of the balance figure around INR3,600 crores. What are our plans for there? I mean, of course, this would be over a p eriod of 4, 5 years, but any broader sense on where this will go into? And secondly, I also want to check on Shogini, since we have got an ECMS approval. And the slide also mentioned about INR500 crores worth of investment outlay. So what's the time lines for this expansion there?

Sure, sir. Sir, and secondly, I also want to check on Power -One and Unitronics. So these are already very high-margin accretive businesses already operating at roughly 28% for Unitronics. So with your plans for further backward integration where we'll be integrating our PCB and PCB assembly solutions, do you think there is further scope of margin expansion into these businesses?

Amber Enterprises India Limited CC-Nov25.pdf · 2025-11-07

Sir, my first question is again on the Electronics segment margins. So if I look at the core PCB assembly business, like as you said that the margins are generally in the range of 5%, 5.5%. But if I exclude the Ascent Circuit s, our margins have been hovering at around 4%, 4.5% from the last 2, 3 quarters, which ideally should have moved up considering that we are now moving our portfolio more towards the industrial and automotive, etc. So what is contributing to this margin weakness, which ideally should have come up with this portfolio skewness? And how should we look at the margins going ahead on this? Yes, that's my first question?

Sure, sir. And sir, on the Ascent Circuit facility, so we have seen like a 2, 3 quarter delays now in the last presentation, we had pointed out that we were expecting commercial production to start by 4Q or 1Q FY '27. Now we are talking about 3Q. So any particular reason or it's like a 2, 3 quarter delays on this front?

Amber Enterprises India Limited CC-Jun25.pdf · 2025-07-30

Congratulations again. Sir, my first question is on the double -digit margin guidance for the Electronics division by next year. So is it fair to understand that this would primarily come from the uptick in the Ascent's new facility and the consolidation of the 2 acquired entities for whose benefit we might start seeing from third quarter this year itself? And also wanted to check on the Power -One margin guidance. So till FY '24 on the reported financials, the margins used to be in the range of 7% to 8%. So what is leading to the 17% to 18% guidance on the Power-One Micro Systems?

Sure, sir. And sir, lastly, on the funding plans. So out of INR4,200 crores capex plus another INR700 crores, INR800 crores outlay for the acquisitions. So how are we looking at the current funding plans, especially for the time gap before we start receiving the subsidies?

Amber Enterprises India Limited CC-Sep24.pdf · 2024-10-23

Congratulations on a great set of numbers. Sir, most of my questions have been answered, and I have just 1 follow -up on the debt part. So , what we have seen in the first half that the debt levels have increased a lot, maybe primarily because of an increase in the short -term borrowings of the latest investments that have been done in the Resojet as well as additional stake. But how do we expect the debt levels going ahead? I mean with the additional capex that is expected for the next 2 to 3 years. So , do we expect the debt levels to increase further from here?

Okay. INR700 crores to INR800 crores. So last year, it was around INR1,400 crores. So, is it right to assume that it would be around INR2,000 crores by the end of this year?

Amber Enterprises India Limited CC-Jun24.pdf · 2024-07-27

Congratulations as on a good set of numbers. Sir, my first question is on the debt level. So what we have seen is like our debt has increased over the last 2 to 3 years primarily because like most of the PLI-related capex had been front-ended. So now going ahead, considering that our capex guidance has also come down from the levels that were there in the last 2 to 3 years, what is our debt repayment plan? And how are we looking at it going ahead?

Sure, sir. Understood that. Sir, second question is on the durables division. So in FY '24, we saw that around 40% was the RAC contribution to the overall consol numbers. Now considering that the summer had been really strong, like how are we seeing this mix getting evolved? And in case like the RAC mix remains constant, can we expect a continued improvement in the margins for the durables division with a higher mix of the RAC?

Blue Star Limited

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

Hi, sir. Thank you for the opportunity and I apologize if this question is already covered. Firstly, I want to better understand how we are expecting the secondary demand to pick up during the weak winter season on the account of energy rating change. Given that the demand is already weak and post festive despite at least a 7%, 10% cut in the retail prices. So do we mean a pickup in the primary sales by brands as they liquidate their old inventory or the higher discounts to drive the secondary demand during this Christmas and New Year period?

Sure, sir. Very helpful. Secondly, I just want a clarification that when we say 65 days of sales approximately at the channel and branch, so is it possible to quantify this in terms of approximate volumes? I am asking this because when I say two months of sales, whether it is the two months during summer season or the average monthly sales for the entire year, so how do we look at it?

Kaynes Technology India Limited

Kaynes Technology India Limited CC-Nov25.pdf · 2025-11-05

Sir, one clarification. So the document said that we have fully utilized the INR850 crores QIP proceeds for the debt repayment. But sir, why is it not getting reflected in our debt reduction in the balance sheet and cash flow? And secondly, I wanted to check on the revenue guidance. Do we still hold at $1 billion revenue guidance by FY '28 and $2 billion by FY '30? And if you can give a rough breakup of this incremental $1 billion we expect over 2 years in FY '29 and '30?

Voltas Limited

Voltas Limited CC-Jun25.pdf · 2025-08-08

Sir, just wanted to check firstly on the -- you have mentioned that you have already started preparations for the upcoming energy star labeling. So if I'm not wrong, so the industry is expecting around 4% to 5% price hike on the input cost. So when you're saying preparations, so does it mean that you're looking at a cost engineering and would try to absorb this ki nd of cost or are you looking for some kind of price hike for this? So just wanted some emphasis on what kind of preparations you are referring to there?

Sure, sir. And sir, secondly, I wanted to check on Voltas Beko profitability. Any guidance there or any thoughts on how we are looking at achieving the profitability like both either at the EBITDA level or at the PAT level right now?

Havells India Limited

Havells India Limited CC-Dec24.pdf · 2025-01-17

Hi, sir. Thank you for the opportunity. Sir, first question on the ECD side. So just wanted to better understand like you mentioned that the contribution margin decline was because of the product mix shift towards the SDA. But isn't there a seasonality angle to it like with mo stly the third quarter having a higher mix towards the SDA versus like fans. So, what exactly led to this product mix shift in this quarter? That is my first question?

Sure, sir. And sir, secondly, on the Switchgear side, again, I'm sorry, coming back to the same question. I can understand this quarter specific reasons with plant relocation and product mix shift, but we are seeing consisten t margin decline for the last three quarters. I'm talking about the contribution margins Y-o-Y decline. So do we see this product mix shift towards project business is just a transient in nature and there is nothing structural with the shift happening more towards project versus the modular switches because of rising competition?

Havells India Limited CC-Sep24.pdf · 2024-10-17

Sir, my first question is again on the switchgear. I just wanted to better understand what led to the decline in the contribution margin around 130 bps decline that we saw in the switchgears on a Y-on-Y basis. Is this because of the Industrial Switchgear segment has a higher margin? Or is there anything else to it?

Right. And sir, I remember that in the previous calls, you have mentioned that the -- especially in the telecom OEMs, we can continue to expect to see some de -growth in this financial year. So has anything changed there? Because like as you said previously that we might expect double- digit growth in the second half for this segment.

Havells India Limited CC-Jun24.pdf · 2024-07-18

Sir, just wanted to understand on the Cables & Wires, I mean, we have been looking at a very strong demand, you announced another 25% capacity increase right after commissioning the new facility. So do we also expect any impact on the margins considering that we have a higher mix moving towards Cables in our portfolio? That's my first question. And secondly, I just wanted to check on the overall inventory levels across channels, especially for the summer-related products after a strong demand because we saw a very strong primary growth for Lloyd this quarter. But how is the inventory channel after the summer? And any price action taken by Lloyd, particularly in the last quarter? So if you can quantify the price hike that was taken? That's all from my side.

Dixon Technologies (India) Limited

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

Just some bookkeeping questions. Is it possible for you to share the revenue split of IT hardware as well for 2Q as well as volumes for the semi-automatic and fully automatic machines?

Okay, perfect. And sir lastly one question on the rising interest cost. So, I just wanted to better understand what is leading to this rise in the finance cost for this quarter. It has been rising in the first quarter as well. So, any thoughts on what exactly is leading to this?

Dixon Technologies (India) Limited CC-Jun24.pdf · 2024-07-30

Yes hi. Good evening, sir. Congrats on a good set of numbers. Sir, I just have one question about Nokia, on the mobile phone side. So as far as my understanding is we are currently -- Dixon is manufacturing feature phones for them, but recently HMD has also announced that they are looking to double their exports from India and like Dixon being the key partner of them. So, I was just wondering, do we have any export opportunity immediately from the Nokia front since you mentioned that currently, you have visibility only from Motorola but not from the other brands? I just wanted to check on that.

Okay. Sir, just a follow-up on that, how much of the volume of smartphones are we doing right now for Nokia?

Whirlpool of India Limited

Whirlpool of India Limited CC-Jun24.pdf · 2024-08-01

Ya. Hi Sir, Thank You for the opportunity and congratulations on good set of numbers. Sir, ﬁrstly wanted to check on the working capital. So, if I am not wrong we are a company that is already operating at close to nil working capital days, for over the years, but what we have seen in this result also like we are able to generate a very strong cash ﬂow because of continued improvement. So, I just wanted to check, do we have scope of further improvement in the working capital and directionally is there any target for how much working capital days can go to. And secondly, I have a question on the discounting part. So, we have seen consistent, like increase in the discounting over the past few years, but now considering that we have taken a signiﬁcant price correction, realigned a strategy in line with our competitors, so, can we expect some moderation in the part of the discounting. So, those were my two questions. Thank you.

Sure Sir, That’s Very Helpful. Thank You and all the best.

Polycab India Limited

Polycab India Limited CC-Jun24.pdf · 2024-07-19

Firstly, I just want to understand, what is leading to this high interest cost in Q1 ? And especially, I understand this might be on the back of higher channel financing, but my understanding is that we are already close to 20% to 25% of channel financing. So in that context, why do we see there's a sharp jump in the finance cost as compared to our top-line growth? And secondly, my question is more on the margin front. Again, I'm sorry if this has already been answered. But I just want to better understand the major reasons that have been highlighted for margin contraction is on the higher contribution from EPC busin ess as well as the decline in exports. But these two issues seems likely to be there at least in the near term for the next 2 quarters to 3 quarters. Your EPC business is likely to contribute roughly high single-digit versus what it used to be, 2% to 4%, in the last 2 years to 3 years as well as on the export side that, distribution model change has yet to stabilize. So , what is leading to our optimism on these margin expansion from here onwards versus what we saw in the first quarter? That's all. These were my questions.

Sure, sir. Thank you for the opportunity.