Stockrabit · Analysts
Questions across 13 calls

Nishit Jalan

Axis Capital

Tenneco Clean Air India Limited

Tenneco Clean Air India Limited CC-Jun26.pdf · 2026-06-03
Yeah, hi. Good evening, everyone. And congratulations on great set of numbers and thank you for taking the, taking my question. Two questions. Firstly, you had talked about exports being part of the order book in the previous quarter. So just wanted to understand on exports side, how should we look at in terms of new order wins and ramp -up, right? We had talked about scaling up exports quite substantially. Can you give us some visibility as to how it will pan out over the next two to three years? And secondly, you have talked about new plants and some new orders that you have received on bearings side on commercial vehicle side. So just wanted to understand on timeline of execution of those orders and commissioning of the new plants. Yeah, these will be two questions from my side.
Yeah, thanks for the detailed answer. Actually, what I also wanted to understand primarily was, yes, you are starting this plant and you've won these orders on both export and domestic. Just wanted to start to understand the timeline when these orders sta rt or when do these plants commission? And will export revenue ramp-up be more, will it happen in a smooth way over the next two to three years or some of the orders are back -ended so the commissioning will be late, right? So will this six go to eight, ten, twelve? Or will you see exports being slightly back-ended increase in terms of mix of our revenues?

UNO Minda Limited

UNO Minda Limited CC-May26.pdf · 2026-05-18
Most of my questions have been answered, just a couple of small points. One, you are doing well versus industry in most of the segments. So just wanted to understand where are we in terms of market share across our main segments, which is switches, lighting and alloy wheels, in particular, right? And what will be our capacity in 4-wheeler and 2 -wheeler alloy wheels after expansion? Will it be 10 million in 2 -wheeler? What will be this on the 4 -wheeler side? These are the 2 questions that I had.
Just one follow-up, sorry. You did talk about the pass-through of RM in certain cases, you have 3-month, 6-month contracts. So just wanted to understand, is this 3 months, 6 months dependent on commodities? Or is it dependent on segment as in 4-wheeler 6 months or 2-wheeler 3 months? And second question would be, you are growing much faster than the industry. So are you going deeper with a similar set of customers because you are very strong with few customers in 4 - wheeler and 2-wheeler? Or have you been able to get into some of the other customers also on 4-wheeler, 2 -wheeler, where we have not been historically very strong and our share of business is on the lower side. So any color on that in terms of which OEMs you are getting stronger or which OEMs we are still weak? Some color on that would be helpful?

Cartrade Tech Limited

Cartrade Tech Limited CC-May26.pdf · 2026-05-07
Yes, Hi Vinay, hi Aneesha. Congrats on a very good set of numbers today. Just two questions from my side. On OLX, this initiative of Elite Buyer, Elite Seller has been is doing well and you've now introduced Super Dost. Just wanted to understand in OLX, can you share some breakdown in terms of revenues coming from advertisement and subscription. Subscription as in used car dealer taking a subscription, and advertisement. Versus from these new initiatives like Elite Buyer, Elite Seller or Super Dost where buyer and seller needs to pay . Because this could become a much bigger opportunity. And my second question is on remarketing. Just wanted to understand what would be the broad mix now on repossessed and retail segment and if you can throw some light on remarketing in terms of which segment is witnessing stronger growth compared to others . In terms of retail or repossessed or anything And if you can also add apart from take-rate. We do offer some value- added activities in remarketing. So what would be the share of revenues coming from that value- added activities and is it on the rising trend?
So thanks for answering Vinay, my thought process to understand on remarketing was like I asked from the OLX side, is the share of value-added revenue in remarketing going up. Because there is always a limit to how much take-rate can you take from consumers, right?
Cartrade Tech Limited CC-Feb26.pdf · 2026-01-28
Congrats on good set of numbers. My question is, obviously, industry tailwinds are there. And now that you have studied CarDekho also, just wanted to understand on consumer side of the business, do you think a part of the growth is also driven by market sh are side of the things, right? How is it panning out ? And while operating leverage will be there in our business for sure, globally there are companies which makes 50% plus margins also. So will it be incorrect to assume that in the next 2-3 years, if the growth continues, you could also be a 50% plus kind of a margin business?
Basically, what I was saying was that if the growth rate continues over the next 2-3 years, these margins could expand from 40 -odd percent to 50% plus. Basically, what should we look at as the incremental EBITDA margin on the revenues? Because your incremental costs are lower in a way, right? So how should we look at especially the OLX and the consumer business because that's where the benefits will be much more substantial?
Cartrade Tech Limited CC-Mar25.pdf · 2025-05-07
Yes. Hi, Vinay. Congratulations on the good set of numbers.
Yes. So two questions. Firstly, I just wanted to get a sense on the remarketing business. You did mention that repossession sales have started to come back. Any numbers you can share out of the total growth in auction volume around 18%, what was the growth in repossession and retain segment? Because what I remember , see, what has been the kind of decline in repossessed vehicles that you have seen in the last three, four years? Because I remember that repossess ed vehicle volumes have been coming down consistently , while you have scaled up the retail volumes because of which your overall volumes have not suffer ed much. So if the recovery cycle plays out, just wanted to understand w hat kind of growth trajectory we can look in the repossessed vehicles in the next two, three years? So that's the reason why I am asking this question.

Ather Energy Limited

Ather Energy Limited CC-Feb26.pdf · 2026-02-02
Thank you for taking the question and congratulations on a good set of numbe rs. I have two, three questions actually. Firstly, on the volume and the market share side, I think we seem to be doing much better than probably what you would have also hoped a few months back. Just wanted to understand this distribution network we are expanding to 700 now . But how do you see that panning out in the next two, three years? Will distribution network be the biggest driver of our market expansion here on because still our penetration is fairly low and the gain is coming more from middle India and rest of the world where we are adding a distributor. How do you see the potential of distribution expansion in the next two, three years? Second is on product side. EL, if you can share more thoughts here as to when should we see this platform getting launched and what kind of products you would look at from this platform? And will the product be initially manufactured in Hosur before moving to Aurangabad? And thirdly, on commodity side, I just wanted to understand while we can see that aluminum, copper and all have gone up, anything on EV-related products that you would want to highlight as to what kind of price movements or inflation and all that we might see? And what is our response in terms of price hikes that we have taken from and what we plan to take to kind of offset those things? Thank you.
Thanks, Tarun. Just a couple of follow-ups. One, on – whilst the aluminum, copper, and all we can price, just anything on – it is related to EV components, battery, unlimited cost, or basically electronics or anything, there also you have started to see inflation, or is it mostly the hard metals where we are seeing inflation? And secondly, I asked around price hikes, how much we have already taken so far, or any plans for further price hikes?
Ather Energy Limited CC-Jun25.pdf · 2025-08-04
Congrats on a good set of numbers. Tarun, I have two questions. One, on the cost reduction side, we have seen gross profit per vehicle improving by about INR3,000-odd Q3, INR3,500. And this is despite that incentive came down by around INR5,000 in this quarter. So, I just wanted to understand how much of it is d riven by cell prices and how much of it is driven by vis a vis basically company-specific and industry-specific factors, number one. Number two, how do you see this going ahead? Are entire benefits from cell price reduction and all have come through, right, or more we will see coming ahead? So, some indications, some thoughts around how should we look at BOM costs going ahead. Second question, you did talk about 7 days of impact because of rare earth issues in this quarter. You mean 7 days of production impact and retail impact will be much lower because of inventory, because we are getting into the festive months also now, so probably your production run rate needs to pick up? So, will we be able to do that or not? And thirdly, you are unveiling this EL platform on 30th of August, right? When do we see products under EL platform are getting launched and which will be the key states or anything that you will be targeting this platform primarily, right, or will it be more pan-India across states or something? Thank you.
Thanks, Tarun. Just one clarification here. What I meant on EL was that, obviously, it will be a cost-effective product. So, will you look to launch more in middle India, North India and all or will you do it P an India, even in the Southern markets and all in terms of the strateg y because you may not want to cannibalize your high-priced products in Southern states. So, do you think that both these will coexist and you will launch it parallelly across all your states or all your dealers?

Endurance Technologies Limited

Tube Investments of India Limited

Tube Investments of India Limited CC-Dec24.pdf · 2025-02-04
Vellayan, my question is a top-down on the whole electric vehicle space that you are looking to enter. I think we started into this business in the last 2 years and have made reasonable progress in some segments. So just wanted to hear your thoughts in the last -- you would have made certain plans when you started this business. Do you think you are on track or there have been some disappointments on an overall basis? I am still wondering, trying to understand what is the right to win of Tube in this business, right? Because incumbents have now started even in the 2-wheelers, we have seen that happening now. In 3-wheelers also, I think Mahindra, Bajaj and all are doing fairly well. So just wanted to understand what is the right to win for Tube or why will through -- Tube succeed -- what will make Tube succeed in these segments? Yes, so some thoughts around this one.
Okay. Just one follow-up here. I think a few quarters back in the con call, you did highlight that right now, you are doing more of an assembly and over a period of time, the idea is to build R&D capabilities on the battery pack and some of the other components. So just wanted to understand where are we in that journey? How have we increased our R&D team? Any particular components where you think we have started to build in-house capabilities, especially on the BMS, battery pack? Any of these components where you are very close to getting them in- house?
Tube Investments of India Limited CC-Mar24.pdf · 2024-05-14
Yes. Sir, I just wanted to take one thing from you. Tube is getting into a lot of new businesses, right, and so also CG Power. So just wanted to understand. How are you deciding which company will enter into which business? So for example, the medical business or the optic lens business was in Tube, while the semiconductor business and all is part of CG Power . So any top-down thought process as to which entity will be part of which new businesses that you enter in future?
Okay, got it. And sir, I mean, a couple of quarters back, you talked about building capabilities on electric vehicle side. I think you did highlight that right now we are more like doing assembly and procuring components from outside . I just wanted to understand. Any progress that you have made on building capabilities? How big is the R&D team now? And in the next 1 to 2 years, which kind of components will you look to source in house -- or build in house rather than buying from outside?
Tube Investments of India Limited CC-Dec23.pdf · 2024-02-02
Thank you for the opportunity. My question was on EVs, we have launched with three wheeler and tractors; just wanted to understand and what kind of capabilities have we built in house in terms of R&D or in terms of designing critical EV components right let us say a BMS or a battery pack or a motor or a motor controller so just trying to figu re out what is the exact work and what kind of value proposition we are offering to customers , so from that perspective?
Thanks for answer. Just one followup here . If we fast forward three years , can you share some strategy as to what kind of R&D strength people you would be needing and what would be your focus areas because as you rightly said all components no comp any can design or manufactur e themselves so what is it that you would want to do differently or basically want to focus on a proprietary basis , so that our vehicle gives a much better performance compared to that of the peers or other models available in the market?

Exide Industries Limited

Exide Industries Limited CC-Mar24.pdf · 2024-05-24
Congratulations on good set of numbers. I have 2 questions on the lithium-ion battery business. So good to see that Hyundai MOU, any more such customers where you are working with or where you have started getting orders - big incumbent OEMs , in terms of whether orders or MOUs, because your plant will get commissioned towards the end of the year. So how should we look at a commissioning of that plant and what kind of orders you have already received? That is number one. Number two, since you mentioned yourself that supply chain for battery doesn't exist anywhere except China, what are the key areas where we are doing localization? And what would be the localization content that we could have in our battery plant?
My first question -- sorry, first a follow -up on this. So yes, you're right that industry needs to start first, and then we will see localization happening of other components. But when we start our plant or start manufacturing in the first year, it will largely be import -based? Is it fair to assume that? And import context will be fairly high?