Stockrabit · Analysts
Questions across 16 calls

Parthiv Jhonsa

Anand Rathi

Hindalco Industries Limited

Hindalco Industries Limited CC-May26.pdf · 2026-05-22
My first question pertains to the copper business. Now considering Grasberg is not ramping up as expected, number one. Number two, your asset prices are up and your TC/RCs are -- because as you mentioned, you are 85% already contracted. So do you expect that this INR 900 crores of EBITDA on a quarterly basis is a new normal till the time global headwinds are not clear? Or should we expect this...
Absolutely. Yes, absolutely. That is the reason. INR 600 crores and INR 900 crores, there is a substantial gap between the two . And considering the global macros where copper is already sustaining over $13,300, $13,400 level, and also the crunch is expected to continue for some time now. Do you expect this to remain around say, INR 900 crores to INR1,000-odd crores on a quarterly basis?
Hindalco Industries Limited CC-Feb26.pdf · 2026-02-12
Just continuing on the debt question, considering yesterday's call on, at Novelis, you already have a net debt of about $6.2 billion. Considering you have some undrawn limit and which you will be drawing for working capital, and also, I ag ree that you just clarified that there will be a certain lag to push out the CAPEX amount going forward. However, just considering next, say, 6 months or 9 months, is it possible to quantify the net debt at Novelis? Can we assume that grow, going to about $8.5 billion odd number? Because yesterday on the call, you said that the leverage would actually go towards the higher end of the 4x, basically.
So, sir just mentioned that your consol net debt would be around, you will not try to surpass 2 on the medium term. But considering insurance would take about 18 to 24 months, which was pointed out again yesterday on the call, would it be fair to assume that that actually the threshold would surpass in '27 and say mid of '28, considering you will be surpassing $8 billion of net debt in Novelis?
Hindalco Industries Limited CC-Dec24.pdf · 2025-02-14
Thank you, sir, for the opportunity. Sir, my fi rst question pertains to the downstream aluminum business, it has been quite a flattish Q-on-Q. By when do you expect this number to start giving over $200 or $210 kind of dollar EBITDA number, any words on that, sir?
Okay. So my your second question pertains to alumina, it has come off quite a bit from the recent highs. Just wanted to understand your take on it, how do you expect it to go going forward?

Steel Authority of India Limited

Steel Authority of India Limited CC-May26.pdf · 2026-05-16
So my first question is pertaining to your debt levels. Now considering that you are in one of the best state of balance sheet after many, many years. And you just indicated that next year, rather in '27, your capex is INR15,000 crores, and eventually going to INR20,000 crores, INR22,000 crores over next couple of years. Considering your cash flows are at similar levels, would it mean that you'll be funding a lot of these capex? Apart from internal accrual, majority of the capex would come in through debt basically over the next couple of years?
Okay. But you're considering the cash flows sustain at the current level with the same kind of steel prices, right? If by any chance, the steel prices go down, maybe in the next couple of quarters or a couple of years down the line, then I think your balance sheet would have to -- you might have to borrow higher quantum, right, at the end of the day?
Steel Authority of India Limited CC-Nov25.pdf · 2025-10-30
Hi, good morning, sir. Thank you for the opportunity. So, my first question is pertaining to the sales offtake. We have seen a very good number in H1 and also in Q2 co nsidering the overall market. Is it possible to quantify what is your guidance for FY26 and '27 considering not a major capacity expansion from IISCO anything is expected in the next two to three years and only de - bottlenecking kind of a capacity expansion is expected, so can you give some guidance for Q3, FY26 and 27 as far as your sales volume is concerned?
So, that is actually quite helpful, sir. Sir, my se cond question is pertaining to your borrowings. We have seen the borrowings going down substantially in Q2, right? Do you expect this momentum to continue at least for the next two to three quarters before the IISCO CAPEX kicks in or do you expect this to increase by the end of '26 and '27?
Steel Authority of India Limited CC-Mar25.pdf · 2025-05-29
Just to take my point on capex. Actually, in starting, you said that you'll be doing about INR7,500 crores of capex, and thereafter, the capex would increase from '27 onwards when your facilities come on stream and you do more capex. Just wanted to get your view on the debt. How is debt going to play out over the next 2 to 3 years?
All right. And sir, in your opening remarks, you mentioned that because of some technical parameters, you were able to save close to about INR650 -odd crores, which directly had populated down to your bottom line. Just wanted to know that there are possibility to better this going forward or it will -- we can take this number as the standard number going forward.

Jindal Stainless Limited

Jindal Stainless Limited CC-May26.pdf · 2026-05-05
Congratulations on good numbers despite gas disruption. So my first question is pertaining to the guidance. I believe Sir just gave guidance of 2029. Is it possible to give some volume growth guidance as well as EBITDA guidance for '27, because that's like very immediate? And considering the current global headwinds, if you can just give a guidance?
Okay. So you are actually sticking to that INR18,000, INR20,000 range despite the overhang from the Middle Eastern crisis.

JSW Steel Limited

JSW Steel Limited CC-Dec25.pdf · 2026-01-23
Hi. Thank you for the opportunity. My first question is pertaining to the capex. You have marked almost Rs.1 lakh crore in the next 4 to 5 years coupled with this Rs.80,000 net debt. As mentioned earlier on the call, you expect the capex to be high in the first couple of years. Do you think that this will load your balance sheets despite receiving the money from BPSL?
We do agree that receiving BPSL would definitely help in the next couple of quarters. But then Dolvi is still down the line. And plus, we have taken up additional 5 million tonnes capex. And plus, you have just mentioned a couple of minutes back that in the first 2 years, the capex will be much higher. So, assuming it is about Rs.25,000-30,000 odd crores, which is basically net off against what you receive from BPSL in the immediate term. Do you think that this Rs.80,000 crores net debt can go to say Rs.1 lakh or is there any threshold on leverage what you expect?

JINDAL STEEL LIMITED

JINDAL STEEL LIMITED CC-Nov25.pdf · 2025-10-29
So, my first question is just continuing to the previous participant, wherein you just said that you are holding into your FY26 guidance. That basically works out to an average of about 2.5 million tonne kind of a number per quarter in sales offtake. If I read it correctly, I think over the last 2 or 3 quarters, you have, it’s a bit difficult that you’re not able to cross that 2 million tonne mark. How confident are you to cross that 2 million tonne mark per quarter in Q3 and Q4? I understand that Q4 is a good quarter but just wanted to understand your take on it.
But just wanted to get your confidence, because last 2 quarters, we have not been able to do it when a couple of our peers as well as if you see a domestic, the numbers are decent enough, right? The offtake numbers have been picking up over 8%. So just wan ted to get your understanding on that.
JINDAL STEEL LIMITED CC-Jun25.pdf · 2025-08-13
Yes. Hi. Thanks for the opportunity. My first question pertains to the net debt position. I believe this is the highest threshold level we have reached post 2021, right? And opening remarks sort of inform all of us that 1.5x is the threshold. So, it is fair to assume that this is the peak, and from here on going forward over next two to four quarters, we should see some debt reduction happening? Once the facility comes up on stream.
Thanks, Vishal. Very helpful. My next question is pertaining to the value-added side of the business, right? I believe that 72% is one of the highest in the industry. Usually, the industry is around 60% - 65%. Number one, how confident are you to ramp up from here, say 72% going forward? And just a very technical question, like, what do you perceive as a value-added product? Is it after a certain conversion what is termed as a value-added or how do you perceive certain product to be a value-added? What quantifies or qualifies it as a value added?
JINDAL STEEL LIMITED CC-Dec24.pdf · 2025-01-30
Congratulations, sir, for the new role. Sir, my question pertains to the debt. I believe this quarter, the debt has actually gone up significantly compared to last quarter. What will be your expected exit run rate for the current year as far as the debt is concerned?
Okay. So my second question pertains to the coal mine. So what is the quantum of coal what you have done this quarter? And are we still on track for the Utkal B1, which was in, I th ink, expected in quarter 4 to come on stream, right? So are we still on track?

Lloyds Metals And Energy Limited

Lloyds Metals And Energy Limited CC-Jun25.pdf · 2025-08-13
Sir, my first question pertains to the entire cost optimization. Considering our per ton EBITDA has been better compared to the hike in ASP or realization, is it fair to assume that we have started getting some benefit from Thriveni already and this will continue going forward? Further, you have mentioned on one of the slides, if I'm not mistaken, Slide 19, that once 85- kilometer completely wraps up the slurry pipeline, you would have about INR 500 to INR 600 per ton kind of a cost saving and captive logistics would be about INR100 to INR150 per ton. So is it fair to assume that this about INR 2,200 EBITDA per ton can easily be close to about INR2,700, INR2,800 in next 2 quarters?
Yes, no. So just wanted to understand, does this INR2,200 EBITDA per ton include anything or does it -- has it started including anything from the Thriveni benefit or it will completely accrue in Q2?