Stockrabit · Analysts
Questions across 43 calls

Percy Panthaki

IIFL Securities

DOMS Industries Limited

DOMS Industries Limited CC-May26.pdf · 2026-05-19
Just wanted to get a sense in the last such inflation that we saw, which was around the Ukraine war, I think, FY'23. If you can just tell us what was the total price increases over whatever 12 -, 15-month period that you had pushed through at that point of time compared to the 4% to 5% that we have taken now?
No, I get the broad approach, Rahul, but since you were there at that time, even if you don't know the exact number, some kind of ballpark idea you would have, what kind of price increases, including scheme rationalization, etc, at a net realization level, what was the increase that we have taken?

Varun Beverages Limited

Varun Beverages Limited CC-Apr26.pdf · 2026-04-27
Hi team, good afternoon and congrats on a great set of numbers. I am looking at the standalone P&L and you have done a 11% sales growth here on a fairly high base of close to 18% in the same quarter last year, which is like a 14% 2-year CAGR growth. Now, if I look at the 2-year CAGR growth for the previous quarter, it was 8%. Even for the last four-quarter average, the 2-year CAGR growth was 8%. I am using 2-year CAGR so as to sort of offset any sort of high base, low base in seasonality and so on and get the underlying growth trends? What do you think is the reason that the 2-year CAGR has accelerated so sharply from about a 6% -8% to a 14% this quarter? Is it just the summer season being better? Is that the main part of it? Or do you think that the rate of market share gain by the new incumbent has probably slowed down and that is why the growth is more visible now? Or is there a third reason I am not getting?
Sir, like for example, Q4 CY25 was a 6% on a base of 9%. So, that gives me a 2- year CAGR of about 8%.
Varun Beverages Limited CC-Feb26.pdf · 2026-02-03
Hi, sir. Just trying to get some idea on your India margins. CY 2025, we have reported an all-time high India EBITDA margin or rather standalone EBITDA margin of close to 26%. Now going ahead into CY 2026, there are a couple of opposing forces. One is the volume-value gap, which might, to some extent, continue in CY 2026 as well, which will put some downward pressure on the margins. On the other hand, you will have a higher sort of volume growth, which will generate some amount of operating leverage? How do you see these two forces interacting? Will it be a net positive, net negative? And how do you see margins for next year? I know you have been earlier stating that India margins are quite healthy and we can maintain 22% - 23%. But now we are at 26%. And frankly, no one takes that 22% - 23% number seriously. If you can give some realistic sort of guidance for CY 2026, it will be very helpful? Thank you.
Very helpful, sir and yes, I must commend you for the great work you have done in terms of bringing up the India margins. Second question is on the international business. Can you give some kind of idea the foods business, while this year is whatever Rs. 250 crore, Rs. 300 crore kind of a number, how do we build in growth here? I mean, if you cannot give an exact guidance here, at least help us think about how to approach this topic in terms of either market sizes, market shares or capacitie s, or any other way as to how to think about this, where this Rs. 200 - Rs. 250 - Rs. 300 crore, where can this number be over a 2 – 3 year period?
Varun Beverages Limited CC-Nov25.pdf · 2025-10-29
Hi, sir. My question is on the international business. We have done a sales growth of around 7% in the international this quarter. And this includes some part of foods also. So, organically, it might be a tad lower. Our ambition, and I think, what the investors also, sort of, expect is like early to mid -teens kind of revenue growth from the international business. So, is there anything, any particular geography, etcetera, which is pulling this down? Or is that expectation itself not, sort of, reasonable?
Understood. So, in one or two quarters, we should be at least at the early teens revenue growth kind of mark?
Varun Beverages Limited CC-Jun25.pdf · 2025-07-29
I was just looking at the India numbers. So , there is a 7% volume decline and a 9% value decline, which is that the derived ASP is negative by 2%. Any idea why this is happening?
And within the CSD portfolio, is it that there is a change YoY in terms of the large pack versus small pack salience? Like when people are stepping out of form less, I would assume that the decline in the small packs would have been larger than the decline in the large packs. And the large packs would also be at a lower ASP. So, is that also one of the reasons why the overall ASP is negative?

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Jan26.pdf · 2026-01-06
My question is on KFC. Last several quarters, the SSSG for the brand has been quite weak and the numbers have been similar within a small band for Devyani and Sapphire SSSG for KFC, given that you are not taking over any new functions like marketing, innovation, tech, etc., for KFC. How will this merger help you accelerate the SSSG for the KFC brand?
Got it. Secondly, on the synergies of INR210 crore to INR225 crore, which you have mentioned, which you said is a net number because you are going to spend more also as you are taking over some functions from Yum! So this is the number after that additional expense which will come in. Would you be able to give some idea on the quantum of these additional expenses? So what I am trying to see is what is the gross versus the net synergies? And also some breakup of this, like how much is going to come from a royalty reduction, how much from corporate overhead, how much from logistics, etc.? Any kind of flavor, if not the exact number?

Marico Limited

Marico Limited CC-Nov25.pdf · 2025-11-14
Hi, Saugata. Can you just give your estimate? Of course, there will be Nielsen figures, but I would value your estimate more. What is the industry growth of the VAHO sort of industry right now?
So, what really has changed here, because over the last 5 years, VAHO as an industry has been a very slow growing industry. And now it has come to a 10% growth at industry level, we have not seen any major recovery in macro consumption across many of the FMCG segments. In the past, we have held that VAHO will grow sort of or slow down whatever in line with the personal care industry. It is clearly sort of the growth or slow down at least right now seems to be divorced from the personal care industry?
Marico Limited CC-Jun25.pdf · 2025-08-04
Hi, everyone. My question is on the Parachute segment. You mentioned that now there is like a 60% price increase on Parachute. We have seen inflationary cycles in the past, but I do not think we have ever taken a 60% YoY pricing in Parachute. So , in light of this, I know you said you will take measures to protect volume. But in light of this, do you think it is possible that with a 60% pricing, volume might touch a negative double -digit kind of number? Or you think that that's out of the question, it cannot get so bad?
Got it. And secondly, just wanted to understand the drivers behind the copra price, what is the reason that the inflation is so high and even like even taking a slight moderation from here, it would still for the full year remain much higher than what our original estimates were. So, what led to this basically?

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-Nov25.pdf · 2025-11-13
Hi, sir. Again just a question on the margin. I know you have given a guidance of 200 basis points over three years but just wanted to understand it in a little more granular fashion in terms of what are going to be the drivers to this 200 basis points because in the last three, four quarters also we have had several sort of positive initiatives which should have driven the margin, but have not. So, going ahead, what would be the margin drivers?
Understood. Understood. Understood. Yes, that is all from me. Thanks and all the best.

Grasim Industries Limited

Grasim Industries Limited CC-Apr25.pdf · 2025-05-23
Hi, Rakshit, congrats on reaching 10% market share exit first year. My question is can you give some idea on what would be your targets for exit FY '26 in terms of market share? And can you tell me what is the total number of tinting machines that we have set up as of FY '25 end?
Got it. Second question is, if you can give some flavor. I'm not looking for any exact numbers, but some kind of flavor on what is the geographic mix. And what is the product segment mix in terms of are you strong in , of course, East, you've probably not yet had a plant, so it will be weak. But among the 3 regions, relatively which one is stronger, weaker? And in the product segment, that is your premium mid- and mass, where would you have relatively the best market share? Where would you relatively have the lowest market share?

TATA CONSUMER PRODUCTS LIMITED

TATA CONSUMER PRODUCTS LIMITED CC-Nov25.pdf · 2025-11-03
Sir, there have been some news articles about discontent in the distributors and some protests. So of course, there is some reasons given in those articles. But in your view, what is the reason behind this discontent with the distributors? Sunil D’souza: So Percy, fundamentally, when we started off in 2020, distributors were either tea distributors or salt distributors. We integrated, more or less, I would say, about 85%, 90% of the distributors whom we selected as common distributors were from within that fraternity. Now as we expanded our portfolio, we've got Capital Foods, we've got Organic India, we've got Soulfull, we've got Sampann. And I do think distributors of Tata Consumer Products have to distribute to the entire portfolio of Tata Consumer Products. Picking and choosing portfolio is not an option in my mind. I would say that is the single biggest driver. Yes, after that, there were some operational issues, which are par for the course in any distribution business. But the fundamental thing is it has to be a full portfolio distributor for Tata Consumer.
But isn't this a little weird, generally in my experience, distributors are happy to take on more lines because it adds to their business. So why is it a problem this time around? Sunil D’souza: So salt is a more wholesale -driven business. So life is more comfortable. You sit back and make deals. Capital Foods is a retail outlet to outlet distribution, you've got to make a little bit of more effort. So every category is different. Every distributor has different strengths, Percy. So some people like it, some people don't. But you're absolutely right. In my mind, more categories means more lines, more top line and therefore, better money in the bank. I just hope everyone sees it that way.

United Spirits Limited

United Spirits Limited CC-Nov25.pdf · 2025-10-31
Hi, sir. Just analysing your growth on an organic basis that is ex-AP. So, in the first half of last year, we had a growth of about 3%. On that base, ex-AP, we have grown at about 5.5%. So the 2-year CAGR is about 4%, which seems to be quite poor. So is this mainly because of Maharashtra? Like, how much is Maharashtra pulling the growth down by? So if Maharashtra had grown at the same level as India, this 5.5% growth that we did this quarter, that would be how much? It would be 7.5% or something like that? I mean, I'm not looking at the exact number, but any flavor you can give on this will be helpful. And the corollary to this question is if ex-Maharashtra, we are growing at about 5%, 5.5%, when we lap this base in the second half and when Maharashtra is going to -- sorry, AP is going to become organic, then how do we see our growth maintaining at a double-digit kind of a level?
Oh you are double-digit, okay.

Vishal Mega Mart Limited

Vishal Mega Mart Limited CC-Jun25.pdf · 2025-08-14
Hi, team. Good morning. Congrats on a very good set of numbers. My question is on the margins. So, this quarter, pre -Ind AS basis, you have almost touched 10%. Just wanted to know your normal seasonality in a normal year is Q1 higher than or lower than the full year margins?
Understood. Very clear. And just wanted to understand on margins, how you look, you did reply to Vivek, but just confirming that as long as you get operating leverage, you would be okay to let margins expand. There is no limit to that number. You are not capping it saying that even the operating leverage will be reinvested at some point of time.

Devyani International Limited

Devyani International Limited CC-Jun25.pdf · 2025-08-13
Hi Manish, I was just looking at the dine-in numbers for KFC. So, you have given the total sales and you have given the dine-in percentage, so you can calculate that. And I see that the dine -in sales in rupee crore terms has declined 14% Y -o-Y. This is in spite of whatever store additions we have. So, on a per store bas is, it's probably declined in the high teens. So, just wanted to understand this, like while we are seeing a growth in the online format, is it just a customer shifting the channel from online to offline? And if so, it's really not very good, right? Becaus e we have had negative SSSG for the last 2, 3 years, which means that the capacity utilization in the store is anyways low. And if we get higher capacity utilization in store, the flow - through from gross margin to EBITDA is going to be huge. So, we should focus on that rather than diverting the customer away from the dine -in towards delivery by launching these schemes and all that.
So, this Epic Savers, 9 pieces for INR 299, which is for dine -in, was that run only towards the end of the quarter or was it running for the entire quarter?
Devyani International Limited CC-Mar25.pdf · 2025-05-23
My question is on the KFC. You earlier mentioned that you are basically making it such that at Rs.105k sort of ADS you would still make close to about 20% ROM. So, just wanted to understand apart from the store size change, what other measures are being put in place for this to happen? And for the store size change, is it just a change for the stores which are open in the last year or so, or even the older stores you are somehow resizing downwards?
And i s there any change in terms with the brand owner in terms of ad spends, royalties, etc.?

Titan Company Limited

Titan Company Limited CC-Jun25.pdf · 2025-08-07
Hi, Sir. Just a question on lab grown diamonds. I know we have been discussing this on and off in the quarterly calls. But I think it's been probably four or five quarters since we all first raised the question as to how Titan is looking at LGD and whether it w ants to have a play in this or not. And we are seeing now news items on several relatively small but PE funded players who are going to set up LGD stores over the next couple of years. We will have significant supply coming into the Indian retail market. It's not as if LGD is not available n ow. But proper retail frontage, enough number of touch points, square feet, etcetera. That we have not seen till now which I think over the next two years will come in. So the question is, do we want to participate in that at all or, I mean, that's something that, because we are a natural diamond player, we don't want to get into that and we believe that while they might garner a certain amount of sales, we will focus onl y on the other part of the market. So just some thoughts here.

Godrej Consumer Products Limited

Britannia Industries Limited

Avenue Supermarts Limited

Avenue Supermarts Limited CC-Mar25.pdf · 2025-07-30
Hi, I think this question has been answered in some form, but just looking for a little more clarity on this comment you have made for the last two quarters that we are investing in increasing service levels. What exactly does this mean? I mean, can you give a couple of examples of what you have changed in the store to improve the service quality?
Understood. So, have all these initiatives which you have in mind that we should do so-and-so, so-and-so to improve the service quality, have those initiatives already been implemented or are they in process of getting implemented and therefore some sort of this cost increase will sort of continue? This is ap art from the store acceleration leading to the cost increase, that point I'm keeping aside.