Stockrabit · Analysts
Questions across 15 calls

Pramod Kumar

UBS Securities

Ashok Leyland Limited

Ashok Leyland Limited CC-Jun26.pdf · 2026-05-28
Sir, before I go into the business question, first a clarification, can you just share the 4Q non- vehicle revenue bit, Balaji, like how you shared the spares and the exports and the defense bit for the full year? Can you share for 4Q? And how has it grown on a year-on-year basis?
The non-vehicle revenue, do you expect the momentum to continue in 1Q because we do have a bit of a problem on the commodity and even on the demand side. So I'm just trying to see will this -- will we get the benefit what we got in 4Q in the subsequent quarters from non-vehicle revenue or there could be some moderation there as well or seasonality rather?
Ashok Leyland Limited CC-Jun25.pdf · 2025-08-14
Yes, thanks a lot for the opportunity. So, my first question is just a general reminder to us on the financials of the econo mics of Hinduja Leyland Finance and Hinduja Housing Finance for the Ashok Leyland shareholders as to what is the carrying value you have and what are the latest financials you have there in terms of PAT performance and anything you can help on credit cost and asset quality parameters?
And Balaji, anything on the latest quarterly financials in terms of credit costs because there's been concern about asset quality on the CV financing side. So, anything across there?

Eicher Motors Limited

Eicher Motors Limited CC-Nov25.pdf · 2025-11-13
Yeah. Thanks a lot for the opportunity and Govind just wanted to continue the demand trend. If you can just help us understand with the GST cut, what's the kind of customer profile walking in? I mean, have you seen customers who had inquired earlier, who were not converting, coming in and finally making the purchase? Or have you seen a fresh wave of customers coming in, fresh walk-ins or first time walk-ins into Royal Enfield dealerships? Just trying to understand how much of this is upgrade demand which is coming in from customers after the GST cut and how much of this was like kind of a pent-up one, given that November 13, 2025 you always share that your, what do you say, mind share of a consumer is much, much more higher than where your motorcycle market share is? So just trying to understand what are the kind of qualitative differences you have seen after the GST cut? And also I don't know if you kind of hit this number, where exactly is the channel inventory ex of transit, the latest data, whatever you can share?
And Govind, the reason why I'm asking that is basically there have been talks about Royal Enfield evaluating a 250cc motorcycle. I'm just wondering given the kind of demand lift what you're seeing and given that you're saying even after a record 50% retail growth, you're still seeing sustained momentum in November, even as the industry sees moderation otherwise. November 13, 2025 Does it mean that you probably as a company need to think hard on the 250cc strategy because the GST cut makes the 350cc more affordable? So how should one think about this? Because you're already talking about a capacity expansion on the 350cc side. So what will be the kind of numbers we'll be looking at in terms of volume ramp-up or capacity expansion if you have to commit to a 250cc foray?
Eicher Motors Limited CC-Jun25.pdf · 2025-07-31
Hi, Govind, My question is linked to what Gunjan asked the rural salience. I'm just trying to understand because rural is typically not kind of, what do you say, linked to premium demand, premium motorcycle demand as generally seen as a more committed market. So if you can just help us understand a bit in more detail the kind of growth you're seeing in the rural markets. July 31, 2025 Any geographical spread north versus south and within particular states like UP, which have become very large for you, what are the trends you're seeing? What is the kind of customer profile who's walking in? How many of them are led by financing penetration improving or how many of them are just skipping categories altogether and coming from 100 cc to you. So if you can just help us understand this trend on rural customers gravitating towards premium motorcycles because at the same time, we are also seeing scooters taking off in rural India. And if you look at the Vahan data, the three big winners on market share this year is Hero, TVS and Suzuki, either scooter or premium franchises. So if you help us understand the nuances a bit better, Govind. And whether as you look at festive and rural coming back or rural getting stronger, is it premium will again outperform the broader categories in rural?
Second question, forgive me if it was not expected, but the market has been expecting a 250 cc foray by Royal Enfield. So what are your thoughts there? Because you always call yourself as a middleweight motorcycle there, which is 250 to 750, we've kind of straddled the upper end of the segment quite well of that bank. So what are your thoughts on a potential 250cc foray by Royal Enfield?

TVS Motor Company Limited

TVS Motor Company Limited CC-Feb26.pdf · 2026-01-28
My first question pertains to the breakdown of the industry growth. If you can just help us understand what are the categories across both urban and rural you are seeing volume growth being driven from? Because when you look at the VAHAN data, predominantly suggests that players with skew towards premium portfolio and scooters are doing well. If you can just help us understand how the broader categories are doing on the ground? And within that, in rural, are you seeing better traction for premium and scooters after the GST cut as a household have better savings in their hand or better disposabl e income in their hand? Are they buying better or gravitating towards scooters? And any other qualitative color which you want to share on the consumer behavior?
And within rural, are you seeing traction for scooters and premium getting better, sir, after the GST cut?
TVS Motor Company Limited CC-Oct25.pdf · 2025-10-28
I thank for the opportunity congratulations, sir, on a good set of performance and the kind of product actions you're doing. My first question is on the post GST cut consumer trends, any shift of what you're seeing on the ground in terms of whether are we seeing a strong revival in t he entry level segment as first-time buyers come back? Or are you seeing trends of scooterization and premiumization kind of getting better? If you can share any color you have from the post-GST demand trends what you see in the market, sir? And any color on rural versus urban? Because earlier, you would get c all out scooterization picking up in the rural markets. So if you can also share some color on that, that would be really, really helpful.
And sir, the trends of scooters or like any subcategories doing better or customers using -- yes.
TVS Motor Company Limited CC-Jun25.pdf · 2025-07-31
Sir, congratulations. I think the 30% plus EBITDA growth in this kind of environment is definitely something which we are not seeing otherwise. So good job on that. And sir, linked to that only as to you continue to kind of maintain your commentary that you aspire to grow out of the industry and also continue to expand margins at the same time. So if you can just help us understand what are the kind of market share aspirations you have? because you're already kind of ramping up closer to 19% to 20% band as we speak. And margins have ramped up to 12.5% on a steady-state basis. So if you can just help us understand what's the kind of runway you are looking on both these parameters as to where you think you have full market share is in the next 2 years and where the marg ins could be in the next 2 years? Any broad thoughts? If you don't want to quantify -- even if you say, qualitative color, that would be very helpful.
So you believe there are enough customers left who are yet to be kind of serviced and delighted by TVS. Is that a fair assessment, sir?

Hero MotoCorp Limited

Hero MotoCorp Limited CC-Nov25.pdf · 2025-11-14
Congratulations on a very good set of numbers. And I think credit especially to Ashutosh and the team for really turning on the market share. So my first question is on the market outlook, Ashutosh, as in -- did I hear it right that you talked about a 10% kind of a growth in the opening remarks? And just want to clarify, that's for the full year or for the second half year?
Yes. Great. But I think I just had one follow-up on that. Basically, if you look at the growth what you're clocking in October and what we are slated to do as an industry in November, if you work with the 10% number for the second half, then that practically implies a decline for the remainder of the period. So I'm talking about VAHAN retail, by the way. I'm talking entirely on VAHAN retail. So just trying to understand, is that expectation low or it would be -- can there be an upside to this particular number?
Hero MotoCorp Limited CC-Jun25.pdf · 2025-08-07
My first question is to Ashutosh on the 125cc segment. I think last year with the Xtreme, we had a fairly solid start, very encouraging reviews, customer feedback, even competitors acknowledge that it's a pretty good product. But what we have seen is that we have -- in the last few months or last couple of quarters, the market shares -- Xtreme's volumes have kind of started slipping meaningfully. So, I just want to understand what is holding us back in terms of ramping up on Xtreme, be it in terms of marketing investments or higher dispatches because you still have reasonable distinction versus the competition on the safety side and all of that. So I just want to understand your thoughts as to what's kind of holding that back as a brand? And what's the plan going forward?
Okay. And second question is on the industry itself, Ashutosh, and because last year, the base impact is quite big on the festive. And even in this year so far, first quarter, we had a bumper marriage season, if I were to -- if I may call that, because of the additional days compared to last year. But despite that, the industry in July has seen reasonable deceleration, right. Vahan retails have collapsed, and you have been underperforming the industry. So just trying to understand why -- what gives you the confidence or why the industry is still holding on to a 6%, 7% expectation when the first 4-month retail trends are not at all that encouraging. We had a good marriage season, but things have kind of fizzled out after that. And given the base ahead and the inventory situation, I'm just trying to understand what is driving that confidence? Or do we run the risk of the industry, the festive season kind of disappointing on the margins given the high base, right? So just trying to understand what are the green shoots you're seeing because it's been -- income tax cuts have been in the market for like, what, 5 months now, but we haven't seen much traction. And on the same topic, also your color on sustained outperformance of premium categories even during the marriage season. So what are the thoughts there? Because we haven't seen much participation from our brands there. So just -- if you can just share your broad thinking on that, Ashutosh, that will be great.
Hero MotoCorp Limited CC-Mar25.pdf · 2025-05-14
Yes. Thanks a lot for the opportunity. My first question is on your guidance on outperforming the industry. The reason why I'm asking this is we had the same optimism and sentiment last year. We probably claimed to have the best launch pipeline. And the retail growth for the industry was 8% and we grew our retails by 1%. So what gives you the confidence that, this year, with slightly lower industry growth and not-as-actionable launch pipeline as last year, how do we expect to kind of outperform the industry on retail growth? And linked to that, what would be the linkages of that on the margin aspirations as well? If you can just help us understand why we have kind of underperformed the industry last year so badly. And why are we so confident of, as in overcoming all of those and outperforming the industry? What are you seeing on the ground and what are the likely read-across for margins from that strategy?
And sir, when you talk about market share, you're talking about Y -o-Y market share trends or sequential market share trends. Because it's a seasonal industry, as we all know. So -- because when I look at VAHAN, the Y-o-Y market share, there's been a decline since January to April. Correct me if I'm wrong there, please -- unless you are referring to sequential market share. Am I right?

Bajaj Auto Limited

Bajaj Auto Limited CC-Jun25.pdf · 2025-08-06
Yes. Thanks a lot for the opportunity. Rakesh, one question on the rural side because rural has been doing better than urban as per most of the industry participants across categories. But at the same time, you are not seeing much of a revival in the 100cc demand. So, just want to understand your perspective, whether we are seeing a bit of a, what do you say, pyramid being formed in the rural markets, as well as any one of the categories doing well and if that is the case, is it possible that such categories continue to gain more momentum rather than the 100cc kind of coming back for good? So, just your thoughts on that. And also linked to that, electrification, are you seeing the uptake improving in the rural economy? Are the rural consumers embracing electric vehicles more and more in larger proportions going forward? Because that could be an opportunity for you. So, tha t is the first question, sir.
And Rakesh on adoption of EVs. Is it seeing any uptick in rural and break it down for deep rural and rural market?

Hyundai Motor India Limited

Hyundai Motor India Limited CC-Jun25.pdf · 2025-07-30
Yeah, thanks a lot for the opportunity. My first question is on the comments you made on the rural demand trends and rural trade going up is positive for you. But just want to understand, because even with rural trade going higher, we see that SUVs continue to be seeing a pretty good traction for you. It's not slipping. So, just wanted to understand, what are you discovering as you're going more into the rural network in terms of consumers' purchase behavior? Historically, rural is kind of, what do you say, bracketed along with small cars, hatches, and not SUVs and more p remium products. But looking at your ASPs and the kind of SUV category mix, what is shown doesn't seem to be affecting you as you're increasing your exposure to rural. So, if you can just help us understand, and Tarun, especially from your v intage point, you've been in the industry for long enough, from your earlier days to now, what is the kind of evolution you see in the rural demand? And what does it also kind of mean for, as we look ahead, post - monsoon demand revival or festivities, and also the pay commission coming in? Will there be a difference in the buying pattern this time compared to the last pay commission? I'm sorry for the long question, but I hope I kind of made my questions pretty clear.
Yes, Tarun sir, around the pay commission. What does it imply for pay commission? As we get the windfall, there will be a repeat of last pay commission when it was more dominated by small cars. So, how do you see that, linking the kind of changing consumer preferences?

Maruti Suzuki India Limited

Maruti Suzuki India Limited CC-Mar25.pdf · 2025-04-25
Thanks a lot for the opportunity. Rahul San, my question is regarding the profitability because volumes have hit an all-time high for the quarter but our EBITDA and EBIT per vehicle have kind of hit a seven quarter low or almost a 2-year low. So how should one look at profitability on a per vehicle basis? I understand the percentages will get impacted because of the new plant, but if you can just help us understand how should one look at the margins in the near to medium term when there i s seasonality, weaker demand on a sequential basis? How are you looking at profitability in terms of absolute EBITDA per vehicle or EBIT per vehicle, if you can share your thoughts on that?
So, Rahul San, you talked about predicting volumes being easier. So how do you see the domestic market volume? Because you did talk about weaker demand. If you were to just quantify what does your econometric model suggest as potential growth for the industry in FY26 and also on a related note, on exports, is this fair to assume that we should still aspire to double digit growth despite the global macro situation and thanks to the kind of order backlog we have on Jimny? So is it a double digit fair expectation for FY26?
Maruti Suzuki India Limited CC-Dec24.pdf · 2025-01-29
Yes Rahul sir, my first question is on the Dzire. So, just wanted to understand, it's a model in the fourth generation has been around forever. But the demand response what we pick up talking to dealers and seeing the internet forum is that there's been a big step up in booking numbers after the launch. So, if you can just help us understand given the data you have, what's the kind of step up in booking velocity what you are seeing for the New Dzire versus the outgoing Dzire? 11 | P a g e And where are the additional customers coming in from – is it like cannibalizing existing Maruti products or is there a change in the profile of the buyer what you are seeing incrementally? And also what does it mean internally as feedback that what is kind of working for the consumer because if it's 5 Star safety or features, definitely you can do that with more models incrementally with the upgrades? And just trying to understand is there, is there the positive feedback and being used internally to kind of expedite products which are more aligned with the consumer choice? So, just trying to understand what has led to that kind of sharp surge and what can we do to capitalize on this for our other models, sir? That will be the first question.
Rahul sir, but just trying to understand as in given the response, are we trying to kind of expedite those changes into new models because Swift is based on the same Dzire platform. So, with a bit of a tweak that can be a 5 Star safety product as well. And if I am not wrong, based on the social media post, it's like 5 Star safety is a big clincher for the consumer. So, I am just trying to understand how well we can use the customer response to kind of tweak our product plans and any plans of probably a milestone in terms of more models being having 5 Star safety, anything which you can share on that count?