My first question is on both VSF and Chemical. Firstly, VSF, we have ended this quarter at like a 7, 8 quarter low unit EBITDA per kg for the segment. With the declining prices for both pricing in the top line and cost, as you said, so you're looking at even weaker performance like in first half FY '26 or like is this the bottom of 8 quarters, which we have made like in Q4? And in Chemical business, I had a question, like we have now hit 1.5 million capacities there. So do we expect to grow double the industry growth in FY ' 26 or like in line industry growth at like probably 5% to 7% because that has been a kind of growth in past few quarters for the segment.
Questions across 61 calls
Prateek Kumar
Jefferies
Grasim Industries Limited
My first question is on CSF Chemicals segment. So, the 2 segments combined EBITDA has like been largely range-bound at ₹600 crores to ₹700 crores for a while. Recently, I mean, particularly in CSF, leadership position and high operating rates of China, why the company is unable to pass this higher cost, which came as a big change on a quarter-to-quarter basis. And on Lyocell, particularly, we are like going ahead with this large capex. So, what is the EBITDA contribution of Lyocell in this ₹330 crores-odd EBITDA, which we had in this for this segment?
So, the passing on of RM cost and pricing in CSF, that will happen in the current quarter, Q4, you mean? And my other question is on Paints. Basically, just wanted to check on because you are like fourth plant under trial runs this quarter. So has this contributed anything to your WIP revenue like the way you said in Q1 performance?
GMR AIRPORTS LIMITED
Hi, good evening, sir. I have a few questions. Firstly, on the CPD income jump. So, we are implying that our annual CPD income at Delhi will jump from around INR800 odd crores to INR920 - INR930 odd crores going forward annually. Is this the right assessment? Also, related question, what is the timeline of other Real Estate projects which are going to commission including Bharti Realty starting to give you lease rental and other projects including the destination mall which we are building in that location?
And the Bharti Phase 2, when is that supposed to come in picture in terms of rentals, contribution to DIAL?
My first question is on Hyderabad Airport. In this particular quarter, we have seen non -aero revenues have been like, sort of flattish on a year -on-year basis at Hyderabad, despite commissioning new capacity and much higher volume numbers, et cetera. Why that would be the case? That is the first question.
The non-aero revenues at Hyderabad Airport are flattish during this quarter on a year-on-year and quarter-on-quarter basis at INR148 crores. Any specific reason, despite the growth in volumes, why the overall non-aero revenues are like slower showing growth in this quarter?
InterGlobe Aviation Limited
Hello, good evening, everyone, and c ongrats for great results. My first question is a bit of a clarification on your capacity growth. Have you increased your capacity group guidance from early double-digit to mid-teens expectation now?
So, because of redeliveries of aircraft s and maybe the returns of damp leases of aircraft. So, the growth is slightly coming off from like mid -teens expectation in 1st Quarter. That's what we are looking at during the year.
The Indian Hotels Company Limited
Yes. Good evening, sir. Congrats on great results. My first question is on city -wise RevPAR growth, like we have stopped giving that data, but like in terms of tourist cities versus business cities. So overall, 16% RevPAR gr owth in the quarter, like how does it show up in different cities?
You also highlighted on like people or travelers are generally a bit cautious on booking in near term, immediate term. But how is this general to understand, how is this mix evolved from pre- COVID, like people wanting to book in 1 month or 3 months or 6 months in terms of industry tender yourself?
Congrats for the great results. My first question is on, I mean, outlook. You have suggested in Q4 being strong, I'm sure you will start having questions now for FY '26. And you have given like a 2030 outlook, which is very aff irming your double -digit trend. But any early signs you can sort of indicate for FY '26, what you're looking at based on bookings?
Right, sir. And just for some clarification, Q4 and Q1, particularly they have like soft base, right? So we may have like an accelerated growth in the next 6 months and maybe the normalization in the later period. Is that the right understanding?
Nuvoco Vistas Corporation Limited
Yes. Hi good evening sir. A nd congrat s for great results. My first question is on your cost savings. So, you have been like sort of rolled out cost saving programs. If you can quantify how much of on a per ton basis was achieved in FY’25 as a Company and how are you looking at in terms of FY’26-27 in terms of any more incrementally initiatives there?
Just for clarification for 25 over 24, you said Rs. 8 from RM, 130 from P&F and 100 from... So, total like Rs. 240 kind of savings, did I get it right? 240 per ton savings from...
My first question is on your cost, so despite like 4% decline in pricing, unit EBITDA has actually slightly expanded quarter-on-quarter, largely implying a very sharp reduction in cost trends for this quarter versus Q2. Maybe some of it is operating leverage, but there is a nearly like 200 , 250 plus reduction in the variable cost of the Company. I am including RM, power and fuel and freight there. So, is this largely due to the cost saving initiative which you said like a much lower number? But is there any one-off there? And do you expect this number to like sort of continue, because in past quarter we have not seen such kind of declines on a quarter-to-quarter basis for the Company.
Right. Yes, so you were saying that like this quarterly savings and cost are like sort of sustainable, and next quarter particularly the re will be further benefit of operating leverage . I mean, obviously you have talked about a 6% price increase which is like through January, so like not looking at forecast, but like a Rs. 300, Rs. 400 swing in EBITDA per tonne in fourth quarter are you looking at?
Adani Enterprises Limited
Hi sir. Good evening and congrats for great results. First question is on your working capital, which has been very elevated in the year -end results. So it's also resulting into overall increase in debt position for the year-end number. Any specific reason there? And also interest expense has remained elevated. Last quarter, you said interest expense has one off related to like forex depreciation, which was hurting expense then, but has like largely remained elevated in this quarter also, which has also impacted your PBT this quarter.
Okay. So the working capital in copper…
My first question is on your capex number. First half capex has been like Rs. 15,000 crore based on your balance sheet data. How are we looking at capex now for full year because earlier we were anticipating a much larger capex for the full year. How are we looking at capex for the full year and segmental capex also, if you can provide there?
So broadly, still we are looking at Rs. 70,000 crore capex for this year from the numbers?
UltraTech Cement Limited
Congrats for great results. My first question is on your remark in the press release. I understand like most other sector part -- industries are saying that there is generally an improvement in on the ground macro overall. But we have mentioned that the sector may face short-term challenges while the long term is better. Any specific reason for this remark? And how should we look at volume?
What is the expectation on volume growth? I mean, while you mentioned like 7% to 8% like long term, but for FY '26 because heat wave impact was there last year also.
The India Cements Limited
Congrats for great results. My first question is on your remark in the press release. I understand like most other sector part -- industries are saying that there is generally an improvement in on the ground macro overall. But we have mentioned that the sector may face short-term challenges while the long term is better. Any specific reason for this remark? And how should we look at volume?
What is the expectation on volume growth? I mean, while you mentioned like 7% to 8% like long term, but for FY '26 because heat wave impact was there last year also.
Premier Energies Limited
Yes, good evening, sir, and congrats for the great results. My first question is on your order book. So when you say order book, what defines it? Is it the advances or is it some kind of MOU? How do you define your order book?
Right. And these advances will amount to like how much percentage of the value of the product?
Waaree Energies Limited
Good afternoon, sir. My first question is on US markets. You talked about it in opening remarks. Just to elaborate what the US clients is saying currently in terms of...
Thanks for the opportunity. My question is on US markets. So I just wanted to understand, like, what are your US clients saying in current macro environment and political scene in terms of the kind of installations which the country may have in terms of going forward, as well as, like, the outlook on incentives which the local players are supposed to get going forward?
Good morning, Sir, my first question is on the cell capacity again. So you said December onwards you expected to start commissioning of the project. So I remember you talking about 1.4 gigawatt commissioning initially, then remaining 4 gigawatt was to commission in March. So now everything is accelerated to December in terms of commissioning. And related question is, is there like specific testing, like if you want to sell these cells in US, is there any specific timelines for testing which the buyer may want to do and then only end up buying the product or there's no real timeline. You can imm ediately start selling the product. That's the first question.
Yes. So my question was like, would that be available for sale? I mean, what is the kind of ramp up you are expecting in FY '26, let's say, for the cell manufacturing?
Ambuja Cements Limited
I have a couple of questions. First question is on your cash flow, your current cash and cash equivalent, INR8,800 crores. So, what is the expected outflow for Orient in Q4? And what is the expected like sort of closing cash? Will we like sort of move to like a cash neutral position by end of FY '25? And my other question is regarding cost. So, like versus the INR3,650 cost targeted, what is the cost we had in Q3 for this year -- I mean, basically the current quarter?
Okay. So INR1,000 swing from current quarter on the back of both new plants, old plants. Is that what we are looking at?
ACC Limited
I have a couple of questions. First question is on your cash flow, your current cash and cash equivalent, INR8,800 crores. So, what is the expected outflow for Orient in Q4? And what is the expected like sort of closing cash? Will we like sort of move to like a cash neutral position by end of FY '25? And my other question is regarding cost. So, like versus the INR3,650 cost targeted, what is the cost we had in Q3 for this year -- I mean, basically the current quarter?
Okay. So INR1,000 swing from current quarter on the back of both new plants, old plants. Is that what we are looking at?
Dalmia Bharat Limited
My question is on pricing ex incentive. So adjusted for -- let's say a higher incentive on a quarter- on-quarter basis, prices appear higher by around 1.5%, 2% Q -on-Q. How do they stand on the exit of the last quarter because December has seen meaningful pr ice increase, so which could imply -- I mean -- and what kind of price increase assuming price remains stable in the fourth quarter?
No, my question was around pricing actually. So adjusted for one -off incentive, the price increase Q-on-Q is around 2%. The exit price being high, what is the kind of implied price for fourth quarter, assuming they remain stable throughout the quarter?
SHREE CEMENT LIMITED
Yes, if you can get that will be great. Subhash Jajoo: It is roughly Rs. 66 crores as against Rs. 45 crores last quarter.
The other question is we got from channel feedback like versus January, we had a big event in January regarding consolidation of brands into one brand and then focusing on premium brand etc., that was a big event and push there. And then there was some, in 2Q, particularly feedbacks, there was some discontinuation of certain premium products, but you mentioned that premium mix has actually gone significantly higher. So, just wanted to cross check, there was no change versus what was launched in earlier part of this calendar year?