Questions across 12 calls

Prerna Jhunjhunwala

Elara Securities

Bata India Limited

Bata India Limited CC-Jun26.pdf · 2026-06-03

My first question is on profitability. On pre-Ind AS basis, the margin compression over the last 2, 3 years is around 200 bps plus. But on post -Ind AS -- on pre-Ind AS basis, the decline is sharper. So can you help us understand how do you see the operating leverage playing out even after opening the franchisee stores? And how do you view the efficiency of franchisee stores? What kind of levers are there to improve profitability?

And how many stores would be there in which lease are being paid by you against -- in the franchisee stores against what the franchisees want to do?

Bata India Limited CC-Nov25.pdf · 2025-10-30

I wanted to understand your strategy in terms of value versus premium and how it could impact volume versus ASP largely as you focus on increasing volume from lower price product as well and focusing on Hush Puppies and all these brands for premiumization. So, where do we see as a vision for Bata India where it is positioned and how do we see volume growth and ASP is moving once this GST disruption actually flattens?

As a follow-up on this answer, I wanted to understand as a company, how do you see the volumes and ASPs moving because these are two different strategies merging and I know it is consumerization where you cannot really pinpoint on what will work first and what will work second. But as a senior management, you would be having some vision wherein how this should pan out and how can you deliver growth on a volume and ASP basis because at the end of the day, we need growth on volume and ASP.

Bata India Limited CC-Jun25.pdf · 2025-08-14

Thank you for the opportunity, sir. I wanted to understand the volume growth in this quarter and the ASP performance given all the initiatives taken and the hurdles faced.

Okay. So, sir, with all the initiatives taken, whether it is Zero Base for EBOs as well as focus on Power and Floatz and stuff, when do we see volume growth and revenue growth picking up? And how do we see internally on the growth that can be achieved at an overall level in the company?

Vishal Mega Mart Limited

Vishal Mega Mart Limited CC-May26.pdf · 2026-05-15

Congratulations on strong set of numbers. Just wanted to understand how is the growth rate in stores which are more than 5 years old versus stores which have opened recently? What could be the SSSG in these 2 categories of stores?

Okay. Understood. And sir, given the heightened competitive intensity coming in apparel segment due to aggressive expansion in Tier 2, Tier 3 cities, either through e -commerce or through the value fashion players who are going aggressive, what is the price elasticity -- pricing strategy that you can take over to combat the inflation pressure in this category?

Vishal Mega Mart Limited CC-Feb26.pdf · 2026-01-28

Thank you for the opportunity. My first question is on SSG, your press release mentions that reported SSG for 9 months is 9.1 and adjusted is 10.3. When can we see this gap actually merging or is it likely to remain similar henceforth?

Understood, sir. As a follow -up on this response, I would just like to understand how many stores are under refurbishment today. And on average, when do you undertake, after how many years do you undertake refurbishment for a particular store?

Vishal Mega Mart Limited CC-Nov25.pdf · 2025-11-14

Thank you for the opportunity and congratulations on set of results. Just wanted to understand the revenue mix category -wise. Is there any effort being taken to improve the revenue mix in any of the categories or we are comfortable with this mix that is there in the system right now?

Okay. And the revenue share from the own brands, the thought remains the same that it should be near these levels?

Vishal Mega Mart Limited CC-Jun25.pdf · 2025-08-14

Thank you for the opportunity and congratulations on a strong set of numbers. I just wanted to understand, are you also trying with the smaller format, new format? And if yes, what will be the thought process over there?

So, could you please elaborate a little more on this? Like what will be the product mix over there or product concentration plus size? And what will be the focus area of properties chosen? Like what target segment, et cetera, just to give some color on that?

Page Industries Limited

Page Industries Limited CC-Nov25.pdf · 2025-11-13

Just wanted to understand the athleisure piece. You've been -- you've launched new products in athleisure segment. I wanted to understand what is the reach of the new products? How much of your network it has already reached? And is there any penetration benefit that we can see in the second half of this year on the new launches? And also in the inventory levels of athleisure, whether the gap has been filled in the supply chain, and we are ready for primary growth? That is the first question?

Understood. My second question is on category-wise growth. I understand that you don't give numbers, but it would be great if you could help us understand what is dragging the performance to low single -digit growth? And where can we see uptick going forwar d? What -- which segments should start showing you strong performance can drive growth going forward?

Page Industries Limited CC-Jun25.pdf · 2025-08-07

Hello. Thank you for the opportunity. First, I would like to understand the growth in the various channels. As you mentioned that, the MBO and EBO channel growth was similar and D2C continues to grow. What I was trying to understand is what restricts the physical distribution channel on growth apart from retail environment not being that great as mentioned earlier. Is there any challenge on footfalls or in terms of attracting customers to the stores? I mean, just trying to understand, what is restricting the distribution channel growth, whether it is EBO or MBO.

And I understand that you are doing a lot of product innovation. But apart from that, any customer engagement activities that you have ramped up? Could you give some instances over that that could help us understand it, okay, the future growth rate should be much higher than what we have seen in this quarter?

Vardhman Textiles Limited

Vardhman Textiles Limited CC-Oct25.pdf · 2025-10-23

Congratulations on good set of numbers. So, first question is to understand the impact of cotton. How is the profitability in yarn and fabric, whether we should allocate the entire profitability increase to yarn because this is largely improvement of cotton? Or is the re any difference in opinion?

Hello. Am I audible?

Welspun Living Limited

Welspun Living Limited CC-Jul25.pdf · 2025-07-30

First question, I just wanted to understand the demand scenario in the US like how the inventory position of the retailers is, how pressed they are to source from their dominant partners? And what is the kind of tariff sharing expectations they have given that the tariff rates are actually very high against expectation after a deal also for various countries.

Okay. And how do we see the margins then? Because this quarter, we've done around 10% of EBITDA margin. And given that there is an expectation that vendors will continue to see the impact of tariff, do we see normalization of margins even by the end of this year or we continue to remain at lower margins for some time till there is reduction in tariff rate?

Welspun Living Limited CC-Dec23.pdf · 2024-01-31

Congratulations on a strong set of numbers. I just wanted to understand the demand scenario. How is it panning out in the US for the next 2 quarters, whether Red Sea attacks are having an impact on the order inflow or you're trying to prepone the orders for the company? So just wanted to understand how the customer's behaving in the current geopolitical situation?

Okay. There is no rush from the retailers is what we are trying to understand too , because to mitigate this two-week delivery delay.