Stockrabit · Analysts
Questions across 18 calls

Prolin Nandu

Edelweiss Public Alternatives

Elecon Engineering Company Limited

Elecon Engineering Company Limited · 2026-07-13
Yes, hi team. Thank you for giving me the opportunity. Just on this again the gear part, right, the mismatch between revenue growth and the order book growth and your guidance for the whole year, right? So you mentioned that you know there is a price inflatio n which has took place. Now last year also we called out that there have been some delays and the orders are more back-ended. So when you think about the tenure of the order book or in what time this order book will convert to sales, how was it one year back, where is it right now? And from a point of view of the customer, right, like let's say for example he's building a large f actory, now he's not going to stop his capex for a 5% 6% increase in the gear cost, right? So all these delays that you talk about the whole idea is that our product is so small in the overall scheme of things that such costs should be easier to pass on, right, especially in the gears part. So is our understanding wrong in how in the quality of our product or where it goes in the entire factory or you know industrialization cycle and also has the tenure of the execution of order book increased significantly versus what it used to be historically?
No, so I w ant to double-check double-click on this, right? Steel, cement and power, right? In terms while I agree that in power it's lots of PSU, but in steel and cement most of the capex is done by private sector. And what is our share in , what is our share of the business which is coming from...

Indegene Limited

Indegene Limited CC-May26.pdf · 2026-04-30
Just 2 questions from my side. One is on this AI initiative that you have talked about. Now what I gather is that what works in our favour is the domain knowledge and the regulatory aspect of the industry in which we deal with. Just wanted your thoughts on how defendable are these moats, so to say? Don't you think that over the period of time, maybe this domain knowledge can also be commoditized by some of the large LLM players like they have been doing in other industry. Why do you think that cannot happen in our industry? So that's my first questio n on the AI side. And the second question is on the margin, where you have talked about some of the investments that you are making and you coming back to your previous high sometime in the second half of FY27. My question here is that what is the risk that this could probably catch up to stay relevant in the AI world ? We continue our investment part and not bear the fruits of that operating leverage that we are envisaging. So yes, pretty much the questions are more on a medium-term outlook and to do with AI?

Triveni Turbine Limited

Triveni Turbine Limited CC-Feb26.pdf · 2026-02-04
Yeah. Hi, Nikhil. Thank you so much for taking my question. Just one question, right, and this is relating to the answer that you gave to previous participants. A question on the growth rates, right? What we were clocking in till FY '25 and what we intend to clock in after, let's say, FY '27 or FY '28, or in FY '27 and FY '28. So, my question is that, see you mentioned that order book is something which you can execute, right? But what is the quality of enquiry pipeline, let's say, which we had right now and which we had two years back? The conversion of this enquiry pipeline into order book, is it taking longer because we are venturing into newer geographies, higher megawatt projects, newer technologies? Is that the reason why reverting back to those kind of growth rates before FY '25 will take another year, and it will only be in FY '28? Or is there anything else that is hampering or whatever it's taking a bit longer for the pipeline to convert?
Triveni Turbine Limited CC-Nov25.pdf · 2025-11-12
Yeah. Hi, team. T wo questions from my end. One is just from a capacity standpoint, right? And I'm talking about whatever happened in Q1, right? From a capacity standpoint, because there were delays in inspection, they did by any chance, hinder our sales that we did in Q2? What I wanted to understand was that from, again, space or capacity standpoint, what could be the loss right in this year of sales? Or how should at least we think about it? I'm not asking for a number, but on the ground, on the factory side, are there any constraints because of which some part of the sales you might not be able to recover this year?
Thank you, Prasad, and thank you, Nikhil for that. S econd question would be, again, whatever happened in Q1 because of issues at the domestic end, which is geopolitical and beyond our control. And what right now we are facing in U.S. in terms of tariff or some slowdown in Southeast Asian market as well. Do you foresee any permanent or I mean, some lasting slightly medium-term damage on our capability to cater to the market, whatever our original plans were, right? Has it created any sort of doubts over those plans? Or has it also opened up any opportunities, right, because tariff is something which maybe other countries also face. So, anything that you want to touch upon as to, let's say, whatever happened locally because of geopolitical issues in Q1, this tariff issue in U.S. as well as slowdown in Southeast Asian countries, anything that will lead to any permanent damage for us or any gains also which might not be immediately visible to the larger audience?
Triveni Turbine Limited CC-Jun25.pdf · 2025-08-05
Hi, Nikhil. Thank you for giving me the opportunity. I just wanted to understand how important are these physical inspections both for completion of order as well as for order pipeline . Given the fact that some of t he customers whom we have been dealing with , are for quite some time now. And there is always an option of probably digitally checking some of the turbines. What I'm getting at is that once probably these people continue to travel, will the pipeline and executions improve and some of the orders t hat we have lost to our European counterparts, right during the quarter, are they expected to revert? The macro situation will take its own sweet time , but something which was very unique in Q1 and is not expected to repeat. Is that largely taken care of?
Triveni Turbine Limited CC-Mar25.pdf · 2025-05-12
Yeah. Hi, Nikhil. Thank you for taking my questions. Two questions from my side. The first one is, whil e you alluded to some qualitative colour on your foray into 30-100 MW segment. But can you just throw a slightly longer-term picture in terms of it's been now four years, since we are going solo in this segment, not with our JV partners. So , let's say, in ne xt 5-7 years, what is our aspiration in terms of market share? Can we replicate our market share that we have in zero to 30-MW, in above 30-MW category as well? Can you give some colour and some texture and what are your targets and what are your aspirations for this particular segment?
Yeah, thank you Nikhil for giving me the opportunity again. In one of the comments on API market, Prasad also said that maybe in the future, we will also have a play on SMR, the small modular reactors. Can you touch base as to what are the product synergies between API and SMR? Can you give us some context? Because my understanding was that probably nuclear reactors the play for turbine is not that large. So , can you just help us understand, is it different in SMR?

JM Financial Limited

JM Financial Limited CC-Jun25.pdf · 2025-08-12
Congratulations on great set of results. Three questions from my s ide. One is that I wanted to understand this rationale of selling a very small stake in housing finance business. Was it any sort of partnership that you envisaged with them? Or is it just to put a n external value to this piece? And can we expect more such transactions from here to your targeted IPO time line of 2028, 2029?
The second question was on wealth management pi ece. Now see, there is a lot of competition, right, like somebody else also highlighted, right? But you mentioned that you are taking more of a 10-year kind of a view. But how do you see competition in acquiring talent, right? Because there's been a lot of poaching going on in this particular segment. And also, when you think about the profitability of this segment, right, and you have highlighted how RMs have went up from 91 to 174. But have we reached the stage wherein the existing productivity gains of some of these RMs can take care of the incremental cost of hiring the RMs. Have we reached that stage in the business?
JM Financial Limited CC-Mar25.pdf · 2025-05-13
Yes, Vishal, thank you so much for giving me the opportunity. Just your comment on you wanting to take the Credit Solutions book back to Rs. 10,000 crores, right, with Rs. 5,000 crores of equity and Rs. 5,000 crores of debt. So, will it be that the syndication will start once you build this Rs. 10,000 crores book?
Understood. So, what I am saying is that, do you have a number in mind as to how do you want to balance the yield income that we will earn on this mix and the syndication fee, this is like a 50-50 mix that you have in mind or 70 -30 mix? Any comment on that as to how should one think about it?

Neuland Laboratories Limited

Neuland Laboratories Limited CC-Mar25.pdf · 2025-05-15
I just have one question, and this is more like a qualitative color on your CMS part, right? Now if I look at the how you have done exceptionally well on the CMS part. In FY 18, you had whatever, INR100 crores of sales. We are close to INR800 crores right now. So from here on, the ask rate to probably is very very high in some sense. So when I look at, let's say, your Slide number 12 and in terms of the numbers that you give in terms of number of projects that you're working on. So let's say, this 81 of FY 22 is now 97, right? So in terms of one is the number97 is higher than 81. But in terms of the quality of these 97 projects, how different are they versus what they were, let's say, in FY 22 in terms of chemistry, in terms of size? And apart from the peptide part that you have probably discussed, right, and you're also putting up the capex, any other chemistry which you have developed year or so, which you are very optimistic about also, which is also based on we have something related to that chemistry in the pipeline. So some qualitative color on your pipeline for CMS project will be helpful.
No, no, it makes a lot of sense. Let me just one follow -up on this, the same aspect, right? See, you have outlined the quality of pipeline in depth in great detail. Now in terms of, obviously, the success rate obviously it's not in our hand, right? But in terms of that conversion rate, right, could you just comment a little bit there as to what have we done to improve the probability of, let's say, whatever molecule that we are working on going to the next phase, right? Again, as I mentioned, we have limited things in our hand, right? It depends on the innovator. But what could we do to help us improve that success rate, so to say? And what have we done, let's say, in the past, right, 5, 6 years to improve that?

Usha Martin Limited

Usha Martin Limited CC-Mar25.pdf · 2025-05-13
The first question is slightly on the margin pressure that you alluded to - not just in this quarter, but couple of quarters back as well; - you have also clarified that there is heightened competition. So, my question is – with, let's say, this tariff settling, and maybe the Ukraine issue also solving, should we expect to see some easing of competitive-intensive-led margin pressure in the coming quarters? Any color on this aspect of margin pressure that we have alluded to in the past. Any change there that you see in the near term? Or this margin pressure is something which you think is going to continue?
I understand. So, what I am trying to understand is that this is not assuming any change in competition, right, or any change in the intensity of competition. Am I correct in assuming that?

The Great Eastern Shipping Company Limited

The Great Eastern Shipping Company Limited CC-Mar25.pdf · 2025-05-12
Thank you so much for giving me this opportunity. So, Shiv and team, my question is on crude and product carriers, right? If I look at your age of fleet is somewhere close to 15, 16-odd years, right? The heuristic that 1 uses is that after 20 years, there is a significant decline in day rates, right, in some sense. Now, what I am saying is that in the past, you have mentioned that the peaks and troughs in asset prices have probably span 3.5 years, 4 years, right? That’s the cycle that 1 has observed in the past. Now, that has not played out in the last 5-odd years, and there have been multiple disruption in trade routes or changing in trade routes, which in a way have only aided, let’s say, a longer supply or longer trade route site in some sense. So, where I am coming from is that how do we make this age of this fleet much more younger, in some sense in an environment where the asset prices are not seeing the decline where we will probably go ahead and buy the vessels. So is there any structural change in the industry in terms of the number of years of peak and trough in asset prices? And does that structural change lead us to change our strategy of how we look at asset prices? And once we acquire the asset, we prefer to put it on not on the long-term contract, but shorter- term contract, right, in some sense. So, any change in our strategy based on how the shipping cycle has been playing out in the last 5 years? GS Yes. So good question and a lot of things to unpack there. So let’s look at it here. So, your main thing was if I get it correctly, what if you don’t get the prices that you are looking for, is there some paradigm shift, which prevents you getting the prices that you are looking for, the ships from dropping in price? I assume something like that is what you were asking.
Correct.

Sonata Software Limited

Sonata Software Limited CC-Dec24.pdf · 2025-02-06
So a lot of contradiction , Samir, on the call. A t one side we want to be leaders in AI. On the other side, we are losing customers because of their spend s in AI. So do you think this is something which will continue going forward or does it require a very critical assessment of our clients, the quality of our clients b ecause see this unfortunate event has happened twice one on the new deal side, now on the existing client side. So we understand that you are a smaller company in overall scheme of things versus our peers. But such kind of things we haven't heard from any peers that high tech is slowing down or customer doing a certain kind of a withdrawal. So how should one think about it a nd does it require a very deep internal introspection about the quality of clients that we have and at the same time, how do we think about new deal wins as well what -- how should one deal with this contradiction?
Yes. I appreciate that, Samir. So just give a sense, let us say, we heard from this client, have we been able to talk to some of the other clients and assess that is a risk which might be developing in some of the other clients , some of our other relationships as well? Have you been able to do that since we have heard from this client on the direction in which they want to go?
Sonata Software Limited CC-Jun24.pdf · 2024-07-31
Yes. Hi, Samir and Jagan. Few questions. So, when you say this new deal is margin dilutive for first few quarters, what is the base that you are assuming to be margin dilutive from? Because in last two quarters, we are trending at a lower than Sonata's average in terms of margin in our international business. And this quarter, you have changed the definition of EBITDA margin as well the way you report it. So, when you say dilutive, are we looking at dilutive from mid -- sorry, low 20% kind of a number or from the current levels of margins, if you can clarify that?
Jagan, that clarifies. Now coming to the point of -- you mentioned there are some green shoots in BFSI domain, retail banking. This is a thing that most of the other of your peers have also highlighted. They have also highlighted that there are some green shoots even in discretionary spend. But going by your comment, it feels like the decisiveness in terms of closure of deal is pretty much at a similar level where it was in last quarter. So, is there any reason for this divergence, one is that? And secondly, related to BFSI, we had a deal in Quant also, which -- fintech deal, if I'm not wrong, which was delayed, so where are we on Quant? And are we completely on top of how the seasonality works in that acquisition? So yes, a few questions, but you'll get the gist of it.

Tube Investments of India Limited

Tube Investments of India Limited CC-Dec24.pdf · 2025-02-04
A few questions from my side. The first is, while you mentioned that on, let's say, TIC and some of the inorganic growth opportunities, valuations are quite expensive. But when we look at the TI2 part of our business, do you think in, let's say, next couple of years, you want to focus on scaling up the business where you have already seeded some investment into or we will hear something in some of the new segments as well? And within that investments which you have already seeded, which is the business which you are most optimistic on in terms of the size and profitability part?
Sure. And on the -- again, on the investment side, right, as to how you decide between your public companies and your private arm. And in the past also, you have answered this question that, let's say, if we talk about investments or how you will see new businesses in your listed companies, it would be more on capabilities of those companies and then also on a case-to-case basis. Anything changes, Vellayanji, on that part or it still remains the same? And is it the case that right now in the segments where Tube want to probably enter into, whether it comes to inorganic part, things are expensive and in, let's say, CG Power, maybe there, the visibility of near term in terms of investments are slightly more than Tube. Is that a fair way to look at things? Or that's not a right assessment?

PCBL Chemical Limited

PCBL Chemical Limited CC-Dec24.pdf · 2025-01-10
Hi, Raj. A few questions from my side. First of all, on the pricing negotiation, right, you mentioned that it's a formula-based kind of a negotiation. So, are you alluding to that that formula has largely remained the same? And can you repeat as to, I mean, how are those negotiations on the volume part?
So, Raj, what I wanted to understand was that this EBITDA per ton range that we have been reporting, let's say, on a last four-quarter average basis, is that likely to continue going forward as well, based on the negotiations that you had on the formula?

Muthoot Finance Limited

Brigade Enterprises Limited

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Jun24.pdf · 2024-07-30
This is Prolin from Edelweiss Public Alternatives. One of the question is on marketing spend, right? So what we have seen is that some of the mature consumer brands would spend on marketing when the environment is right in terms of macro environment, right , in some sense. But we have continued to probably spend on marketing maybe slightly higher than what we had been doing in the past. So I mean, just wanted to understand, is it still that QSR as a category or KFC as a brand is yet to reach that maturity and it still needs those marketing spends to bring in the kind of footfall or sales number that we are witnessing? Or how do you look a t marketing spend continue to be at a higher level in a weak macro environment?
Sure. So I mean this question was more to understand this macro slowdown, right? So maybe the other way to put that -- put this is that especially in KFC, is it fair that whatever numbers that we are getting is because of the marketing spend and things cou ld have been quite worse if we had not been spending the same amount of money?