Stockrabit · Analysts
Questions across 63 calls

Pulkit Patni

Goldman Sachs

UltraTech Cement Limited

UltraTech Cement Limited CC-Jun25.pdf · 2025-07-21
Sir, mine is also a bookkeeping question. If you could just break down the volume a little clearer. So 2.18 million is India Cements and 32.46 is the rest of it. Now within this, what is UltraTech and what is Kesoram, if you could help us split that?
Sir, I fully appreciate that. What I'm trying to come to is what is the kind of annual volume growth that we are looking at, given the base has changed, it's making a little difficult for us to be able to calculate it, which is why a base number would help? But if not, if you could give us a sense of what's the annual volume growth approximately that you are looking at?
UltraTech Cement Limited CC-Mar25.pdf · 2025-04-28
And thanks for putting that slide where you've spoken about individually which are the cost line items and what is the contribution. Now if I look at the numbers that you have, your guidance for FY '27 and in case of renewables FY '30, plus what you are saying for India and Kesoram in terms of EBITDA improvement, then even if the industry doesn't take any price increase, for us as a consolidated entity to go up about INR 250 to INR300 EBITDA per ton from here till FY '28 should be fairly easy. Is that understanding correct? Or in your assumption, there is some price increase that you have baked in when you talk about India's INR500 and Kesoram slightly higher EBITDA per ton next year?

The India Cements Limited

The India Cements Limited CC-Jul25.pdf · 2025-07-21
Sir, mine is also a bookkeeping question. If you could just break down the volume a little clearer. So 2.18 million is India Cements and 32.46 is the rest of it. Now within this, what is UltraTech and what is Kesoram, if you could help us split that?
Sir, I fully appreciate that. What I'm trying to come to is what is the kind of annual volume growth that we are looking at, given the base has changed, it's making a little difficult for us to be able to calculate it, which is why a base number would help? But if not, if you could give us a sense of what's the annual volume growth approximately that you are looking at?
The India Cements Limited CC-Mar25.pdf · 2025-04-28
And thanks for putting that slide where you've spoken about individually which are the cost line items and what is the contribution. Now if I look at the numbers that you have, your guidance for FY '27 and in case of renewables FY '30, plus what you are saying for India and Kesoram in terms of EBITDA improvement, then even if the industry doesn't take any price increase, for us as a consolidated entity to go up about INR 250 to INR300 EBITDA per ton from here till FY '28 should be fairly easy. Is that understanding correct? Or in your assumption, there is some price increase that you have baked in when you talk about India's INR500 and Kesoram slightly higher EBITDA per ton next year?

Havells India Limited

Havells India Limited CC-Jun25.pdf · 2025-07-21
Sir, thank you for taking my question. Sir, just one question. I think you did speak this number, and I maybe missed it. Can you just enumerate what is the total contribution that we have across different products from the solar portfolio today?
Sir, okay. No problem. I will take it offline, but my purpose of really understanding was Rs. 600 crores investment. What is the kind of TAM or growth that we are looking at from that investment, given that the base we are working with is Rs. 420 crores. So, you can come back to me, but this is really what I am trying to come to.

Ambuja Cements Limited

ACC Limited

Cummins India Limited

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2025-02-07
So can we say that, I mean, this 19 -odd percent what you have reported, that is kind of sustainable and with all the efforts that you are talking about, there can be improvement, but we don't know whether it will happen now or not.
Understood. And the second question is that on this website, you have said that you have and many such things. But still the price is a little unsettled and you're saying that it will take a couple of quarters' time. But how is the overall inventory situat ion? And is the industry situation to correct any kind of competitive dynamics quickly enough or the inventory will kind of stop you from not being able to responsive to market changes?
Cummins India Limited CC-Dec24.pdf · 2025-02-07
So can we say that, I mean, this 19 -odd percent what you have reported, that is kind of sustainable and with all the efforts that you are talking about, there can be improvement, but we don't know whether it will happen now or not.
Understood. And the second question is that on this website, you have said that you have and many such things. But still the price is a little unsettled and you're saying that it will take a couple of quarters' time. But how is the overall inventory situat ion? And is the industry situation to correct any kind of competitive dynamics quickly enough or the inventory will kind of stop you from not being able to responsive to market changes?
Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2024-11-08
Most of my questions are answered. And this is in continuation with Jonas' question. So we've had 2 consecutive quarters of about INR800 crores plus revenue in the PowerGen segment, out of which second quarter clearly was only CPCB IV+ in terms of new implementation. Can we, for our modeling purposes, assume that this is now the new base to model next few quarters from here on, i.e., it has the impact of significant price increases in CPCB IV+, plus that you did not have a large portfolio of CPCB II that got sold in the current quarter. And I'm asking this question because there's been a lot of noise and numbers in the past few quarters with meaningful price increases and pre -buying and so on and so forth. So between INR800 crores to INR900 crores in the last 2 quarters, is it the right number from a sustainability perspective and we build our models based on that. Is that a right assumption?
No. I think all the 3 points are well taken, and that's exactly what my question was.
Cummins India Limited CC-Sep24.pdf · 2024-11-08
Most of my questions are answered. And this is in continuation with Jonas' question. So we've had 2 consecutive quarters of about INR800 crores plus revenue in the PowerGen segment, out of which second quarter clearly was only CPCB IV+ in terms of new implementation. Can we, for our modeling purposes, assume that this is now the new base to model next few quarters from here on, i.e., it has the impact of significant price increases in CPCB IV+, plus that you did not have a large portfolio of CPCB II that got sold in the current quarter. And I'm asking this question because there's been a lot of noise and numbers in the past few quarters with meaningful price increases and pre -buying and so on and so forth. So between INR800 crores to INR900 crores in the last 2 quarters, is it the right number from a sustainability perspective and we build our models based on that. Is that a right assumption?
No. I think all the 3 points are well taken, and that's exactly what my question was.
Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2024-08-07
I think first one was similar to what Mayur asked. Sir, my second question is on competition. What we understand is that we were one of the first ones to actually release nodes of CPCB-In the market and that time our pricing power was significantly better than anybody else simply because there was nobody else. I understand some of your competition has launched quite a lot of nodes in the last couple of quarters. So, can you just talk about whether we are seeing some sort of price discovery for the CPCB-IV+ i.e. is that also going to be a factor in the margin number you are saying which cannot sustain at these high levels? Is it just commodity or is it also that price discovery now amid more supply could drive margins lower?
So, since I have one more question, maybe I'll just use that. Ashwath, all that you've said on the domestic market in terms of a commentary is extremely positive and particularly in light of CPCB-IV being fully implemented,, etc., I am just trying to reconcile this with what you have put out in your release, where you say we remain cautiously optimistic about the demand holding the near term and optimistic about the longer term. So, how come there's a disconnect between cautiously optimistic in your commentary in the press release, but your commentary in general is pretty optimistic about the domestic market? So, is my understanding a little different on interpreting that?
Cummins India Limited CC-Jun24.pdf · 2024-08-07
I think first one was similar to what Mayur asked. Sir, my second question is on competition. What we understand is that we were one of the first ones to actually release nodes of CPCB-In the market and that time our pricing power was significantly better than anybody else simply because there was nobody else. I understand some of your competition has launched quite a lot of nodes in the last couple of quarters. So, can you just talk about whether we are seeing some sort of price discovery for the CPCB-IV+ i.e. is that also going to be a factor in the margin number you are saying which cannot sustain at these high levels? Is it just commodity or is it also that price discovery now amid more supply could drive margins lower?
So, since I have one more question, maybe I'll just use that. Ashwath, all that you've said on the domestic market in terms of a commentary is extremely positive and particularly in light of CPCB-IV being fully implemented,, etc., I am just trying to reconcile this with what you have put out in your release, where you say we remain cautiously optimistic about the demand holding the near term and optimistic about the longer term. So, how come there's a disconnect between cautiously optimistic in your commentary in the press release, but your commentary in general is pretty optimistic about the domestic market? So, is my understanding a little different on interpreting that?

Kajaria Ceramics Limited

Kajaria Ceramics Limited CC-Dec24.pdf · 2025-02-04
I mean most of the questions are answered. I just wanted to pick your brain on, has anything changed in the industry in the last 4, 5 years, whether it is in respect of competition, whether it is in respect of technology? Are your peers now being able to produce the same product as you? Or is there some change between marble and ceramic? I just wanted to get a sense because multiple people have asked this question in different ways. But if real estate sale is strong, eventually, it has to result in some bit of retail sale, right? If the builder is making the lobby, the flat also is required to be made. So any sense on if anything has changed in the industry in the last 4, 5 years based on your experience and expertise?
No, fair. I mean you've always been the leader. So my question was more about something that you were doing, which competition is doing. Maybe let me just extend that one step further. Do you think the supply situation is much worse, i.e., there's much more excess supply today than it was a few years back in this industry?

InterGlobe Aviation Limited

Dixon Technologies (India) Limited

Dixon Technologies (India) Limited CC-Dec24.pdf · 2025-01-20
A couple of them. Sir, first one is on PLI incentive. There was an article in newspaper a few -- I think a couple of weeks' ba ck, which spoke about some difficulty in receiving these PLI incentives. So could you just talk about, a, since inception, how much is the total incentive that you have booked versus how much is the incentive that you have received thus far? That's question number one.
So approximately, what would be the receivable on PLIs?

Thermax Limited

Thermax Limited CC-Sep24.pdf · 2024-11-14
My first question is on your Green Solutions business. If I look at the last 7 - 8 quarters in terms of our order inflow, the average, if it comes up, to be about INR 66 crores. Obviously, it's varied by quarter. And when I look at our revenue recognition in that segment, it's been close to INR 140 crores. Given that our order inflow has been rather weak in energy -- in Green Solutions, how should we look at revenue for the next 4 - 5 quarters in that segment? That woul d be question #1.
Sure. That helps. Ashish, my second question is, if I take off the subsidies that you've got. When you reported 8.3% margin on a consol basis. Now as I look at again, the next 5 to 7 quarters, where obviously, you're improving margin across other segments. But a larger chunk of your execution will be on the Industrial Infra business, particularly with these large orders that you won, plus the ones that you highlighted are in the pipeline. In that context, how should we look at the margin profile? Will we be okay with the 8.5% - 9% margin if we are able to make it on a consol basis? Or is there an outside chance that you could actually surprise on the upside on the overall margin front with that kind of mix going forward?

Polycab India Limited

KEI Industries Limited