Questions across 15 calls

Raghunandhan NL

Nuvama Research

Amara Raja Energy & Mobility Limited

Amara Raja Energy & Mobility Limited CC-Jun26.pdf · 2026-05-26

For the Lead Acid Battery business, you mentioned about the growth for a few of the categories. Can you also share how much was the growth for 2-wheeler OEM, UPS, Telecom and 4-wheeler Export segments in Q4? And also, if you can share your thoughts on outlook for FY '27 in Replacement and Industrial segments, that will be helpful?

Very helpful. My second question was you referred to the raw material input cost inflation. If you can broadly indicate within the raw material, how would be the mix between lead, plastic, sulfur, some of the major commodities, which we have to keep in mind. Lead could be about 65%, 70% of your RM basket. How much will be others? And how much is the current under recoveries? And how much price hike should we expect going forward? How much price hike should we expect going forward?

Amara Raja Energy & Mobility Limited CC-Mar25.pdf · 2025-05-30

Sir, firstly, in terms of the lithium cell project, what has been the investment so far? And what is the plan for FY '26 and '27?

Got it, sir. And EV launches has become a focus area for several OEMs. How are the discussions progressing with OEMs for becoming one of the suppliers? Any progress? Or how are they looking at local sourcing versus imports, your thoughts on that?

Amara Raja Energy & Mobility Limited CC-Jun24.pdf · 2024-08-05

Sir first question on the lead acid side. In terms of industrial other than telecom how was the growth in Q1 and if I look at Q2, Q3, Q4 that is rest of the year generally what is the kind of growth you expect for industrial ex of telecom and for telecom?

On the lithium side, any time lines you can share for when the NMC project will come online and when the LFP project can come online and only when these come online, that is when you would start supplies for companies like Ather. Would that be right understanding? And also, if you can talk a bit about the PLI incentives. So what would be the status of that? When is that likely to be announced?

Samvardhana Motherson International Limited

Samvardhana Motherson International Limited CC-May26.pdf · 2026-05-20

Congratulations on strong numbers to the entire team and thank you so much for sharing the segment -wise geography breakup along with the results. My first question was on integrated assemblies. Can you talk a bit directio nally about the outlook for FY 27? You have highlighted 2x new program launches in comparison to '26, would that mean that this segment can have a strong growth in double-digits, high-teens for next year?

Thank you Sir, for the opportunity again. I n wiring harness division, there is an extremely strong margin expansion of 170 bps Q -o-Q, and this is despite the copper price increase and also some contraction in margin in Motherson Wiring India. So , what is the driving factor for this margin expansion? Is it mainly operating leverage across the global entities like PKC, Stoneridge?

Timken India Limited

Timken India Limited CC-May26.pdf · 2026-05-19

Congratulations on the strong numbers. Sir, firstly, for FY27, how is the traction and inquiries on the industrial bearings business in domestic and overseas markets? And which geographies are driving this in export?

Well, noted, sir. That was helpful. Any change in the time line for Bharuch ramp up.

Exide Industries Limited

Exide Industries Limited CC-Nov25.pdf · 2025-11-17

Sir, we have been hearing of costs relating to EPR or extended producer responsibility. Can you indicate whether any such costs were factored in Q2 results? Your other expenses seem to be higher compared to normal levels?

I understand, sir. But would it be like more of a onetime provision and on a regular basis, the cost required will be much lower? And by when would you comply with the provision?

Ashok Leyland Limited

Ashok Leyland Limited CC-Jun25.pdf · 2025-08-14

Thank you, Shenu and Balaji, sir. Good to see continuing margin performance. My first question, in Q1 for the cargo and the CV industry, there was a fall of 4% YOY. But within that the share of about 25 ton trucks has reduced a little bit. How do you see the mix for remaining part of the year? Do you continue to see a trend where intermediate and medium commercial vehicles do better compared to heavy commercial vehicle? Or do you think the above 25 ton segment can do better in the remaining part?

Got it, sir. And that is also one of the reasons which has positively impacted your mix in Q1.

Minda Corporation Limited

Minda Corporation Limited CC-Sep24.pdf · 2024-11-12

Thank you sir, for the opportunity. Congratulations on strong set of numbers. Firstly, on Sanco, now that you are working towards building a series of products, which you highlighted. Number one is, how does it open new revenue opportunities for you? And number two is, in your efforts relating to localization, how can this help and how can the percentage of localization increase?

Understood, sir. And given that Sanco has tie up with German, Japanese, American OEMs, would you be able to leverage Sanco's relationship to win new businesses?

UNO Minda Limited

UNO Minda Limited CC-Mar24.pdf · 2024-05-23

Thank you, sir. And congratulations on a strong set of numbers.

Yes. Congratulations, sir. Firstly, within the other segment, you know, the sensor, controller, and ADAS part have done very well this year. How do you see the outlook for FY'25? And secondly, in terms of the EV order book, congratulations on the increase from 3,300 to 3,700. If you can give some more color with, you know, like addition for orders of traction motors, motor controller, how do you see the ramp up for this particular opportunity? And if you can indicate, you know, how many customers you have got on the motor side, just some color on how you see the growth ahead.

Hero MotoCorp Limited

Hero MotoCorp Limited CC-Mar24.pdf · 2024-05-08

Xtreme 125 has seen very good reviews and acceptance. Currently, the monthly volume is around 10,000 - 12,000 per month. How do you see the production sales ramp up, by when do you expect volumes to increase to 20,000 or higher?

Thank you sir, that’s very helpful. Sir second question on VIDA. Given that H1 is likely to see more launches, and especially in the affordable and mid -size category and you are also expanding the presence in number of cities. Can you talk about expectations of how you would see the two-wheeler electric volume, production sales ramp up FY25-26, how do you see the industry acceptance and ramp up market share for your company?

Hero MotoCorp Limited CC-Dec23.pdf · 2024-02-10

Thank you, Sir. Congratulations on strong numbers. Sir, firstly on the upgraded 2.0 outlets, how has been the experience so far, the response from cu stomers, how is it supporting bookings of premium vehicles and VIDA? Also, if you can share some thoughts on the initial response for Xtreme 125, any bookings numbers you can share?

Thank you Sir and wishing all the best on Xtreme 125. The product ride was amazing at Hero World. My second question was on other expenses, 200 bps of EV marketing, brand building expenses, and there was also Cricket World Cup. Going ahead, given that the World Cup is behind, so the investments or marketing efforts, should that kind of reduce on a quarter-on-quarter, trying to understand how much would have been the additional expense in Q3 and by how much it would kind of reduce in Q4. And also trying to understand the triggers for margins further scaling up given that the company always has the target of 14% - 16% margin band.

Bharat Forge Limited

Bharat Forge Limited CC-Mar24.pdf · 2024-05-08

On the defense side, revenue to increase from 1,500 to 2,500 crore ex of ATAGS. So, this 2,500 crore would be for FY '25 or '26?

How do you see that 1,500-crore revenue growing over the next couple of years given the visibility of order book?

Motherson Sumi Wiring India Limited

Motherson Sumi Wiring India Limited CC-Dec23.pdf · 2024-01-31

Thank you, sir, for the opportunity. Congratulations on stellar numbers. Sir, on my questions, firstly, continuing on the revenue growth compared to single-digit growth of industry Y-o-Y, we have done 26% growth. In terms of revenue, there are three parts. One is the underlying industry growth. Second would be the market share gains, if at all. Third would be the content per vehicle increasing. So, any colour you can give in terms of whether this entire outperformance versus the industry was mainly due to content per vehicle, and would it be possible to break the revenue growth into volume growth and value growth?

Understood. Thank you, sir. The new capacities which company had put up at Chennai, Pune, for wiring harnesses and including high voltage, would the utili sation levels be high at those facilities? The press release indicates that additional capacities are required to meet customer requirements. So, just a sense in terms of how that ramp -up is happening and what are the additional expansion plans?

Balkrishna Industries Limited

Balkrishna Industries Limited CC-Sep23.pdf · 2023-10-23

Can you give some more color on your efforts as to how you look at the achievement of 10% market share in the medium term?

And on the carbon black sales to third parties, broadly, what would be the revenue from that category? Even if you can quantify in terms of percentage in terms of revenue, that will be helpful.

CEAT Limited

CEAT Limited CC-Sep23.pdf · 2023-10-17

Congratulations, sir, on stellar numbers and also on the Deming prize. Sir, just wanted to better understand on the pricing situation. On the truck and bus you indicated that competition reduced price by 1%, so just wanted to understand, is it a one-off case where in certain categories, some discounting or price reduction is happening? Or are you concerned about compet ition intensity increasing in the market?

Understood, sir. And any trends you can provide, sir, in terms of the first few months of the year, how has the market share trend has been? Have you been able to sustain share?