Stockrabit · Analysts
Questions across 20 calls

Rahul Agarwal

Ikigai Asset

Page Industries Limited

Page Industries Limited CC-May26.pdf · 2026-05-21
Congratulations for a good performance. Just 2 questions. One to clarify, earlier you mentioned 2% price hike. Does that take care of the entire RM inflation so far? And if I understand it correctly, you also mentioned some price hikes could happen in 1Q, is largely also related to RM inflation is what I understand because the priority is not for growth, but it's more for covering cost. So just need to clarify that. And secondly, what explains the reduction in the LFS store count? If you just explain how should we look at that number? And what's the path ahead?
Right. Just to follow up on the first part you answered. So basically, it means that 2% retail hike happened because of product enhancement, another round you're considering because of -- to cover RM inflation?
Page Industries Limited CC-Feb26.pdf · 2026-02-05
Hi, good evening. Thank you for the opportunity. Just two questions. Firstly, on the ASP bid on the volume-value gap, you explained the product mix change. You also mentioned that there is a channel mix change. We just wanted to know what has actually changed in the quarter, and directionally, where are we moving in terms of more channel growth? And the related question was on MBO versus EBO. I think historically, we have been speaking about MBO being weaker and EBO and Quick commerce, e- commerce actually doing much better growth. Has that been solved? And I think most of this double- digit growth questions are also revolving around solving that. I think if the MBO bid gets solved out, most of the growth should come back. So, how can we improve on this? And you could guide for another next two years. What do you think about growth from MBO? These are the questions. Thank you.
Got it. Thanks. Thanks so much. And best wishes for the rest of the quarters.

Vishal Mega Mart Limited

Vishal Mega Mart Limited CC-May26.pdf · 2026-05-15
Hi, very good afternoon, GK and Amit. Sir, just 2 questions. Firstly, just to extend the earlier question on new store openings. During such times when industry will obviously face some difficulty in terms of expansion further to manage their own balance sheet, I'm talking about independent stores, local chains in areas where you operate. Is it time to further step up the new store increase for Vishal Mega Mart? Do you think this is a market share gain opportunity, because a lot of things will actually play out, as you have explained earlier in terms of higher footfall. So, what is the thought on that for the next 12 to 18 months? That's one question. And secondly, on rental, we're still seeing a decent amount of operating leverage playing out. The SSG growth is higher than rental inflation, what the number you report. Does this continue ahead? And if Amit can clarify that fourth quarter, the rental number at INR 160 crores, it looks a bit lower on a Y-o-Y basis. Is that the right comparison? Those are my questions. Thank you.
Got it. Actually, the question was more structural in terms of, does this operating leverage also continue ahead where we are seeing higher SSSGs and lower rental increase in your numbers?

Dixon Technologies (India) Limited

Dixon Technologies (India) Limited CC-May26.pdf · 2026-05-12
Just two questions. Two questions are on capex. Clearly, we are going ahead with most of the capacity expansions. Even fiscal '26, you ended at INR1,000 crores. Sir, next year, f iscal '27, how do we look at the capex budget and which segments take the largest share? That is question one. And question two, just from a top -down perspective for Dixon, both from an input cost inflation perspective and the forex rate, which is INR -U.S. dollar, how does it impact Dixon, positive or negative? Is there a time lag between wha t we should actually anticipate once it's a 100% pass-through business is what I understand. Could you just put some thoughts around these three points, which will really help to understand further. Thank you so much.

KEI Industries Limited

KEI Industries Limited CC-May26.pdf · 2026-05-05
Hi Sir good afternoon, Sir, two questions. Firstly, I see reduction on the receivable balance -- on the receivable side on the balance sheet. Overall, we see some changes to inventory and creditor. I believe that is because of some transit export delays, which will normalize in first quarter. So overall, on a sustainable basis, the company should be between 85 to 90 days of net working capital cycle over the next 2, 3 years. Is that understanding correct?
Okay. So incrementally, this 57 days of sales of receivable days, that should remain flattish or it should further decline?
KEI Industries Limited CC-Oct25.pdf · 2025-10-16
Sir, three questions. Firstly, on margins. I mean, people always ask you that how will the margins be going forward, and we've been very vocal about it, that margins will improve going forward once the mix improves and new plant comes up. Just wanted to understand, even when we -- such quarters like just gone by, where we see more Exports, more Housing Wire growth, lesser of EHV growth, HT, LT contribution is lower. Our margins are still hovering around 10%. Any comments on this? Like despite mix change, margins don't really change?
Got it. Second was on Housing Wire. I think we are soon reaching like INR1,000 crores run rate in sales per quarter. Our brand spends, when I see last year, we incurred INR 50 cro res. Incrementally, building this brand on the wire side, obviously, you've done a commendable job in terms of scaling up this business over the last 3 years. Any thoughts in terms of incremental branding and spend? How would you want to go about this?

R R Kabel Limited

R R Kabel Limited CC-May26.pdf · 2026-04-30
Yes, good evening. Thank you for the opportunity. Sir, just to get this number right, volume growth for cable and wire for fourth quarter was 10%. What was it for full-year?
Okay. Just in terms of outlook for next year, for cable and wire then FMEG separately, cable and wire we should look at double-digit volume growth, between 10%-15% and FMEG purely because FY26 was a weak year, and you've also mentioned that some price hikes will actually go through in fiscal 2027. What should be the revenue growth number we should expect for FMEG?
R R Kabel Limited CC-Feb26.pdf · 2026-02-02
First question to Mahendra. Sir, over the last year, we have seen some senior management changes in the company. As of now, it's all done? And are there any pending gaps right now to be filled? If you can just talk about the senior management team at RRK?
Okay. Perfect. Okay. Got it. Second question was to Rajesh ji. Sir, when I'm looking at staff cost on a consolidated basis, it's looking like flattening out despite we going through a decent amount of capex and expansions in the plant, I just wanted to understand how should we look at this INR400 crores odd annual staff cost? Is it going to be more because of automated plants, the hiring is lesser and hence, incrementally going to be more inflation increase or there is some one-off here?
R R Kabel Limited CC-Nov25.pdf · 2025-11-03
Hi, sir. Good afternoon. Just two questions. One is referring to the cable and wire segment. Fiscal '26 looks like coming back to normalcy on growth and margins on both sides. From a top-line, as you have explained, I think it's pretty clear that the growth is sustainable both on cable and wire going forward. But just on margins on a consol basis for cable and wire, what could be the levers for further expansion from a fiscal '26 base? That's the first question.
I understand, sir, just a clarification. I believe the EBIT you report on segment results includes the treasury income, right? So, this 10.5%, I should include the treasury income margin as well. Is that correct?
R R Kabel Limited CC-Jun25.pdf · 2025-08-01
Sir, two questions. Firstly, on the domestic side. On the wires, how would have the markets behaved? If you could share some color on the entire quarter? I understand April was weak purely because of copper volatility. But overall for the quarter between your core markets, weaker states, new markets where you're entering; if you could give some color on how is the demand shaping up? What are the new product launches happening on the wire side? Is there also the mix is improving on the value-added side? And you also mentioned distribution in Tier 2, Tier 3. If you could cover that as well in terms of overall domestic market for wire, that will be helpful, sir.
Sir, is it possible -- you mentioned overall volume growth for the business was 6.5%, wires was 10% and cable was 2%. Is it possible to know domestic wire volume growth and domestic cable volume growth, if it's possible?

Kajaria Ceramics Limited

Kajaria Ceramics Limited CC-May26.pdf · 2026-04-30
Congratulations for a very good number. Firstly, on the bathware side, this INR 50 crore s buyout of the key investor, is it for the entire 15% stake or is it lower?
Got it, Sanjeev -ji. The second question on the cost side. You obviously mentioned that 18%, 19% EBITDA margin is achievable next year. But when I look at this year, there have been lot of cost-saving efforts which you have made. This staff cost of INR 530 crores for fiscal '26, the number looks like stabilized at INR 130 crores per quarter. How should we look at this cost going forward for the other expenditure and staff cost?
Kajaria Ceramics Limited CC-Jun25.pdf · 2025-07-22
Sir, basically, 3 questions. Sir, something you want to share on the current trends of the tile market. You didn't touch upon that. I just wanted to know what is the outlook for this year on both on domestic, as well as export market for tiles? That's the first question.
Okay, sure. Secondly, on the cost side, when I look at your P&L for first quarter, it looks like gross margin expansion has actually flowed through to EBITDA. When I look at staff cost and other expenditure, they are flat Y-o-Y. So all 3 line items on the cost side, I think there is a fair bit of optimization. If you could elaborate a bit more, how do you see the full year in terms of cost? And what kind of margins would you expect? That will be helpful. And thirdly, just wanted to know, based on now the plywood division is now shut, Bathware, I think this quarter reflects only Bathware revenues on the other segment. So that business looks -- the EBIT is about INR4.5 crores. So some outlook on that? And what is the total savings would you expect from plywood and Bathware being profitable for fiscal '26 as compared to '25? If you could just highlight that, that will be helpful. That's all.

Travel Food Services Limited

Supreme Petrochem Limited

Supreme Petrochem Limited CC-Jan26.pdf · 2026-01-23
Hi, sir. Very good evening. Sir, few questions and just to extend a bit on the earlier discussion. If I have to really understand this performance over a bit of medium term, right? I mean the quarter volatility keeps on happening. But if I look at next two, three years and your experience into this industry, both in terms of volume growth, pricing and margins, like typically at this current pricing of polystyrene and ABS, how should the Indian market actually behave in terms of both customers and manufacturers? In terms of how would they expect this to actually play out over a three -year timeframe? So both from a demand supply perspective and from a manufacturer margin perspective, cyclicality in this industry, right now we are seeing normalization of margins after COVID. Has this happened in your view? How do you see pricing moving further in India and outside India, imports? Some comments over there at an industry level and from an Indian manufacturer level will help. Sir that is the first question.
Right sir. But as you said, December obviously indicates that there is some stabilization on styrene monomer pricing, off-take is better. Purely from what we have seen in the last 10 years, current pricing looks like pretty much at low levels. The INR has depreciated significantly in January. Right? So, would that mean that incrementally, if I take a next three-year view, do we think there is a bottom here or do you think incremental global supply can actually take this styrene mono -pricer? You know It is still difficult to predict that. There will be some marginal cost of production cost for

Havells India Limited

Havells India Limited CC-Jan26.pdf · 2026-01-19
Just 2 questions. Firstly, on capex. I think we've done about INR1,200 crores so far in 9 months. Just wanted to know projects that are under construction right now. And my sense is a lot of expansion has been done in cable and wires as well as Lloyd I think, should be under construction. So next year, I would imagine it should be a lower budget for capex fiscal '27. So should we expect some lower capital intensity? That's the first question.
And right now, what are the projects which are underway? Like if you could just highlight the segments?

Astral Limited

Astral Limited CC-Jun25.pdf · 2025-08-12
Sir, just extending the discussion further on these categories. Lot of product categories need investment on branding as well apart from manpower, more and more we are adding B 2C products, apart from paints , Bathware the core categories of adhesive also has that stuff like tanks will also need some kind of branding, because lot of retail demand is out there, just from a sales and promotion perspective. Typically, the business is spending about 3%, 3.5% of top line into branding. Should we expect more spending into this line item a nd get further brand strength to further ramp up these sales. That's the first question.
Perfect, got that. And just one clarification on the large discussion on CPVC resin, I am assuming that 100% of this resin will be used captively, and there will be no sales outside, is that.

Bata India Limited

Voltas Limited

Blue Star Limited

Blue Star Limited CC-Mar25.pdf · 2025-05-08
Hi, sir. Good afternoon and thank you for the opportunity. Sir, you alluded to some outlook on how do you see RAC ahead? Just wanted to understand similarly, because last two years most of the revenue for Segment-I and Segment-II has grown like 20% on an average. Going forward, obviously, the industry outlook looks great but I think these numbers are, I think, very good. So just in terms of sustainability, if you could help us qualitatively understand outlook for Commercial AC, Commercial Ref and Projects also, going into next year, it will really help? That's the first question. And secondly, similarly on margins. I think if you could just highlight what could be additional levers from where we are at current levels on both Segment-I and Segment-II. Do we see margin expansion further? And is that more organic or is it going to be more effort-driven? Those are my two questions, sir. Thank you.
Thanks. And we should assume that whatever growth rates you mentioned on all segments, we should be gaining market share? That is just a follow-up, yes.