Stockrabit · Analysts
Questions across 53 calls

Rahul Gupta

Morgan Stanley

Grasim Industries Limited

Grasim Industries Limited CC-May26.pdf · 2026-05-20
Yes, hi, thank you for taking my question. So, two questions. First, now as you scale up both Pivot and Opus, you will see benefits of operating leverage kicking in over the next two years. Now if I see your implied profitability numbers, you have been clocki ng three billion pre -tax losses every quarter for the last few quarters. Is it fair to say that this will come down materially through the year or is there a case that it may remain sticky for longer? So that's my first question.
Got it. My second question is now that sorry for harping it again, you have not guided on the longer-term capital allocation strategy, but given UltraTech and Aditya Birla Capital are the two subsidiaries where your shareholding is more than 50%, is it fair to say even on the longer-term perspective you'd want to maintain your 50% plus shareholding in both these businesses?
Grasim Industries Limited CC-Feb26.pdf · 2026-02-11
Hi, thank you for taking my questions. Two questions. One, continuing on the Pivot point. I remember earlier you had guided cash breakeven by 2030. So , you are now front -loading it, accelerating it to fiscal '27 end, right?
Okay. That is great. My second question is on a point you made on the paint , you are testing waters with 2% to 6% hikes in January. Now , it is early days. Can you please help us understand how the acceptance has been? And if we look at the industry, which has been struggling with discounting, how should we look at the overall industry from here on, or let me put it this way, how volume versus value gap should move over the next year for industry and you? Thank you.
Grasim Industries Limited CC-Nov25.pdf · 2025-11-05
A couple of questions. First, just as a continuation on the Paints question earlier. Now that we are out of a pretty long and persistent monsoon season, how should one look at the industry demand for the second half? And to that extent, with Kharagpur now fully commercialized, how should we look at your ramp-up in second half from that perspective? So that's my first question.
Got it. Maybe we will revisit on the industry a quarter later. My second question is on B2B e- commerce. See, the business is growing at a very fast pace. And if I look at this quarter numbers, the revenues are annualizing more than INR6,000 crores. Now you have guided for INR8,500 crores for fiscal '27. Is there a case for this number getting revised up? Or will you be reaching this targeted number sooner than fiscal '27? So any color on this will be very helpful.
Grasim Industries Limited CC-Jun25.pdf · 2025-08-08
Two questions. So, first, just continuing on the previous question, can you help us understand how competitive landscape has evolved vs. last quarter? I remember you mentioned that the economy segment had relatively higher competitive intensity. So, just some color on this will be very helpful. That's my first question. Thank you.
Great. Thank you so much. Just one book keeping question. Our math suggests that your reported revenues was around ₹11 billion versus ₹9 billion last quarter. Can you help us understand what kind of revenues was in CWIP?
Grasim Industries Limited CC-Apr25.pdf · 2025-05-23
I have a couple of questions on cellulosic business. I remember there was some disruption in third quarter. However, fourth quarter volumes are still much lower versus Q 2 levels. Can you please help us explain what's happening over there? That's my first question.
Understood. My second question is that I see that your Capex in the cellulosic business in fiscal '25 was much lower than what the management earlier targeted. How should we look at this for fiscal '26? And what kind of capacity can be unlocked by debottlenecking over the next couple of years?

SHREE CEMENT LIMITED

SHREE CEMENT LIMITED CC-Feb26.pdf · 2026-02-06
Thank you for taking my question. A couple of questions. First, given you are prioritizing absolute earnings, your volumes have lagged the overall industry to some extent. Now in fact, your operating rates would be more like mid-50 utilizations. Now how should we think about your capacity expansion plans and target of 80 million tons from the next 2 years' perspective? How should we look at your volumes from the next 2 years' perspective? That's my first question.
Got it. So two follow-ups, sir. One, given you have narrowed the gap from INR30 to INR15, is it fair to say that you would continue to focus on reducing this further? And my second question is what would be the absolute revenues of the RMC business and how much cement your RMC would be using internally?
SHREE CEMENT LIMITED CC-Nov25.pdf · 2025-10-28
Hi. Thank you for taking my question. Just to delve a little deeper into, is there any other one- off in other opex? I see there is a strong jump year-on-year on the other opex side. So any explanation on that would be great. Thank you.
Great. My second question is for Mr. Akhoury. Now that we are getting out of monsoon. How should one expect demand from here on over the next couple of quarters? And are we seeing any green shoots from GST cut with respect to retail as rural demand picking up?
SHREE CEMENT LIMITED CC-Mar25.pdf · 2025-05-14
Hi, thank you for taking my question. I have a strategy-related question. I understand the idea is to maximize cash earnings. And towards this, we saw the management and company did very well shifting towards higher pricing at the expense of volumes in the recent quarters. Now that you have guided for high single digits volume growth vis-a-vis 6.5% to 7.5% for the industry. How are you looking at cement pricing during the year? Are you turning littlebearish on cement prices from here on in lieu of you looking to grow faster than the industry?
I understand that. I'm trying to understand how to look at industry pricing through the year. We have already seen good pricing trends over the past few months and a lot of capacity is expected to come in the system. So in lieu of that, just trying to understand how to look at cement pricing through the year, nothing related to Shree for that matter?

JINDAL STEEL LIMITED

JINDAL STEEL LIMITED CC-Feb26.pdf · 2026-01-31
Yes. Hi. Thank you for taking my questions. I have two questions. One, sorry for getting back on the steel prices question. You said that the steel prices are up by around Rs. 3,000-Rs. 3,500 versus quarter end. And given trajectory for realization has been worse than how steel prices fared in third quarter, is it fair to say that if steel prices remain where they are, you would see a much better trend in realization versus this Rs. 3,000-Rs. 3,500?
Sir, what I am asking is that steel prices, as you said have increased by Rs. 3,000-Rs. 3,500 versus quarter end. But in the third quarter, your realization trends were weaker than how steel prices fared. So, is it fair to say now that your blast furnace ramp up and HSM capability will ramp up, your realization trends will be much better than the steel prices trend of Rs. 3,000-Rs. 3,500?

Ambuja Cements Limited

Ambuja Cements Limited CC-Feb26.pdf · 2026-01-30
My first question is, in the September quarter, you had mentioned that a majority of consolidation of Orient and Sanghi-related costs were largely behind. In fact, there was around INR42 per ton of maintenance-related cost in September, which should have subsided in this quarter. Can you help us understand what exactly is driving opex higher Q -on-Q? Any quantification over here would be helpful. And my another question is, by when can we expect clarity on the expansion? You gave us the 15 million ton debottlenecking breakdown, but what about the rest on your road map to 155 million ton?
No. What I was looking for was breakdown asset-wise. When can we expect details around that?
Ambuja Cements Limited CC-Nov25.pdf · 2025-11-03
A few questions. So first, continuing on the previous question, you reported around INR70-odd per ton of additional cost on back of both sales promotion. And second, on maintenance. Now how much of this 70-odd would continue over the next two quarters? So that's my first question?
Got it. My second question is, just help me understand, it's more like a clarification. When you say that you would exit the year with INR4,000 per ton of cost, is it fourth quarter end? Is it March end? Can you help us understand that? And secondly, when you say INR3,650 by fiscal '28, is it the full year or March '28 or is it a fourth quarter March '28? Any clarification over here would be very helpful?

ACC Limited

ACC Limited CC-Feb26.pdf · 2026-01-30
My first question is, in the September quarter, you had mentioned that a majority of consolidation of Orient and Sanghi-related costs were largely behind. In fact, there was around INR42 per ton of maintenance-related cost in September, which should have subsided in this quarter. Can you help us understand what exactly is driving opex higher Q -on-Q? Any quantification over here would be helpful. And my another question is, by when can we expect clarity on the expansion? You gave us the 15 million ton debottlenecking breakdown, but what about the rest on your road map to 155 million ton?
No. What I was looking for was breakdown asset-wise. When can we expect details around that?

UltraTech Cement Limited

UltraTech Cement Limited CC-Feb26.pdf · 2026-01-24
Again, sorry to echo again, a very good set of numbers. You talked about cost inflation and improved demand will support cement prices from here on. Now it looks like the infra demand is coming back, which should drive low pricing non-trade segment higher. Does that mean that even if cement prices move up, realization may remain under pressure over the next year or so? Any color on this will be very helpful.
Yes, yes. No, this is very helpful. I don't have any other questions.
UltraTech Cement Limited CC-Jun25.pdf · 2025-07-21
Hi, thank you for taking my question. First of all, congratulations on a very good set of numbers. I have two related questions Atul, sir. First, we have seen India Cements numbers improving at a fast pace over the past two quarters. Now I understand cement pricing was supportive in first quarter. But is there a case that operating performance for both Kesoram and India Cements run faster than your earlier guidance of clocking INR1,000 per ton by F Y '26 and FY '28, respectively?
Got it. Now my related question is, I understand South price hikes sustained a month after month during the quarter. Now this was also on back of multiple months of unsustainable weak pricing in the region. And second, demand was pretty good in the region during the quarter. Now my question is how should we look South from here ? I mean, should this continue or is there elevated competitive landscape can bring back what we saw last year? How should we look at the entire region? What's your view on this?

The India Cements Limited

The India Cements Limited CC-Feb26.pdf · 2026-01-24
Again, sorry to echo again, a very good set of numbers. You talked about cost inflation and improved demand will support cement prices from here on. Now it looks like the infra demand is coming back, which should drive low pricing non-trade segment higher. Does that mean that even if cement prices move up, realization may remain under pressure over the next year or so? Any color on this will be very helpful.
Yes, yes. No, this is very helpful. I don't have any other questions.
The India Cements Limited CC-Jul25.pdf · 2025-07-21
Hi, thank you for taking my question. First of all, congratulations on a very good set of numbers. I have two related questions Atul, sir. First, we have seen India Cements numbers improving at a fast pace over the past two quarters. Now I understand cement pricing was supportive in first quarter. But is there a case that operating performance for both Kesoram and India Cements run faster than your earlier guidance of clocking INR1,000 per ton by F Y '26 and FY '28, respectively?
Got it. Now my related question is, I understand South price hikes sustained a month after month during the quarter. Now this was also on back of multiple months of unsustainable weak pricing in the region. And second, demand was pretty good in the region during the quarter. Now my question is how should we look South from here ? I mean, should this continue or is there elevated competitive landscape can bring back what we saw last year? How should we look at the entire region? What's your view on this?

JSW Steel Limited

JSW Steel Limited CC-Dec25.pdf · 2026-01-23
Hi. Thank you for taking my question s. So, my first question is, given strong volumes during the quarter as well, now your domestic volume guidance of 28.2 million tonnes would imply flat volumes on year -on-year basis for 4Q. Now, how should we look at your 4Q volumes with respect to that? Would you revise your sales guidance? That is my number one question.
Am I reading it right that your India volumes would be flat assuming you do not change your guidance?

Dalmia Bharat Limited

Dalmia Bharat Limited CC-Jul25.pdf · 2025-07-23
Hi. Thank you for taking my questions. Puneet, I have two questions. One, we have seen strong pricing environment during the quarter, right? And to some extent, this has sustained in July as well. Now this has happened in the midst of relatively weak demand environment. How should we look at this? Are we seeing pricing discipline in the industry and moving away from competitive environment or this is just a near-term phenomenon, and we may see increased competitive environment once we move out of monsoons. So a ny color on this will be very helpful. That's my first question. Thank you.
So my second question is the strategy is now to focus on profitable growth, going micro markets as well. Now assuming industry grows at 6%, 7%, 8% for multiple years. And given Dalmia 's low utilization levels, are we in a way moving away from 75 million ton and 110 million to 130 million ton capacity targets from here? Thank you.

Steel Authority of India Limited