Stockrabit · Analysts
Questions across 16 calls

Renu Baid

IIFL Capital

Blue Star Limited

Blue Star Limited CC-May26.pdf · 2026-05-07
Two questions from my side. First, on the RAC business for the Unitary Cooling, can you help us with the volume numbers for FY ‘26 and at what utilization levels are you sitting at the factory? Second is on the MEP portion of the business, where you've highlighted data center and manufacturing a key growth market. These are sectors where typically customers or one would presume the pricing environment is relatively favourable? So just trying to understand in these segments, especially data center kind of market likely to double up in the next 2 to 3 years. Any reason why we are still expecting margins to be at 7%, 7.5% level only and not expecting the project margins to improve as quality of projects that we are executing on the core HVAC side or the MEP side are also improving?
Sure, my perspective was that its data center is growing at almost 40%, 50% CAGR for your market share in the project business would increase from current 15% levels to close to 20%, 25% 3 years out. So, should that not have a positive tail effect on the segment profitability when we look at the blended for the company?

Kaynes Technology India Limited

Kaynes Technology India Limited CC-Feb26.pdf · 2026-02-06
First, can you help us understand what were the numbers of revenues coming in from the metering business? And how was the revenue growth ex metering for 9 months FY '26 and expected numbers for fiscal '26 overall? And also, in terms of our initiative to reduce overall net working capital, what is being done to reduce the long-term debtors from the metering business that we were carrying forward from Iskraemeco?
What is the revenue growth ex of the metering segment or the line of business for 9 months FY '26?

Thermax Limited

Thermax Limited CC-Feb25.pdf · 2026-02-05
So my first question is, if you can dwell a bit more on the order prospect pipeline covering broad- based Infra as well as Industrial Products. On the backdrop that we were sharing in the domestic market, last 3 to 4 quarters, there have been consistent del ay in decision -making on large projects. Recently, we heard L&T receiving a reasonable large steel project. So do you think decision -making now tends to improve given uncertainty related to tariffs are broadly behind? And what is your outlook on pickup in private sector investments and the project pipeline in the domestic market? That's the first question.
Got it. Secondly, you did allude to that the company will selectively look at participation for boiler orders in domestic supercritical space. So how are we looking at order pipeline prospects in that segment? And recently, we have seen Adani placing an or der on TBW, China for boiler components. So you think given our relationship which we had with TBW previously, there is any place for Thermax on that opportunity?

Cummins India Limited

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2025-11-07
Great performance this quarter. First question would be in the domestic power gen business, while the growth has been very strong, and we have seen pretty good tailwinds coming in from realty, residential, commercial segment. So broadly going into the next calendar year, in your view, what could be the key upside triggers for growth in this space? And where do you see challenge to the volume numbers coming through in CY '26 or fiscal '27 for Cummins?
Right. And do you see export opportunities on the DC side opening up for Cummins India? Or largely, they would be through the CTI entity, which does the large engine blocks for DC.
Cummins India Limited CC-Nov25.pdf · 2025-11-07
Great performance this quarter. First question would be in the domestic power gen business, while the growth has been very strong, and we have seen pretty good tailwinds coming in from realty, residential, commercial segment. So broadly going into the next calendar year, in your view, what could be the key upside triggers for growth in this space? And where do you see challenge to the volume numbers coming through in CY '26 or fiscal '27 for Cummins?
Right. And do you see export opportunities on the DC side opening up for Cummins India? Or largely, they would be through the CTI entity, which does the large engine blocks for DC.

ABB India Limited

ABB India Limited CC-Nov25.pdf · 2025-11-07
I have two questions if they can be addressed. The first would be given that the team has mentioned that they are seeing some green shoots in base orders and tariff settlement is near, do you expect pickup in the investment cycle or broad -based pickup in large order finalizations, which has been not the case for the last two to three quarters? So, what would be your view on the likely revival or recovery in the CAPEX momentum? And if the momentum is the way it is there today with flattish book and just early teens growth in base orders, would you think it would be possible for ABB to manage double-digit growth in CY2026? Probably that too would be a year of moderation of consolidation like 2025. And in case if you can give any comment, NVIDIA the recent relationship on which NVIDIA and ABB are working together for solid state drives for AI data centers. In your view, by when you think the product service market would be available and ready? And in case if that product is available in India for ABB, to what extent it can increase the TAM for us in the DC market?
Anything on the NVIDIA opportunity or TAM for India? The recent engagement with ABB parent with NVIDIA for AI data centers to develop solid state drives and cooling solutions. In your view, can the solutions be available to ABB in India, when the products are prepared and ready? And to what extent it can increase our TAM in this particular segment.
ABB India Limited CC-Jun25.pdf · 2025-08-04
Yes. Hi, good morning, team. Thanks for the opportunity. My first question, Sanjeev, is now it is been almost six to nine months that you have called out that business is a bit soft with respect to large orders and CY ‘25 likely to be a year of moderation. So , how are you seeing second- half of the current year panning out? Is the momentum being sustained, slowing further or improving? And in your view, what will drive back the positive investment sentiments from the private sector, especially large projects?
Sure. Secondly on the profitability of margin front, a, demand moderation and plus inflationary impact has been probably visible in some of the segments like Motion and EL. And Sridhar, in your view the QCO impact how elongated could that be in terms of readjusting for the domestic standards and getting the qualification done and probably that lingering impact of that on our margin profile?

GE Vernova T&D India Limited

GE Vernova T&D India Limited CC-Nov25.pdf · 2025-11-03
Sir, my question would be while you've seen multiple cycles. And obviously, this cycle has been pretty kind after a very deep-down cycle. In your view, this 20%-plus kind of margin range that one may try and endeavour to maintain. How long can the pricing or demand supply mismatch sustain in the market in your view? Last cycle, it was for about 12, 18 months, the peak profiteering phase. This cycle in your view, could it be like 2 years, 3 years? How long could it continue?
So, my question was also from an industry perspective, not just from the Vernova T&D, but many other peers also in similar range. So , any comment from an industry perspective of this peak margin profile on the pricing side? Is it now almost peaked out, will taper down in the next few quarters or the parting may long much longer than what one is expecting?
GE Vernova T&D India Limited CC-Jun25.pdf · 2025-07-29
Congratulations for strong performance. Just two questions from my side. One, while Sushil did mention that long -term margin improvement guidance remain s intact on a year -on-year basis, we definitely expect expansion, but 1Q has pretty strong numbers to look for. So, does that mean that as we see incremental execution of our export order wins, especially comprising of HVDC equipment for transformers and others, we should see these healthy trends being sustained?
Got it. Got it. And lastly, just a simple question there. From a market perspective, many investors tend to perceive that one needs to have HVDC projects to drive profitability and growth ahead of the market. But if you look at these numbers, without having large domestic projects, we have been showing strong outperformance. So, from a longer-term perspective, do you think it's important for you to do large projects in India? Or even if you're able to execute HVDC product supplies for global projects, that should suffice in terms of the business mix for you and to deliver better margins?

Havells India Limited

Havells India Limited CC-Mar25.pdf · 2025-04-22
Good evening and thank you for the opportunity sir. Sir, the first question is just trying to understand a bit more on the demand side, while much has been spoken about the muted consumer sentiment. In your view, how long do you expect this spell to last? It's been almost over a year now. So based on your exper ience and your interaction with the channel partners, what would be your reading in terms of when should the market bottom out on the B2C side of the business?
Sure. Second would be in terms of Lloyd, while portfolio has done well strategically, all things have been aligned in terms of market GTM, advertisement, product investment. How do you look at the business profitability now that brand positioning is in pla ce and growth is panning out? Can we now expect the portfolio to deliver mid -single-digit EBITDA on a sustainable basis, mid- to high single digit or do you think there could be more headwinds on the way? And also, while there has been much spoken about the likely shortage of compressors, government wanting to relax the norms there. So do you perceive any potential risk to volume growth in case if summer demand picks up on a stronger note?

Hitachi Energy India Limited

Hitachi Energy India Limited CC-Jun25.pdf · 2025-07-30
Hi. Good evening, team. I have a couple of questions. First, can you share with us the update on the first HVDC which we had won with Adani? How far are we from the formal completion of the project? 14/26 Second, would you have any insights on the prospects for Leh HVDC? As we hear that Hitachi apparently has not submitted the bids and there's only one sole bidder for the project so far, so are we seeing the Leh project moving ahead? Or any updates from your side if you would have any on it?
No, not the current project, the Mumbai HVDC, we were executing for Adani, which you bagged of Rs. 2,000 crores order.

Polycab India Limited

Polycab India Limited CC-Jun25.pdf · 2025-07-18
Thank you and c ongratulations team for the strong performance. My first question is on the FMEG. Within the FMEG bucket, solar now which is the largest category for you, can you elaborate more with respect to how is the manufacturing product mix here with respect to in-house and outsourced product mix? And any capacity expansion or localization plans from solar inverters? Also aligned with this, any insights that you can share on the market share for Polycab in this segment?
Yes. And the market share for Polycab in solar inverters category for us?

Data Patterns (India) Limited

Data Patterns (India) Limited CC-Mar25.pdf · 2025-05-19
Hi, good morning sir and congratulations for the strong performance. My first question is on the order flow side. If you see, last year, we were indicating probably inflows in '26 could be in INR20 billion to INR30 billion range, including probable success for some developmental projects. So, a, the question here is because of the current situation where we have seen a big sharp jump in emergency procurement in the near term, do you see that decision -making or finalization of these developmental orders under Make -II program could get potentially pushed back by 6 to 12 months or you think we may see some initial success coming this year? That's the first question?
Got it. So of the INR10 billion to INR20 billion inflow range, which you are suggesting for '26, what percentage in your view could be driven by these emergency procurements, which are like INR2 billion to INR3 billion in ticket size? And this could be meaningful for us, both in near - term order inflows as well as execution?

Larsen & Toubro Limited

Larsen & Toubro Limited CC-Mar25.pdf · 2025-05-08
The one thing that I was wanting to understand more closely was, while RS R did mention that margins have much str onger levers for expansion in FY‘27 as international / hydrocarbon projects become more margin accretive, but from a longer term perspective, as we see the share of these international hydrocarbon / infra projects, stepping up in the share in order backlog in the revenue. Do we see a structural reset of the margin, to 8% to 9% levels from the previous 10- or double-digit levels which were there and, h ow do we weigh or manage the commodity and currency volatility? While currency can be managed, but especially on the commodity price, how have we factored on the risk mitigation measures on these ultra mega projects? Subramanian Sarma: Let me take this question. I think, as RSR explained, the margin accrual will depend on the facing of the project, and some of the large projects have been recently awarded, so that will manifest itself over a period of time, but there's been s ort of a lot of focus internally across all the businesses to see how we can use the latest technology to reduce our cost, and I th ink that’s the journey that we have been g oing through and we hope to see some benefits of it coming in the periods of time next few quarters. And more importantly, I think, currently what we are seeing with the geopolitics and in the countries we are operating, China sourcing can be a an attractive possibility. We'll have to see how it goes, but we have dispatched group of team to China to study the market more because there may be a window of opportunity when the tariff war is going on between US and China that we might find some good deals which could help us in some cost saving. So that is also, something we are looking at. So, I mean in nutshell, I think I can't put a number to this, but there's a very clear, direction and clear emphasis that we need to keep working on improving the bottom line and, that we are looking at various possibilities. Like I said, improving our productivity using technology and also improving our sourcing wherever we can because I think thankfully the Middle Eastern customers are now very open to sourcing from China. So if there is a window of opportunity we'll try to capitalize from that. I think we'll continue to make efforts and hopefully it should manifest.
But structurally you think 10% margin could be a difficult range for the next two to three years?