Stockrabit · Analysts
Questions across 2 calls

Renu Baid

IIFL Capital Services

KEC International Limited

KEC International Limited CC-Jun25.pdf · 2025-07-29
Congratulations for strong numbers. I have only one question, just a follow-up update on -- there was this bribery case with Power Grid officials, which is under inquiry. So are there any updates on the outcome of that inquiry? And internally, as a fallout of that event, what are the kind of risk management or business practices that we have strengthened to avoid similar instances in future?
Do you think that it could pose a risk of KEC being barred for a certain period of time with Power Grid projects in India? Or it could just be more of a penal penalty in monetary terms?

Thermax Limited

Thermax Limited CC-Mar25.pdf · 2025-05-12
Sir, first question is if you can help us quantify what is the value of these low margin or loss margin orders in the Industrial Infra segment, largely FGD and bio-CNG. And do we expect that all pending FGD orders will be fully closed in '26, or something may carry forward next year? So that's point one.
Sure. Sir, my second question here is, if you see broadly Thermax for the last decade and a half to -- as a company, it is great when it comes to products, modularisation, setting products, great at it. But when i t comes to projects, across cycles, there have been different types of projects, but you ended up struggling. So inherent as an organi sation, where do you think you need to recaliber resources, teams or capabilities either to plug the gaps on the projects part of the business or the Industrial Infra part of the business as it's called today or to strategically refocus on your strengths rather than looking at areas where the company inherently has had issues or challenges on project management side. So what would be your medium or longer-term thoughts on this balance.