Stockrabit · Analysts
Questions across 72 calls

Ritesh Shah

Investec

Welspun Corp Limited

Welspun Corp Limited CC-May26.pdf · 2026-05-22
Congratulations for a good set of numbers. Sir, if you could provide more color on the quality of the order book by region, I think that would be of great help. Sir, second, you indicated that we are completely booked until FY28. So I think there is a good and bad of it. Good is probably we would have already contracted our EBITDA per ton would already be fixed given the macro is improving, how should we look at it? Typically, if we had some capacity free probably we could have -- we could have asked for more profits on the same order. I'm not sure whether that's the right way to look at it, but I would love to have your thoughts. And thirdly, sir, you indicated on the water projects in Middle East, if you could highlight certain countries, I just read about Jordan giving out a long large order. I'm not sure whether we are there, but I presume we would be one of the beneficiaries over here. So I think those are 3 broader questions, sir. And yes, I will just stop over there, sir.
Yes, sir. Sir, just a follow-up. Sir, you emphasized a lot on quality of order book being extremely good. Sir, is i t possible to put some quantification over here or some more qualitative remarks to appreciate the quality of order book? Is it like very large dia pipes? Or is it -- is there an element of coating, testing, which is there? So basically, the idea is to not look at it on a per kg basis to appreciate what you do better or what we have in better, it will help us with that, sir.

Steel Authority of India Limited

SHREE CEMENT LIMITED

Jindal Stainless Limited

Jindal Stainless Limited CC-May26.pdf · 2026-05-05
Congratulations on a good set of numbers. Sir, I have a lot of questions. Sir, first , our balance sheet is in the best of shape. How should we look at incremental growth capex, specifically in Maharashtra? If you can also qualitatively help us understand how you are planning to start from downstream, then upstream, land acquisition. I think that's the first question. Second question -- sir, I'll just wait over here. I'll let you answer, then I'll come with the second question.
Great. And sir, what should be the capex number that one should bake in for '27 and '28 overall at the company level?
Jindal Stainless Limited CC-Jun25.pdf · 2025-08-07
Hi, sir. Thanks for the opportunity. First congratulations for good set of numbers. Sir just trying to appreciate quarterly improvement in EBITDA per ton, like one can think of few variables one is Chromeni, second is probably product mix which could probably also include CR to HR ratio which might have include because of Chromeni. Third , could be potentially inventory gains or probably we did not have losses probably what we had in Q4 into Q1 that could have reversed. Fourth could be 200 - 300 - 400 change in mix. Sir, can you help us understand basically broadly these four variables and any other variables which would have contributed to improvement and spread on a sequential basis please?
Sir, would it be possible for you to indicate some numbers on CR to HR volumetric mix, Chromeni contribution at the EBITDA level? And third is basically probably what was inventory loss, if there was any inventory gain in this particular quarter?

Kajaria Ceramics Limited

Kajaria Ceramics Limited CC-May26.pdf · 2026-04-30
A couple of questions. Sir, first is if you could please help clarify, sir, Morbi will need an increase of 35%. I think you said INR 20 and then INR 27. But sir, you also said initially that 16% to 17% price increase in West and ours will be in similar lines. So I just wanted to understand the timelines for both the numbers?
Correct. Sir, just another clarification. Sir, Morbi INR 47 currently somewhere at INR 84. And in our case, you indicated Q4 was INR46.57 and April you said was INR79. So how should we look at this INR79 and INR84 like INR79, you also indicated it was gas?
Kajaria Ceramics Limited CC-Jun25.pdf · 2025-07-22
A couple of questions. Sir, first is, in the last quarter, you had indicated rebranding exercise. And I think you had hinted towards what we have announced this particular quarter. But sir, my question is, what is it that prompted us to do this? Like why is it that we are doing now? I think you did thank Sanjeev ji for pushing you on this. But what was the underlying reason why we are doing this particular exercise right now?
Right. But sir, to whatever limited understanding I have of our strategy, I think we were always aware that there are certain SKUs in a particular store, which will not be available and we will ask the buyer to go to the next store for that particular size , say, from PVT to GVT and historically, we have maintained that there is no negative volume impact because of that. So what is it that has changed? Is it the underlying volume growth was lower?

Hindalco Industries Limited

Hindalco Industries Limited CC-Feb26.pdf · 2026-02-12
Sir, couple of questions. One is, how should one understand the capital structure at Novelis? I understand it is an equity injection of $750 plus incrementally $200. So, how should we understand that? And what is the plan to repay this $950? That is one. Second is, why did we come to this number of $750 + $200? And what gives us confidence that there won't be need of anything beyond this $950? If you could put that into context with the covenant that we have on, I think, 2032 term loans, which I read is at 3.5x on net leverage. Does it necessarily mean that there won't be further need of infusion, and any comfort over that if you could provide us with? That is the first question.
Sir, I couldn't get you. Sorry.
Hindalco Industries Limited CC-Nov25.pdf · 2025-11-07
A couple of questions. Sir, you indicated that our intent is to cover up for the cost of capital at Novelis. Sir, what is the underlying assumption on the cost of capital that we are taking in? That's one. Second is you did indicate about the second phase of expansion. Any time lines to that, which will help us improve the return ratio profile? And third, related question, what's the rationale of infusing $750 million from India if one had to take into account the cost of debt and cost of equity?
Sorry to harp on this. But again, like I think when we indicate cost of debt closer to 5% or less than 5%, then probably we don't...

JINDAL STEEL LIMITED

JSW Steel Limited

JSW Steel Limited CC-Dec25.pdf · 2026-01-23
Hi, sir. Thanks for the opportunity. Sir, three questions. First is, o verall, on capital allocation, where does the 51% stake in JSW Reality? And I think with respect to Saffron Resources, it does indicate there's a land bank. Where do these variables fit in the overall scheme of things? That's one. A second question is on s afeguards. How do you see the risk of circumventions and potentially higher volumes from Japan and Korea limiting our ability to raise prices? If you could highlight some numbers on parity map, that would be great. And a third question is, we have two blocks. Correct me if I am wrong over here. Ajgaon and Surjagarh in Maharashtra, what are our plans over here? And is there any probability of MSNC granting any leases to any company on linkage basis or something which can potentially reduce the cost curve for any company? Those are three questions. Thank you.
Yes. Effectiveness of safeguards rests on circumvention imports, probably from Japan and Korea, restricting our ability to increase prices.

Ambuja Cements Limited

Ambuja Cements Limited CC-Nov25.pdf · 2025-11-03
First question, three parts. Sir, somewhere in the mail, we have written that we will be adopting latest technology on new capacities. And it will improve operational efficiencies. And also it will reduce the average age of plants by 40%. Sir, how should w e read into this? One is, if you could elaborate on the technology. The second is on the operational efficiency, what you indicate on heat and power, if you could quantify something? And third, basically, I presume average age of plants, that's only because of the new assets, nothing to do with the old assets? If at all with the old assets, would we need to reassess the residual life of the plant and hence, also depreciation going forward?
Sir, just a related question. So would we look to reassess the useful life of the assets that we have after the debottlenecking and equipment upgrades that we are doing?

Vedanta Limited

Vedanta Limited CC-Oct25.pdf · 2025-10-31
First question is for Ajay. Sir, if you could just repeat, for FY '27 and '28, what was the maturity and the interest amount that you indicated? I think you did include $200 million of the $417 million for FY '27, and you indicated $217 million in May. If you could just refresh for FY '27 and '28 what you indicated?
That's useful. And congratulations for the recent bond issuance , I think 500, 550. I just wanted to understand the breakup of $4.9 billion what you indicated because we would have taken out certain high cost debt at 16%, 18%. So, how should one look at the breakup of bonds and loans for the outstanding debt, say, 4.5 and then the balance, I presume, is ICL?

Dalmia Bharat Limited

Dalmia Bharat Limited CC-Jul25.pdf · 2025-07-23
Yes, hi. Sorry for that. Thanks for the opportunity. Sir, a couple of basic questions. At the start of the call, you indicated our endeavour is to go on a pan -India basis. Now we have just announced something which is more in South and to some extent, in Western In dia, including Pune. So the question is why did we decide to go for the Rajasthan optionality that we have versus what we have just announced.
Sure. Sir, second related question . I think ED did come up with a notice, I understand it's a provisional attachment with respect to Kadapa limestone around 417 hectares. I understand it's a provisional attachment, we would have challenged that. Do you think this is any form of risk? Or is it something that we should just forget and move ahead? The reason to ask is we have existing operations, and we have just announced incrementally expansions over there. So in that side, how should we look at this particular variable?

UltraTech Cement Limited

The India Cements Limited

Hindustan Zinc Limited

Hindustan Zinc Limited CC-Jun25.pdf · 2025-07-18
Couple of questions. Sir, first is if you could detail the status on Bamnia Kalan Mine, and if you could put in context physically if you look at the grades from Rampura Agucha, SK, RD, it has been deteriorating if you look at the trend line over the last 7 to 10 years. So, in the last call, we have given a COP number which is pretty much static. So, if you could just marry the two parts to the question and help us understand, one is the status and how should one comprehend the COP number.
Sure, that's helpful. Sir, my second question is on roasters. Can you help us refresh what is the current status? Do we have silver contribution production coming out of roasters right now?