Stockrabit · Analysts
Questions across 29 calls

Rohit Nagraj

Centrum Broking

Anupam Rasayan India Limited

Anupam Rasayan India Limited CC-Sep24.pdf · 2024-11-15
So, in our slide #12, w e have given the business vertical wise split up; pharma 20% and other specialty 10% during the first half of FY'25. So, other specialty is only polymers or excluding polymers? And allied question to that is from the total LOIs that we have, if you can just quantify how much of that is from agro, how much of that is from pharma, and how much of that is from polymers, I mean out of that 9,000-odd crores?
So, maybe next time whenever you are putting up the slide if you add it, it will be more comfortable for us to understand.

PI Industries Limited

PI Industries Limited CC-Sep24.pdf · 2024-11-14
Sir, first question is again delving on to the CSM part of the business. So, given that probably our customers, innovators would have finalized the volumes for 2025, so how do we have a visibility on our legacy products and new products from a calendar year 2025 perspective, although you have given largely for the second half, but jus t to be a little bit on a broader perspective for 2025?
Second question is, usually we give our order book which is missing during this particular quarter in the presentation. So, is it because like the way you answered the earlier question in terms of the visibility that we have, or there is some order book which has probably got dissipated because of the impending issues? Just your thoughts on the same.
PI Industries Limited CC-Dec23.pdf · 2024-02-12
Generally, I understand that we have a calendar year contract. So , when we had our negotiations during the last few months, how has been the mood from the global agrochem players in terms of the volume lift up for this calendar year, are there any delays that we are experiencing or they are still in wait and watch mode, any comments on that?
The second question is on pharma bit. There are 3 sub-questions. One is the one-time development expenditure, is it over or will it continue? The second thing is in terms of the EBIT DA and EBIT difference, there will be an interest cost. So, how do we justify, given that we have cash on our books, why this interest is being paid? And a third thing is we have also shown the segmental results for last year same quarter. So , what was the pharma segment during that time?

Deepak Nitrite Limited

Deepak Nitrite Limited CC-Sep24.pdf · 2024-11-14
The first question is on polycarbonate. So one, in terms of the existing facility in Germany, how old is the plant? And any specific reason why Trinseo wants to sell the entire asset? And another clarification on the same , based on the current margin environment on polycarbonate, what would be our expected payback? Because in phenol acetone project, we had a payback of 2.5 years, given the margin environment was very strong. So what is the expectation on the polycarbonate project?
Sure. That's really helpful. Sir, second question, again, on the capex front. So out of the INR 14,000 crore capex plan till 2027, how much have we committed till now? And how much is left? Trying just to get a broader understanding of FY25 and FY26 capex.
Deepak Nitrite Limited CC-Dec23.pdf · 2024-02-15
Sir, my first question is on the finance front. So, have we seen any new capacities coming in China, and maybe Korea and other parts of the world. And how do we see the spread going ahead, will they continue to improve and stabilize here or probably FY25 will start qualifying when we will start, whether they will be able to go up. Thank you.
Sure, sir that’s helpful. Sir second question in terms of the total Rs. 14,000 crores of investment into Gujarat, just to get a perspective in terms of whether the project will come all together, or maybe some projects will come in 2026 and the rest of them will come in 2027?

Gujarat Fluorochemicals Limited

Gujarat Fluorochemicals Limited CC-Sep24.pdf · 2024-10-29
Yeah. Thanks for the opportunity. So first question is regarding the 3 segments. You have given substantially positive and optimistic outlook across the 3 segments. So just talking about individual segments, on the commodity Bulk Chemicals, I think there is still overcapacity in domestic market. So why we are seeing that there will be improvement in pricing? On Fluoropolymers, as I suppose globally, auto is currently under slowdown. So again, why there is a positive there? I mean it is only related to one of the global players shutting down capacity. And third, in terms of Fluorochemicals, again, on the ref gas, the prices are still benign, plus there is availability in the market. And fluorochemicals, I think there are supplies coming from China. So what gives us confidence that things will start improving from early '26? That's my first question.
Sure. This is helpful, sir. Sir, second question is on the GFCL EV business. So we currently have invested INR700 crores. Again, one clarification. So effectively, considering the 2x asset turnover, it should yield us about INR 1,400 crores of revenue at 25% EBITDA margin. Is that understanding correct on this business?
Gujarat Fluorochemicals Limited CC-Jun24.pdf · 2024-08-13
Congrats on potential improvement in operating performance. Sir, the first question is on the capex front. So on Slide 13, we had given capex. I think last quarter, the EV capex was slated at INR800 crores, now we have reduced it to INR 700 crores, so is there any recalibration which we are doing in terms of capex given the current circumstances and where the industry is obviously grappling with overcapacity from China, so your thoughts on this? And just second question also, probably more or less alike to this, given that there has been a lot of capacity addition in China happening across Fluorochemicals, fluoro-intermediates as well as Fluoropolymers, what is the sense that we are getting in terms of the futu re, mainly in terms of pricing and whether our project dynamic also will change based on these new pricing and the return ratios probably will be lesser than what we are expecting now?
Again, apologies for harping on the China side. So on the Fluoropolymers , we are primarily going for value addition. However, the base capacities -- I mean, base polymer capacities are there in China. Effectively, the base polymer, Fluoropolymer pricing, will it be more or less determined by China and our value addition will certainly dictate the prices of what t he high- end polymers are? So just your perspective on this, sir.
Gujarat Fluorochemicals Limited CC-Mar24.pdf · 2024-05-06
My first question is, s ir you mentioned in terms of F luorochemicals there has been dumping from China, so what is your assessment in terms of whether there are new capacities which have come in Fluorochemicals and the same is applicable even for Fluoropolymers, so just your views on the same?
My second question is, sir, in terms of LiPF6, where are we currently in the validation process? And when do we expect actual commercial supplies starting to international cust omers and in terms of the domestic market also , if we have any kind of timelines as to when the domestic manufacturing is likely to come up and whether we will be starting serving them immediately once those facilities are commercialized?
Gujarat Fluorochemicals Limited CC-Dec23.pdf · 2024-02-07
Congrats on recovery in third quarter. So first question is on our guidance, which we had indicated during the last call. And we had given that in the next couple of quarters, we'll see some improvement in margins, which has actually been delivered in Q3. And full r ecovery in terms of margins, etcetera, should be in Q1 FY '25. Even we had guided that FY '25 should be better than FY '23. I just want a little more you know probably if you can give us some granular details in terms of how things are likely to change from FY '23 to '25. Now just to give a colour on this, FY '23, the Bulk Chemicals had a significantly high margin, which is normalized. So FY '25 will be normalized margin scenario. In fluorochemicals, again, we were significantly benefited from the ref gas pricing, which has again normalized and pr obably should be normalizing going forward. And in fluoropolymers, also, we had a favourable pricing environment, plus the current higher stocking by one of the players who is exiting was also not there. So if you can just give us a little more understandi ng how things will percolate over FY '25 to be better than FY '23. That would be helpful.
Sure. Sure, sir. And I understand that this should be driven by both in terms of higher grades, which will entail higher margins and the volume growth that we are targeting. Is that a fair assumption?

SRF Limited

SRF Limited CC-Sep24.pdf · 2024-10-23
Sir, first question is on the re f gas side. So in our PPT, we have given a comment on the developed markets, especially in U.S. we are experiencing declining HFC consumption. Will we be able to allocate those volumes to the developing markets? And if that particular market is declining, what is your perspective in terms of pricing of the HFCs?
Right. Sir, second question, again, diving on the spec agrochemicals front, given that it is likely to be a gradual demand pickup in H2, when do we see the newer projects getting into optimal utilization, will it be in FY26? Or will it move to FY27 to counter impact the legacy molecules?
SRF Limited CC-Mar24.pdf · 2024-05-09
Good to see quarterly recovery and thanks for a detailed presentation. Sir, first question is on the Specialty Chemicals business. So we have mentioned in our press release that the recovery will pick up pace in the second half of FY25. While we gave a very strong 20% kind of growth guidance, so is it that the first half will be relatively muted, and a significant portion of the growth will come only in the second half? I just wanted to understand your confidence on the same.
Sure, sure. That's helpful. Sir, second question is, again, similar on the ref gas. There also, you've been pretty confident. So given that the U.S. market also the quotas have been declined, there have been Chinese ingress of material , do we really see that there will be significant volume pickup for us from other geographies to make up for the loss in the U.S.? And similarly, a strong traction in terms of pricing so that we will be able to achieve this 20% kind of growth?

Aarti Industries Limited

Aarti Industries Limited CC-Jun24.pdf · 2024-08-12
The first question is how much of our product basket has a direct competition from China?
And just an allied question, given that there have b een new capacities which have come up in China, so structurally the EBITDA per Kg which was there pre-COVID and now has come down, I mean what is your understanding of the same given that the demand/supply side is now more tilted to supply, so probably the EBITDA per Kg or EBITDA per ton will slightly moderate than the previous period, your thoughts on this?
Aarti Industries Limited CC-Mar24.pdf · 2024-05-13
Good to see the sequential recovery. So firs t question is again on the discretionary and nondiscretionary segments – which geographies are seeing po sitive traction and which in all geographies are still reeling under pressure, if you could just tell us from the exports perspective?
Sure. Sir, second question is in terms of the capex . So this year, we had a slightly lower capex of INR1,300 crores. We had expected INR 2,500 crores to INR 3,000 crores of capex for two years. Now we have raised it to INR 1,600 crores to INR 1,800 crores for FY'25. After that, the similar run rate will continue? And in FY'25, which in all will be the major projects which are what added to this capex?
Aarti Industries Limited CC-Dec23.pdf · 2024-02-09
Congrats on a good set of numbers and it is heartening to see that the guidance remains intact for FY25. Sir, my first question again on the demand front. If you could just give us an understanding of which geographies the discretionary demand has been good and which geographies the non-discretionary demand has been good or languishing. Just to get a perspective how individual geographies are doing, domestic as well as the other, US or Europe or rest of the world.
Any sense on the domestic market, ie., India for both the segments?

Clean Science and Technology Limited

Clean Science and Technology Limited CC-Jun24.pdf · 2024-08-01
Congrats on decent set of numbers. First question is in terms of our product pipeline. So now that we have been completely tapped and there are a few more products for which we are doing the capex, how does the pipeline look like? And which in all are the areas which we are currently working on in terms of user acquisition?
Yes, I understood the first part. I was referring to the products which are currently in, say, R&D and pilot. So which areas we are looking at in terms of the user application? Will it be the same areas as currently we are working on? Or will it be different areas in terms of user segment?

Navin Fluorine International Limited

Navin Fluorine International Limited CC-Jun24.pdf · 2024-07-30
The first question is in terms of the CDMO for pharma and on the agrochemical side under the specialty chemicals basket. What would be the geography in terms of Europe and US? And in the last couple of years after the COVID-related restrictions have been over in China, have we seen competition from Chinese people for the newer projects, obviously for the historical projects they are already secured but in terms of newer projects on both these segments. Thank you.
Just I can squeeze in, in terms of CAPEX, so current CAPEX will get over by FY25 end. What is the next leg of CAPEX that we will need for maybe growth beyond FY27? When will we start working on that. Thank you so much.

Jubilant Ingrevia Limited

Jubilant Ingrevia Limited CC-Mar24.pdf · 2024-05-14
One question in terms of the different segments and product lines that we have. So, what has been the competitive scenario from Chi na? Because as you had also mentioned in your opening remarks that there has be en a competition. So, which are all areas where we are seeing that the competit ion is coming. And which and all area where we still have a pricing power once t he normalcy returns from the inventory destocking and the other global phenomena , which are affecting the business? Thank you.
Sure. That's helpful in terms of collaborate answer . Just to put it slightly differently. Out of the entire business, how much o f the business is, mean how much of businesses prices are governed by China or dictated by China, given that there are incremental capacities which have come up or which are coming up in China, will still have pricing pressure on those set of products or segments that we have.

DCM Shriram Limited

DCM Shriram Limited CC-Mar24.pdf · 2024-05-07
Sir, my first question is on the industry front. So you mentioned that there has been a cap acity addition, which has happened, so what is the current domestic chlor -alkali capacity? What are the utilization grades? And I guess that there is one more conglomerate who is going to put up chlor - alkali capacity in the near future. So how do you look at the overall demand -supply equation. And given that the capacities or supplies will be higher, will the ECUs remain benign, at least for the near to medium term? So your thought on this? Thank you.
Sir new capacities are also coming up, like we have recently now put up 850,000 then there is another conglomerate who is also putting up 22,000 tons of capacity?

Tata Chemicals Limited

Tata Chemicals Limited CC-Mar24.pdf · 2024-04-29
Sir, m y first question is you mentioned in your opening remarks that China demand improved by about 15% during the first 2 months. So could you just help us to explain w hich in all segmen ts are doing well in China in terms of user industry, given that real estate has not picked up plus -- on EV side also, there has been some slowdown. So just your perspective on the same.
Sure. Sir, second quest ion, you me ntioned generally, the European demand remains the key driver. And if that demand does not improve, prob ably giv en the market is oversupplied, will the pricing environment generally remain benign throughout 2024?