Questions across 43 calls

S. Ramesh

Nirmal Bang Equities

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited CC-Jun25.pdf · 2025-08-14

Thank you and good morning and congratulations on your performance. So I have two broad questions. One is in your consolidated accounts, the JV share of earnings have gone up. So what has driven that? And to look at the segment results, there is a huge increase in the profits. In fact, there is a turnaround from loss to profit of Rs. 890 crores in the E&P business. So what is the reason for that? And then I have a few questions on the CNG business. So if you can address these two thoughts, then I will go to the CNG business?

So on the CNG business, in terms of the standalone numbers you shared, can you give us the number of CNG stations operating in the standalone GAs? And what was the number for the volume of CNG sales in the standalone stations for 4th quarter 2025 and 1st quarter 2025?

Bharat Petroleum Corporation Limited CC-Mar25.pdf · 2025-05-02

Congratulations on your results. Sir, if you go back to the question on gross refining margins, sequentially, the GRMs have improved across all the 3 refineries. So, is it a function of the yields? Or is there some benefit from the secondary processing units or the crude slate? What exactly explains that increase in the Q4 margins compared to Q3 of FY '25?

Okay. So if you look ahead to FY '26 based on the current retail spreads and the current refining margins, is there any other lever you have in terms of growth in your EBITDA and profitability for FY '26 as you look at the portfolio, including the industrial products other than petrol and diesel?

Bharat Petroleum Corporation Limited CC-Dec24.pdf · 2025-01-23

So if you look at the CGD business, my calculation shows that y ou're doing about 3.5 million kgs per day. Is that correct on this 96 TMT you have done year-to-date?

So if you look at the peaking of the capex in the CNG business in your stand-alone GAs, how do you see the capex in FY'26-FY'27 and FY'28?

Anupam Rasayan India Limited

Anupam Rasayan India Limited CC-Jun25.pdf · 2025-08-14

Congratulations on your results. Just a housekeeping question. In the presentation, the export share was mentioned as 48%, but I heard Anand bhai saying the export share is 58%. So can you clarify that?

Okay. So when you talk about the debt coming down, there is an increase in the interest expense. So if you look at the reduction in long-term debt, what would be the run rate for interest expense from the second quarter for FY '26? And then if you look at your working capital reduction, how much is the existing inventory in value terms that is being used for your new orders from second quarter?

Anupam Rasayan India Limited CC-Dec24.pdf · 2025-02-14

Congratulations on your results. So in terms of your operating cash flows for 9 months and this year, what is the capex you have done for these 9 months? And how are you seeing the operating cash flow? And what is the increase in debt as on date?

Okay. And in terms of working capital days as of 9 months, where are we in terms of the inventory and debtors on the net working capital cycle?

Anupam Rasayan India Limited CC-Sep24.pdf · 2024-11-15

So, if you were to look at the second quarter numbers and how to read the prospects for the second half, how much was the decline in volume in second quarter? And secondly, was there again additional sales to domestic customers where we have to give them credit like in one of the earlier quarters?

To put things in perspective, if you look at the statement Anand Bhai made about you will be achieving FY'25 revenue close to FY'24, that means you are talking about a run rate of around 750 crores in the second half, it's about 375 crores. That's a very, very high growth compared to the base of the second half of FY'24. So, what are the levers that will drive this sort of growth in the second half -- is it just the existing business, increasing volumes or are you also seeing some of the new LOIs and new molecules kicking in, in terms of growth with higher realizations, can you explain how you expect this second half growth?

PI Industries Limited

PI Industries Limited CC-Jun25.pdf · 2025-08-13

Good afternoon, and thank you very much. So, if you look at your biological segment globally, where would the margins be once you scale up to a certain critical mass? Would it be somewhere close to the CSM margins, or slightly higher or lower? Can you give us some sense of that? And what is the kind of size you can expect, say, in 3 to 4 years' time?

Okay. So, in terms of the new molecule you launched, PIOXANILIPROLE, is it possible to give us some sense in terms of the different crops? And what are the kind of target market size you can expect, say, for the next 3 to 4 years? And what is the supply chain plan in terms of raw material, intermediate procurement? How is that going?

PI Industries Limited CC-Mar25.pdf · 2025-05-20

Hello. Thank you for the follow up. So when you talk about the target for the bio business, would it all be focused on the domestic market or does it also include some growth from the plant health investment in the subsidiary?

And in the pharma business, in your slide 17, you mentioned about improving order book visibility. Is it possible to share the line of sight there in terms of discussions or inquiries, what is the thought process there?

UPL Limited

UPL Limited CC-Jun25.pdf · 2025-08-01

Good evening and thank you very much. Sir, if you look at the UPL Corp P&L, your COGS has come down. So, how do you explain that? Is that something which is sustainable over the next two quarters?

Okay, so in terms of the utilization rate, can you share what is the benefit you have got in terms of the operating leverage on EBITDA margin and is that also something that will sustain over the next three quarters this year?

UPL Limited CC-Dec24.pdf · 2025-01-31

Congratulations on the good results. So , if you were to look at your Net debt to EBITDA guidance of 2x, does it include the perpetual bonds on the debt side? And are you excluding the factoring? And what are the rating agencies considering to calculate net debt, are they including the perpetual in their net Debt-to-EBITDA calculation?

Okay. Now a question to Mike. In terms of the structure of the industry, if you look ahead and consider that you'll have to depend pretty much on volume growth, what is a sense of comfort you have in terms of capturing most of that on the top line and maintaining working capital discipline to achieve stable and improving ROC, how do you see that for the industry and for UPL?

Deepak Fertilizers and Petrochemicals Corporation Limited

Deepak Fertilizers and Petrochemicals Corporation Limited CC-Jun25.pdf · 2025-07-30

So if you are talking about your Australian subsidiary, can you share what is the investment and the cost acquired just additional 20% and what is the size of the company in terms of revenue and profits? Subhash Anand: The last year if we talk about the total revenues of the company is around Rs. 600 crores approximate.

And how much was the profit last year EBIT or EBITDA? Subhash Anand: See, we do not in fact share profitability specific, so you need to wait for that number. Yeah, and in terms of acquisition, the total entity value at which we acquired was approximate about -- Subhash Anand: I think about Rs. 80-odd crores, somewhere in that range. Subhash Anand: That 15%. Subhash Anand: Yes, we will check back and get back to you with that. But that's the sort of magnitude.

Petronet LNG Limited

Petronet LNG Limited CC-Jun25.pdf · 2025-07-28

Yes. So the first thought is on the slowdown we saw in the first quarter. So how is the demand from the fertilizer and power sector for this quarter? And how do you see the trending demand for FY '26, given that there seems to be a slowdown in the overall gas demand, particularly because of the competition from alternative fuels?

Yes. That and how do you see the demand for this quarter? Because last quarter was down compared to the year ago quarter. How do you see the consumption growth in this quarter compared to the year-ago quarter?

Tata Chemicals Limited

Tata Chemicals Limited CC-Jun25.pdf · 2025-07-25

Good evening and thank you very much. So, if you look at the China prices, so there is about $160. So, to what extent is the market in Asia already discounting the entire excess supply from the Inner Mongolia expansion? Or is there still some more increase in production from Mongolia, which can put further pressure on Asia prices?

Is the entire Mongolia capacity in operation now, that 5 million tons?

Sumitomo Chemical India Limited

Sumitomo Chemical India Limited CC-Mar25.pdf · 2025-05-28

So, can you give us the volume growth for 4th Quarter and also explain why there was a dip in gross margin in EBITDA and the overall profits were down compared to the last period, especially since the Rabi this year was possibly one of the best we have had in recent years?

Can I just get some housekeeping confirmation on the export number for the year and the quarter? So, if I know the calculation based on the segment percentage, I get an export revenue of around Rs. 690 crores for FY ‘25 compared to Rs. 568 crores in FY ‘24. So, is that number correct?

Mangalore Refinery and Petrochemicals Limited

Mangalore Refinery and Petrochemicals Limited CC-Mar25.pdf · 2025-04-28

In terms of your paraxylene business, there is an increase in your JV, sir. So how is the paraxylene business? And what do you see as the outlook for the paraxylene business going forward?

So just wanted to understand your thoughts on how the paraxylene business has performed and how do you rate your prospects for that…

Coromandel International Limited

Coromandel International Limited CC-Dec24.pdf · 2025-01-31

Congratulations. So if you look at the volume growth for the industry in exports, numbers range 30%, 40%, 50%. So in terms of the volume growth expectation in exports next year on this base, what is a realistic assessment of volume growth possible for the industry in your company?

Okay. That is fair enough.

Mahanagar Gas Limited

Mahanagar Gas Limited CC-Dec24.pdf · 2025-01-29

Thank you and good evening. S o if you look at the cell manufacturing project, is there -- any detail you can share in terms of the overall tax rate you'll have to pay for th at project? Could it be at 15% a nd secondly any sense you can give us on the VAT rate or GST on capex and the inputs and the final lithium-ion cell?

Okay. On the consolidated numbers and the standalone numbers, if you adjust for the difference, I get a revenue of INR275 crores and EBITDA INR154 crores. So is that number correct for UEPL which means in third quarter it's about INR102 crores revenue and INR84 crores. The market seems to be very high . So can you put the UEPL performance in context based on this number?

Indraprastha Gas Limited

Indraprastha Gas Limited CC-Dec24.pdf · 2025-01-28

So just to understand some of the operating details of the APM gas and the new well gas. So whatever you mentioned in terms of the increase in APM gas allocation from 3.23 to 4.23, that is still at the APM gas ceiling price, right?

Yes. And secondly, when you talk about the new well ga s price, ONGC is eligible for 20% premium on that 10% slope based formula. So do you have to pay that slope-based formula plus that 20% premium?

Indian Oil Corporation Limited

Indian Oil Corporation Limited CC-Dec24.pdf · 2025-01-28

It's a pleasure to listen to you and we would request you to continue this every quarter if you can. So, the first thought is if you're looking at your investments in refining and petrochemicals, what is your long-term target in terms of ROCE? And when do you think you will get a visibility on the improvement in refining margins and petrochemicals, since you're committing very large amount of CAPEX. So, if you can give your thoughts on that. And then I would also like to have some insight in terms of the progress you are expecting in the stand-alone CGD geographic areas, and when you expect that CAPEX to generate positive EBITDA?

Sir, I understand that. What I'm trying to look at is from the perspective of investors, it has to generate a certain ROCE, which you have been delivering in the last few years. So, given the weak trends in margins, would like to know what is your reading of when you get the kind of margins required to generate, say, 12% to 15% ROCE. That's what one is trying to understand.

Hindustan Petroleum Corporation Limited

Hindustan Petroleum Corporation Limited CC-Dec24.pdf · 2025-01-24

So, if I look at your refining performance, can you help us understand how you are managing to improve the refining margins in 3Q? And how do you see the current spreads, because if we see the global spreads, they are a little bit weak and retail margins are under pressures, so how do you see the performance in the current quarter in terms of refining market?

So, now if you look at the impact of Vizag commercialization, in terms of the interest and depreciation based on the nine month numbers, what will be the incremental impact of interest and depreciation say from next year for HPCL standalone?