Stockrabit · Analysts
Questions across 19 calls

Sachin Salgaonkar

Bank of America

Swiggy Limited

Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript of the Earnings Conference Call for Analysts and Investors held on May 08, 2026 · 2026-05-08
The first question is about some of the comments you guys mentioned in the shareholders’ letter about doubling down on differentiation. Can you help us understand 3-4 areas of differentiation for you guys versus competition?
Got it, Harsha. So just from what I understand, the area of differentiation is product categories or SKUs which have been put on the platform versus anything on speed and others. And out there is it possible to throw some numbers, how much of a total GOV or NOV right now are these SKUs? And where do we expect that proportion to be as a percentage of NOV in terms of differentiated offerings?
Swiggy Limited CC-May26.pdf · 2026-05-08
The first question is about some of the comments you guys mentioned in the shareholders’ letter about doubling down on differentiation. Can you help us understand 3-4 areas of differentiation for you guys versus competition?
Got it, Harsha. So just from what I understand, the area of differentiation is product categories or SKUs which have been put on the platform versus anything on speed and others. And out there is it possible to throw some numbers, how much of a total GOV or NOV right now are these SKUs? And where do we expect that proportion to be as a percentage of NOV in terms of differentiated offerings?
Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2026-01-29
My first question is on quick commerce. When we look at the revenue growth, it's lower as compared to the last few quarters. When we look at absolute losses, it's actually higher. Now I do understand Amitesh's earlier comment that it's the irrational competition, which is leading to headwinds of growth. So the question out there is, if you're not seeing growth, does it make sense to spend so much on marketing? And how far are we away from a point where EBITDA losses have peaked and going ahead, we should see the absolute amount of losses coming down?
Rahul, basis this comment, is it fair to conclude that revenue growth could be a bit slower as long as irrational competition remains high, but losses going ahead should start going down on an EBITDA basis?
Swiggy Limited CC-Feb26.pdf · 2026-01-29
My first question is on quick commerce. When we look at the revenue growth, it's lower as compared to the last few quarters. When we look at absolute losses, it's actually higher. Now I do understand Amitesh's earlier comment that it's the irrational competition, which is leading to headwinds of growth. So the question out there is, if you're not seeing growth, does it make sense to spend so much on marketing? And how far are we away from a point where EBITDA losses have peaked and going ahead, we should see the absolute amount of losses coming down?
Rahul, basis this comment, is it fair to conclude that revenue growth could be a bit slower as long as irrational competition remains high, but losses going ahead should start going down on an EBITDA basis?
Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript of the Earnings Conference Call for Analysts and Investors held on October 30, 2025 · 2025-10-30
Thank you for the opportunity. I have three questions. First question is on the QIP. I know its early stages and you're still waiting for approval from management. But broadly, I want to understand the thought process in terms of how the incremental capital will be used. For example, will there be any change in strategy towards your dark store additions, which we see after Q4, it has been a slow addition out there? Or is there an intention to further expand into different areas? So, would love to understand and get an update in that direction?
Got it, Rahul. Just a follow-up on this. Clearly, we do have a visibility and now a comfort that you guys should be able to come to a positive contribution margin by June 2026. But again, from that perspective, any thoughts of introducing a guidance towards an EBITDA breakeven? Because to your point, the sector continues to attract a lot of investments and again, any comfort what investors would get that there will be no further fundraises in that direction and the path towards profitability will be clearer despite being a slightly higher competition in terms of what you are seeing out here?
Swiggy Limited CC-Nov25.pdf · 2025-10-30
Thank you for the opportunity. I have three questions. First question is on the QIP. I know its early stages and you're still waiting for approval from management. But broadly, I want to understand the thought process in terms of how the incremental capital will be used. For example, will there be any change in strategy towards your dark store additions, which we see after Q4, it has been a slow addition out there? Or is there an intention to further expand into different areas? So, would love to understand and get an update in that direction?
Got it, Rahul. Just a follow-up on this. Clearly, we do have a visibility and now a comfort that you guys should be able to come to a positive contribution margin by June 2026. But again, from that perspective, any thoughts of introducing a guidance towards an EBITDA breakeven? Because to your point, the sector continues to attract a lot of investments and again, any comfort what investors would get that there will be no further fundraises in that direction and the path towards profitability will be clearer despite being a slightly higher competition in terms of what you are seeing out here?
Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2025-02-05
Hi. Thank you for the opportunity. I have three questions. First question is regards competition. Clearly, in 3Q, competition was high. I just wanted to get a sense that, you know, are you sighting? Are you seeing signs of competition abating? Or the general thought process is competition might remain high for a foreseeable future because some of the platforms are not even launched fully out here?
Got it. So, intensity is almost same in Jan and Feb . all right. Second question, wanted to understand a bit on the impact on contribution margin, what we saw ; now clearly there are two big parts to it, right ; One, store expansion, replacement of store. Second, how consumer incentives are given, customer acquisition, between these two levers, can you highlight? Because, you know, when we look at the numbers, at least one gets a sense that it's the customer incentives and acquisition cost are the ones which is relatively higher into this quarter. Is that a fair assessment? And how should we directly think about, you know, these two levers going ahead?
Swiggy Limited CC-Dec24.pdf · 2025-02-05
Hi. Thank you for the opportunity. I have three questions. First question is regards competition. Clearly, in 3Q, competition was high. I just wanted to get a sense that, you know, are you sighting? Are you seeing signs of competition abating? Or the general thought process is competition might remain high for a foreseeable future because some of the platforms are not even launched fully out here?
Got it. So, intensity is almost same in Jan and Feb . all right. Second question, wanted to understand a bit on the impact on contribution margin, what we saw ; now clearly there are two big parts to it, right ; One, store expansion, replacement of store. Second, how consumer incentives are given, customer acquisition, between these two levers, can you highlight? Because, you know, when we look at the numbers, at least one gets a sense that it's the customer incentives and acquisition cost are the ones which is relatively higher into this quarter. Is that a fair assessment? And how should we directly think about, you know, these two levers going ahead?

Indus Towers Limited

Indus Towers Limited CC-May26.pdf · 2026-05-01
Hi, thank you for the opportunity. I have two questions. First question, Vikas, I just wanted to clarify on the dividend policy. While Prachur did mention on steady and progressive distribution, is there a dividend policy o r is it more ad hoc where every year, the Board will consider based on the cash flows and plan and give dividend? And if there is a dividend policy, then can you clarify what is the dividend policy?
No minimum payout kind of an amount which is out there every year the Board will consider that?
Indus Towers Limited CC-Jun25.pdf · 2025-06-30
Two questions. Number one, I just wanted to double -click on management's point of not returning cash back to shareholders in the near term. On two aspects, one, what has changed in terms of management thinking in terms of stability of that one particular customer? Because we know for a fact that the customer has been clearing dues on time, paying backlog. So, if anything incremental has changed in the last 3 to 6 months, I would love to actually understand that. And second subpart of the question is management did mention on certain inorganic growth opportunities. Any broad aspects we could get clarity in terms of how management is thinking? So that's question number one. Question number two is, when we look at the tower additions this quarter, maybe there's a bit of a seasonal impact where the tower additions are a bit slow. But on an annual basis, is it fair to say that the growth for this year in terms of number of tower adds will be lower as compared to last year because that one particular customer is not adding that many towers and going ahead, the growth could slow down to a new normal. So, any clarity in that direction would be helpful.
Got it. Just one small follow -up out there. Clearly, if nothing has changed per se from the stability of a customer and there are multiple factors which are being looked by management, I think the broader question which comes is, is there some kind of a re instatement of dividend policy, which could be expected, if not in the near term and medium term? Because quite frankly, the stability of the customer will be an issue now, will be an issue a year down the line and perhaps after that as well. So as a shareholder, should we not expect any dividend going ahead? Or is there a certain policy which one coul d expect from management going ahead? And of course, one understands a near-term issue, but this is more like a particular framework in terms of how to think about cash returns to shareholders in a medium -term perspective.

ETERNAL LIMITED

ETERNAL LIMITED CC-Jan26.pdf · 2026-01-21
Hi, thanks for the opportunity and congrats on a great set of numbers. First question is the move towards your inventory model. You guys said in the shareholders’ letter, half of the 1% accretion has already happened. Should we expect the remaining half point to come in the next three to six months? Also, when you think about it, could the benefit be more than 1% point out here?
Got it. Second question is any broad sense in terms of the store additions that are happening in Tier 2, Tier 3 cities? Is the economics similar to top tier cities in terms of AOVs, OPDs, and hence should margins be similar out here?
ETERNAL LIMITED CC-Jun25.pdf · 2025-07-21
Hi. Thank you for the opportunity. Three sets of questions. First question is on quick commerce. I do now see a bit of a divergence in business models between how Blinkit is functioning and how your competitors are functioning. What I mean by that is you guys don't have megapods, you don't have the MAX saver equivalent kind of an offering. And I do understand the focus is more to deliver in a 15- minute timeframe versus, let's say, what the MAX savers and equivalents are offering. The question out here is there is a good amount of opportunity to also focus on that base who doesn't necessarily want everything in 15-minute basis. But out there, the AOV is much larger. So, any thoughts in terms of going and targeting this base, where it is not a 10-15 minute delivery but maybe a 30-40 minute delivery timeframe?
Ok. And any specific reason why you don't see the opportunity out there?
ETERNAL LIMITED CC-Mar25.pdf · 2025-05-01
A few questions. Firstly, how do you guys look at your market share as your statement in the shareholder’s letter saying that we'll aggressively look to grow our market share in quick commerce. Are you able to maintain? Are you able to gain your market share basis your understanding in the last 1-2 quarters?
Got it. Second question, Blinkit clearly has a slight different approach in quick commerce as compared to the traditional quick commerce competitors. And I'm saying that because you guys don't have private labels. You don't have the super saver or the max saver equivalent of your competitors. Any particular reason why you guys are not doing it? Is it economics? Is it something else?
ETERNAL LIMITED CC-Sep24.pdf · 2024-10-22
Hi, thanks for the opportunity. My first question is on District, your going-out business. I wanted to understand what use cases come under it, is it ticketing, experiences? And should we also consider travel, like a traditional OTA business?
Okay. Makes sense. Thank you. Second question, I just wanted to understand about the fundraise. Has anything changed for you compared to the last few quarters in terms of expansion strategy? Whenever you get this QIP approved, should we see a faster rollout of the 2,000 stores you indicated earlier, or could we see the opening of stores significantly higher than 2,000?
ETERNAL LIMITED CC-Mar24.pdf · 2024-05-13
Congrats on the quick commerce breakeven milestone. I have three questions. First question on take rate of Blinkit. Any color you could provide how much is ad? How much is core take rate? And how big could ad as a percentage of GOV be in, let's say, medium term?
Got it, Kunal. Just a quick follow-up out here. We did see volatility in AOV from quarter-to- quarter. Should we expect a similar volatility in take rate or just because ad as a percentage of AOV continues to improve, we won't see that volatility?

Meesho Limited

Meesho Limited CC-Feb26.pdf · 2026-01-30
Hi, Vidit, and team. Congrats on continued good set of numbers. I have three questions. First question is on logistics and what you mentioned in shared a letter about optimization of logistics costs. So, question out here is how should that change your outsourcing mix? I think the last reported number was around 62% to 65%, and because of the change in mix, should we see an increase in cost or decrease in cost?
Got it very clear. Just a small clarification Vidit, you guys created a new subsidiary on logistics. The thought process behind that is it for opening up for third -party guys or this is more like a captive logistics entity only?

FSN E-Commerce Ventures Limited

FSN E-Commerce Ventures Limited CC-Mar25.pdf · 2025-05-30
Hi, thankyou for the opportunity. I have 2 questions, one on the BPC business, one on fashion. On BPC business, the question is, how should one think about steady-state margins? For the last couple of years, the margins are hovering in the range of 8.7% to 8.9% and would love to understand some of the levers in this direction? And separately, I also wanted to understand how is the traction for the fast delivery what Nykaa has introduced in terms of 10-minute to our same-day, next-day delivery? And is there an intent of expanding that into other cities? And second question is on fashion. Again, similar question, what could be the steady-state growth one could think about from a fashion industry perspective? The industry was clearly going through a slowdown last year. Are we out of that slowdown? And should we start the growth accelerating? And any changes to your EBITDA breakeven guidance out here?
Falguni, just a quick follow-up out here. When we talk about steady-state margins, any number in mind? I do understand the margins are improving and the mix matters a lot.

Vodafone Idea Limited

Vodafone Idea Limited CC-Mar24.pdf · 2024-05-17
I have three questions. First question Akshaya, I wanted to understand the ability of the market to absorb tariff hike of a meaningful proportion. The reason I am saying that is historically whenever tariff hike happened , we did see some consolidation and some impacts per se from that perspective. So just wanted to understand , do we see things being a bit different this time around? Second question perhaps a follow up to earlier Sanjesh's question, again I do get the point that your priorities to fix the loss of users and then that coverage forms an important part. But beyond coverage it will take some 6 to 9 months for your coverage to be at that level. Are there some other initiatives you guys could take in the interim like revamping distribution network or anything which could help reduce the loss of subscribers in the interim? And lastly again, what we are seeing slightly longer-term sort of a question out here, we see market moving towards a bundled offering. Again, from what I mean by bundle offering is broadband being offered. So again, wanted to understand, any strategy you guys have from a fixed broadband perspective and out of the capital raise anything earmarked from that perspective out here?