Questions across 16 calls

Sailesh Raja

B&K Securities

PCBL Chemical Limited

PCBL Chemical Limited CC-May26.pdf · 2026-04-30

Yes. Sir, in the last call, we had mentioned that Aquapharm received incremental allocation from customers like P&G, Henkel. So, could you quantify the potential volume growth expected from these two allocations over the next 1 -2 years? Also, regarding the recent, the removal of 13% VAT, the export debate which you were talking with b enefit in China. So specific to PBTC product, so within the Aqua pharm the overall volume mix, what proportion of volum e is currently derived from PBTC product and what about the operating profit growth that we are expecting in Aquapharm?

Hello. Yes. Sir, we are expecting 20,000 tons incremental number. Can you please quantify the volume that you are expecting from these two customers and also the growth that you are expecting from Aquapharm?

PCBL Chemical Limited CC-Jun25.pdf · 2025-07-23

Thanks for the opportunity. Sir, my first question is in the Rubber Carbon Black segment, next pricing cycle negotiations are scheduled to begin in the month of August with the revised price set to take effect from October month. So, considering the uncertainty around the U.S. potential tariff and the elevated inventory levels and the customer, there is likely to be a pricing pressure. So how do you see this scenario playing out in the near term?

Okay, sir. Sir, my second question on the exports front. So, our volumes to Europe and U.S. that has grown significantly in the last 3 years from 9,000 tons to 85,000 tons. So , with increasing consolidation in the global Carbon Black industry, how do you see our mix going up in the next 1-2 years? Given the current exports contributing, it is around 41 % of the overall volumes. So how do you see that mix going up? And within U.S. and Europe today, it is around 35% of overall exports. So how do you see that mix to go up in the next 2-3 years?

PCBL Chemical Limited CC-Mar25.pdf · 2025-04-29

Thanks for the opportunity, sir. We are planning to set up the Nanovace facility in Palej and also capacity for Acetylene Black in Mundra. So why are we not considering Naidupeta for these two projects? Are these two projects not eligible for 17% concessional tax rate?

Sir, my second question on the input-output ratio trend, this has been enough, key driver behind the improvement in our gross debts over the last 5 years, so currently our approximate input - output ratio stands at 1.8:1 in standard and performance Carbon Black. So based on my estimate it is 10 bps improvement in ratio translating to saving of Rs. 150 crores if my understanding is right and what is our target input ratio over the next 2-3 years?

PCBL Chemical Limited CC-Sep23.pdf · 2023-10-17

Yes, thanks for the opportunity. Sir I have two questions you are saying only gradual ramp up production from Chennai facility but due to lower tax rate and also expect a better production yield in Chennai facility is it possible to shift the production from existing plants to new C hennai facility, also I need to understand basically how easy to get the customer approval for s hifting the production and how long it will take to get c ustomer approval for change in production facility and also with each customer we will be taking approval for all our facilities or particular customer will be taking approval only from the particular facility will be supplying, so how this will work in our industry can you explain it will be helpful?

Great Sir. Sir my second question for the incremental volume growth for next two years so how much you are betting on new customer wins and how much it will come from increasing share of business from existing customers in percentage terms if you could give us it will be very helpful and also in Europe we are expecting orders from new customers or again their increase in share of business with existing customers and also can y ou share what is our landed cost there in Europe versus Russian carbon black next two years how much volumes you are expecting from Europe M arket due to this ban on Russian carbon black from next year can you explain this?

Jindal Saw Limited

Jindal Saw Limited CC-May26.pdf · 2026-04-28

Yes. Congrats, sir, for reporting strong past year CFO of INR1,800 crores even in these challenging times. So given the lower order intake expected from the Middle East due to ongoing challenges, I'm talking about the new order intake. So how are you approaching our selection in the near term? Is this -- this is specific to our helical saw capacity. Do we wait for a recovery in MENA region to secure high-margin orders? Or are we open taking up the lower margin orders in the domestic helical saw segment to support utilization level? So what is our near-term strategy?

Okay. Okay. Okay. Sir, both Indian and local players, including ourselves, are adding capacity. So do you believe that there is a sufficient demand to support attractive returns like 3, 4 years payback on this investment? And also, could you please talk about the opportunities in the GCC region for helical saw, LSAW and DI pipe?

Jindal Saw Limited CC-Jan26.pdf · 2026-01-19

Congrats for the good set of numbers. Sir, in the last earnings call, you indicated that seamless pipe production will ramp up to 90,000 tons per quarter in 4Q from current run rate of 40,000 tons, driven by the new piercing line. So given that macro condition in seamless pipe that is very weak, so could you explain the demand visibility and the order book that is giving you confidence in ramping up the capacity? And how the second piercing line changes your ability to simultaneously cater both lower and higher dia segments? So how the product mix will change? And also, can you please talk about the exports opportunity here in the seamless which will help in increasing the utilization level?

So what kind of growth that you expect in FY '27?

Jindal Saw Limited CC-Oct25.pdf · 2025-10-23

Thanks for the opportunity. So, we have an exports order backlog of 8 lakh tons which includes 6.2 lakh tons of job work. So, you mentioned during the call this is entirely for HSAW Pipe. Typically, our HSAW order are fully export oriented . So, should we understand that balance 1.8 lakh tons pertain entirely to LSAW or it will be a mix of both HSAW and LSAW, because if it is a mix then it appears that visibility of LSAW is quite limited. So, could you please give clarity on this?

Sir, still it is not very clear. In the presentation you just mentioned that the 9 lakh tons that includes 6 lakh tons of job work, right, sir?

Jindal Saw Limited CC-Jun25.pdf · 2025-08-06

Sir, despite the product mix, geography exposure and recent plant shutdowns, we have managed to deliver a stronger EBITDA per ton in the pipe division during first quarter. So operationally, it is commendable, congratulations to the team. So I have 2, 3 questions to ask. First question, over the past 2 years, we have achieved over 1.8 million tons in pipe volumes, which helped us realize significant scale benefit and also the favourable product mix. Especially driven by the soft pipe exports and strong DI market also contributed meaningfully to our improved profitability and return ratios. So given the near -term challenges such as the lower government spends and weakness in the overseas market, so how do we see volume growth in the current year? What kind of growth that you see in the current year? If there is a growth, what are the key levers that will drive the growth within the pipe segment?

For volume growth only.

Jindal Saw Limited CC-Sep23.pdf · 2023-10-27

Yes, thanks for the opportunity, sir. Congrats for the good set of numbers. Sir, on the volume front, things are very much intact, as you mentioned in the opening remarks. But my question is on the cost side. Now the coking coal prices have gone up sharply in the last two months from $230 to $340. So what is our average inventory cost and how many days' inventory we have on the coking coal side? And I also wanted to know when this increased c oking coal price will start reflecting in our numbers? Because last year, in the first half of FY '23, our performance was impacted because of rising coking coal prices. So what is our mitigation plan for this time?

Sir, can INR5,000 minimum sustain EBITDA per kg in GI pipe? Now it is around INR10, INR11 per kg for the industry. Because of the initiatives we have taken, can we maintain that INR5,000 -- INR5 per kg?

Supreme Petrochem Limited

Supreme Petrochem Limited CC-Jan26.pdf · 2026-01-23

Thanks for the opportunity. Sir, it looks like you are unwell today. I hope you feel better soon. So, I have three questions to ask. First is, so excluding the ABS capacity, we have achieved 80% utilization level in 3Q. And with the IOCL styrene monomer plant facing commissioning delays, so how is management thinking about sustaining growth in the near to medium term? Are there any plans for capacity expansion or debottlenecking to support volume growth in the interim phase?

Okay. So, what is our total exports volume in nine months?

Welspun Living Limited

Welspun Living Limited CC-Nov25.pdf · 2025-10-31

Sir, congratulations on delivering an excellent performance in 2Q. Sir, with planned capacity addition in HFIW and the new DSAW in the U.S., so is this expansion decided by us initially primarily driven by seeing the long-term market opportunity o r the push came from key customers like TC Energy and Kinder Morgan? The reason for asking this question, if there is a specific customer that demand, does that enable faster utilization ramp up once the facilities are operational? And since you have pointed out that we have received order from data center segment that is roughly around Rs. 6 ,000 crores, and also, I just wanted to know this is pertaining to which type of type, DSAW or LSAW? Because if we do that calculation of 6,0 00 ton, it comes around 3.75 lakh t ons. Just wanted to know if you can clarify on this.

So, is it possible to give the mix? So, basically, I want to know if this DSAW will be operational by FY '28. So, how long will it take to seize that capacity?

Welspun Corp Limited

Welspun Corp Limited CC-Nov25.pdf · 2025-10-31

Sir, congratulations on delivering an excellent performance in 2Q. Sir, with planned capacity addition in HFIW and the new DSAW in the U.S., so is this expansion decided by us initially primarily driven by seeing the long-term market opportunity o r the push came from key customers like TC Energy and Kinder Morgan? The reason for asking this question, if there is a specific customer that demand, does that enable faster utilization ramp up once the facilities are operational? And since you have pointed out that we have received order from data center segment that is roughly around Rs. 6 ,000 crores, and also, I just wanted to know this is pertaining to which type of type, DSAW or LSAW? Because if we do that calculation of 6,0 00 ton, it comes around 3.75 lakh t ons. Just wanted to know if you can clarify on this.

So, is it possible to give the mix? So, basically, I want to know if this DSAW will be operational by FY '28. So, how long will it take to seize that capacity?

Welspun Corp Limited CC-Jun25.pdf · 2025-07-30

Congratulations on delivery such a strong performance. I have 2 questions to ask. First question, in the OPVC pipe segment, we understand that several new entrants including a large player like Astral are procuring machinery from Chinese manufacturers at the cost of INR20 crores per line. In contrast, if you see companies like Welspun, Supreme they are sourcing equipment from Rollepaal and Molecor at a significantly higher cost of INR50 crores, INR60 crores per line. So given this cost disparity, how do we plan to stay competitive against players using Chinese machinery. So even a ccounting for quality differences, do you believe there is a large enough customer base willing to pay 15%, 20% higher premium products from players like Welspun Corp up?

My second question, we have reported EBITDA of INR290 crores from all other subsidiaries. So after backing out the normalized EBITDA contribution from DI Pipes, Sintex, which collectively accounted roughly INR100 crores. But the remaining INR190 crores appears to be attributable to the U.S. operation. That translates roughly around INR25 per kg -- INR25 per kg plus, in U.S. And interestingly, if you see even in India also we reported INR18 per kg. So could you please break down India and U.S. separately and help us understand the key driver behind the sha rp improvement, whether this EBITDA per ton is sustainable in the U.S. Could you please talk about that?

Welspun Corp Limited CC-Sep23.pdf · 2023-11-09

Thanks for the opportunity Sir. My question is on both DI and Sintex? We will start with DI Sir we are are the only DI player having manufacturing facility in the Western market and our target market is Northwest and Central region so could you please talk about demand supply dynamics specific to these two regions ? E very year on an average how much investments is happening from government side and what are the key upcoming projects we are getting on to get mo re orders? Also how competitive we are in terms of pricing over somebody bringing products from Eastern region so basically want to know what is our right to win over here?

Okay that sounds true Sir. My second question on Sintex my native is down south small town near Madurai here so last month I noticed few trucks carrying full of Sintex tanks since we are aggressively selling the volumes in every nook and corner a great approach to your team so what more steps we are taking to increase the scale of this particular division ? Can you explain in little more detail and within the existing product so how fast we can fill at least 50% of the total capacity? First half we have reported just 17,000 tonnes so how much we are targeting in the current financial year and next financial year? This is my first part of question in Sintex?

APL Apollo Tubes Limited

APL Apollo Tubes Limited CC-Nov25.pdf · 2025-10-29

Yes. Sir, you just mentioned we are focusing more on EBITDA per ton than the volumes. So in the same line, I just wanted to know within general category, is it possible to share the volume mix between the products where EBITDA below INR2,000 per ton and those above INR2,000 per ton. Has there been any change in this mix compared to last year's same quarter or last quarter? So what is our long-term strategy here?

No, sir, within general category, I'm asking. Within general category, so we have reported around INR3,200 in the first half.

APL Apollo Tubes Limited CC-Jun24.pdf · 2024-08-12

I have 2 questions to ask. First is on, what was our total outsourcing cost in FY '24? In future, any plans for shifting these outsourcing it times to in -house and trying to bring down the cost? Like in cold rolled product, we were buying it from steel companies and now we are having a separate line for the lower bids, which don't down our cost significantly. So in similar lines, is there any scope for us to bring down the cars and having it in-house?

Okay. In color -coated sheet, we do aluminium coating and do color coating also, both these process are currently outsourced?