Stockrabit · Analysts
Questions across 11 calls

Sameer Gupta

IIFL Capital

Havells India Limited

Havells India Limited · 2026-07-17
First question is on Lloyds. Now I understand this question has been answered during the course of this call, but I'm just trying to find my interpretation here. So you are saying that there is an impact due to higher sell -in in previous quarters and normalization of that has taken place, plus staggered price hikes over the course of the last 2 quarters that might have impacted primary offtakes. Would this be a correct interpretation?
Sir, so just a follow -up on this then. Basically, higher sell -ins in previous quarter should have then resulted in higher growth in the previous quarters, which I'm not able to see. So is it that the last year, the sell-ins were very high and that is normalizing now?

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-May26.pdf · 2026-05-26
Firstly, and I know a lot of people have asked on this, but Pantaloons. So, if I look at the full year numbers and this normalizes for festive shift, EOSS shifts, etcetera, it's a 2% LTL. And this has generally been a good year for apparel. So, we have a Shoppers Stop and a V -Mart both reporting 5% LTL growth this year. So, is it a case in case of Pantaloons of the first half being poor and second half with all our strategies and actions? Is that the case?
Okay. And if that is the case, then why are we still not accelerating the pace of store addition? I heard in the other question, you said 20 to 22 store additions in FY '27, and this happens to be a multiyear opportunity. Why then the confidence is not showing in our store addition guidance?
Aditya Birla Fashion and Retail Limited CC-Jun25.pdf · 2025-08-14
So firstly, on Pantaloons. It's been some time now that we've been hearing about the new identity that has been rolled out. I heard on the -- through this call that around 51% of stores are now on the new identity. So let's say, the top end of these stores, may be just spent around 2 years under this new identity. Any performance metrics you can share here, same-store sales growth, the revenues per square feet kind of metric that they are tracking? Are they on the right track? Are they -- is this strategy showing results? Anything that you can highlight on that front?
Got it. But internally, do you slice it...?

Zee Entertainment Enterprises Limited

Zee Entertainment Enterprises Limited CC-May26.pdf · 2026-05-19
Sir, firstly, I wanted to understand the ad spend line in the cost. So, I understand these are costs incurred upfront. But when we, as a country, are staring at inflationary pressures and you have an expectation that most of the FMCG companies in all likelihood of protecting their margins will slash their ad budgets and part of it is already visible in our results in 4Q. And the subscription line item also consumers are likely to reduce discretionary spends, why not go slow on these expenses and protect margins? I mean these are up 44% this quarter. Full year it's fine. We didn't know that West Asia is going to happen. But just your thoughts on this, sir?
Fair enough, sir. But then I know I'm asking a difficult question here, but in the context of where we are today, how do you see the FY '27 then pan out in terms of growth and margins? We have finished at 8%, 9% on the full year basis. Start of the year, we had ambitious plans on the margin front, but what needs to change? And how do we get to that high teens’ kind of a margin, if at all?
Zee Entertainment Enterprises Limited CC-Oct25.pdf · 2025-10-16
Hi. Good evening, everyone, and thanks for taking my questions. Just wanted to understand the thought process here of launching new GEC channels and with the kind of ad spend that we have done. Now if overall context of FMCG spending remains subdued, I understand we are cautiously optimistic now. But why not then wait for clear signs of an uptick before launching these new channels, given that our focus in the past few quarters has been towards margin improvement. We had guided to an exit 18% to 20% margin. So why now change in that focus?
Got it. Second question, sir, a large part of the cost increase I see is in ad spends and to some extent, other expenses. The content cost increase is there, but it is not very high when I look at it as a percentage of sales. So, going forward, I mean, is it a right assumption that this recurring part of operating cost or programming cost will remain, but the bump up in ad spend and other expenses largely pertaining to this quarter because the launch was in this quarter?
Zee Entertainment Enterprises Limited CC-Mar25.pdf · 2025-05-08
Sir, firstly, if I look at FY '25, the EBITDA margin has improved by almost 400 bps. But this is fully driven by moderation in losses of ZEE5, in fact, if I just exclude ZEE5 revenue and EBITDA losses, the margins are actually down from 26 to 23 and ZEE5 revenue growth here is just 6% for this year. So, going forward, would it imply that improvement you are targeting 18% to 20% by exit of FY '26, this would come at the cost of growth in ZEE5? And follow-up there is, what are the active subscriber numbers of ZEE5 and how do they compare with let's say, Hotstar?
Active subscriber count in ZEE5 right now?

PVR INOX Limited

PVR INOX Limited CC-May26.pdf · 2026-05-11
Sir, I had a broader industry question. Now this is regarding industry footfalls and occupancy. What I understand is that FY26 has been quite a normal year in terms of say, Hollywood coming back, OTT heat normalizing and we've seen that evidence in terms of direct OTT releases and so on. Also overall consumption across the board has been picking up. When I look at our occupancy level of 25.8%, this is very similar to '23-'24 levels. So what gives us the confidence that this is still not the new normal post -COVID and there can still be improvement? I understand content lineup, but quite frankly, there are like 1,500, 2,000 releases in a year. I mean 1,500 will be of good quality is the general consensus.
Okay, sir. But still, the question still remains.
PVR INOX Limited CC-Mar25.pdf · 2025-05-12
I have 2. Firstly, sir, in your observations, how do you see the intensity from the OTT players on content buying currently? Is it coming down? Is the average window between theatrical and OTT releases increasing? Any sense on that would be helpful.
Got it. Sir, second question is on the FOCO model or asset -light model. I understand that this question was asked by the previous participant, but I have a slight different version of this. Now suppose you are making INR100 EBITDA in the normal model. What is the anticipated EBITDA absolute amount that you will earn from this new model? So I understand your revenues will be lower, but you will earn a management fee. So overall, EBITDA might be on the lower side. So just getting a sense on those numbers.

Page Industries Limited

Page Industries Limited CC-Nov25.pdf · 2025-11-13
Firstly, sir, last 6, 7 quarters, what I have noticed is that the volume growth performance has been extremely volatile. There has been a high of 11%, low of 2%. Now in a category in which we operate, demand -- generally end consumer demand is not this up and down. And also now that we have implemented an auto replenishment system, primary and secondary also should be in line. So what then explains this kind of volatile performance? Are we seeing downstocking at retailer levels in the past 2 quarters?
Got it, sir. That's helpful. Second question, sir, I mean, as a company, you would have certain expectations of a particular growth. I'm not asking for a guidance, but given the size and category potential, is there a threshold of growth below which you're not really satisfied in terms of your own performance? And if there is, what would be that number? And how would you reach there from the current level apart from in general demand conditions becoming better?
Page Industries Limited CC-Mar25.pdf · 2025-05-15
Congrats on a good set of numbers. Firstly, you mentioned the channel inventory on athleisure is still a little on the higher side. So just wanted some color where are we right now in terms of distributor days in athleisure? And where would we like to be o n a normal basis? And just a relative term, how was this number pre-COVID?
Just a follow-up here. So when you say 7 days, this is overall or this is just for athleisure? And if you can give the number as to where it is right now, is it 45 days, 40 days?