Stockrabit · Analysts
Questions across 15 calls

Sanjay Manyal

DAM Capital

Balrampur Chini Mills Limited

Balrampur Chini Mills Limited CC-Feb26.pdf · 2026-02-11
My questions are pretty similar to what the previous participant has mentioned. So it is about the recovery specifically. I think initially, we were talking about 50, 60 probably basis point recovery improvement in Western UP and probably 20 to 30 basis point recovery improvement in Eastern UP. But it seems to have fizzled out. Is that because of the ratoon crop, or do you expect better performance from the plant crop? Or do you think recoveries will remain broadly flattish for the season?
Okay. And second about the fungibility part only. It seems that Maizapur, I think initially when we did the capex for Maizapur for 320 KLPD, it was assumed that in a certain situation like today, when the maize or the grain ethanol prices are higher, probably we will utilize this Maizapur facility for a higher grain ethanol, but it seems that it will be less than 5 crore liters, it seems to be that way only. What is your view on that and why we have not been able to scale that up to 8 crore, 10 crore liters probably?
Balrampur Chini Mills Limited CC-Nov25.pdf · 2025-11-12
What I understand broadly that there is a n industry wide ethanol capacity of 1,900 to 2,000 crore litres and now total demand including the ENA and rectified spirit should not be more than 1,500 crore litres. So is it good to say that the industry will not go beyond 70%, 75% of the utilization level and some players might be lower than this and some might be higher than this and given the fact that we are not getting ethanol price like at least from last two years and there is no visibility even for the current year. What kind of normative EBITDA per liter margins can we achieve with the entire sugarcane sort of feedstock?
Yes, sir. That is quite helpful, actually. And I have a last question on the PLA front. So, I think you mentioned that you have started importing some quantities. But what is the response from the customers or clients ? I am sure it is still one year ahead, but have we been able to sort of confirm some sort of orders once our capacity is on stream or have, we got the visibility that this capacity will be utilized to the optimum level once we are on stream?
Balrampur Chini Mills Limited CC-Jun25.pdf · 2025-08-13
Hi Sir, I have one question on the ethanol. Since now we have reached almost average 19% kind of ethanol blending, what is your view from the demand conditions, say, in the next few years? What are the discussions with the Government about increasing the blending from 20% to 25%? And how the demand probably will pan out over the next few years? And what probably will be the contribution of sugarcane- based feedstock and grain -based feedstock? So, what exactly is your discussions with the Government on this?
Right Sir, one question I have on the sugar recovery side. Last year, across UP, we have seen a significant decline in the recovery, even though, as you mentioned, the rainfall was well spread. So, is it possible for us to go back again from 11.3% to 11.7%, or are the new varieties have been hampering that?
Balrampur Chini Mills Limited CC-Jun24.pdf · 2024-08-13
I have a few questions. You have mentioned about the cane development which we have done in the current season, what is the expected sugarcane crushing increase in the 2024-25 season?
Secondly, if I see expected country level production and whatever the inventory we are holding now as a country level, approximately 5 to 6 million tones excess we would be having which can be diverted either towards ethanol or exports. So, what could be the maximum ethanol diversion possible and what quantity at a country level ethanol production is possible with that kind of diversion?
Balrampur Chini Mills Limited CC-Dec23.pdf · 2024-02-21
Sir, just want to understand a bit of economics of this project means what could be the asset turnover, what could be the margins in this business? So, won't there be a concern about the sugar production, because raw material would be sugar. So , in a current scenario like there could be a restriction on this product as well in the future whenever there is a decline in sugar production, so that's one . And if you are going to a B2C business also, as you have been mentioning, so will you create a distribution network also for this product?

Allied Blenders and Distillers Limited

Allied Blenders and Distillers Limited CC-Feb26.pdf · 2026-01-30
I have a few questions. Firstly, on the ICONiQ White, you have seen a brilliant growth in the last few years in the brand. I believe a decent growth would have been coming from gaining the shares from our competing brand, Imperial Blue. Now have you seen any renewed competition specifically from this brand given that change of brand owner over there?
Sure. And one on the ABD Maestro, if you can highlight any succe ss of late or which brand seems to be breakeven first or reaching a sort of a benchmark vo lume number, if you can highlight that?
Allied Blenders and Distillers Limited CC-Nov25.pdf · 2025-11-06
Hi, sir. Congrats on a good set of numbers. You spent a lot of time in your commentary about the international market. So I just want to understand what kind of a run rate we are sort of doing at this point in time? And what are our plans over the next two years? Is there any certain number we have sort of a target over the next two years, three years for our international business?
Right, sir. Secondly, I have a question on ICONiQ White. I think you r run rate is close to 10 million cases for annual number. I believe with this kind of run rate you might just achieve that this year itself. You again -- is it the growth because of the distribution expansion? I think a number of states where you have entered this year itself. So will we be so rt of -- when we'll be lapping the overall distribution as far as ICONiQ White is concerned?

Radico Khaitan Limited

Radico Khaitan Limited CC-Nov25.pdf · 2025-10-30
Just a few questions, specifically on the ENA part. Given the fact such a high growth has been taking place in the volumes now, you think that we would require one more round of capex if we continue to maintain the entire ENA requirement captive? And if y es, then which major states you would see the ENA requirement will be higher, so you might set up capacity over there?
Right, sir. And what kind of benefit we get from this capex versus a player who does not have the captive requirement. I believe now the availability of grains, whether it is broken rice or for that matter, maize and all that for ethanol specifically requirement is high. So, I'm sure the cost for broken rice and the other major raw material is quite low. So, what's your outlook on both these things?
Radico Khaitan Limited CC-Mar25.pdf · 2025-05-07
Hi sir. Congratulations on good set of numbers. Just one question I have. Largely, the way your volumes have been growing, you think that you would require to take another round of CAPEX for the further sort of increasing capacity for ENA.
Okay. Perfect. And just on the FTA, though most of the questions have been asked on that, but which brand specifically would be in the price range where most of the foreign brands are, where you will be competing with most of the foreign bra nds of BIO category or BI I category?

EID Parry India Limited

EID Parry India Limited CC-Jun25.pdf · 2025-08-07
I have just a few questions specifically regarding good monsoon and what kind of a crushing is expected in Karnataka and some of the southern states? And what is our plan sort of over here to increase the crushing in the next season? What is the expectation on that side?
Sir, and on our peak utilization of our distillery capacity, what kind of ethanol or ethanol/ENA we can sell? I mean, what would be the optimum revenue from our Distillery segment?
EID Parry India Limited CC-Mar25.pdf · 2025-05-28
Just want to understand about the availability of sugarcane for the next season, given the fact that the rains have been good and water levels have been pretty decent. So it seems that production could be a bit higher. So what could be the crushing number for us, and how would that translate into the ethanol volumes for the next year?
Okay. And sir, just also want to understand if you can give a bit about the ethanol volume and how much now could be the proportion of grain ethanol or maize ethanol? And how are the economics in maize ethanol, or for that matter, grain ethanol in South India?

United Breweries Limited

United Breweries Limited CC-Jun25.pdf · 2025-07-23
I have a few questions. One is if you can give some color on major commodity pricing, specifically barley and glass. And what is the outlook in the rest of the year?
And one specifically, when you mentioned that some of the states like UP, where the policy has been a lot favourable, so if you can give what kind of saliency you have in the states like UP or Assam where the policy is favourable and where you expect probably you can double your revenues or you can double your volumes in these states?