Stockrabit · Analysts
Questions across 61 calls

Sanjesh Jain

ICICI Securities

Vodafone Idea Limited

Vodafone Idea Limited CC-May26.pdf · 2026-05-18
Yes, good afternoon. Thanks for taking my questions. Couple of them. First on the ARPU, if I adjust the days, it appears that ARPU has grown over 3.2% sequentially. What is driving this strong growth, because premiumization still underwhelming, we have added only 0.4 million customers on 4G and 5G. So, what is driving such a strong ARPU improvement? Is it better engagement with the customer? Can you help us understand and how much more is left in these efforts to drive organic ARPU growth for us?
Got it. Got it. So how much more do you think is possible? Because I can see we are at a significant discount on an ARPU versus the peers. So, is there a significant gap which we can bridge through these efforts?
Vodafone Idea Limited CC-Nov25.pdf · 2025-11-11
Yes. Good afternoon and thanks for taking my question. I have got a few of them. To start with the data, data customer which saw a decline while we had growth last quarter and if I look at the last 12 months, we have added close to 90,000 BTS there on the mobile broadband side. Now, when should we expect some traction here in terms of consistent growth coming in. If you can also help us understand how are the circles growth, where we did the capex early in the cycle to just understand how can we see that traction coming in as the other circle also mature in terms of coverage.
Abhijit, thanks. But still can you help us understand some of the circles like Mumbai and all where we invested. How is the traction there in terms of getting the subscribers on the broadband side?

Clean Science and Technology Limited

Clean Science and Technology Limited CC-Feb26.pdf · 2026-01-31
I got a few. Let's go segment by segment. First on the performance, you did mention two things. One, you said MEHQ and HALS has a lower volume, but you also mentioned that there was no competition in the domestic market. At the same time, in the opening remarks, you said that China has started producing some of these molecules? Can you give us a complete road map on performance established molecule? It is China, which has got aggressive and hence, we have seen MEHQ BHA volume decline? Or was it general demand slowdown? What's your take on MEHQ and BHA?
Yes. But we said that there is still no price decline. What you're mentioning the price decline in MEHQ is to hit our P&L or it's already there in Q3?
Clean Science and Technology Limited CC-Nov25.pdf · 2025-11-06
Yes, good evening, Siddharth. Thanks for taking my question. I have a few of them. First on the established products, what was the volume grow th or decline, and what was the realization change versus previous quarter? In YOY is fine, whatever data you've got.
That's quite clear, thank you. Now, what are we doing to see that I know customer uncertainty is causing it, and this is generally a transient in nature. Now, for next couple of quarter s, how are we planning to save this difficult scenario of uncertainty?

Aarti Industries Limited

Aarti Industries Limited CC-May26.pdf · 2026-05-05
Yes, good afternoon. Thanks for the opportunity. First on the follow -up on M MA, you did explain some of the dynamic, but just to get the picture clear. My understanding is there is 2 big applications for MMA. One is in the gasoline-naphtha blended application where they boost octane. The other one is the refinery, which are not able to meet the guidelines on the octane boosting ARO, they add MMA to meet the regulation. Now given gasoline and naphtha spread in between, in fact, went to negative and even today, it remains in a weaker zone and considering the volatility, it does not seems that this dynamic is going to change pretty much in next 1 or 2 quarters. How should we think and if you can help us with the breakup, one is more sustainable, the other one could remain volatile. So that is number one. And probably an associate question is that considering that crude has gone up, one can anticipate ethanol blending to rise very sharply, which in itself acts as an octane booster. And then there is a gas shortage, which can lead to some of these dynamics playing against us. I know we have a balance in terms of higher crude price, but I think there are a lot more headwinds. So, can you help us explain this entire MMA situation? How is it going to think about it for next 2 to 3 quarters?
But can you just split between or probably give a breakup on how much it is where the pricing is not linked to the crack and it is just the production or the refinery inability to produce the gasoline and irrespective of pricing, they will need to add MMA to the gasoline.

Indus Towers Limited

Indus Towers Limited CC-Feb26.pdf · 2026-02-03
I have two questions. First on our strategic pillar on the market share. If I look at the market share for this quarter, if I look at incremental tenancy apart from the tower addition, that's around close to 3,100 sites or 100 tenancies. And if I look at Vodafone has added close to 6,500 sites in this quarter? And if I try to calculate the incremental market share from this data point, it appears that incremental tenancy market share for us is less than 50%, while we were at around 70%, if I go back and work it out. Any comment you want to make on the competitiv e intensity and our ability to maintain the market share in the incremental tenancy rollout in the market?
Got it, got it. Then we'll wait for all the data to get published. Thanks for that, Prachur, for clarity. And second, on the growth -- rental revenue growth, if I look at 9.5%, can you just help us understand what is the organic revenue growth for us in this 9.5%? I think we also did an acquisition of towers from Airtel. If you strip that out, what should be the organic growth in the rental revenue for us on a like-to-like basis?
Indus Towers Limited CC-Nov25.pdf · 2025-10-28
Yes. A couple of questions. First on the Africa. Again, touching upon it, Airtel did sell a significant amount of their towers way back in 2013 to 15. And the view at that point of time for us was that we want to keep ourselves within India. Any particular change what has happened in the industry, which has made us to revisit the factor that now we want to get back to Africa. At that point of time, we were completely not looking at it. And hence, Airtel sold their significant portion of portfolio. What has changed now?
Got it. One follow-up question there. If you look at the Africa market itself, the capex per tower at least historically has been quite high, upwards of $200,000 per tower and so will be the rental. So how is the economics, how is the competitive scenario, particularly in Nigeria, which is the largest market, and we are entering that initially? And who is the competition, and we are a latent entrant, right? It's a decently penetrated market. So how are we looking at this as a growth strategy from here?

Navin Fluorine International Limited

Navin Fluorine International Limited CC-May26.pdf · 2026-04-29
I got a few questions. Let me start with the Middle East, right now, I've two questions there. First from the availability of raw material, including but not limited to, sulfur and methanol. At which station it's challenge of achieving raw material availability the forward contracts are not return or suppliers are not been formed? How is the situation there because it's against pretty volatile and uncertain And related question is on the inflation of the raw material. We have been maintaining a 45 days inventory sale- throughs probably of better March and April, but we should be hitting a level where inventories now completely depleted. That means so necessitates the increased pricing to the contracts which we are working and spot prices probably adjust much faster, but how should we think about the passing on inflation on the contracts like HFO, agro chemical and CDMO? That's number one. Number two, on the refrigerant gas. There is a notification which government has put up and now I think the plant can come up until 2027 and there could be a situation where the competition was not earlier looking to add- the capacity – significantly add the capacity. In '27, probably we are eyeing a capacity now in excess or 1,20,00 metric tons in India and that situation is very different and what we were earlier hoping for CY26. Now does it changes the scenario for filing because in our presentation we are talking of a revenue potential from R32 the tune of INR600 crores to INR825 crores. So at lower end, we are looking at a price which is INR400 crores, probably half of the price what currently it is trading at. So why do you think you're looking at INR400 crores as a bottom pricing. Thus particular number [inaudible 0:13:23] probably on the margin. We appreciate that you have been calling out margin benefit coming from currency, but can you help us with the number, volumes, margin benefit which are coming purely from the currency? These are my initial question?
So we have been calling out benefits because of the currency depreciation, which is adding to the margin of 34%. Now what is the margin benefit purely coming from the forex?
Navin Fluorine International Limited CC-Feb26.pdf · 2026-02-09
Yes, thanks. Good evening and thanks for taking my question and congratulations for a very good set of number. I got a few questions here. First one, the Navin Flourine Advanced Sciences appears to be doing significantly better sequentially the revenue; consol minus standalone stands at Rs.322 crores versus Rs.196 crores, so, there is a growth of Rs.126 crores sequentially. Can you help us understand what segment is driving such a sharp improvement? And we had three large projects within it, HFO, dedicated plant and MPP3. Where are we in the utilization cycle for all these projects? Thank you.
Got it. And utilization for all the three projects?
Navin Fluorine International Limited CC-Nov25.pdf · 2025-10-30
A couple of them. First on the specialty new plant of INR75 crores. Nitin, you mentioned that there is a Novel AI, which we have won. Is this a dedicated capacity for Novel AI? And is it a commercial product or we will be starting along with the innovator?
One question from my side on the margin, Anish. This quarter, it looks like it has entirely come from an operating leverage because our gross profit margin is broadly in the same line. Now revenue has grown by 45%, employee cost is down and operating cost has increased only by 12%. Is there any one-off -- or it will be really helpful to understand what is translating such a strong operating leverage, not even a logistic cost is showing up there. So how should we read this?

Himadri Speciality Chemical Limited

Himadri Speciality Chemical Limited CC-Apr26.pdf · 2026-04-27
First question on the anode business, like you have mentioned the growth path for your cathode where you want to start with, say, 2,000 metric ton and scale it to 40,000 in FY '27 and eventually to be 200,000. Can you share us the thought process of the growth trajectory for anode?
Got it, sir. But what will be the market size for anode today? And what is the economics between cathode and anode? And how do you see the pitch-based cathode anode demand versus silicon- based carbon, which we are developing parallelly? How do you see the portfolio playing out for us?
Himadri Speciality Chemical Limited CC-Oct25.pdf · 2025-10-24
Thank you. Good evening, sir. A couple of questions from my side. First, on the volume growth, if I look at the volume growth for last, since Q4 FY24, we are stuck between 1,35,000 to 1,40,000 MT. It's because we do not have capacity or the demand remains soft? What is leading that the volume has been in that range of 1,35,000 to 1,40,000 MT for almost seven- eight quarters now?
Basically, we are capped by the capacity constraint. You do not see issue on the demand side of it?

Deepak Nitrite Limited

Deepak Nitrite Limited CC-Feb26.pdf · 2026-02-13
I got a few questions, Maulik bhai, First, regarding the standalone business: for at least part of this quarter, nitric acid and the gross profit margin, or material margin, at 33.6%, are probably among the lowest we have seen in the last seven to eight years . Can you help us understand which product category, where we have seen a significant margin compression? And when you see that we are staring at a favourable Q4, what do we really mean from an Advanced Material or a standalone point of the business, which are the product categories which is showing some green shoots for Q4?
Maulik bhai, Just one more question on the third point you mentioned regarding customer destocking worldwide , we were still able to sell significantly higher volumes, correct? So is destocking really the reason for the margin compression, or did we place that additional volume elsewhere at a lower margin? Is that the point you’re trying to make?
Deepak Nitrite Limited CC-Nov25.pdf · 2025-11-14
First, on the agrochemical molecules, you spoke about moving up in the value chain. When we should see that? And how many products are we working there? And the effect of that should be visible in the second half of this fiscal year? That's one. Number two, on the phenol spread that appears to be quite depressed. It's gone further down. Can you help us understand whether it's a demand side issue or whether it's a supply side issue? And if it is supply side, where are we seeing the supplies coming in and how much more can come in? Number third, you said in your opening remarks that we have seen Chinese dumping in a few products in other geography because they are facing challenge from U.S. tariff. Which are these products and which are the geographies, whether it is also coming into India? So these are the 3 questions.
Moving up in the value chain in terms of agrochemical, you spoke about it a few quarters back. Just wanted to get your sense, where are we in the process? And when should we see these products commercializing?

Blue Jet Healthcare Limited

Blue Jet Healthcare Limited CC-Feb26.pdf · 2026-02-13
Yes, thanks. Thanks for taking my question. I have got a few of them. First, on the margin, in the presentation, you mentioned that the product mix and the inventory write-off has hurt the gross profit margin. I think with increasing contribution from contrast media, the mix has only improved. And can you give us more color on the inventory write -down? What and which product and how much did it hurt? Because the gross profit volatility has really been all over the place and need to have a little more grip over that , that would be really helpful ? That is number one. Number two, you did mention on the realignment of the supply chain for Bempedoic acid. Where are we in that realignment? Because one of our peers in India has also added up a lot of capacity. So in this realignment, how do we look at our contract? We were at 120 metric ton s earlier. Will it positively benefit us? Will it negatively benefit us? And this de-stocking phenomenon, when should it get over and we should start looking at volumes coming back? So these are initial two questions. Thank you.
No, I thought product mix has improved. That 1% should have been positive. So what we are talking is much bigger impact there?

Gujarat Fluorochemicals Limited

Gujarat Fluorochemicals Limited CC-Feb26.pdf · 2026-02-12
Yes. Thank you, sir. Good evening, sir. Thanks for this opportunity. I have got a few questions, first on the refrigerant gas, both on R -32 and R-22. R-32, we said that we have commissioned the plant in month of February. Can you help us with what is the capacity we have started with? And where are we now in the first fortnight of this commissioning? What is the utilization we are looking at? And for the full year, what kind of capacity are we looking at? And what is the final capacity are we intending by December 202 6 where the deadline end? With this capacity already getting delayed, are we looking at 30,000 or we are satisfied with whatever capacity we have today? That's number one. Number two, on the R-22, the prices appear to be further gone down as we speak in the month of Jan and Feb. In this background, how should we look at margin? Because a lot of funds in the margin has come up from the bulk chemical and R -22, which appears to have remained either weak or has only got further weaker. So, this is the first comment.
Got it.

PCBL Chemical Limited

PCBL Chemical Limited CC-Feb26.pdf · 2026-02-03
Thanks for the opportunity. I have got a few questions. First, on Europe, the Euro 7 norms are being proposed to be started from November of this calendar year. Where for the first time, there is a pollution norm getting introduced for the braking and the tyre, which should mean that there will be much stricter regulation. And hopefully, that should benefit somebody like us who has a stronger legacy in the carbon black business. Are we preparing anything for that? Or is that, l be a game changer for us in t erms of winning more market share and all? Can you help us understand that?
Got it. Second, now that crude has stabilized, has increased from the lows we have seen, I think there could be some demand from the restocking. Are we looking at some restocking demand because crude is stabilizing or moving up? Any of those signs are visible today for us?

SRF Limited

SRF Limited CC-Jan26.pdf · 2026-01-20
Couple of questions from my side. First on the active ingredients that we are working on. Earlier in the call, we said that we are expecting to launch one AI in FY26 and a couple of them in FY27. Are we on track for that?
Got it sir. Second, on pharma - we’ve been talking about it for the last 7 –8 years. And finally, it’s good to hear about the progress there. But could you provide some more colour - are we working directly with the innovator, or are we still at the initial KSM stage, or looking at advanced intermediates? Also, we currently have only one CGMP plant, so will this new plant be a CGMP facility or a non-CGMP plant? Would appreciate more details on this.