Stockrabit · Analysts
Questions across 74 calls

Satyadeep Jain

AMBIT Capital

SHREE CEMENT LIMITED

SHREE CEMENT LIMITED CC-Nov25.pdf · 2025-10-28
Just wanted to ask on overall volume and the capacity. You're looking at especially in North now that you have new volumes from the new line. Just wanted to see how are you going to look at this volume versus value growth for the last few quarters, the focus has been on premiumization. Should we expect similar focus in new capacity that you have? That first And maybe tied to this would be the second question, that other players are also looking aggressively at North in general. Typically, if I look at your capacity, it seems incrementally we're also looking at North but also expanding out of North. In North is typically 50% of overall capacity. As you look beyond the expansion in the release, you mentioned 80 million tons. How would you look at expansions across region where new capacity is coming in north? Would you look to maintain share and add more capacities North? Or just the thought process on incremental capacity beyond what you have in plan.
Just one clarification question on both dividend and depreciation, sir. Generally, depreciation has been very volatile.
SHREE CEMENT LIMITED CC-Mar25.pdf · 2025-05-14
Thank you so much. Mr. Akhoury, my first question would be on the branding strategy, you joined Shree Cement about 2.5-3 years ago. So the intent has always been to close the pricing gap with others. Initially, with the different strategies didn't yield the desired results, but last few months, we've seen a change. I just wanted to see what different strategy you adopted now in the past few months. It doesn't seem like it's just withholding volumes because you're seeing the pricing gap in certain markets close with the peers. So what difference have you done in the last few months, which you've been through earlier? And is that strategy different across regions because as per the channel checks, it seems the gap has closed in certain regions and certain regions still needs to close. So that's the overall change in strategy? And how is it working in different regions?
And how is that positioning different in different regions, do you think…?

Dalmia Bharat Limited

Dalmia Bharat Limited CC-Oct25.pdf · 2025-10-17
Puneet, just had a question on the compensation structure change. That seems interesting. I mean, maybe it seems like there was no variable compensation structure, I think. And, what are the changes outlined in this?
Just wanted to ask on the variable, in the presentation, it is mentioned that there is a variable compensation structure that has been introduced. Does it mean there was no variable compensation earlier? And what are the changes? Just want to understand the metrics.
Dalmia Bharat Limited CC-Jul25.pdf · 2025-07-23
First question, I know the question everybody is asking, since the confusion that this is creating. I just wanted to dive deeper historically, Dalmia was focused in a way on market share, if you look at the history. Then a pricing discipline, lost market share a few quarters ago, there's been a change in management last 2, 3 quarters, you've seen market share loss, but we've seen pricing improvement. So, A to this question, what have you specifically done to improve this price positioning? Are you vacating some markets? That's what the impression we're getting, non-profitable market. What specifically are you trying to do to include brand positioning because the brand has been out there for a long time? Suddenly in 2, 3 quarters, what steps have you taken to improve brand positioning? And to this question, because you're adding a lot of capacity, then the amount you're investing in this brand creation and brand positioning, and then you have to chase volumes again with this capacity? Do you dilute this again? How does this entire strategy tie to what you're trying to do is the confusion, I guess, everybody has right now?
So can we expect maybe growth, volume growth in line with industr y or higher than industry and at the same time, th is focus on profitability so that can be something that we can expect a combination of both profitable growth and volume growth in line or above industry?

JINDAL STEEL LIMITED

JINDAL STEEL LIMITED CC-Jun25.pdf · 2025-08-13
Hi. Thank you. The first question on the project. As you mentioned, BF, BOF, and Slurry Pipeline. I just want to get an update on some of the other projects like the Q &T line, Color Coated, Galvanized. And, in the railway rakes that we are looking to acquire and prior to that there was a news report earlier, press release by Government, that JSPL has been selected for financial assistance incentive on their 2 million tonne coal gasification plant. Did not understand, is that a new coal gasification plant? Because it seems like you already have sufficient coal gasification at Angul right now. So, I just wanted an update on the project and this coal gasification before I move to the raw material question.
Yes. Sure. So, second question on the raw material cost. Just first on Tensa. It seems like Tensa has some reserves on the boundary. So, I was under the impression initially it can sustain till 2028. What is it now , end of life? And also, the Rs. 1 ,000 per tonne raw material cost saving that came from others. I think you mentioned scrap or some other apart from coking coal. Is that sustainable, the non-coking coal related cost savings that we saw in the quarter?
JINDAL STEEL LIMITED CC-Mar25.pdf · 2025-05-01
The first question, as a follow-up to the first question Amit asked on change in write -downs. If I heard it correctly, in response, you mentioned that there are various options being considered. Just wanted to understand what broadly the options you have on the table? Is one of the options also for promoter entity to take on these assets? What options broadly are you thinking of because these assets have not been generating much cash for many years?
Okay. Fair. The second question on the capex, additional capex you had announced last quarter pertaining to color coated, galvanized plate, some crude plates and all. Maybe can you provide more details of maybe timeline for some of these initiatives because you have the capex outlined, but what is the timeline for some of these additional things that you're looking for?

Hindalco Industries Limited

Hindalco Industries Limited CC-Mar25.pdf · 2025-05-20
Hi. Thank you. First question , there's a slide on the project progress where you are stating that alumina upstream refinery are on track on status. Just wanted to check where is the engineering ordering and all that gives you confidence that the projects are on stage? I just wanted to understand from capital cost, timeline, where have you progressed on this?
So those projects, there could be an element of surprise, because you were mentioning these are on track on status , just wanted to know, the engineering is still not complete so those two projects, there could be some surprises here or there?

Torrent Power Limited

Torrent Power Limited CC-Jun25.pdf · 2025-08-05
First, on the merchant EBITDA for the quarter. I just wanted to understand the PLF was low, but under the NVVN tender, you have minimum guaranteed offtake. So was there some EBITDA contribution this quarter from take -or-pay where even if NVVN doesn't lift, you are guaranteed fixed cost on whatever is not lifted. So just wanted to unders tand, was there some contribution from there in this quarter?
Just trying to understand, there will be some guaranteed offtake every day. I think last time we were trying to understand, what I understood was if they don't lift the minimum guaranteed offtake, which would be 2,300 MU, you would -- they will not pay you the entire tariff, but you will be guaranteed at least a fixed cost. So just trying to understand this quarter.
Torrent Power Limited CC-Mar25.pdf · 2025-05-14
Thank you. First, another clarification question on the pump ed storage project . The energy storage facility agreement was signed recently as per the release. If I understand correctly, the agreement was that the capacity needs to be commissioned within 48 months of signing this agreement. Is there, given you are in the process of land acquisition and then construction doesn't look like, it will be commissioned within 48 months. I just wanted to understand, is that flexible, term for commissioning, which was laid out initially?
So fair to say the CAPEX on this will not start in the next 2 years, the CAPEX outlay?

Tata Power Company Limited

Tata Power Company Limited CC-Jun25.pdf · 2025-08-01
Hi, thank you. Just want to clarify when you are selling supplying module to for rooftop and all, would that also be at similar price that we see or would that be a different DCR realization? Just trying to understand the arm's length.
So, if I am understanding correctly, the realization for the internal IPP would be different for the module business and that for solar for the rooftop would be different, right? Both arm's length dependent on supply demand in each market ?

JSW Energy Limited

JSW Energy Limited CC-Jun25.pdf · 2025-07-31
The first question on thermal. I know a lot of questions have been asked on KSK. Just if I look at the Section 63 tariff order, I would assume the tariffs, the charges, energy and capacity charges are going to decline this year. And there is a steep jump in EBITDA, mathematically, it doesn't seem just the merchant open capacity will lead to such a big swing. So within a short period of time, you've been able to improve efficiency so much. And because even if you take out merchant EBITDA, the run rate still looks much higher than the ₹2,400 crores EBITDA that we're looking at. So how do we look at EBITDA for KSK for maybe this year, next year? And I'm not sure if I'm mistaken, but somewhere in the release, I see that you're looking to tie up some of the remaining open capacity into PPA. But in your opening comments and all, it seems like you have the remaining open capacity has better cost position, domestic coal. So that didn't tie up. So I'm just trying to clarify, is that what you're looking to do on the remaining untied capacity. That's on thermal.
I was just trying to clarify this 900 -megawatt open capacity, there is no intent to convert that into PPA because it seems like from the earnings release.

UltraTech Cement Limited

UltraTech Cement Limited CC-Jun25.pdf · 2025-07-21
Hi. Thank you. Mr. Daga, first question on India Cements and then second was UBS. The India Cements, I just wanted to understand, I think you're mentioning that adjusted for marketing spend, maybe adjusted EBITDA was INR458 per ton . Last quarter, you mentioned southern plants, typically for UltraTech would be lower EBITDA per ton given lower pricing historically, given where pricing is, just trying to understand the profitability gap between India Cements and rest of UltraTech plants in South maybe ballpark directionally? And how do you plan to bridge that gap? We see you have preheater, WHRS, maybe just some ballpark directional number.
The reason why I'm asking this is twofold. One, these are old assets. So I understand these are all integrated. There is no concept of strict grinding generally. And also in Southern part of Kerala, if you see Coromandel brand is so strong. I'm not sure if it is possible to completely go with UltraTech given the strong recall there. So given all these, you think 100% of branding can move to UltraTech given the asset base itself that the way it was structured earlier with all the preheater and WHRS, you can achieve almost parity with UltraT ech on all these efficiencies. Just trying to understand.
UltraTech Cement Limited CC-Mar25.pdf · 2025-04-28
A couple of questions. One on capital allocation and the other one on the acquisition. First, on capital allocation, given you have now 2 assets that you're looking to integrate, you have the wire and cable business also. Would you say that your plate is f ull and maybe any additional opportunity would not be of interest at this stage? Would that be a fair assessment?
Okay. Second, on the acquisition. So first on the profitability for India Cements, you are suggesting INR800 per ton by next year.

The India Cements Limited

The India Cements Limited CC-Jul25.pdf · 2025-07-21
Hi. Thank you. Mr. Daga, first question on India Cements and then second was UBS. The India Cements, I just wanted to understand, I think you're mentioning that adjusted for marketing spend, maybe adjusted EBITDA was INR458 per ton . Last quarter, you mentioned southern plants, typically for UltraTech would be lower EBITDA per ton given lower pricing historically, given where pricing is, just trying to understand the profitability gap between India Cements and rest of UltraTech plants in South maybe ballpark directionally? And how do you plan to bridge that gap? We see you have preheater, WHRS, maybe just some ballpark directional number.
The reason why I'm asking this is twofold. One, these are old assets. So I understand these are all integrated. There is no concept of strict grinding generally. And also in Southern part of Kerala, if you see Coromandel brand is so strong. I'm not sure if it is possible to completely go with UltraTech given the strong recall there. So given all these, you think 100% of branding can move to UltraTech given the asset base itself that the way it was structured earlier with all the preheater and WHRS, you can achieve almost parity with UltraT ech on all these efficiencies. Just trying to understand.

Nuvoco Vistas Corporation Limited

Nuvoco Vistas Corporation Limited CC-Jul25.pdf · 2025-07-18
Hi. Thank you. First question on the transaction. Just wanted to see where we are in the process. There is a bridge debt, which is bigger than the long -term debt. Of course, last time you were mentioning you're very close to signing a deal. So, just what is the tenure of this bridge debt? Where are you in terms of signing that? In what form is it going to be like a convertible preferred share? Just more details around this transaction that you're working on?
Okay. Second question, on slag, you mentioned in the release that there was some tightness in, I mean, there's seasonal tightness in slag in this period, but it seems like maybe there was more than typical what you see. So, are you seeing some tightness in general across the board for slag? And how are you looking to secure slag for the Vadraj asset that you have? Also tying it, so this is also the plan to have 2.5-million-ton Kutch GU. What does it mean that would you have more GU capacity versus clinker or because clinker is 3.5 and you're setting up 2.5 million ton of GU. So, eventually, if you refurbish the entire Surat GU, you will have excess grinding capacity. So, just what's the plan to secure slag for the upcoming capacity? What is the plan? And are you overall seeing some tightness in slag in the market?
Nuvoco Vistas Corporation Limited CC-Mar25.pdf · 2025-05-02
Hi. Thank you. Just a couple of questions around Vadraj only. Just a clarification question. When you say you are looking at CCPS from external investors, Mr. Jayakumar, do you already have an agreement in place with these investors would largely be, I am getting private equity investors who put in the CCPS. When you say 600, you already have an agreement in place?
Okay, fair enough. Just secondly, on the Vadraj, now that you have completed the formality for acquisition, you have a better idea. W hen you look at the refurbishment, the entire commissioning of plant, can you maybe walk us through the timelines, the milestones that we can also track from here, let’s say for the next 24 months?

NMDC Limited

Ambuja Cements Limited

ACC Limited