Stockrabit · Analysts
Questions across 74 calls

Satyadeep Jain

AMBIT Capital

The India Cements Limited

The India Cements 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.

Dalmia Bharat Limited

Dalmia Bharat Limited CC-Mar25.pdf · 2025-04-24
Thank you. First question on the ED investigation. Just wanted to understand, I think from the commentary also it's clear what ’s Dalmia stands \is. We have also heard the investigation is going on for a long time. When you look at the investment, , I just want to understand, get more clarity on the stance there was an investment in Raghuram Cement. What was the rationale that you are pitching for that investment, as an overall rationale and where we are in the process because the CBI hearing is going on for a long time. Where do you think we are and how long did it take? Just from a risk standpoint, just want to understand more granular details on this.
And on this provisional attachment, was this Kadapa mine , is this Kadapa mine also a part of your 75 million tons expansion that you are looking at? And does this provisional attachment of land limit your borrowings obviously against that land and also any future limestone expansion till this is settled?
Dalmia Bharat Limited CC-Dec24.pdf · 2025-01-22
First, I just wanted to ask on volumes. As you can understand from all these questions, if we strip out the sales to Central India, it does look like in the core markets, Dalmia seems to have lost market share in this quarter. I just wanted to understand that in the last few quarters, there's been a lot of volatility, some quarters higher growth than the peers and lower pricing growth. Some quarters, it's the opposite. And there's been churn in management team. There's been learnings from trying to enforce pricing discipline. I just wanted to understand what have all the learnings being from this volatility in the last few quarters? And the changes in the sales strategy? And how do you look at the stabilization i n team and strategy as you look at volume growth versus pricing in the next maybe 1 year or so?
Fair enough. Second question would be on the processes. So there have been two separate incidents in the last week, including one in Assam also. And there has been other companies also including an incident in UltraTech earlier this year. So just as a comp any, you obviously have the “kawach” portal, you have several contractor audits and all. What do you think maybe remedial actions you think need to be strengthened for you and the entire industry to prevent some of these accidents. And do you have, in addition to net zero, everybody talks about net zero. But is the industry talking about maybe lost time injury targets or safety targets for the next few years?
Dalmia Bharat Limited CC-Sep24.pdf · 2024-10-21
Just first question would be on the medium -term growth. You outlined 75 million tons by '28. Just wanted to see if you're going to announce the expansion in 9 months? In 9 months, can we assume that the entire land acquisition approvals, all will be taken care of? So it's just ordering? how are you thinking of de-risking from here to ordering in the next 9 months?
Just a second question on the central strategy. You're c atering to this market, I believe all the way from Odisha. Are there any particular pockets that you're catering to and the strategy would be to continue to incur marketing expense, look at building out the entire network there for the next 2, 3 years until you set up your own plant there. Is that fair to assume? And these markets have been catered to all the way from Odisha right now?
Dalmia Bharat Limited CC-Jun24.pdf · 2024-07-19
Hi, thank you. A couple of questions. Puneet, on that 75 million target, just want to understand, you mentioned you will share more details 12 months from now which will be almost mid-FY ‘26. So if we keep inorganic growth aside, that would imply almost 25 million ton ordering and execution within two-year time frame from mid-26. Is that realistic? What is the strategy and are these numbers making sense about 25 million ton ordering and execution within a frame of two years given the execution and balance sheet at the end? That's the first question.
So on the cost also, the INR150 to INR200 per ton target that you outlined, is it possible to break it into various buckets on how much savings you're looking at, RE, how much from captive coal and other variables? And if I may add just one quick question to this, when you look at Central India, what has been your marketing spend so far? And let's say if JP doesn't come through in the NCLT route, would you look to accelerate your greenfield plant there? What would be the thought process in Central India? So those are the questions.
Dalmia Bharat Limited CC-Mar24.pdf · 2024-04-25
Just first on the depreciation, change in depreciation policy. I know about 4 - 5 years ago, the company had changed the depreciation policy to WDV for Northeast assets. So what is leading to all these changes? What was the rationale back at that time to change to WDV given you had an outlier at that time?
Okay. Just on the other expenses, you mentioned about INR30 crores is reversible. Is that right, from the current quarter because other expenses did increase?

NMDC Limited

NMDC Limited CC-Dec24.pdf · 2025-02-10
Hi, thank you. Just a follow up to the previous question. You outlined 70,000 crores CAPEX for increasing to 100 million tons whereas the current gross block on the book that you have for 50 million tons is much significant ly lower. And previously, you mentioned 50,000 crores CAPEX to get 100 million tons in one of the earlier calls. What has led to this increase in 50 to 70 and maybe can you outline why such high CAPEX compared to the current gross block that you have?
Sir, on that question of why this is much higher th an the current gross block, I can understand there will be changes, but what is causing this such high CAPEX, for new CAPEX assuming and I'm not sure if this assumes that you'll give out some MBO, it seems like you are saying some can be contracted, the 70,000 already assume some MDO and why is this CAPEX so high? When you look at CAPEX, you mentioned you're looking at 2030 as the guidepost for 100 million tons, which means possibly from FY27, there's a significant step up in CAPEX. So, what kind of annualized run rate CAPEX do we look at and does it mean you may have to relook at your dividend if the CAPEX is going to be so high in '27-28? All of these questions tied to the CAPEX. These are my only questions.

Torrent Power Limited

Torrent Power Limited CC-Dec24.pdf · 2025-02-04
Hi, thank you. Just wanted to understand the user proceeds from the QIP, if I look at the CAPEX you outlined is about 19,000 crore s when we look at discom, CAPEX also that you mentioned in transmission, the annual CAPEX. Given the equity contribution is typically 25%, 30%, you seem to have enough internal cash to be able to fund this project. What is the intent use of funds for this QIP? That's the first question.
What's the intended use of funds from QIP?

JINDAL STEEL LIMITED

JINDAL STEEL LIMITED CC-Dec24.pdf · 2025-01-30
I know many questions have been asked on this capex. I just wanted to drill down further on this. First, on the enhancement of projects. I believe I heard color coated line, galvanizing. Can you quantify how much is the expansion for color coated and galvanizing? And Q&T was anyway a part of when the thin slab cast rolling TSCR was changed Q&T was anyway put in place. I'm not able to understand why is Q&T a new project in this? And what is the color coated and galvanizing expansion you're looking at?
But in Q&T this was already a part of INR 31,000 crores capex?

SHREE CEMENT LIMITED

SHREE CEMENT LIMITED CC-Sep24.pdf · 2024-11-11
I wanted to follow up first on the question asked by previous participant. Just want to understand the strategy a little better and then I will ask a follow up question. There was a strategy of taking market share, improving utilization and improving pricing. And quarterly, we are not able to figure out what exactly is the strategy because it seems like the goal posts are changing every quarter, if I am not mistaken, just to understand when you say market, you expect volumes to grow in line with the industry, you have dropped the utilization, market share, guidance and focusing on maybe improving pricing and how do you plan to improve pricing from here on? And then I will ask the follow up question. That is the first question?
Second question, just wanted to ask on a follow up to that, the volume guidance of growing in line with the industry for the next 2 years, just want to understand why the urgency to add so much capacity if you want to grow in line with the industry -The rational for adding capacity, if you are going to grow in line with the industry?

Tata Power Company Limited

Tata Power Company Limited CC-Sep24.pdf · 2024-10-30
A few questions. One was on Mundra. Maybe what's the update there after the availability was down in the second quarter? Any latest update? And we've seen extension of Section 11 and that keeps happening every few quarters. But there's nothing, no update on supplementary PPA. There have been solar plus thermal awards and MSEDCL here and different types of awards. But why has there been delay on the supplementary PPA? So just on Mundra overall.
Mr. Sinha, I think the delay is mainly because of Section 11 being extended so there is no urgency. Is that the main reason for delay in supplementary PPA?
Tata Power Company Limited CC-Mar24.pdf · 2024-05-08
Three questions. First was on the impairment you've taken on the renewable energy assets. Can you talk about what drove that impairment?
Just on another staff paper on the power market pricing. You also have some exposure through Haldia and through Prayagraj in the merchant market. And also in the FDRE, also, you're oversizing the capacity. So, there is some excess generation. Any initial r ead? I know it's still early stage, it's still for discussion. Any early stage, maybe, thoughts on that? And when you look at renewable power excess generation, how do you have figured out the variable cost in that excess generation through FDRE?

NTPC Limited

NTPC Limited CC-Sep24.pdf · 2024-10-25
Couple of questions. One on thermal. Recently, some of the project awards we've seen on thermal, the capex figure has gone beyond INR 12 crores per MW. I just wanted to understand what's driving that increase in capex of some of the new projects?
Okay. Fair enough. On the renewables front, I wanted to ask, this 3-5-8, obviously, these includes the MOU projects. So when you look at locking in transmission, would it be fair to say you've locked in transmission for the entire 16 upcoming capacity GW. You've already identified, you've already put in the GNA request. You're confident the transmission will come in for this capacity by FY27.

Nuvoco Vistas Corporation Limited

UltraTech Cement Limited

UltraTech Cement Limited CC-Jun24.pdf · 2024-07-19
Firstly on the expansion just wanted to understand Mr. Daga in the UltraTech has obviously been expanding capacity across India. In your experience in the last few years, have you seen land acquisition or regulatory approvals improve or deteriorate and is there any state-specific or region-specific trend you've noticed where it's become more difficult or easier compared to other regions?
Secondly on the inorganic opportunities. When you look at -- and given your own experience there are certain acquisitions in the past the assets that may be out there, some may have an older footprint in terms of technology one stage, two stage, three stage preheater and maybe wet I'm not sure how many of it. Is it possible to upgrade some of these plants into standard similar to the current technology?
UltraTech Cement Limited CC-Mar24.pdf · 2024-04-29
A couple of questions. One on Kesoram after the acquisition if you look at your market share and asset footprint in that particular geography, do you think there is potential for you to acquire another sizable asset within the same geography, given the CCI constraints? That's the number one question.
Okay. Second question would be tied to the questions on capital allocation. As you can see, you're reaching almost net cash position. As you look at deployment on renewable energy, we can see one of your competitors is actually taking all that capex on its own balance sheet and the returns seem to be decent. Can we see -- I know it's not the core cement business, but it's also vertically integrated in terms of the cost.

Suzlon Energy Limited

JSW Steel Limited

JSW Steel Limited CC-Mar24.pdf · 2024-05-17
I'll just follow -up to all the questions around Mozambique. Just wanted to check, I know the other players are operating. But overall, on the infrastructure, mine development, as we stand here, what kind of capex could you possibly imagine here in the next few years? I'm asking this question because all the overseas ventures by Indian companies, mining or otherwise have not really turned out against your expectatio ns, many companies ultimately end up taking impairments and losses. So , in that context, what gives you the confidence looking at the deposit? And what kind of capex do you loo k at for mine development to get this up and running? That's the first question.
Okay. Secondly, on the growth path that you laid out you have Dolvi is there. Beyond Dolvi, there i s 8 million tonnes from FY27 to FY31. That seems r elatively conservative of adding only 8 million tonnes from FY27 to FY31. Could there be an upside? And when you look at that 8 million tonne, what kind of capital costs can we look at? Is it going to be s imilar to Dolvi or is there a greenfield component in that?

Ambuja Cements Limited

Ambuja Cements Limited CC-Mar24.pdf · 2024-05-02
Hi, thank you. Couple of questions. One on the entire strategy for south. You can understand part of growth this is Sanghi cement directed to south. When you look at Sanghi itself at a floating terminal of the cost of Kochi, and now Tuticorin strategies. I just wanted to understand some strategic point was comparing Kochi floating terminal. In Tuticorin you don't, Adani port doesn't have its own port. So how do you plan to get cement in south strategically and what cost can you get, especially if you use somebody other, some other company's ports? That's the first question.

ACC Limited

ACC Limited CC-Mar24.pdf · 2024-05-02
Hi, thank you. Couple of questions. One on the entire strategy for south. You can understand part of growth this is Sanghi cement directed to south. When you look at Sanghi itself at a floating terminal of the cost of Kochi, and now Tuticorin strategies. I just wanted to understand some strategic point was comparing Kochi floating terminal. In Tuticorin you don't, Adani port doesn't have its own port. So how do you plan to get cement in south strategically and what cost can you get, especially if you use somebody other, some other company's ports? That's the first question.