Stockrabit · Analysts
Questions across 42 calls

Sheela Rathi

Morgan Stanley

Titan Company Limited

Titan Company Limited CC-Feb26.pdf · 2026-02-11
Again, my question is with respect to the jewellery business. You referred to that buyer growth has been flat. And at the same time, when we look at the studded growth, it has been lower than the jewellery business growth. How should we think about the transaction value of customers? I mean, logically, if buyer growth is slow, it would mean that -- if transacting buyer growth is slow, we would believe that the transaction values are going up. Of course, there is a gold price increase also. But at studded, it's lower. How is actually the consumer behaving because this was a quarter which was a high wedding calendar quarter also? So are new consumers who are buying for weddings not coming to Tanishq? Or is there some real change in how consumer is behaving?
Okay. Just my second and final question, again linked to the first question. What would be now the average transaction value of a new customer, studded jewellery customer and a gold jewellery customer?
Titan Company Limited CC-Nov25.pdf · 2025-11-04
My first question was, Ajoy, you gave a good flavor on how the demand trends have been like- for-like festive and also the ongoing wedding calendar. I just want to get some clarification because last year in Q3 and Q4, we saw a surge in gold coin and bar de mand. Just want to hear from you how that trend has been this time around.
Just a follow -up here. Is it aligned versus your expectation? Or is it just trending in a similar pattern, similar to what we have been seeing in the last 12 months?

Page Industries Limited

Page Industries Limited CC-Feb26.pdf · 2026-02-05
Yes, thanks for taking my question. Two quick questions. First is with JKY Groove doing well for us, do we see a need to launch more brands in 2026? Are there any plans here?
The second one is, thanks for the guidance on where we see our revenues by FY’29 at Rs. 8,000 crores. I just want to understand, is this trajectory of revenue be largely organic or do we see an opportunity to make some inorganic acquisitions at some point if there is something interesting that comes along?
Page Industries Limited CC-Nov25.pdf · 2025-11-13
Just following up on the past few questions. Is there a case for us to fill any kind of distribution gap in any of our categories, of course, in the men's innerwear we have the largest distribution reach. But is there a case to differently distribute going ahead in men's as well as women's category? Just to further expand into how demand conditions for us improve faster than just depending on the macro conditions?
Just again, a follow -up here, Karthik, but is this category doing differently in -- versus men's innerwear from a distribution standpoint? I mean, is online a better way of playing this game? Or is it going to be the same way like we have played the off-line game for men's innerwear?
Page Industries Limited CC-Mar25.pdf · 2025-05-15
My first question was with respect to the volume growth. The number has been at 8.5%, much higher than what we have seen in the recent past. How would you evaluate this performance for this quarter on the volume side? Is it as per your expectations or it is ahead of your expectations?
Understood. And just to understand, how should we think about the e -commerce growth for us this quarter? And any insight in terms of the share of e-commerce as a part of the total revenue?

TATA CONSUMER PRODUCTS LIMITED

TATA CONSUMER PRODUCTS LIMITED CC-Jan26.pdf · 2026-01-27
Yes, thanks for taking my question. Two questions from me. The first question was with respect to Capital Foods. So, we just want to hear from you that in 2026, do we have any major plans with respect to scaling that part of our portfolio? And I will just add the second question also. The second question is, overall on the distribution side, for the next 2 years, what is the kind of roadmap we have with respect to our GTM strategy? Sunil D’Souza: So, on the GTM strategy, overall, we cover about 1.7 -1.8 million outlets directly and numeric reach is about 4.5 million. In the medium term, our target is to get to about a 5 million numeric reach. And the reason I am emphasizing this because direct reach will probably, I would say an aspirational number is about 1.9 -2 million. I wouldn't drive beyond that, because now we have to get the wholesale multiplier and get into the semi -urban rural territory, which are our lower share territory. So, that is number one. On Capital Foods, our ambition remains 25%-30%. I do think we have started to expand the portfolio through innovation, number one, and number two, the new segmented go-to-market and supervisory system should drive us there. Apart from that, you would have seen our new ads that we have created. This is in the mold of how Capital Foods was built, making blockbuster ads memorable, which lasts for a long time. So, that is the third pillar.
Yes. Is there something which is missing for us to kind of accelerate the growth path for Capital Foods? Is there some missing link here which we need to work on right now? Sunil D’Souza: I wouldn't say there is a missing link. There is, basically, there are two jobs in Capital Foods. There is market share growth in existing categories, and there is category creation for us. The south and east of the country, Capital Foods is a slightly alien thing, right . They have not seen Schezwan chutney, etc. So, both advertising and sampling at scale are the critical pieces, and we have started accelerating that. We have upped our what we call taste ambassadors by roughly 50% over the last, I would say , 6 months or so. And like you have seen, pumped up our A&P, including bringing in known faces from the south into the ads, so as to relate better to the consumers. And lastly, like I mentioned, like I will give you the example of Calcutta, where 91% of the business is Tea and Salt, 9% is total growth categories. You can imagine how much focus it gets. And therefore, the segmented go -to-market will be a huge unlock, because now there is dedicated focus on these categories.
TATA CONSUMER PRODUCTS LIMITED CC-Mar25.pdf · 2025-04-23
So my first question was with respect to the mention on the net working capital cycle for India coming to one day. Now I understand that e-commerce is growing very well for us, 66% growth. So just wanted to understand, one, what is driving this improvement in such a steadfast manner? And second is, how is the e-commerce business driving the net working capital for us in general? Sunil D’Souza: So, Sheela, let me, I mean, e-commerce overall, including e-commerce and quick commerce is about 14% to 15% of my business, right? So it is, I mean, it's a relatively smaller piece in the scheme of things. Significant portion of my business is GT, which is almost zero credit. Modern trade is a little bit and e-commerce is a little bit. So from that perspective, outstanding’s are not, I mean, hugely out of proportion, number one. Number two, we've invested significant amount of capability, technology, talent, infrastructure at the backend to make sure that right from commodity to finished goods, inventories, etcetera, are in line. Whether it is enormous focus on packaging material, raw material, finished goods, or figuring out supplier credits, etc etera to make sure that we keep working capital under tight control. Multiple measures have gone into place to make sure that this happens and this is sustainable. It's not that it's a one-off thing. The system that we put in place, extremely sustainable.
Understood. Second question was with respect to the NourishCo business. We have seen a very strong revival in the last two quarters. So obviously we see it in the presentation that we have done distribution expansion, portfolio expansion, and actions on the pricing side. But is there anything else, Sunil, you want to call out in terms of our efforts to sustain this kind of growth even going ahead? Because obviously the competitive landscape has become tougher than where we were say 12 months ago in this particular piece. And where is Tata Copper now in terms of the portfolio mix? Sunil D’Souza: So I did mention Tata Copper grew, if I'm not mistaken, 23% for the quarter. So Tata Copper has had a stellar run. The bigger pressure which had come was on the Tata Gluco+. And I had said, I think we missed a trick when Reliance came in because we thought they came in at INR10. Tata Gluco+ was at INR10. But their retail margins were higher than what we had and we didn't re-index fast enough. After that we took corrective actions. We re -indexed the retailer margin s. The product proposition consumer connect had no issue at all. It is plain and simple, a retailer disconnect that was pushing it down. Once we corrected that, and that is when everything has started to come back. Now as it has come back, we've also taken an opportunity to, I mean, rebuild the distribution. Because once you have volume momentum going up, you do have some hiccups. That is almost done. And now that we have it, we are back to our original thesis of expanding portfolio, expanding distribution, making sure that we grow the business. The month of March, I think we exited, if I am not mistaken, at a 38% volume growth. While overall for the full quarter it was 17%, value was 10%. We are improving from month-to-month. And we remain fairly confident that we will come back to the stated 30% top line growth very quickly.
TATA CONSUMER PRODUCTS LIMITED CC-Dec24.pdf · 2025-01-30
I have 2 questions. So my first question, Sunil, was on the point, which is made in the presentation that with respect to prioritizing long -term competitiveness in the tea portfolio, is there a way we can think of that 7% is kind of a new narrative on the volume growth? Of course, we cannot make such projections, but how should we think about the volume growth trajectory in terms of what you are saying here? And the second question is, I think Tata Consumer is the first company to call out that e - commerce is bigger than modern trade for us at 15% e -commerce and modern trade at 14%. Just want to understan d is what part of our portfolio is driving this, or we are going all in? Because a lot of consumer companies say that they have a different portfolio for e -commerce vis-a-vis how are we different here? So 2 questions. Sunil D’Souza: So let me answer the se cond question first. Sheela, as a consumer, will you buy a different pack on e-commerce than what you get in your kirana store or modern trade, that I'm no t very sure, right? We do play pack price from time to time, but broadly, categories, etcetera, I would go all in, A. We -- my philosophy is I will be where the consumer is shopping, right? I will not try to balance my margin profile and my channel profile basis how my mathematics works out. I will be where the consumer is and then work backwards to f igure out how do I fit my profit profile. So that's number one. Number two, on the tea margins, if this was the number, I would use that term on a lighter note if wishes were horses Sunil would ride, right? So 7% volume growth, I wish, but I think longer term, it is mid-single digit that we're guiding for, and we remain committed to that.

Marico Limited

Marico Limited CC-Jan26.pdf · 2026-01-27
My question is with respect to the 4700BC acquisition. The first part of the question is, now that, Saugata, you talked about how different the distribution for this brand has been, where they are catering to institutions, airlines, and malls, is there a need for us to learn or unlearn with respect to the distribution strategy , or we will just focus on what we are strong at, which is the retail distribution? And the second part to this question is, what is the real competition in this category at this point in time? I am sure the TAM is still small, but who are the real competitors here? Email: investor@marico.com Marico Information classification: Official

International Gemological Institute Limited

International Gemological Institute Limited CC-Nov25.pdf · 2025-11-05
Yes, thanks for taking my question. My first question was with respect to the volume growth, I mean, the volume growth for the Company has been in double digits throughout the year. Earlier, the expectation for the industry was that the industry volume growth for the next five years would be about 5% to 10%. I just want to get a sense on how industry growth has been, or we have been just out of the park with respect to our volume growth trends. And if we have some sense on what is the overall penetration of ce rtification now versus, say, where it was in 2023?
And that would apply primarily for India, right?
International Gemological Institute Limited CC-Aug25.pdf · 2025-07-29
Yes, thanks for taking my question. Eashwar, my question was with respect to when we look at consolidated minus standalone numbers, this particular quarter, we have seen about a 6% growth. When we look at the margin profile, the margins are low single‐digit versus what we have seen in the last three quarters. Of course, this is up year‐on‐year, but just that the trend is significantly lower. And then, even at ‐‐ below the margins, also the number seems to be much weaker. Just wanted to understand the significance of this quarter with respect to the international market.
Okay. And in terms of the mix, is it is the mix very different in this quarter versus what we see in the other quarter? And I mean, just trying to understand why margins in general are lower in this quarter?
International Gemological Institute Limited CC-Mar25.pdf · 2025-04-21
Yes. Thanks for taking my question. Hi, Tehmasp. Hi, Eashwar.
So, my question was actu ally a follow-up to Ha rit's question on seasonality. Just want to understand how the seasonality differs between India and when we look at the consolidated revenues. Because if you look at the natural diamond growth, revenue growth, segmental growth this quarter for India is 51%, whereas in the US it’s about 1%. And likewise in LGD in India's case we are down 19%, whereas for US we are up about 88% on the jewelry side. Just want to understand how should we think of -- Eashwar, you talked about that last quarter in India's case was high on the jewelry side, natu ral diamond jewelry side . So, just want to understand how should we think about the first half in India on a mixed point of view, as well as the first half on a consolidated basis, how th e mix will be and vis-a-vis how the second half could be?

Vishal Mega Mart Limited

Vishal Mega Mart Limited CC-Jun25.pdf · 2025-08-14
Thanks for taking my question. Hi GK, hi Amit. So my first question was just a follow up to one of the responses you gave in terms of the key quarters for us where you called out that 1Q and 2Q are the key quarters from a growth perspective. Just wanted to understand from a profitability standpoint, gross margins EBITDA margins which would be the relevant quarters?
Understood. Very clear. Thanks for that. My second question, GK is the consumer sentiment has been pretty muted. And obviously, your growth has been tracking much higher, given that we play in the right category and the value proposition which we have. Just from your standpoint, what are the barometers you track in terms of when you sense that there is a bit of a slowdown in terms of the demand trend? I know footfall could be one of them, but just want to hear from you. How do you track the sentiment for your business?

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-Jun25.pdf · 2025-08-13
So my first question was, Sameer, with respect to the competitive landscape. Just want to understand how the trends are and especially from the point of view of which are the area -- we have a lead on a lot of areas, be it tech, be it delivery, be it the whole innovation. Are we seeing any catch-up game being played by competition? And any specific area you want to talk about? I know you talked about the market share gains in the recent quarters, but anything in specific, if you would like to call out?
Understood. Second question and the final one. You did mention about you are not looking to open dark stores. But when I look at the delivery numbers, that is 73% of revenues now, and you did say that in smaller towns, dining is over 50% in some part. So I just want to understand in metros and Tier 1 cities, is the delivery share much higher? And is there a case to have smaller sized stores? Or we still think that we will continue with the kind of stores we have been opening in the past?

Avenue Supermarts Limited

Varun Beverages Limited

Varun Beverages Limited CC-Jun25.pdf · 2025-07-29
Sir, to the previous participant ’s question, you said that we will be looking for more international expansions, probably international M&A, and within India, we are not seeking any CAPEX at this point of time.
And the question I have is that are there any opportunities which lie ahead of us in the India market from an investment standpoint? Just trying to get your thoughts here as to what lies ahead within the India business model. And my second question is that while we have always believed in building our own capacities, if there is an opportunity to rely on a third-party bottler in certain markets, do we choose that route? So, these are my two questions.

FSN E-Commerce Ventures Limited

FSN E-Commerce Ventures Limited CC-Mar25.pdf · 2025-05-30
My first question was actually on the eB2B business. Just wanted to get a sense on what is really driving the growth and profitability for this business? Is it expansion into new markets? Is it a result of repeat behavior? And is it the expansion of the portfolio which we are distributing? And also some sense on what is the mix of own brands in this distribution? So that was my first question.
Any sense Falguni, if I could get on how we should think about the F '26 outlook for that business? Any broad...

Grasim Industries Limited

Grasim Industries Limited CC-Apr25.pdf · 2025-05-23
My question is on the paint sector. Just want to understand as we are in FY'26, given the current demand scenario and also the competitive landscape, from your lens, how do you see F Y'26 panning out from a growth perspective? And also, is there a need for us to embrace higher discounting this year versus what we have done last year? That's my question.
Understood. One follow -up. When you talked about luxury premium segment to be 65% of revenues, and I know you clarified in one of the earlier questions, just want to understand, is there any market flavor which you can add here as to which markets are kind of accepting these kinds of products?

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-Dec24.pdf · 2025-02-17
My questions again are on Pantaloons. So I hear you saying that we are going to be focusing more in the metro cities, Tier 1 markets, mini metros, focusing more on the premium category. Just want to understand that today when we look at our current portfolio of Pantaloons, what would be the positioning or, say, a couple of years ago, what was the positioning? And how much time will it take us to get to the premium level which we are aspiring to get to?
Got it. Understood. Just a follow-up here, Sangeeta. Will this be led by own brand strategy only? Or do we plan to change the portfolio?