Questions across 12 calls

Shirom Kapur

Jefferies

Hitachi Energy India Limited

Hitachi Energy India Limited CC-Jun26.pdf · 2026-05-26

Hi, sir. Thanks for the opportunity Just have a question about your exports. So, I understand your 3-pronged strategy. Just wondering, maybe if you could give some qualitative commentary on what kind of markets where you're getting this export demand? And is it largely third party? Or is it more driven by orders from the parents? And specifically, which segments? Is it data center, are you catering to the data center market in US or other parts globally. Could you just give me some color on that?

Understood, sir. And secondly, if you could comment a little bit on -- you mentioned that there was a temporary industry slowdown in the fourth quarter that you navigated. And during your commentary, you also highlighted some maybe delays in some transmission projects, and that's why FY26, we saw a small dip in the growth in transmission orders? So, if you could comment a little bit on what these delays are? How long do you anticipate them to go on for? When would it get resolved? Or is it already behind us now?

Hitachi Energy India Limited CC-Feb26.pdf · 2026-02-05

Hi, thanks for the opportunity. I just want to understand a bit more on the export strategy. Is there any thoughts on the parent allocating greater markets to the Indian entity, given you the global shortages? Is there scope for the Indian entity to serve more export requirements of the parent?

Understood, sir. Thank you so much. All the best.

Hindustan Aeronautics Limited

Hindustan Aeronautics Limited CC-May26.pdf · 2026-05-15

I'm going to start with a bookkeeping question. If you could quantify what was your export and development orders and sales for FY '26?

Okay. Got it, sir. And secondly, I just want to understand this pipeline that you mentioned of INR900 billion orders over the next 2 years, including ROH. So i f w e k e e p R O H o f a b o u t INR200 billion -- INR20,000 crores a year on the side, that is about INR50,000 crores. You mentioned 143 ALH and 40 Dornier aircraft. Could you quantify what -- how much these programs are worth and what other programs are in the pipeline beyond these, such as the UH-M aircraft and any ot her, LUH -- 12 LUH Limited Series Production that was pending. So what are the timelines, quantities, and values of those?

Adani Power Limited

Adani Power Limited CC-May26.pdf · 2026-04-30

My first question is on your open merchant capacity, it is 5%. Would it be possible for you to give a breakup plant -wise, which plants have the open merchant capacity? You had shared this in 3Q, but now could you share the updated number?

And second is you had last quarter shared an annual addition plan of how you plan to get to the 42- gigawatt number. So, you had mentioned FY27, you'd be adding 2.9 gigawatts, FY28 would be 2.4 gigawatts, FY '29, 2.4. But now you seem to have revised that downwards with FY27 only being 1.32, FY28 only being 1.6 being the Mahan plant. So, could you give an updated sort of plan till '32 of how you would be adding your capacity to achieve this 42 gigawatts, bearing in mind that '27 and '28 now have been revised down?

Adani Power Limited CC-Feb26.pdf · 2026-01-29

I just had a bookkeeping question on your open versus PPA tied-up capacity. So obviously, your presentation mentioned and you mentioned on the call, it's 90%. So, in your presentation, we see that 5.5% is yet to be operationalized. Is that 5.5% part of that 90%, which means currently 84.5% of the operational capacity has operational PPAs? Is that understanding, correct?

Understood. So, this 5.5% is not -- is part of that maybe -- some of this part 10%, which is not tied up yet and eventually will get operationalized. Just double checking?

Adani Energy Solutions Limited

Adani Energy Solutions Limited CC-Apr26.pdf · 2026-04-24

Just had a small bookkeeping question. So your operational EBITDA for your smart meters business, so 9 months FY26 in the presentation showed about INR466 crores. And for FY26 full year, it's showing as INR452 crores, though for the fourth quarter, it's showing about INR180 crores. So has there b een some kind of restatement in your operational EBITDA? And if you could quantify that for the past 3 quarters, like what would have changed in those numbers?

I'm referring to the non -Ind AS numbers itself. Your operational EBITDA in the 9 months of FY26 totally was INR466 crores, but your total full year FY26 is INR452 crores. But the fourth quarter wasn't a loss, right? Fourth quarter itself was INR180 crores of operational EBITDA. So that's what I'm understanding. Then this number implies only about INR270 crores in 9 -month FY26 versus INR470 crores that you mentioned in your 9 -month presentation. That's the kind of discrepancy I'm asking about, if you could share -- clarify that?

Cummins India Limited

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2025-11-07

Could you -- just on a bookkeeping question, could you give the split in power gen business across HHP MHP, LHP in case I missed that earlier?

Cummins India Limited CC-Nov25.pdf · 2025-11-07

Could you -- just on a bookkeeping question, could you give the split in power gen business across HHP MHP, LHP in case I missed that earlier?

Afcons Infrastructure Limited

Afcons Infrastructure Limited CC-Jun25.pdf · 2025-08-08

Hi, sir. Thanks for the opportunity. I just wanted to get a bit more colour on your order flow. So, I mean, just to reiterate, your order flow guidance for the full year is INR20,000 crores or is there any change to that so far?

Okay. And these projects that have been, I know you spoke a little bit about it, but I just want to get more colour on the Maharashtra jobs that are in your L1. By when do you expect those orders to be converted? Because they have been sort of stuck in that L1 position since December, so, just wondering when we might get that conversion?

Larsen & Toubro Limited

Larsen & Toubro Limited CC-Jun25.pdf · 2025-07-29

Hi, thanks for the opportunity. Just a bookkeeping question. Could you break up your overall domestic versus international prospect pipeline for the balance nine months?

Yes, yes, I just wanted the overall breakup. But if you have any further breakdown of that -?

KEI Industries Limited

KEI Industries Limited CC-Jul25.pdf · 2025-07-23

Hi thanks for the question just wanted to focus on exports again, this 17% to 20% contribution that you are referring to, if currently the US mark et, as you're saying, is a little slow, what is exactly the road map that you're looking at to go u p to this 20%, which would be geographies that will drive this and this high 120% growth that you got in 1Q, of course, on a low base right now because of the new markets that are added. But once that base settles, what kind of growth could you be looking at in these new markets like US and Europe?

Ok, Thank you sir

Bharat Electronics Limited

Bharat Electronics Limited CC-Nov25.pdf ·

Congrats on a great set of results. So I just want to ask about your exports. We know that, that is a strategy for BEL as well. I just wanted to check specifically on our exposure to Myanmar and whether that's likely to remain well below 5% of overall revenues and it's not necessarily going to become material for the firm going ahead?

Got it, sir. And just strategically, when we do get to this -- aiming for this 10% number, will a significant portion of that overall revenue 5%, could there be that kind of exposure to Myanmar as well? Just wanted to get a sense of that.