Stockrabit · Analysts
Questions across 69 calls

Shravan Shah

Dolat Capital

Astral Limited

Astral Limited CC-Jun25.pdf · 2025-08-12
Sir, just continuing on the CPVC resin manufacturing. So, two things to understand. First, let's say, from third quarter of FY '27, once the plant will be operational on a full -year basis, as you have mentioned the margin to improve. So, for us as a Plumbing division, how one can look at margin improvement? So, currently whatever 16.5% is there in the first quarter, can we see the margin moving to a 20% plus once it will be on a yearly basis? That is first. And second is, why 40,000 will this suffice the entire requirement by FY '27 or FY '28 or can we also have a plan to increase the capacity to 100% of our requirement?
Second, sir, on the volume front , so obviously the quarter was muted. There also if you can explain for us CPVC in terms of the growth and then the industry growth and now July 30 % growth that we are se eing, so double digit when we are saying the guidance for FY ’26, the austerity is 13%, but does that mean once the ADD will come, this double digit could be a even 15%, 20% kind of a number is also possible?

NCC Limited

NCC Limited CC-Dec24.pdf · 2025-02-06
Thank you, sir. Sir, a couple of things. So, first, just trying to even if let us say 5% of the revenue guidance that we have reduced from 15% plus to 5%. So, that also if I broadly calculating it means that in the 4th Quarter also we are looking at kind of 1% kind of a degr owth, so if you can clarify that? And in terms of the margin when we are saying 9.25% for full year, so 9 months we have 9%, so in 4th Quarter, are we now again looking at 9.5%-10% kind of a margin and is that margin sustainable going forward?
What I am trying to understand is that are we seeing across the board kind of a slowdown in the execution and that is why we are now significantly lowering the number. So, I understand we also don't give the guidance for FY26 now, but on the directionally front as now, we have reduced the growth for this year , can we see a kind of a 10% kind of a range plus kind of a growth at least in the FY26?

Supreme Industries Limited

Supreme Industries Limited CC-Jul25.pdf · 2025-07-24
Thank you sir. Sir, the first question is on the volume front. So, sir, in the AGM, we say for two months, April and May, piping volume has grown by 11 -odd percent. B ut now , the volume number is just 6-odd percent. That means in June, we have kind of a degrowth by close to 3.74- odd percent. So I wanted to understand two aspects, first is, for this quarter at an industry level, how do you see what kind of growth was there? And in terms of our guidance, last time we have talked about 10% to 12%-kind of piping and overall volume growth. So, what is the new revised guidance?
And for overall volume growth, how do we see for full year?
Supreme Industries Limited CC-Mar25.pdf · 2025-04-24
Hi sir. Thank you for the opportunity. Sir couple of things to understand. For the entire FY25 whatever we started the year in terms of the volume growth guidance has kept on reducing and actually we delivered even much lower than what we discussed in the third quarter in the January. So just now trying to understand , how are now we looking at in terms of the revenue volume growth and particularly the plastic pipe volume growth and the margin front for this year FY26?
So, roughly around 10 % to 12% kind of plastic pipe growth and the overall volume growth combined everything would be how much we are looking at?
Supreme Industries Limited CC-Dec24.pdf · 2025-01-20
Hi. Thank you, sir. Sir, just to correct me if I am wrong. So now we are saying for volume growth for Pipe segment is 15% to 16%. So, nine months we have done just 7.8%. So, ask rate for fourth quarter is close to 30% to 34%. So, are we seeing that kind of traction in the month of January and confident that we can deliver this kind of a number?
Okay, got it. And then, sir, in terms of the capacity expansions that we are seeing, that 9 lakh tons by this year, and the three places, Jammu, Bihar, and MP. So there, how much capacity are we looking at and how much will likely to come in FY'26?

UltraTech Cement Limited

UltraTech Cement Limited CC-Mar25.pdf · 2025-04-28
Most of the questions have been answered. A couple of things. Just to understand, sir, if I remove the India Cements and the Kesoram volume for this quarter, the number on like -for-like comes -- the growth is 5% and for year also 6%. But do we think that this is -- are we satisfied with this number or given even the organic expansion that we have done, obviously, it is throughout the 4 quarters, though the capacity is not available for full year, but still don't you think that this number is on the lower side?
Got it. Second, sir, what was the clinker utilization for the fourth quarter and if possible, for full year at consol level or whatever way you want to say?

The India Cements Limited

The India Cements Limited CC-Mar25.pdf · 2025-04-28
Most of the questions have been answered. A couple of things. Just to understand, sir, if I remove the India Cements and the Kesoram volume for this quarter, the number on like -for-like comes -- the growth is 5% and for year also 6%. But do we think that this is -- are we satisfied with this number or given even the organic expansion that we have done, obviously, it is throughout the 4 quarters, though the capacity is not available for full year, but still don't you think that this number is on the lower side?
Got it. Second, sir, what was the clinker utilization for the fourth quarter and if possible, for full year at consol level or whatever way you want to say?

Nuvoco Vistas Corporation Limited

Nuvoco Vistas Corporation Limited CC-Jul25.pdf · 2025-07-18
Yes, thank you and congratulations on a very good set of numbers. So, my first question is on the demand front. So, last time we have talked that for India, we are looking at 7 % to 8% and for us also similar kind of volume growth. So, just wanted to understand in Q1, how much do you think that the industry would have grown and for FY'26, is the same 7%-8% number remains constant and for us also similar 7%-8% kind of volume growth that we are looking at?
Got it. Second sir in terms of the pricing that for us, obviously, it was very good for this quarter. So, currently, the prices, if I have to compare with the Q1, is it at the same level, or is there any further improvement?

JK Cement Limited

JK Cement Limited CC-Mar25.pdf · 2025-05-24
Yes. Thank you and congratulations on great set of performance for this quarter. Sir, a couple of questions. First is, sir, as we are saying, if we will be starting the 6 million tons by December, January, is it fair to say that the next year FY '27 at least we should have a 50% plus kind of utilization? So kind of looking at 3 million ton extra volume should be there in FY '27?
Okay. Got it. Secondly , sir, this quarter the trade mix has increased significantly, 71% versus third quarter it was 66%. So, obviously, it is a great thing. So is there a further possibility to increase this trade, sir?

SHREE CEMENT LIMITED

Ambuja Cements Limited

ACC Limited

Dalmia Bharat Limited

Dalmia Bharat Limited CC-Mar25.pdf · 2025-04-24
Hi, Sir, a couple of questions. Just first, a clarity. When we say that we are looking at a Rs. 75 to maybe Rs. 100 odd reduction this year and next year, so combined put together kind of a Rs. 200, Rs. 150 to Rs. 200 rupees cost reduction. So, this is from FY'25 average or from Q4 FY'25 because Q4 FY '25 itself is close to Rs.80 to Rs.90 lower versus the FY '25. So, from FY'25 if you are looking at the reduction then actually there is no reduction from current 4th Quarter number?
Q1, FY'25. Okay. Q1, FY'25 would be the base. Okay. Got it. But there also the number is the current quarter number itself is a kind of a Rs. 125 lower versus that. So that means even if we reduce by 75, it would be still higher than the current quarter Q4 cost. So that's the way one should look at. Okay, got it. Second, sir, is it possible also to share just a data point on the road rail mix and the blending ratio, which is at 84 odd percent, but in the April presentation we said that we will be looking at 100% blended cement by 2026. So does that mean FY'26 or calendar year 2026 and if that is the case, how do one look at in terms of whatever the OPC we have currently 15%-16 % so obviously it should be on the higher price so if it goes away, how one can look at in terms of the kind of pricing impact for us?
Dalmia Bharat Limited CC-Dec24.pdf · 2025-01-22
Yes. Sir, just to reconfirm, so to reach 75 million tons by FY '28, 25-odd million tons, so broadly, correct me if I'm wrong, INR16,000 crores to INR18,000 crores kind of a capex we need to do. So just wanted your broader assumption, if you can help us in terms of how much, in terms of the net debt, we can increase because previously, we are talking about our net debt-to-EBITDA should not cross 2x. so that means if you can broadly help in FY '26, '27, '28, how much kind of operating cash flow are you assuming so that your net debt EBITDA will not reach? Or is it possible that there is a chance, even if we don't get the Jaypee back to us, this will further get delayed maybe FY '29 to reach a 75 million tons?
Okay. And then sir, is it possible to share any thought in terms of the FY'26 industry-level growth? Will it be 7% close to that? Why I'm asking is that 2 things: given the kind of 120-odd million ton plus kind of industry level capacity will be added, how this will -- so obviously, the incremental demand is less versus incremental supply. So in terms of the pricing, how this will also impact the pricing going forward. Do you see that there is still a structural chance that cement prices can go up?