Stockrabit · Analysts
Questions across 65 calls

Siddhartha Bera

Nomura

Havells India Limited

Havells India Limited · 2026-07-17
First question is on the cable and wires. If we look at the gap between the contribution margin and EBIT margin, it seems to have gone up a bit in the current quarter. Is it because of ad spend? Or if you can highlight what has led to this? And second question is, sir, on the price hikes and costs. I mean, if you look at, say, ECD or Lloyd, how much have we taken in terms of price hike in the current quarter? And how much more do we need to take to pass on the current cost?
Okay. Okay. So at current commodity costs, we should ideally see margins improving from the coming quarters if it stays at that level?
Havells India Limited CC-Jan26.pdf · 2026-01-19
So first question is on the ‘other’ segment. We have seen pretty healthy growth now in the past few quarters, but margin seems to be quite subdued in that category. So if you can talk about what is really driving or impacting the margins? Is it the ramp -up in solar, which might be low in the initial part of the ramp -up? So if you can help us understand this? And how big will be solar as of now for us? And second question, sir, is on the ECD side. Do you expect further improvement with more price hikes? And if you can highlight in terms of price hikes, how much is still yet to be taken? And should we expect more expansion on the ECD margins as well?

UNO Minda Limited

UNO Minda Limited CC-May26.pdf · 2026-05-18
Congrats on good order wins in the quarter. Sir, to start off with again on this margin part, I mean, in quarter 4 also, we did see some gross margin compression. Would it be possible to highlight what -- and I understand you had this bought out t rading part also, which started. So will it be possible to share how much was the drag because of this trading business and the lower pass-through of maybe aluminum in the LMT segment? And should we expect some normalization there in the coming quarters? And second is, I mean, we do have a lot of plants and sizable plants starting in the coming year. Now with many cost challenges, do you think there can be probably if there are any start -up costs and all, do you think there can be some pressure in the nea r-term margins as these plants stabilize? And lastly, on the exports part, we do have seen a lot of export orders also across switches, lights and seating. So how do you see this export picking up for us from pure India exports? I don't know, I mean 10% might include other entities also. So pure India exports, what percentage is it now? And where do you see that maybe, say, a couple of years down the line, yes?
Yes. Sir, if you can share the breakup of revenues also for the 4-wheeler and 2-wheeler segment in switch and light, that will be awesome.
UNO Minda Limited CC-Jun25.pdf · 2025-08-06
Yes. Hi, sir. Thanks for the opportunity. Sir, a couple of questions, first on this camera module localization. So, can you just throw some more color in this? How much are we actually investing? And in terms of ramp up, will this be visible in the revenue? Because we probably are already importing this. So, the benefits may be more from a margin perspective only. So, some thoughts there. How much? What are we doing there? Second, on the lighting segment. So, like you have also talked about a lot of tailwinds in terms of premiumization and new orders. And we have opened a new plant also. So, how should we think about the ramp up here? How is the order book? Can we expect the growth of 13% which we have done in the current quarter to accelerate further given these tailwinds? And if you have the four-wheeler, two-wheeler mix of lighting, that will also be helpful. And sir clarification on this trial period incentive. What was this exactly? Why did we get it now? These are some of the questions there.
13 sir. So, this quarter growth was, I think, 13%. So, can we expect acceleration there?

Voltas Limited

Voltas Limited CC-Jun25.pdf · 2025-08-08
Sir, first question is, given this weak first quarter, would you have some guidance about the year? How much growth are you expecting given the outlook you have for the remaining months? And second is on the market share, if I look at last year, we had abo ut 19% market share and close to 19.5% in the first quarter. So have market shares sort of slipped sometime in between and now we have gained it back? And going ahead, do you think you will probably prioritize market share and try and gain more market share from where we are?

Dixon Technologies (India) Limited

Dixon Technologies (India) Limited CC-Feb26.pdf · 2026-01-29
Sir, my first question on the mobile side is, we had talked ab out addition of another global ODM. So if you can give us some sense where it is and when should we expect that to come through? And second, on the export side also, I think we were seeing a good traction, which also has slowed down. So how do you think exports can be in the next year given these challenges? And do we sort of benefit out of this European FTA deal, which has got signed? And can we sort of look at more opportunities in that region as well?
Got it, sir. Sir, last question is on the Q Tech. If you can highlight what revenues have you booked for quarter 3? And how should we think about the ramp -up? Because will you be continuing to sell to the external customers or eventually gradually, it will only be for captive consumption. So how we should look at the Q Tech numbers this quarter and next year?

Cartrade Tech Limited

Cartrade Tech Limited CC-May26.pdf · 2026-05-07
Yes, thanks for the opportunity and congrats sir on a good set of numbers. Sir, first question is on the classified business. I mean, we have taken quite a few initiatives in the last few quarters and have rolled out new products as well on both Elite Buyer as well as Verification, but the growth momentum seems to be taking longer to sort of see an acceleration. So if you can share some more color on where are we in terms of monetization, how is the response for some of these products which we have launched and how should we expect the growth to be for the next few years?
Sir, any more products can you sort of elaborate what are we planning to do for the coming years which you said that we should see a pickup?
Cartrade Tech Limited CC-Feb26.pdf · 2026-01-28
Sir, first question is again on the OLX side. We had talked about multiple initiatives on the growth side, which we had taken in quarter 3 across Elite Buyer and 2 or 3 more product initiatives getting rolled out. So can you just talk about how has been the acceptance? What percentage of our user base have accepted that? Just to understand sort of how the growth momentum should pick up in the coming quarters, some more details on that?
Got it, sir. But if I look at the monthly visitors for OLX, it sort of has seen some softness compared to last quarter. Is it something more seasonal? Or anything more here to look at?
Cartrade Tech Limited CC-Nov25.pdf · 2025-10-28
Yes. Thanks, Vinay. Thanks for the opportunity. Sir, first question again is on the consumer business. So just a quick clarification. I mean, we also had an element of early festive this time. Do you think there has been some benefit because of that in the growth as well? And now going ahead, as we sort of go into the second half of the year, we can sort of sustain this type of growth in the consumer business?
So, I was just mentioning that we had also an early festive this time, so festive season, which started during the end of quarter 2. So has there been some benefit because of that as well with spends getting sort of preponed?

Exide Industries Limited

Exide Industries Limited CC-May26.pdf · 2026-05-06
Yes, thanks for the opportunity, sir. Sir, first question is on this lithium -ion business. We have invested close to Rs. 4800 crores till now. How much investment do you see in the next one or two years going ahead in this business? And second is, I mean, when we have started the trials, when we sort of look at the commercial supplies, do you think the pricing will be at par with the imported or there can be some premium we can derive? And how should we think about the learning curve? Where are the yields? Do you expect that we may be in the normal sort of yield by Quarter 3 when we start or that may take some time to settle down?
Got it. Thank you, sir. I will come back in the queue.

Motherson Sumi Wiring India Limited

Motherson Sumi Wiring India Limited CC-May26.pdf · 2026-04-28
Sir, first question on the revenue. So like we said that last quarter, the revenues were really not fully reflecting the copper price increase. So fair to say that the current revenues will be fully reflecting the sharp increases in copper we have seen till the last quarter?
Okay. But sir, because copper has been going up consistently in the last 3 quarters. If we look like from quarter 1 to quarter 4, our gross margins have come down by close to 600 bps. So I mean, when this pass-through happens, would you be able to recover the entire sort of cost pressure or you think because there is a numerator denominator effect, the recovery may not be able to fully cover up the levels that we were operating at. So how should I think about going ahead?
Motherson Sumi Wiring India Limited CC-Feb26.pdf · 2026-01-30
Sir, first question on the growth side. So in the last few quarters, with the industry growing at 4% to 5%, we have been growing at close to mid-teens. But now with the industry growth picking up meaningfully, and given the copper price, which also sort of benefits your revenues as it is a pass -through, is there anything else which is sort of maybe dragging down the growth to some extent, given the strong industry momentum, if you can sort of talk about something there?
Understood. Understood. And second question is, sir, on these greenfield plants again, I think if I look at the revenue ramp-up, they are probably reaching maybe close to the 50% utilization levels. And the EBITDA losses also haven't gone down meaningfully . So when should we expect probably an EBITDA breakeven at what utilization level do you think we can achieve the breakeven at the EBITDA level at least?
Motherson Sumi Wiring India Limited CC-Nov25.pdf · 2025-11-05
My question is again on the Greenfield part. If I look at the performance at the EBITDA losses for the last couple of quarters, it seems that as revenues have ramped up from 120 crores to 190 crores, the losses also seem to have gone up from 26 crores to 46 crores. So, can you share some more colour on the reason for that? And should we expect some more increase in the losses before we start seeing the benefits? Or how should we think about going ahead from here?
Second question is on the product mix side. If we just see Ex-Greenfield, we have been able to sustain that 12 %-12.5% margins for quite some time now. Like you said, the Greenfield will ramp up with OEM volumes, but is there any sort of adverse mix impact on the longer-term margins? For example, like our EV share has also gone up from 4 % to 7% over the last couple of quarters. So, given that the EV share will continue to inch up, so say over a couple of years, do you sort of see that the margin trends which are reporting Ex- Greenfield, you can achieve that or because of EVs that may be difficult. So, any color on the product mix, how the margins there are, if you can share some color, it will be helpful.

Kaynes Technology India Limited

Kaynes Technology India Limited CC-Feb26.pdf · 2026-02-06
Sir, first question is on the revenue side. I mean, we have consistently sort of been able to get a lot of good orders in terms of inflows and order book. But the gap in terms of execution seems to have widened a bit in terms of the growth in the revenues. So, can you just talk us through some of these things? How long does the current order book get executed? And where have you seen some delays? And how do you expect this to translate into revenues in the next few years?
Kaynes Technology India Limited CC-Nov25.pdf · 2025-11-05
Sir, first question is on the order book. So this close to INR8,000 crores order book, does it include any orders from the OSAT and PCB segment as well? or this is purely EMS? So first clarification on that? And second, sir, on the investments on the OSAT and PCB side, would you probably broadly highlight how should we expect the investments to be over the next 3 years? And by when is the subsidy element expected to be sort of received, both from center and state?

Balkrishna Industries Limited

Balkrishna Industries Limited CC-Feb26.pdf · 2026-01-29
Sir, my first question is, again, on this Euro-INR rate. I mean, we had close to INR91 last year, and it has gone up to INR97 now. So can you talk about how the European realizations have been because it's a significant improvement on the hedge rates, but we have not seen much change in our ASPs or margins. So some thoughts there. And current rate is significantly higher. So are there significant hedges, which leads to a lower rate for you for next year? Or why are you sort of indicating only modest increase for next year?
Okay. But in terms of European realizations, have they remained stable? Or has there been any change in that also?
Balkrishna Industries Limited CC-Nov25.pdf · 2025-11-01
Okay. So sir, just wanted to understand first on the U.S. market. I mean, we have seen that impact of tariffs coming through. Assuming -- I mean, if it normalizes at some point, how soon can we sort of see the volumes coming back? How are the inventory levels as of now? And how do you think that sort of quickly turns around going ahead? And second is on the Europe also, we have seen a bit of a softness there. What is happening in that market? Is it also related to the trade uncertainty or why demand is slow there? And whe n do you see that recovering as well?
Understood. And sir, on the capex side, I mean, we have already done about INR1,700 crores in the first half. And you had guided for close to maybe INR35 billion over the next 3 years earlier when we sort of started TBR, PCR plans. So where should we sort of think about the capex for this year? And how does the 3-year plan look now?