Stockrabit · Analysts
Questions across 55 calls

Sumit Kishore

Axis Capital

Hitachi Energy India Limited

Hitachi Energy India Limited CC-Jun26.pdf · 2026-05-26
Good afternoon. Thanks for the opportunity. My sincere compliments on creating an Investor Relations cell and welcome to Priyanka in the Hitachi Energy India family. My two questions, the first one is the gross margins contracted on a sequential quarter-on-quarter basis by a significant amount. What was the mix change or factors that drove this outcome? The second question is that overall, your order inflows for the fiscal grew by 1.6%, but excluding HVDC orders from the base for both the years, the non HVDC order inflow, at least the domestic non-HVDC order inflow was falling in FY26 over FY25. What led to this outcome and what is the outlook going forward? Thank you.
Yes. The non-HVDC order inflow in FY26 versus the comparable number for FY25. If I exclude exports, there seems to be sort of some weakness in the domestic non-HVDC order inflow. Given the outlook is so strong around multiple growth drivers, what are the underlying dynamics here?
Hitachi Energy India Limited CC-Feb26.pdf · 2026-02-05
Good evening, and my compliments on a very strong set of numbers. My first question is a couple of large HVDC LCC projects are there in the pipeline, which could mature over the next 12-18 months. Could you speak about them and capacity wise how are you geared to address the opportunity and if you could spell out what opportunity these two projects present roughly in terms of size as well? That is my first question?
Just to follow up on this. Is it fair to say that the size of the HVDC opportunity addressable by you would be roughly 50% of the project cost?

Suzlon Energy Limited

Suzlon Energy Limited CC-Jun26.pdf · 2026-05-25
My first question is on your cash flows. So basically, if you l ook at your operating cash flow, it's about INR12 billion for FY '26 versus your EBITDA of INR30 billion. So could you please speak about the increase in working capital and receivables and whether there are any provisions for doubtful debtors?
Sure. My second question is after posting almost 60% plus growt h at the EBITDA level in FY '26, how are you looking at the WTG deliveries, contribution margin and basically your growth outlook for FY '27.
Suzlon Energy Limited CC-Feb26.pdf · 2026-02-05
Good evening, J.P.C. sir, and welcome Mr. Rahul Jain. My first question is out of the 2,354 megawatt execution pipeline, how many megawatts aging -wise are pre-FY '25?. Similarly, in your trade receivables of INR5,745 crores, how much receivable is due beyond 1 -year. So on both counts, can you cover the risk of further delays for both your customer and for Suzlon? That's my first question.
No. Sir, the first question was also that how much of this 2,354 has been sitting under execution? Even pre-FY '25, how much is sitting in 2,354, which has been under execution for the last 7 - plus quarters?
Suzlon Energy Limited CC-Nov25.pdf · 2025-11-04
A very strong set of numbers. The first question is in relation to the 40 gigawatt of LOAs, which are likely to get cancelled for solar and the projects where PP As were not signed. I mean, how does that impact the wind sector capacity addition? And are the re any slow-moving orders in your backlog?
Sure. Sir, second question is that your competitors, a couple of them are launching a 5-megawatt variant. One is launching a 4-me gawatt variant for onshore. So what is the pipeline on how Suzlon is going to graduate from 3.x and over what time frame?

NTPC Limited

NTPC Limited CC-May26.pdf · 2026-05-23
Congrats on your highest ever good capacity addition in FY26. My first question is for NTPC thermal fleet, are there coal units which are having to face the challenge of hitting technical minimum of 55% PLF during daytime when solar availability peaks? So how is NTPC managing this risk and what is the strategy for the future? That's my first question.
Is the technical minimum support approved by the regulator already or this is something that you are logging with this?
NTPC Limited CC-Feb26.pdf · 2026-01-30
My first question is, could you speak about your revised targets for capacity addition in NTPC Green, both at the JV level as well as at the consolidated level? And what has been -- and why are the challenges seemingly delaying your original plans? Management Yes. Mr. Sarit Maheshwari, the CEO of NGEL will take your question. CEO NGEL See, as far as our capacity addition plan for this year was concerned, we had promised that we would be doing around 5,200 MW on a year-on-year basis. That is this year, we had to add 5 GW of power. We are well on track for it. We have already added 2,000-odd MW. And in the balance 2 months, our capacity additions are well on track. We are going to add around 1,000 MW more at Khavda, 200 MW more at Bhadla and 250 MW at Kalasar, together around 300 MW of wind will come from our Gujarat plants and also around 500 to 550 MW will be coming from our Ayana portfolio. This would take us to another 2,300 to 2,400 of structured capacity addition planned in the next 2 months. So the capacity addition plan is very much on track, and we would be touching our 5 GW target.
So 2,000 MW is done. 2,300 to 2,400 can be done in next 2 months that will be 4,400 MW? CEO NGEL No. So far, we have done -- we have already done as on date -- as on -- till the last quarter, around 2,100 and around 500 so 2,600-odd MW we have already done. So as I told you, for the balance one also around 2,500 MW is on target. So that will take us to 5 gigawatts. That is what we have planned.

Hindustan Aeronautics Limited

Hindustan Aeronautics Limited CC-May26.pdf · 2026-05-15
Good afternoon. My sincere regards and congratulations to Mr. R avi for shouldering this huge responsibility for the nation in heading HAL. My first question is, the 10% to 12% revenue growth numerically in the second half of the year, how many LCA s are you sort of factoring in terms of dispatch? Because it appears to be a single-digit number, given the value per LCA. So -- and when I look at the inventory plus contract assets, that's almost INR490 bil lion. So what percentage of your inventory unbilled revenue is for the LCA program now? So maybe if you could address these 2 points as the first question.

Torrent Power Limited

Tata Power Company Limited

Tata Power Company Limited CC-May26.pdf · 2026-05-12
Good evening, Dr. Sinha. You mentioned in your opening remarks that the capex for the financial year has been INR130 billion. This is meaningfully below the guidance that you had given to us in November in Odisha, which was INR250 billion. So, what really led to that guidance with 4 months remaining in the fiscal seeing such a sharp decline? And what is your guidance -- realistic guidance for FY '27? And what will it comprise in terms of the end projects? That's my first question.
No, sir, I was referring to the slide in your Bhubaneswar presentation, which shows INR25,000 crores of capex. So the second question is on the Delhi distribution business, where in the last 2 quarters, there have been regulatory favourable prior period regulatory orders. The quantum was INR4.6 billion in Q3. It was INR3.2 billion in Q4 at the EBITDA level and the profit level positive impacts have also been shown. So can you -- can Mr. Sanjeev sort of clarify what is the entire benefit that you have taken because of prior period regulatory orders at EBITDA and profit level in FY '26 and FY '25, how much is expected? It is very difficult to predict. But what sort of claims do you think are rightfully yours, which are yet to materialize because these are meaningful deltas in the quarterly results. So let us say for FY '27, is there any expectation that we should have or we should budget for a decline in reported numbers for Delhi distribution?
Tata Power Company Limited CC-Feb26.pdf · 2026-02-04
Good evening, sir. When I look at the Q3 FY'26 EBITDA to Q3 FY'25 the delta of Rs. 432 crores, it is almost entirely explained by the bump up that has happened in the Delhi distribution business. Although the Delhi distribution business has seen a 2% decline in power purchase and sale, there seems to be some regulatory adjustment there which has bumped up the EBITDA. So, why hasn't it been properly called out in accounts in the presentation and what are the details there because it seems to be explaining the whole growth for the quarter?
That is very clear, sir. The trueing up amount has just become congruous in a quarter where you have had the big Mundra impact. What is the amount for the quarter?

Indian Energy Exchange Limited

Indian Energy Exchange Limited CC-Feb26.pdf · 2026-01-30
My first question is in relation to the volume growth that we saw for electricity volumes on IEX in the month of December when power demand growth improved, your volume growth was about slightly under 3%. And so, I understand the merchant price sort of firm up as the demand increases on the grid. But even in January, the demand is not as good as December in terms of growth. But so how is the -- is the slowdown likely to remain? Let us say, if India's power demand grow s 5%, 6% instead of 0% to 1% like it has been last few months, how would your power demand grow? How would your volumes be impacted in the electricity segment?
So, January is 18%, 19%. Okay.

Larsen & Toubro Limited

Larsen & Toubro Limited CC-Dec25.pdf · 2026-01-28
Exceptionally strong performance on Order Inflows and the Working Capital improvement is also quite remarkable. My first question is : With oil hovering around $60, $65, what is your outlook on Middle East, if oil prices remain at these levels? If it persists at this level, do you foresee any prospects getting pushed out? And also the second part of the question is, if you can comment on the execution that we have seen in the quarter, specifically in Hydrocarbons with such a large order backlog, maybe 11% for the quarter appeared a bit low. I know you shouldn't look at quar terly numbers, but still it appeared a bit low. And, how long can the margin pressure in Hydrocarbon specifically , persist? While you have called out that it will be weak in second half of the fiscal, but how long can this persist based on your evaluation of the Hydrocarbon order backlog? Subramanian Sarma: Sarma here again. I think -- yes, I was talking about oil prices globally, whatever is happening, I think it's good that oil prices have held their price range around $60, $65, which is a positive development in my view. And from every conversation I'm hav ing with the Senior Executives of all these National Oil Companies, I think everyone believes that the oil will be priced range bound in that $60 to $65 and as such, the capital allocation for the projects, which are of interest to us will remain unaffected. Because if at all there is a drop in oil prices, it will have an impact on some non-essential projects. But our projects which are important for maintaining production and enhancing the production, they are pretty much be well on track. So, I don't see any impact of the oil prices. I mean, as such, it is stable. And even if there is a slight drop, I don't expect any significant impact on the pipeline of opportunities. That is one part. Second thing is that margins, yes, I think , like we have said, it's a portfolio of projects. Sometimes for some projects it’s a pacing issues while some projects sometimes have some challenges. I expect Hydrocarbon business to come back on full strength maybe 2 or 3 quarters from now.
Yes, that was very clear. My second question is in relation to the subdued performance in the domestic Infra segment in terms of growth, mainly dragged down by Water, as you have pointed out. So is there any clarity on what is happening in water? How long can this drag sort of continue for the domestic Infra business on growth? The next DFC is not going to get awarded anytime soon. The next high-speed rail is not going to come anytime soon. So what is the outlook for the domestic Infra business?

JSW Energy Limited

JSW Energy Limited CC-Sep25.pdf · 2025-10-17
My compliments on a strong operating performance in Q2. My first question is, over the past one year, there have been a fairly strong additions to the installed capacity led by solar, as you mentioned in your opening remarks, accompanied with relatively muted power demand growth. So, in this backdrop, are you seeing any instances of grid curtailment for RE capacities during solar hours? And is this likely to be a risk for the sector in coming times? That is my first question.
So, your payments would not be affected. The must run status of that RE plant would prevail.

Container Corporation of India Limited

Container Corporation of India Limited CC-Nov25.pdf · 2025-11-12
In your opening remarks, you had mentioned medium-term growth focus areas of your shipping sector foray. You mentioned the Bhavnagar container terminal. So what exactly will be CONCOR's role there? And you mentioned good sheds that you are taking over from railways to develop these logistics sheds. So over the next 2 to 3 years, what kind of revenue potential do you see from each of these areas, if you could deliberate on this.
Okay. Sir, just 1 follow-up. What is the size of the Bhavnagar container terminal that you are planning in terms of whatever TEUs? And what kind of capex would be required for the terminal and the railway line that you mentioned?

ABB India Limited

ABB India Limited CC-Nov25.pdf · 2025-11-07
My first question is in relation to your margins. Your profit margins for the quarter are closer to the lower end of the white band of 12% to 15% that you wish to operate in. Qualitatively, if you could elaborate whether margin pressures around material cost, the market dynamics, post - COVID correction are all factored in or we still have some room to go ? Can this be the new normal for profitability in coming quarters after the record highs that we saw in the last calendar year? So, your comments here will be very useful. That is my first question.
So, in the backdrop of what you said and what Sanjeev mentioned on the call earlier, well, base orders are higher up 13% year-on-year. They are stable quarter-on-quarter. So, is it right for us to sort of interpret that given the decision making is a bit deferred in the backdrop of the macro environment geopolitical tensions, is this level of base orders absolute terms likely to persist for some time before we see a breakout because of a more diversified CAPEX cycle playing out? So, across three segments, the main ones, electrification, motion, and process automation, how should we think about where we are in the CAPEX cycle and how this can play out over the next 12 to 18 months?

Power Grid Corporation of India Limited