Questions across 18 calls

Sunil Shah

SRE PMS

Anand Rathi Wealth Limited

Anand Rathi Wealth Limited CC-Jul26.pdf · 2026-07-10

Thanks, everybody. Thanks, Feroz e, for this opportunity one more time. Feroze, just want to sound off -- I hope I'm audible.

Feroze, just now that we have a successful track record of like more than decades plus, how about taking this entire structured product thing to the global markets? We have some kind of a formula-based trading that we do in the structured products on our N ifty, etc. etc. Why not try this for various global indices? Now clearly, there has to be some other party thing. Like here, we have our sister concern, who is giving us the other party side of the transaction as well. What about targeting those global banks on this, the Citibank, the HSBC, the JPMorgan and over time, maybe not in like one quarter, two quarter, but directionally, try to replicate our entire model in the global market so that then the world of growth opens up for us. Just a thought. And then we can do it through the wealth platform that we have. We can have the AIF thing if you want to take some higher fees. And now we are also getting the Board approval for the mutual fund. So even in the mutual fund industry, as a differentiated product over a period of time where even if in the AMC business we are a late entrant, but the differentiation can really be a huge winner with time. So just wanted to sound this, Feroze and wanted to hear your thoughts on what I'm talking, if at all, you can just discuss this out with me, please.

Anand Rathi Wealth Limited CC-Jan26.pdf · 2026-01-13

It's not more of a question, but just about loss of Chethan Shenoy, that's really sad for the entire organization. Certain things just cannot - you cannot do anything about it. But can we have some learning from this? My thoughts are that, if - do we have some kind of policy in the organization, an HR policy or something that any employee who is in the company for more than a decade has given a big tenure of his life working for the company. So, in case any such event happens, we have some kind of term insurance policy which the company is paying for the staff. And then the family of the person is compensated. This is completely of a discussion just like a research guy, but more of a humanitarian and an investor, I'm talking here. So, have we thought anything on this ground? We recently heard about Siddharth Bhaiya also, somebody else in the financial market. So just a thought, Feroze, just wanted to share this with you. 10 years plus of work ex, we do something for them. Any such thought if you could just let me know?

Anand Rathi Wealth Limited CC-Oct25.pdf · 2025-10-14

Yes. Hello, Feroze, everybody on the team, a big, big hi. So thanks once more for this stupendous performance. I really need to congratulate each one of you with Anand Rathi. Thank you so much. Sir, my thoughts is around this. I think Feroze, we have worke d out how we scale up employees in the organi sation. We have got a process in the organi sation. That is really commendable. Similar applies to even clients as well in terms of acquisition, etc etc. One point I want to make to you is, in terms of our structured products, now there was a three part series Vishal and his team, they nicely explain everything. The AUM that we have in structured products, as I see from the presentation, is 27% of our AUM is in structured products, roughly, about INR 24,700 crores, so let's round it off to INR 25,000 crores. So we are really diversified, whether in terms of dependency on one employee or one client. We are totally insulated from any vagaries on that front. But in terms of the structured products, our concentration risk is high in terms of the Anand Rathi Global Finance, just highlighting. So if we can look at diversifying, as I made some three different options where the diversification can happen and in due course of time, all the senior management, including Chethan and all can take a call, but just wanted to share the names in terms of NBFCs, where are all these guys, Bajaj Finance, Tata Capital, Muthoot Finance, Shriram, HDB, they're all established. That's one category of NBFCs, which can be approached, explain this thing and eventually, this relationship can be developed. So that we diversified from Anand Rathi Global Finance . The second set is the global bankers like the Citi’s and HSBC or JPMorgan, etc etc. And the third is the broking community, which are now listed. So the likes of Motilal Oswal, Edelweiss, IIFL, Kotak and Nuvama. I believe in the past, we have had such a structured product thing with Nuvama and Edelweiss. So just wanted to share how we can minimize the so -called risk in maybe my mind, investors' mind or the longevity point of view. That was the thought which I want ed to share with you, Feroze, so I would like to hear from you, please.

Sure. Thanks so much for all the efforts and please continue scaling higher. Thank you so much.

Anand Rathi Wealth Limited CC-Mar25.pdf · 2025-04-11

Yes, thanks for the opportunity . Feroze and entire team, congratulations on the great, great numbers that you achieved. And Feroze, for the new responsibility and the new role as well. just Feroze, one point and the entire team there. Sir, as I understand, as a company, we have got processes for everything, from client acquisition to relationship management, to product selling, to even the promotions in the organization and the compensation that is given to the team. I just have one point here. We have those 12 -13 -14% kind of return expectations that are set for the client. And basis which we do allocation between mutual funds and structured products. Am I audible? I think there is some disturbance?

Okay. So we have those categories of allocation between mutual funds and structured products. Again, for mutual fund selection, we have a research team, which is identifying the products, which the RMs need to put it across to the client, etc. Feroze, the structured product part of it, every time whenever we interact with analysts or anybody, there is a big lack of understanding amongst people? Can we request you to spend one hour, do a Zoom call along with the product guy to explain to all of us how this structured product really works? That's just a request, it's not a question or anything. But if I want to understand the entire organization inside out completely, that is the missing link. And all analysts also believe because there is an inflow, outflow, etc, which is doing well. Just they are always being in the market for long, the Unit 64 kind of a situation always haunts me and my investment in this company. So that's just a suggestion request if we could understand the structured product piece completely from your side on a Zoom Call, that would really help?

Anand Rathi Wealth Limited CC-Sep24.pdf · 2024-10-11

Thanks for the opportunity. Congratulations Feroze and the entire team at Anand Rathi , Jugalji and all. Sir I have been there in the company for like reasonable period of time and I'm really looking at being there for like another 5 years - 10 years. As you stated , Rawalji and all are targeting 20% to 25% growth over the next decade. That's the sense and we are clearly preparing our company in that direction, really appreciate the client ac quisition to employee retention, to the products, processes, everything. Sir the only point is this and I don't want to sound negative, but are we working or preparing for as creating a proxy of Feroze in the organization because Feroze has been there for a long period of time. And has all the f irepower today. Also when I hear him speak, but my only that Six Sigma event or the Black Swan is Feroze kind of decides to move on or whatever, are we preparing any proxy? Just an outlier completely minus 3 sigma event, but are we working towards creatin g any such thing? This is just one thought because that's the only risk which I see in the company at this point of time. So just wanted to bounce this, just create some thoughts and just want to hear your thoughts as well Feroze?

No, really appreciate the detailed explanation that you shared with me and good to know the Tire 2 the people working. So thanks for all this. That really puts to rest all the doubts that I had in my mind. Thank you so much, Feroze a real long journey ahead in all aspects.

Anand Rathi Wealth Limited CC-Mar24.pdf · 2024-04-15

Thanks for the opportunity. Congratulations Feroze and the entire team at Anand Rathi for this super performance. Yes, Feroze, this is about the 2029, five years down the line and you just stated the simplest way to look at it is -- I am audible, I hope.

Yes. Okay. So Feroze, you just stated the best way to look at it five years down the line would be that we are having a growth of roughly 33% at a mean level. Am I getting that number correct in terms of the AUM growth?

Anand Rathi Wealth Limited CC-Sep23.pdf · 2023-10-13

Thank you, Feroze, thank you everyone in the team, my question is more towards the next three years to five years. Now if I run with an assumption of, let's say, 25% compounded growth, maybe 12% for us can come because of the mark et appreciation, because we are selling such products, wherein our AUM will be either 11%, 12%, 13%, 14%. So if I take a 12% growth over that period, and the residual 13% growth can come in from, let's say, incremental AUM from existing clients plus introduction of new clients because of your increase in the RM. So this 25% kind of a growth number for the next three years to five years is the broader assumption with which I am moving forward. Is there any risk to my assumption, which is internal to the organization? External in terms of market is something which I can understand. But is there anything that I am missing out on this assumption that I am going ahead with?

Right. Thank you, Feroze, for making me understand this much better. Yes, clearly, Anand Rathi for us is one of the only companies in this fi nancial world in India, which has carved out a process for the RM side, the client side, the product side, which is not visible in any other company. Appreciate that a lot. Again, I will just dwell back on the question, which is the risk part. This is beautiful, what you are doing. But anything that you think can be that minus three Sigma kind of an event, which we cannot think about internally is what I am trying to understand. Is there anything or if it isn't, just maybe I had be happy to hear that. But at this point in time, we do not foresee. But just, not on the MLD parts, the relationship that we have with our sister concern. Anything on those is what I am talking about.

Garden Reach Shipbuilders & Engineers Limited

Garden Reach Shipbuilders & Engineers Limited CC-May26.pdf · 2026-05-12

Yes, sir. Thanks for the opportunity. Sir, I missed a few points early on. And what I understand is that the P-17 Bravo is broken up between four and seven. There are other two big ticket si ze orders which you mentioned, the INR 32,000 crores and the INR 35,000 crores. I believe those order announcements could be scheduled in FY28. Sir, the order and the breakup, could you kindly just repeat it for me, please I just missed that.

Right. Sir, thanks. Thanks for sharing this. And this could be expected by FY28. So, sir, my context is with your tenure. So, would we all hear this great news whenever it certifies from your kind self in FY28 itself? How does it work I just want to know that, sir.

Garden Reach Shipbuilders & Engineers Limited CC-Nov25.pdf · 2025-11-11

Yes, sir. And first of all, congratulations on the first delivery of the frigate, the P-17 Alpha, that we could deliver to the country. So , big thank you from everybody and to the entire team of GRSE, congratulations on that side. Enjoyed the entire journey from the date of the order announcement till the actual delivery as an investor. Sir, just a few pointers, I just w anted to understand. When you stated during the opening remarks that the A oN is about INR 1,52,000 crores that was pertaining to the opportunity that we can look at. Is that the understanding, correct?

Yes. Sir, just a little bit more on the same point. Sir, as we speak, roughly, our current order book is about ₹20,000 crores, and we are L1 for the NGC, which is ₹25,000 crores. So , by end of the year, this financial year, FY '26, as you stated, our order book could be approximately, let's say, ₹50,000 crores. But 1 year forward from now, FY '27 year -end, once at that point in time, even the P-17 Bravo would be announced. So, is it a safe assumption that the order book of today of ₹20,000 crores maybe in th e next 15 to 18 months could be upwards of ₹75,000 crores. Is my directional assumption , correct? That's what I would like to understand. Not in number, but maybe directional.

Garden Reach Shipbuilders & Engineers Limited CC-Mar25.pdf · 2025-05-20

First of all, heartly congratulations. Sir, just my two questions here. In next couple of days, we will be hearing on the next generation Corvette project, which has been long pending. So, what should be announced in next couple of days, would it be that L 1, L2 would be decided, and thereafter we get into a process of negotiating on the price, how does it work for agreement like me to understand this thing that is my first question. The second question is, since now we have got a tie up with S WAN Defence, so last time when we had met up, we were talking about clusters which Indian government is looking at for shipbuilding. Now that we have got into an MOU with SWAN. Does that take care of this cluster thing that we were intending to use eventually for our growth , those are my two questions on the SWAN and on the next generation. Thank you, sir.

Garden Reach Shipbuilders & Engineers Limited CC-Jun24.pdf · 2024-08-14

Yeah. Thanks for the opportunity, Sir. I guess most of the questions have been very nicely and in detail explained. Sir, I have just one point to ask and check with you. Sir, in terms of the Government’s priority post the election mandate, which is, you know what is there in front of everybody. Has the priority taken some kind of a back seat for you know, announcing orders or Make in India stuff or, you know, is there any change pre-election and post elections if you could make us understand a little bit of that, is there any delays because earlier we were talking about the Next Generation Corvette orders or maybe you know it would fall in place by September or so. But now maybe so I just want to understand whether things are in line or they have taken a slight slow stance from the Government. That's the only question, Sir, that I would like to understand from you. Thank you.

Thank you, Sir. Just one point, Sir, even on the Project Bravo, which is the 70,000 crore order of which you know four and three would be the bifurcation even that could be on schedule. Just the only point I want to clarify.

Garden Reach Shipbuilders & Engineers Limited CC-Jun25.pdf ·

Thanks for the opportunity. Sir, congratulations on delivering the P‐17 Alpha, the first one, great service to the nation. So, thank you very much for all of it fo r the entire GRSE team. Thanks for that. Sir, my first question is about the capacity. We have really ramped up from 20 ships to 24 to 28 and 32 maybe in a year's time from now. And there are three locations that we are looking at, the first bein g the 30‐acre land in West Bengal that will help us to increase further capacity. So, I won't get the exact number of concurrent ship constructions that we can do eventually. So, first from the land, second from the greenfield shipyard that we propose for the East or the We st Coast eventually in time. And the third one is the Pipavav shipyard, where we have had some kind of an arrangement or MOU with them. So, how much at one point in time over the next, say, two and a half to three years, concurrently, we will be able to co nstruct the ships, the number or something on that side, sir?

Thank you, sir. Thank you very much for the answers. Thanks.

Cemindia Projects Limited

Cemindia Projects Limited CC-Nov25.pdf · 2025-10-31

Sir, my question is slightly for a long term, that's like over the next 3, 4, 5 years or so. Sir, the entire initiative of the government to develop the shipbuilding clusters is coming up in future. Sir, do we see any such sense of opportunity of business there in that segment for us because even shipbuilding clusters would be associated very close to the port and building the shipyards, etcetera. So my first question is, do we see an opportunity in that space? If so, if we have some rough ballpark estimate of how much can it be in terms of numbers? So that is first. Second is, sir, our USP, what is it that we have an edge over competition in this entire marine business that we are doing? And one more is the Vadhvan Port, which is coming up, which is one of the biggest port which is coming up in India right now as we are speaking. So any work where we are associated with that or anything that we foresee in the future? So these are my questions that I need to understand from your side.

Okay. Fine. Sir, given that size of opportunity is huge, meaning I'm just trying to correlate the way in which government intended to do on defense and on railways. Clearly, the road map is now on the shipbuilding thing. So do we see a shortage of quality manpower for us in the organization or any such thing which can act as a small bit of a hindrance given the size of the opportunity which is going to be there unfolded in the times to come. So anything? And are we preparing for those as well? Just if I can understand that.

Astral Limited

Astral Limited CC-Jun25.pdf · 2025-08-12

Hiranand Bhai, I just wanted to understand about the plumbing and the adhesives, that has been our core business for many, many years now, and the new one is on the paints and Bathware. Just wanted to understand the penetration of this two lines, the Bathware and the paints in our distribution reach. The que stion is, plumbing we are throughout the country, all across the country, similarly maybe even adhesives. But, what about paints and Bathware just by --

Okay. So, I am saying that this 70% we have seen one full year of that penetration already happening.

Bikaji Foods International Limited

Bikaji Foods International Limited CC-Mar25.pdf · 2025-05-16

My question is slightly on a long-term basis. Safely, I want to have a thought process for the next 3 to 5 years. And as a company, if we intend to gr ow at a 15% CAGR , kind of a certain number. Sir, the driver would be that we are increasing our distribution network, that 311,000 will scale up to about 4.5 lakh over the next 3 years or so, 50,000 every year. So that is one thing that we are increasing our presence. The second is once our presence is established, then we can keep on introducing new products over there. At the same time, we can increase the same-store sales. How are we looking at this situation over a long -term point of view in terms of distribution, in terms of new products, in terms of sales per store, specifically in the context of competition, which is really there for us and also the ability to have price rise in a scenario of increased raw material prices. So , if you could give us some indication strategically from a 3 -year point of view, or a slightly longer period, is also good.

Right. Okay. Sir, in FY'25, it has not been a year which has been really great that we can boast about it. Anything which was structurally important for us, which would kind of deviate us from the 3-year thought process?

Bikaji Foods International Limited CC-Dec24.pdf · 2025-02-07

Yes. Sir, just to tell the numbers, the 4th Quarter of last year has been one of the best ever for us, and we are stepping into this 4th Quarter right now. So clearly, we have burden of our own over achievement of last year's 4th Quarter. FY‘25 degrow over FY‘24 in terms of the number. So, my point here is to understand from you , is there any strategic thought process, which you are revisiting or relooking? You have targets of rolling out about 3,50,000 outlets by next year or so, so are we visiting any of these fundamental structural things that we have thought of at the start of the year? Because this year has been tough and challenging, especially the 3rd Quarter, so is there any revisit on the broader thought that you have in the company? Or is it like a cyclical factor and then, in 3-6 months, we would be back on track? So, just wanted to understand, is there any change in thought process in broader terms from the company's point of view?

Sir, anything on the product side, western snacks or something which is perhaps not doing well, are we revisiting any of those as well?

Gabriel India Limited

Gabriel India Limited CC-Jun24.pdf · 2024-08-16

Yes. Thanks for the opportunity. First of all, thanks so much, Manoj sir, for taking -- coming to these great levels. All the very best for the future endeavours for you at a personal level. Sir, my question is on the company front, really, I want to know when the per centage terms in of the content per vehicle. So in the four -wheeler segment, when we are doing the shock absorber and the dampener business versus the sunroof business in percentage terms, let's say, hypothetically, as shock absorbers as a content per vehicle is roughly, say, INR10,000 and – sunroof is like, let's say, 10 times of that. So if a percentage on that in the four-wheeler space and give me the percentage in two wheelers for the new alloy wheels which we are talking about. I mean, not the absolu te rupees but in percentage terms, how much is the content per vehicle going up, if you could kindly let me know?

So, sir, –alloy wheels, when we kind of look at OEM supplies, is that your internal thing through your journey?

UTI Asset Management Company Limited

UTI Asset Management Company Limited CC-Sep23.pdf · 2023-10-19

My question is from the industry perspective. The way in which regulator is addressing the expense ratio. The industry's volume will certainly go over a period of time, but in between for the near term will we see pressure for most of the AMC companies. Because of regulatory thing their secondary competition will increase and technology also plays a big role. All those factors will result in the enemy charge that we actually take from the customers . Will that number see a shrinkage overall from a n industry perspective? Not from the company perspective, but for the industry, could you help to understand? That is one part. Second is more and more passive funds are being launched rather than active ones. Their charges to the customer would are at a lower rate versus the direct active fund management. Would those things be right in my assumption that overall the income for the industry could see some kind of correction before the volume really coming over the long term and then the marke t really explodes. That's the second situation. C ould you help me understand this better? Is my thought on the right direction?

If I can dwell upon one more point. Given the rate at which the country itself is growing and lot of things which are very positive, which are happening right now at India versus the wo rld. Can we try to look at global investments looking at AMC as a platform through which they can i ncrease Indian exposure? Can we work towards getting money from the international market because getting money in India is perhaps and sorry to use, this word has become a commodity wherein one AMC differentiates from something and the other AMC tries to replicate it overnight. But if we try to get money from the international market and have some presence there, is there any thought that we have within the organization on such a point?