Questions across 11 calls

Teena Virmani

Motilal Oswal Financial Services

Kirloskar Oil Engines Limited

Analysts/Institutional Investor Meet/Con. Call Updates Kirloskar Oil Engines Limited has informed the Exchange about Transcript · 2026-05-14

Yes, hi. Thanks for taking my question, and congrats Gauri, Rahul, and the team for a great set of numbers once again in the quarter. My first question is related to the margins. So, we have seen very good growth in revenue across divisions. So, wanted to understand when can we start witnessing the operating leverage gains? Because you had mentioned in the past that you were investing in the sales channel network, educating your distribution network and everyone on the new and the high HHP products. So, are these investments done, which is leading to let's say the higher other expenses, which we have seen in this year? So, are these investments done, or they are more to be done in the coming quarters, and when can we see actually the redu ction in these other expenses, which can drive your operating leverage gains? So, that's my first question.

Okay. So that can start panning out maybe from FY27 onwards.

Kirloskar Oil Engines Limited CC-May26.pdf · 2026-05-14

Yes, hi. Thanks for taking my question, and congrats Gauri, Rahul, and the team for a great set of numbers once again in the quarter. My first question is related to the margins. So, we have seen very good growth in revenue across divisions. So, wanted to understand when can we start witnessing the operating leverage gains? Because you had mentioned in the past that you were investing in the sales channel network, educating your distribution network and everyone on the new and the high HHP products. So, are these investments done, which is leading to let's say the higher other expenses, which we have seen in this year? So, are these investments done, or they are more to be done in the coming quarters, and when can we see actually the redu ction in these other expenses, which can drive your operating leverage gains? So, that's my first question.

Okay. So that can start panning out maybe from FY27 onwards.

Analysts/Institutional Investor Meet/Con. Call Updates Kirloskar Oil Engines Limited has informed the Exchange about Transcript · 2025-02-12

Rahul, this question is for you on the Power Gen segment, like you mentioned that volumes have degrown by 40% to 45%, particularly in the LHP and MHP range. So, when we compare the Power Gen segment revenues versus 3Q of last year, there is a decline of nearly 2%. So, what could have been the pricing impact because the pricing has not increased to an extent of 40% -- or 35%, 40% in the LHP and MHP ranges. So, I mean, I just want to understand the growth or the degrowth like flattish trend if volumes have declined by 40% during the current quarter. So, what is the impact of pricing in this?

So, is there a portion of HHP sales also in this particular quarter, which may be higher in 3Q '25 versus 3Q of '24?

Kirloskar Oil Engines Limited CC-Dec24.pdf · 2025-02-12

Rahul, this question is for you on the Power Gen segment, like you mentioned that volumes have degrown by 40% to 45%, particularly in the LHP and MHP range. So, when we compare the Power Gen segment revenues versus 3Q of last year, there is a decline of nearly 2%. So, what could have been the pricing impact because the pricing has not increased to an extent of 40% -- or 35%, 40% in the LHP and MHP ranges. So, I mean, I just want to understand the growth or the degrowth like flattish trend if volumes have declined by 40% during the current quarter. So, what is the impact of pricing in this?

So, is there a portion of HHP sales also in this particular quarter, which may be higher in 3Q '25 versus 3Q of '24?

Kirloskar Oil Engines Limited CC-Mar24.pdf · 2024-05-09

Just wanted to get some sense on the demand scenario in the current quarter, quarter 1 of FY '25 as to how is the inventory status of CPCB-II now? And how is the traction coming in along for CPCB-IV, even prior to the implementation from the month of July? So, how do you see quarter 1 of this fiscal panning out in terms of power genset demand?

So, how is the inventory status of CPCB-II? Is there enough inventory of CPCB-II to last till June in the system? Numbers for KOEL, but generally for the industry.

Kirloskar Oil Engines Limited CC-Sep23.pdf · 2023-11-03

In continuation with the previous question on the demand side, now that we are in the second half of this fiscal – basically October has gone – where do you see the demand coming more from? Whether it is coming more from CPCB II or CPCB IV+ related products? Because you mentioned that CPCB IV+ had some demand from the NCR regions and all, but there also the implementation timelines have seen a shift. So, is the market demand more dominated by CPCB II during this quarter itself or again it is going to be a mix of both?

Is there any impact on the pricing to pass on any kind of raw material correction to the end users, particularly on CPCB II?

Dixon Technologies (India) Limited

Dixon Technologies (India) Limited CC-Jul25.pdf · 2025-07-22

Congrats for the great number, sir. Sir, my question to some extent is already answered regarding the camera module and precision components. Just wanted to get some sense from you regarding the margin improvement that can start happening. Can it start getting reflected in the financials from FY’27 first half or second half once the PLI goes away and simultaneously, your display and camera module and precision components simultaneously quarter-by-quarter they can add up to the margin improvement?

Okay. So, you are in discussions with the existing clients also to accept the camera module and the display that you all would be manufacturing?

KEC International Limited

KEC International Limited CC-Dec24.pdf · 2025-02-04

Hi. Thanks for taking my question. Sir, my questions are related to railway and SAE. When we see the order inflow for both the two divisions, order inflow for nine months period have been very good. On the railways, you talked about the Kavach related opportunity. So, my first question is related to this Kavach related execution, will it also be having a relatively comfortable working capital or will it be similar to the previous railways related projects where working capital challenges were seen, and you had slowed down on the execution side?

Okay. So, in this case, how would the revenue scale up happen for the railway division? Given the way that order inflow has also been good and the payment cycle will also be better in this particular set of projects.

Thermax Limited

Thermax Limited CC-Jun24.pdf · 2024-08-02

My question is related to competitive intensity in the Industrial Products-related products for Thermax. So where does Thermax stand in comparison with players in terms of overall market share for different types of -- or the main products of Industrial Products division?

So, is there any scope for further margin expansion given that the competitive intensity for a larger portion is higher? So only to understand that -- if demand starts reviving across these projects, how will the pricing pan out, taking into account competition and even utilisation level?

Triveni Turbine Limited

Triveni Turbine Limited CC-Mar24.pdf · 2024-05-17

Congrats on a decent set of numbers. My first question is related to domestic order inflow pipeline. So which user industries do you think will be contributing more to the order inflows for the Company going forward? Maybe from post June, like you me ntioned that these enquiries will start translating. But primarily, which industries are you targeting, and do you think can contribute to these inflows going forward?

Okay. So, do you think that the enquiry level can translate into a much higher order inflow run rate for the nine months of FY 25 , for the remaining nine months of FY 25?

Hitachi Energy India Limited

Hitachi Energy India Limited CC-Dec23.pdf · 2024-01-24

Hi, sir. Thanks for taking my question. I just have one question regarding this INR 700 crore cost with the related parties. Just wanted to understand, is it possible to localize these products which you are right now thinking of procuring from the parent entity over a period of time? Or just wanted to understand whether this cost will remain in future too for the company or over a period of time we can think of manufacturing these?

Total put together is around INR 700 crore.