Questions across 12 calls

Tejash Shah

Avendus Spark Institutional Equities

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-May26.pdf · 2026-05-26

First question pertains to overall your read on demand sentiment because this quarter was a slightly muddy quarter in terms of the first 2 months were very normal and then the last month, we saw disruption at a macro level, not in India, but otherwise, the sentiment-wise and then supply chain-wise. So, whether the last month has disrupted the flow materially or at all? And then should we extrapolate the sentiment or revival that we have seen to FY '27 as well?

Clear. Second, very heartiest congrats on super LTL and Pantaloons. First, just wanted to understand what would be the breakup of volume versus price premiumization mix on that? And second, the point that Sangeeta, you mentioned that it is still basket siz e increase that we are seeing. So, when do you think that this will actually convert into word-of-mouth momentum and we'll see increased footfall also because of the changes that we have made in the last 18 months?

Aditya Birla Fashion and Retail Limited CC-Mar24.pdf · 2024-05-29

First, on Pantaloons, can you elaborate on strategic reasons on why we have chosen to shut down such a large number of stores now? Is it more to respond to economic scenario that we have or it's more of a structural call that we are taking here? The second, any common thread among the stores shutdown where there was any regional concentration or aging concentration that we have noticed. And third, any learning that from these shutdowns that we will kind of carry forward in store expansion on Pantaloons, as Ashish mentioned, that Pantaloons getting its act together. So it will be different from what we have done in the last 3 years.

Very clear. One associated question usually in the phase of recalibration, we have seen in some other retailers that we have a pressure to clear the inventory and hence, there's some margin pressure which comes along but we managed it very well in this quarter in Pantaloons margins. So is this pressure done? Or should we expect some pressure on margins in coming quarters?

Aditya Birla Lifestyle Brands Limited

Aditya Birla Lifestyle Brands Limited CC-May26.pdf · 2026-05-08

Hi, Vishak. Thanks for the opportunity. Vishak, we are somewhere in the middle of the season for the quarter and there seems to be very broad -based consumption recovery, which is visible based on the results announced so far. Largely, everybody would have kind of shown acceleration. So, based on this, first, what's your read on the consumer sentiment as of now? And second, looking at the ensuing inflation, which will hit the P&L or which will hit the consumer also in coming two quarters if things don't improve where we are today on raw material front, what is your assessment that will there be a pricing power that will allow us to pass it on without hurting demand or there will be a challenge there? So, these are two broader questions.

Okay. And looking at the scenario where we are today, how would you plan for network expansion this year?

Meesho Limited

Meesho Limited CC-May26.pdf · 2026-05-06

Hi, thanks for the opportunity. See on the runway to add users that you highlighted, if we were to look at this base of 264 million users through a household lens, what would that translate to approximately?

Yes. Second and last is on the inflation impact or lack thereof. See the way the macro circumstances are evolving, it seems that we'll see some high inflation after a long time. So just from your past experience, how have your consumers or how the user bas e behaves in terms of AOV or frequency because they seem to be much more inflation sensitive than let's say the broader market.

Marico Limited

Marico Limited CC-May26.pdf · 2026-05-05

Congrats on good set of numbers. So I have just one question. See, we have been navigating macro headwinds well over the past few quarters, in fact, past few years. And while the government has kind of parallelly for the last one year or one and a half year is trying to revive consumption by making a lot of interventions. So as we look ahead next year, our growth confidence is primarily driven by internal execution? Or are you beginning to see signs of sustainable consumption recovery at ground level as well?

And lastly, the government's effort, fiscal effort also has been led by state governments also in some cases. So are you seeing any divergent growth trend in some of those states where, let's say, there's a lot of push to put more money in hands of bottom end of the consumer? Or is it very secular as of now?

Sapphire Foods India Limited

Sapphire Foods India Limited CC-May26.pdf · 2026-04-28

So, the last quarter had two distinct shades in terms of operating environment, Jan, Feb at one end and March was very volatile, especially on operational front. But despite that numbers came out very well compared to what the quarter was painted operationally. So just wanted to know, Jan, Feb had a very good momentum, which got disrupted. I'm assuming it got disrupted in March? Or was it uniform throughout?

And sir, how is the current operating environment?

Pidilite Industries Limited

Pidilite Industries Limited CC-Feb26.pdf · 2026-02-04

Congrats on good set of numbers in this environment. So my question pertains to VAM prices. Now historically, we, the analysts have been programmed to say that or see that this commodity remains very volatile, so $800 per tonne can actually jump to $1,600. And if my memory serves me right, it has gone north of that also? But last few years, the last few quarters, the range of volatility has come down. So just wanted to understand, are there any structural changes on the demand supply side globally that this commodity is not as volatile especially in this kind of macro environment as it used to be earlier?

Yes. Very helpful. Second question is on, when we look at our distribution landscape, there's a lot of overlap between paints players and us and looking at where the paint segment is going through the rough phase right now, is it easier for us to, let's say, convert some of the paint players to house our products or convert them in terms of pushing some of our products because they are not seeing that much growth in the existing line of the business?

Pidilite Industries Limited CC-Sep24.pdf · 2024-10-24

Sir, in the past 3-4 years, competition in waterproofing came from paints players as new joining there. Now with them focusing more on protecting their core, do you see competitive intensity in waterproofing decreasing? Or have they become more aggressive because the threat is on core, they are getting more aggressive on waterproofing side?

Got it. Sir, second, you have observed this industry for many years and looking at the profit pool and the way it is growing and the challenges that it has, do you see that it can accommodate this many new players? Or you see that consolidation is the only way to kind of make justification for the ROI that industry has been used to?

Devyani International Limited

Devyani International Limited CC-Feb26.pdf · 2026-02-04

Manish, congrats on the promotion and best wishes for the new role. Manish, so Devanshu tried asking this, but I am also pushing my luck here. So you have had a front-seat row to the prolonged struggle that we have seen in last many quarters and then you have multiple unfinished projects on the table today. So what would you prioritize - fixing or ramping up KFC first or fixing Pizza Hut as a model first? And then you have a lot of long tail of other projects as well. So just wanted to understand without too much detail there?

Perfect. And second, on this January commentary that we have put out, apart from the SSSG, what are the other operationa l indicators which are actually helping us to or guiding us to say that this could be a sustainable and not a false start that we have seen multiple times in last 2, 3 years?

Zydus Wellness Limited

Zydus Wellness Limited CC-Feb26.pdf · 2026-02-03

Sir, quarter 3 GM jumped to gross margin jumped to 63%. So just wanted to know, is this new normal or a seasonal peak? Because specifically on Comfort Click, are there any seasonality in margins at gross level? And should we take this GM as a baseline margin ahead for the combined portfolio?

Yes. So definitely, Comfort Click is margin accretive. So just wanted to understand, henceforth, how should we kind of think about or forecast this particular line item because without not very conducive seasonality for our core portfolio, the margins have actually expanded handsomely? So just wanted to know what is the baseline number on an annual basis, not seasonality, keeping aside, how should we think about this number going ahead?

Zydus Wellness Limited CC-Nov25.pdf · 2025-11-05

A couple of questions. First, looking at the headwinds that you called out in the quarter, which is pertaining to GST transition and the seasonality, margin seems to have done well. So are there any one-offs there? Or this we have done in such a difficult quarter, should we assume that once normalcy comes back from 3Q, 4Q onwards, our margin trajectory will improve disproportionately and perhaps that ambition to reach 18%, 19% margin can be preponed?

Very clear. Sir, second, it's more of a request. The way our business is growing and expanding, the complexity is also increasing both in terms of domestic portfolio and overseas, how would you like us to kind of track the progress? And it's a request also, which was made earlier on the call that if you can share at least international and India slightly separately so that we can have some fair sense of asking right questions.

United Spirits Limited

United Spirits Limited CC-Sep24.pdf · 2024-10-24

Hi, good evening. Thanks for the opportunity. My first question is our growth target for second half is robust mid-teens. So just wanted to know is it largely driven by our low base effect, which will play out or is it more to do with Andhra tailwind that we will be seeing now? Or are you actually seeing some early signs of consumption buoyancy for the second half?

Sure. And Hina, a hallmark of your tenure, so just staying with that innovation and renovation part has been a strong focus on innovation and renovation. So just wanted to -- in your observation, is this helping to attract new customers? Or is it more abou t premiumizing the existing customer base?