Stockrabit · Analysts
Questions across 27 calls

Umang Mehta

Kotak Securities

Havells India Limited

Havells India Limited · 2026-07-17
The first question is on A&P. So for the full year, I mean, last year, you spent something around INR600 crores. Possible to share any kind of budget which you would have for the full year, this year? And how should we think about this now going ahead? Do you think this is a new base on which we keep on growing every year or do you see this as a lumpy episodic kind of investment you're making as of now? That's the first question.
Got it, sir. Sir, any budget you can share for the full year? Should we take north of INR700 crores, INR800 crores?
Havells India Limited CC-Jun25.pdf · 2025-07-21
Hi, thank you for the opportunity. My first question was on wires. Did we see any inventory buildup in that segment considering that copper prices were on an uptrend through the quarter? And gradual price up move is generally good for your margins, right? So , when you say a normalized kind of contribution is 14% to 15%, that's the kind of outlook you are giving for the near term. That's correct?
Very clear, sir. And then the second one was more of a longer -term question. So, we have seen media articles speculate about some acquisition. Now not particular to that one, but how are you thinking about inorganic growth going forward? And is there any size restriction in your mind? Or I mean, just your thoughts on this?

Whirlpool of India Limited

Whirlpool of India Limited CC-May26.pdf · 2026-05-22
Hi, thanks for the opportunity. My first question was on your capital work in progress. We heard that premium ref frost free is something which is on cards, but anything else which is ongoing in terms of capacity expansion? And any plans of any capex for room ACs because what we understand is globally because Whirlpool didn't have any manufacturing, we always were kind of on the back foot. Is it possible to commit any capex and start production in India in the near future? That's the first question.
No worries. Sorry. I hope I'm audible now. Just whatever capacity expansion plans are currently [inaudible 1:06:56] CWIP of INR200 crores. Can you share some thoughts or insights? And any plans to expand AC capacity or put up AC manufacturing in India in the near future?

International Gemological Institute Limited

International Gemological Institute Limited CC-May26.pdf · 2026-05-20
Hi, thanks for the opportunity. My first question is on yo ur outlook for FY27 on both growth and margins. I hear you mentioned 15% revenue growth and 20% EBITDA growth. Possible to share any color in terms of segment-wise how are you thinking about the year? And in terms of margins, any tailwinds from INR depreciation that we have kind of factored in?
Got it. Thank you. And the second question was on your performance of subsidiaries. Possible to share any color on how both of them have done for the full period?

Voltas Limited

Voltas Limited CC-May26.pdf · 2026-05-14
My question was again on margins. So , from what we understand, fourth quarter would have seen some old cost inventory, right? The bulk of the cost inflation, which we've seen will likely hit you in Q1. So, in that context, I would like to know what was the impact of these FX losses, which is around INR 55 crores in the second half, how much of it hit you in fourth quarter? How much was the incremental spend on marketing or brand ambassadors that you called out? And the price hikes that you've taken, what conviction do we have of seeing margins improve from here going forward? Thank you.
Voltas Limited CC-Jun25.pdf · 2025-08-08
Sorry, sir, to again harp on the market share. But if we look at June exit, you are still down 200 bps Y-o-Y. So any assessment you've done as to what could be the key reason behind it? Have you changed anything on pricing, channel margins or anything you can kind of share?
Okay, sir. Sir, the second one was on UCP margin. Now your cost structure is fairly variable in other expenses, logistics, service. So this other expenses in stand-alone is up INR35 crores Y-o- Y. You did allude to higher promotion. Possible to quantify how much was the higher promotion, which you gave this quarter? I mean 3.5% margin was a bit of a surprise, that's the reason behind the question?
Voltas Limited CC-Dec24.pdf · 2025-01-30
Yes, hi. Thanks for the opportunity. My question was, what was the mix of RAC, commercial AC, commercial refri and Air Coolers during the quarter? And could you please quantify the impact of liquidation in commercial refrigeration versus the ramp-up of new factory on your current quarter's margin?
Got it. And any color on how much impact did liquidation of inventory in commercial refri and the slower ramp-up in commercial refrigeration factory had on your current quarter's margins?

PVR INOX Limited

PVR INOX Limited CC-Feb26.pdf · 2026-02-05
Hi. Thank you for the opportunity. Congrats on great consecutive quarter. My first question was on your footfalls. So if we look at calendar 2025, you have done around 15 crores footfalls. This is a decent growth on last year, which was around 14 crores. But the year before, we were at 15 crores. So if you can share some insights as to how the trends in unique visitors is ? Have we seen more unique visitors come through last year versus earlier years? And what do you expect on unique visitors in the coming year? That's the first question. Thanks.
Got it. Just one clarification versus Calendar Year 2023 as well, there would have been growth in unique visitors?
PVR INOX Limited CC-Jun25.pdf · 2025-08-06
So my question was again linked to one of the previous participants. While you mentioned t hat you can't share details on July kind of profitability, you delivered 6.5% margin with 22% occupancy. As we enter the seasonal period where ATPs will be even better, would it be too farfetched to think that with the 25%, 26% occupancy, you could do mid -teen or even higher EBITDA margins, I mean, given the current cost structure?
Understood. That's helpful. The second one was on th e full year kind of footfalls. Now we generally rely on your assessment of the pipeline on how it looks for the rest of the year. Would you be confident at this stage that footfalls for the year could cross FY'24 levels, roughly around 150 million plus basis whatever you see in terms of your assessment of the pipeline?
PVR INOX Limited CC-Dec24.pdf · 2025-02-06
Hi. Thanks for the opportunity. So, I just wanted some guidance on the CAPEX for next year and that you would have a visibility right now given some risk fit outs, already?
Got it. And the second question was on rental renegotiation, could you share some insight as to how many properties are currentl y seeing rentals consistently above 20% and how are the conversations going? And the related question was, is there any effort to convert some of the existing leases to contract? I am just checking on that, yes.

Polycab India Limited

Polycab India Limited CC-May26.pdf · 2026-05-06
Congrats on a strong year. You mentioned volume growth was around 18% for the full year. Can you split it as how much was the volume growth in wires and how much was it in cables? And in cables, what were the key sectors which kind of contributed to this? Two quarters back, you had mentioned that on an annual basis, you would have a better picture on demand markets. So that would be helpful?
Got it, Shashank. Sir, just a follow -up on this is that you also mentioned that capacity of generation in India doubled last year. And in terms of solar capacities, while I understand that investments will continue, the growth on a Y-o-Y basis may not be as strong as what we've seen last year, right? Even in DISCOMs, the RDSS execution possibly was a big driver. But going ahead on a Y -o-Y basis may kind of moderate on a high base. So in that context, how do you think industry growth will kind of shape up?
Polycab India Limited CC-Oct25.pdf · 2025-10-17
Congrats on a good set of numbers. Chirayu, the question was on gross margin in wires and cables on a YoY basis. Now if you compare this quarter to the base quarter, if you can just highlight, I mean, what helps us to show this strong expansion? Because I believe in base quarter, you had highlighted heightened competition in wires. But I believe even this quarter, we've seen copper price inflation and some stocking up in wires. So, what has exactly changed if we were to compare both the quarters like-for-like?
Understood. And just as a follow-up to this, because you have a hedging and your contracts -- you have these embedded contracts, a gradual move in copper price, like it benefits the other peers who do not hedge, it doesn't really benefit you in that sense. Is that the right way to think about it?

KEI Industries Limited

KEI Industries Limited CC-May26.pdf · 2026-05-05
Sir, just wanted to clarify something. Earlier, we had given a number of around INR2,700 crores from Sanand plant in FY27. Are you still sticking to that? And if yes, then 18% volumes would actually be slightly higher if actually you do INR2,700 crores is the question. And the second clarification...
Understood. And just to reconfirm something you said to Pulkit earlier, 17%, 18% volume plus if prices sustain as they are, then on an annual basis, we are looking at 25% plus top line growth. That's correct, right?

Zee Entertainment Enterprises Limited

Zee Entertainment Enterprises Limited CC-Jan26.pdf · 2026-01-22
My first question was on your core business cost, excluding the digital business. Could you call out the absolute impact of movie business and ILT20, how much was the incremental cost from these two? You mentioned that the cost would have been down 15%. So , I'm getting a INR 390 crores number. Is that correct? And if yes, then what is the split between ILT20 and the movies?
Mid-single digit. Okay. And so possible to giv e the absolute number for ILT20?
Zee Entertainment Enterprises Limited CC-Dec24.pdf · 2025-01-23
Thank you for the opportunity. My question is on ZEE5. You mentioned that you have seen growth in subscribers. And you also mentioned that the renewal of a B2B deal led to a lower growth. I believe you have taken price hike, right, in at least double digits. Would it be possible to split the growth in these three parts, to make us understand better?
No, I mean, on Y oY basis your plans are about Rs. 100 more expensive, right, versus earlier, is that correct?

Blue Star Limited

Blue Star Limited CC-Nov25.pdf · 2025-11-06
Hi. Thank you for the opportunity. Sir, just wanted to check on your Commercial AC, particularly for data centers, data center chillers. So, from what we understand, you had some start in the air- cooled data centers, and you are developing something on liquid side. Possible to share any update and any outlook on that particular business? That's the first question.
Got it, sir. And the second question was on your slight caution in terms of order inflows in MEP. Anything particular that is kind of dragging the inflow? Because overall, we are seeing quite a lot of tailwinds, right, on data centers and even private sector capex.