Stockrabit · Analysts
Questions across 13 calls

Umesh Raut

Nomura

Cummins India Limited

FY2025 Q3 · 2026-02-05
My first question is again on gross margin. If I look at quarterly gross margin, it is now almost 20-quarter high of closer to 38%. And given that we see inflationary pressures in key commodities like copper, aluminum, I agree that your exposure is more towards iron. But still, how you are coping up with this inflationary pressures? Are customers kind of taking on, in a position to take incremental cost hikes after CPCB IV+ cost hike? And was there any also effect of liquidation of lower inventory, which was in the channel?
So just a follow-up on this. Any pricing action that you have taken across nodes in domestic market?
Cummins India Limited CC-Feb26.pdf · 2026-02-05
My first question is again on gross margin. If I look at quarterly gross margin, it is now almost 20-quarter high of closer to 38%. And given that we see inflationary pressures in key commodities like copper, aluminum, I agree that your exposure is more towards iron. But still, how you are coping up with this inflationary pressures? Are customers kind of taking on, in a position to take incremental cost hikes after CPCB IV+ cost hike? And was there any also effect of liquidation of lower inventory, which was in the channel?
So just a follow-up on this. Any pricing action that you have taken across nodes in domestic market?

Kirloskar Oil Engines Limited

Analysts/Institutional Investor Meet/Con. Call Updates Kirloskar Oil Engines Limited has informed the Exchange about Transcript · 2025-11-12
Yes. Hi team. Good evening, and congrats for very good set of numbe rs. My first question pertains to price hike that industry has taken, especially after CPCB IV+ norms, given that now transitioning is fully completed. So, where exactly those price hikes have now settled in, in the industry?
Any particular level at which thos e have stabilized or it is broadly in the range of 25% to 40% for different nodes?

Apar Industries Limited

Apar Industries Limited CC-Nov25.pdf · 2025-10-30
Hi, sir. Congratulations for a very strong set of results. My first question is pertaining to a conductor segment where we have reported a very strong set of EBITDA per ton realization numbers consecutively for almost now three quarters. And our guidance is at about closer to about Rs. 30,000 per ton on this side. So, any revision in terms of guidance now considering that consistent performance of EBITDA per ton more of closer to Rs. 40,000 per ton. And especially with respect to what you talked about in case of US market, how demand is kind of shaping up. If you can divide that demand in case of data center and then other government -related projects? And where exactly do you see postponements kind of happening in terms of decision making from the customers? And also in case of domestic market, how do you see second half shaping up in terms of demand considering that first half was relatively noted in terms of executing projects on transmission line side?
Okay. And in domestic market, how do you see things shaping up in especially second half of FY'26?

Afcons Infrastructure Limited

Afcons Infrastructure Limited CC-Jun25.pdf · 2025-08-08
Hi, sir. Good evening. I hope I am audible.
Yeah. Hi, sir. So, my first question is on the ordering side. So, if I look at now order inflow for us during first quarter including L1, that is currently at about closer to INR21,000 crores plus, while what we have guided in the last call was order inflow of closer to INR20,000 crores to INR25,000 crores for FY26. And I think if I look at prospect pipeline as well, that is closer to now INR1.35 trillion for us. So, essentially, is there any upside in terms of order inflow guidance revision from INR25,000 crores in FY25? And second, if there is no upside, are we assuming that there is still no visibility in terms of conversion of Maharashtra state-related projects in actual signing?

Hitachi Energy India Limited

Hitachi Energy India Limited CC-Jun25.pdf · 2025-07-30
Yes. Hi sir. Good evening. Sir, my first question is pertaining to the translation of gross margins into EBITDA margins for this quarter. If I look at it, despite achieving closer to 44% plus kind of gross margins, our EBITDA margins are remaining in the range of about 10% to 11%. And a larger part of that is also because of higher other expenses at about 24% of sales. I believe our related party transactions, like royalty, management fees and trademark fees, are also eating up closer to 8% to 9% of sales within that other expenses. So, how do we kind of expect these kinds of expenses to go down so that our margins can improve in line with our peers?
Got it, sir. My second question is pertaining to HVDC project pipeline. I believe there are three projects which are in the pipeline to be finalized for FY '26. So, what is your view in terms of timeline for, one, Khavda South Ulapada HVDC project? Second, Barmer-South Kalamb HVDC project? And third, Leh-Ladakh HVDC project?

CG Power and Industrial Solutions Limited

Hindustan Aeronautics Limited

Hindustan Aeronautics Limited CC-Mar25.pdf · 2025-05-16
Hi, sir, good evening, and congratulations for the very good s et of numbers. My first question is pertaining to LCA program, Mark 1 and Mark-2. So, in case of Ma rk 1, what kind of delivery schedule that we are now expecting over the course of, say, next three years in terms of units? And in case of LCA Mark-2, where exactly we are in terms of ne gotiations with GE for F414 engines? we are hearing that there is an update regarding reneg otiation in terms of cost happening for that particular engine. So, I just wanted to kind of hear your thoughts on these lines.
Sir, just one last question on…

Cochin Shipyard Limited

Cochin Shipyard Limited CC-Mar24.pdf · 2024-05-31
Good evening and Congratulations for the good set of numbers. Sir, my first question is pertaining to future prospect pipeline on the ordering side , both on shipbuilding and ship repairing. Could you please highlight key projects which you are expecting in next couple of years?
Okay. A follow-up on shipbuilding prospects. So basically, there is a next corvette order which is in the pipeline. And what we are hearing, there are about 4 shipyards which are now shortlisted by MoD to participate into the tender. So just wanted to clar ify whether Cochin Shipyard has qualified in that particular order or not.
Cochin Shipyard Limited CC-Jun24.pdf · 2024-05-31
Good evening and Congratulations for the good set of numbers. Sir, my first question is pertaining to future prospect pipeline on the ordering side , both on shipbuilding and ship repairing. Could you please highlight key projects which you are expecting in next couple of years?
Okay. A follow-up on shipbuilding prospects. So basically, there is a next corvette order which is in the pipeline. And what we are hearing, there are about 4 shipyards which are now shortlisted by MoD to participate into the tender. So just wanted to clar ify whether Cochin Shipyard has qualified in that particular order or not.

Bharat Electronics Limited

Bharat Electronics Limited CC-Jun25.pdf ·
Okay. Thank you so much.
Got it, sir. And sir, my second question, if I look at our services business, I think there also, we have set up now new SBU related to SaaS business in the non - defense area, but I think our ser vice business contribution in overall turnover is still at about closer to 10%, 11%. And looking at our defense installed base as well now, it looks like we have a sizable exposure towards install base , and indigenization is also going up. So how do you th ink this services turnover as a percentage of total revenue for you to go up in medium to longer term? Manoj Jain : You have told a 10% to 11% is our services sector.
Bharat Electronics Limited CC-Nov25.pdf ·
Congrats for a very good set of numbers. Sir, my first question is pertaining to order inflow guidance of INR 27,000 crores, excluding QRSAM for FY '26 . So in that order inflow guidance, are we assuming any orders from next - generation corvette or from avionics packages related to recent ordering for light combat aircraft?
Understood, sir. Sir, my second question is on AMCA program. Now that you have a collaboration with the L&T in terms of participating in RFI. So essentially, I just want to understand how your scope would be different than the program like LCA or say, helicopter programs, what kind of supply you does right now to HNL? So how the scope would be kind of differ ent in case of AMCA? Can we assume relatively far higher share in terms of addressable market if you get AMCA contract in terms of, say, development program?