Stockrabit · Analysts
Questions across 25 calls

Umesh Raut

Nomura India

Solar Industries India Limited

Solar Industries India Limited CC-May26.pdf · 2026-05-15
Congratulations for a very good set of numbers. Sir, my first question is pertaining to our exports business. If I look at our historical trajectory, I think we have seen stronger growth in between FY '19 to '23, when our business actually grew by almost 3.5x in terms of top line. Then we had almost more of a flattish growth between '23 to '25? And again, I think it looks like with 32% kind of a growth in '26, growth is looking very stronger on the export side. So I just want to understand ho w big this opportunity is probably 2, 3 years down the line. Again, can we expect closer to 2, 3x kind of jump in terms of top line for our export business? And to achieve these kind of growt h opportunities, what kind of investment that we can expect from you in terms of medium term, both on capacity expansion as well as on client traction side?
Got it, sir. Sir, just one clarification. If you can give us some understanding about market share that you have in key markets in export region?

ABB India Limited

ABB India Limited CC-Feb26.pdf · 2026-02-23
My first question pertaining to 23 diverse market slide that we mentioned, where if I look at the breakup now, on a quarter -on-quarter basis, certain industries have moved towards lower or modest midterm outlook segment, especially larger sectors like auto and food and beverages. But I think despite that, we are mentioning our outlook as being more of optimistic in near term. And second, within these 3 segments, if you can help us with the contribution from emerging industries and infrastructure and transport. I think in opening co mment, you have mentioned core industries contributing about 52% to total volumes for the company.
ABB India Limited CC-Mar25.pdf · 2025-05-12
Hi, sir, good morning. My first question is pertaining to exports and services. So , if I look at your trend as a percentage of contribution from exports and services, it is the remaining range bound with a range of about 10% to 14% since the last few quarters. So, how do you see a pick up happening here? Whether your install base can lead more of a big in the services business for you in the medium-to-longer term? And would there be any change in strategy from parent side as well in terms of supply dynamics so that you can have better traction on the export side?
And my second question is with respect to capital allocation policy. So, given that you have cash balance of Rs. 57 billion and sometime back you have also mentioned that you are looking forward to inorganic opportunities in the domestic market, but nothing has fructified in last two years. So, any color here how you want to utilize this capital going forward?
ABB India Limited CC-Sep24.pdf · 2024-11-05
Sir, my first question is pertaining to pricing power, and if you could throw some light regarding three aspects on pricing power. So, first, basically, capacity expansion, which is kind of happening at the industry level across the products. Second, basically, any demand moderation that you can observe in any of the product. And third, basically, the request from the customer to kind of pass on any raw material correction benefit considering that, in the last few quarters, we have enjoyed a very healthy pricing power. So, any thoughts over here?
So, sir, I was also kind of alluding to the fact that there are any requests from the customers to kind of pass on raw material benefits or whatever cost efficiency that you have observed during the last few quarters, and because of which we can have a certain lower moderation into the pricing power.

Hitachi Energy India Limited

Hitachi Energy India Limited CC-Feb26.pdf · 2026-02-05
Hi, team and congrats for a very good set of results. My first question is pertaining to execution. So, I just want to understand how much of execution pertaining to Mumbai HVDC project is remaining now and roughly how much of total turnover was contributed by Mumbai HVDC project for the third quarter?
Understood, sir. So, my question was largely because of our gross margin performance which was slightly lower on a quarter-on-quarter basis. From last quarter, it was down to now about closer to 39.5%. So, apart from say, probably increased contribution from Adani HVDC project, was there any particular other reason for this drop in gross margin on quarter-on-quarter basis?
Hitachi Energy India Limited CC-Nov25.pdf · 2025-11-07
Thank you so much for this opportunity. Good evening, sir. My first question is pertaining to our CAPEX timeline. If I look at our prospect document for fundraising, that is QIP, it is mentioned that for FY '26, we were planning to deploy closer to INR 750 crores in the CAPEX, and about closer to INR 720 crores in FY '27. If I look at half year, I think we have done close to INR 67 crores of CAPEX. So, just wanted to understand how this CAPEX ramp-up will happen, say, in second half FY '26 and then in FY '27-'28? That is my first question. 10/27
Understood. Okay. So, three large projects that we have in terms of backlog, which is one on the domestic HDVC program side and one in Australia, again, more of an outsourcing package as a part of larger HVDC project. So, just wanted to understand, would there be any delay in terms of execution because of a slight delay in terms of CAPEX timelines? Or how should we look at it in terms of completion timelines for these 3 projects, respectively?
Hitachi Energy India Limited CC-Mar25.pdf · 2025-05-15
Sir, my first question is pertaining to incremental opportunities on HVDC side. As we are hearing, there are 3 packages which are lined up and especially one is on the VSC-based technology, which is Khavda bi-pole part. So, any update over here, any indicative timeline by when you expect finalization of these orders? And subsequently, I also want to know how your execution would look like from the projects that you have won on the HVDC side in the last 2 quarters?
Okay. So, is it fair to assume that initial two years, you will have about 1/3rd of execution and maybe subsequently the later two years will have about 2/3rd of execution coming in?

Bharat Electronics Limited

Bharat Electronics Limited CC-Jan26.pdf · 2026-01-28
Thank you so much for this opportunity. Good evening, and congratulations for a very good set of results. My first question is pertaining to the guidance for FY '26 now, given that we have reported about 19% sales growth in first 9 months and we have received closer to INR 19,300 crores of orders. So, are we revising our sales growth number upwards ? A nd considering that there is also a finalization of NGC order , which is remaining with the shipbuilders. So, are we anticipating any spillover of order from NGC from this year to FY '27, which we were assuming earlier during Q2 call?
Understood. So, are we including these NGC orders in our guided number of INR 27,000 crore s for FY '26?
Bharat Electronics Limited CC-Dec24.pdf · 2025-01-30
Congratulations for the very good set of numbers. Sir, my first question is pertaining to gross margin. If I look at gross margin for first 9 months, I think it is around 49%. And we have always guided gross margin s in the range of 42% to 44%. But if I look at, I think, the last few quarters and the kind of orders we have received, those are more or less repeat orders of existing programs, AMC contracts and service portion of these earlier programs. So is it fair to assume that going forward, gross margin profile for us will structurally improve from guided range of 42% to 44% to about closer to 50%?
Okay. Sir, one clarification here, while calculating gross margin, are you only assuming raw material and cred it goods cost and excluding the portion of purchase of stock in trade and trade in stock?

GE Vernova T&D India Limited

GE Vernova T&D India Limited CC-Nov25.pdf · 2025-11-03
Congratulations for a very strong set of results. Sir, my first question is on ordering side, especially outlook for domestic orders on the base ordering cell for transformers, switchgears and circuit breakers. So, how do you see second half panning up as compared to H1 considering that in H1, we have seen challenges with respect to industry for ROW issues or slower tendering. So, how do you see outlook in terms of second half? And second, similarly in case of export market, considering that we have approved proposal of closer to INR3,000 crores in terms of ordering from related party, what is the exact update on that outlook in the subsequent second half?
Got it, sir. Second question is pertaining to the capex announcement of INR8 billion. So, if you could quantify the capex in 4 heads that you have mentioned in your presentation. How does that is divided in between transformer reactors, Air Core reactors, bushings and GIS and AIS products.
GE Vernova T&D India Limited CC-Jun25.pdf · 2025-07-29
Congratulations for a very strong set of numbers. Sir, my first question is pertaining to exports revenue growth of about closer to 80% in the quarter and the contribution at about 40% of total turnover. So how do you see this is sustaining going forward and in a way impacting in terms of better gross margins for the company?
Got it, sir. And if you could also share the contribution from product services and projects within your turnover for this quarter?
GE Vernova T&D India Limited CC-Mar25.pdf · 2025-05-23
Congratulations for the strong set of numbers again for last quarter of FY '25. My first question is pertaining to existing backlog of closer to INR127 billion. So how much of that is executable within the course of, say, next 18 months? And how much is beyond 18 months?
Got it, sir. My second question is on the HVDC project. So could you please share a time line for new projects on the HVDC side, especially for FY '26? And at the same time now, you must be also forming up budgets for FY '26. So any colour on the outsourcing contracts that you can anticipate from parent side?
GE Vernova T&D India Limited CC-Sep24.pdf · 2024-11-08
And congratulations for all round performance in Q2 FY '25. Sir, my first question is pertaining to domestic ordering, which was very strong during the quarter, about 165% up year-on-year basis. So how one should look at now going forward? What kind of run rate we can assume on the domestic ordering side in terms of quarterly rate? And which are the areas where you are seeing a major uptick coming in?
Got it Sir. So is it fair to assume that including both domestic and exports, our base orders run rate would be closer to about INR15 billion per quarter going forward?

Cummins India Limited

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2025-08-08
Congratulations for strong set of numbers. My first question is pertaining to distribution segment. So if I look at, I think, growth for this quarter as well, it has remained strong at about 19%. And in last year as well, we have delivered 22% kind of CAGR . I think it is looking like largely on the account of new product launches, especially you had talked about a lot on these new products, especially in the recent annual report. So if you can share the addressable opportunities for some of these new products like DF kits, RAS, power management solutions, DGBlue, which is diesel exhaust fluid and hydraulic filters as well, and especially on the new product launches in the railway s egment track recording car and hotel load converter. So that insight on the new product launches and the TAM would be helpful for us.
Got it. And the new product launches on railway side, especially and the Industrial segment, if you can give us a TAM or opportunity because there, we are now compensating for railway electrification. So just wanted to understand from an annual ramp -up poi nt of view on the railway side, whether we can grow in the range of about 20%, 25% from INR500 crores of revenues in '25 as well?
Cummins India Limited CC-Aug25.pdf · 2025-08-08
Congratulations for strong set of numbers. My first question is pertaining to distribution segment. So if I look at, I think, growth for this quarter as well, it has remained strong at about 19%. And in last year as well, we have delivered 22% kind of CAGR . I think it is looking like largely on the account of new product launches, especially you had talked about a lot on these new products, especially in the recent annual report. So if you can share the addressable opportunities for some of these new products like DF kits, RAS, power management solutions, DGBlue, which is diesel exhaust fluid and hydraulic filters as well, and especially on the new product launches in the railway s egment track recording car and hotel load converter. So that insight on the new product launches and the TAM would be helpful for us.
Got it. And the new product launches on railway side, especially and the Industrial segment, if you can give us a TAM or opportunity because there, we are now compensating for railway electrification. So just wanted to understand from an annual ramp -up poi nt of view on the railway side, whether we can grow in the range of about 20%, 25% from INR500 crores of revenues in '25 as well?
Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2025-05-29
My first question is pertaining to a demand outlook for genset business as per the end user market. So in terms of residential and commercial reality where we are currently sitting at in terms of cycle and how exactly you are seeing demand shipping up from this particular major end of the market. At the same time, how you are seeing emerging segments like data center from current base, how exactly growth would be? And on the export side as well, looking at the sequential recovery in last few quarters, how you are looking at sales stabilizing in export markets?
Got it. My second question is pertaining to competition, how you are seeing competition now in the data center market? And any color on market share that you have in data center? And do you also serve to export markets for data center in the market?
Cummins India Limited CC-Mar25.pdf · 2025-05-29
My first question is pertaining to a demand outlook for genset business as per the end user market. So in terms of residential and commercial reality where we are currently sitting at in terms of cycle and how exactly you are seeing demand shipping up from this particular major end of the market. At the same time, how you are seeing emerging segments like data center from current base, how exactly growth would be? And on the export side as well, looking at the sequential recovery in last few quarters, how you are looking at sales stabilizing in export markets?
Got it. My second question is pertaining to competition, how you are seeing competition now in the data center market? And any color on market share that you have in data center? And do you also serve to export markets for data center in the market?
Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2024-11-08
Congratulations for the strong domestic performance on sales side. My question again is more on the gross margin side. So if I look at overall mix for the company on a quarter -on-quarter basis and on a year -on-year basis, I think it is largely remaining sa me, but we have observed about closer to 200 basis point gross margin drop on a quarter-on-quarter basis. So is it primarily because, in your view, whatever cost increase that was there on the CPCB IV+ product side, that is fully not yet passed on to the customer, and that is how incremental CPCB IV+ product line is kind of impacting on the gross margins for you?
Got it. Second question. When you are saying that the project business contribution for this quarter was relatively on a higher side, are you referring to project business which is coming under Industrial segment? Or any particular project order that you h ave received in the power generation side?
Cummins India Limited CC-Sep24.pdf · 2024-11-08
Congratulations for the strong domestic performance on sales side. My question again is more on the gross margin side. So if I look at overall mix for the company on a quarter -on-quarter basis and on a year -on-year basis, I think it is largely remaining sa me, but we have observed about closer to 200 basis point gross margin drop on a quarter-on-quarter basis. So is it primarily because, in your view, whatever cost increase that was there on the CPCB IV+ product side, that is fully not yet passed on to the customer, and that is how incremental CPCB IV+ product line is kind of impacting on the gross margins for you?
Got it. Second question. When you are saying that the project business contribution for this quarter was relatively on a higher side, are you referring to project business which is coming under Industrial segment? Or any particular project order that you h ave received in the power generation side?