Stockrabit · Analysts
Questions across 20 calls

Vikash Singh

ICICI Securities

Hindalco Industries Limited

Hindalco Industries Limited CC-May26.pdf · 2026-05-22
Congratulations on a very good set of numbers. Sir, my first question pertains to Novelis. This Bay Minette co ld mill, which we are going to operationalize, just wanted to understand how would be the spreads on the cold rolling only until your hot mill comes into play? And given that the overall commissioning would take a year's time, how should we look at the fixed cost associated with that startup?
So just a follow-up. When we talked about the $600 per ton long-term plans on a blended basis, do we factor in the start-up cost below the item as well as the current scrap spreads or the scrap spread is lagging behind a couple of quarters in our assumptions?

Jindal Stainless Limited

Jindal Stainless Limited CC-May26.pdf · 2026-05-05
Sir, my first question is , after all these renewable power things which we are doing, how should we look at the acceptability of our products in the European market, which is currently going through the CBAM process? Have we got any data or the -- like steel got EUR75 kind of the CBAM cost. Have we got anything like that?
Noted, sir. Sir, my second question pertains to our basically mix. If I'm not incorrect, previously we were supposed to get the Indonesian slab, get it rolled here , and then sell it in the market. However, considering your guidance, it doesn't seem like either we are utilizing that facility fully or the domestic facility to the full extent. So , I just wanted to understand how we should think of it?

Zen Technologies Limited

Zen Technologies Limited CC-May26.pdf · 2026-05-04
Thank you for the opportunity. Sir, just wanted to understand as we are translating into form a software only to now a mix of a hardware as well, where usually the margin profile as slightly lower, so how should we look at FY2027 -28 margins going forward as more and more hardware-related product gets added on?
Noted Sir and also give us some insight into your working capital since now you are going into an ammunition department as well, where we see that working capital runs into over a year or so how should we look at our capital requirement and the fundings?

National Aluminium Company Limited

Azad Engineering Limited

Azad Engineering Limited CC-Feb26.pdf · 2026-02-14
Good Morning Sir, Congratulations on a very good set of numbers. Sir, my first question pertains to our next 4 sheds, which we are under commissioning. Could you give us the timeline? And is there any more dedicated shed which we have already tied up with any OEMs at this point of time?
Yes. Noted, sir. So sir, second question pertains to now we have tied up with Safran and there is a huge possibility of that Indian manufacturing ecosystem for Rafale to get developed in India. How do we see our wallet size with them? Is there any clear id ea which you can give? And effectively, given our capacity constraint is the main hurdle for the higher growth, do we -- expecting to now go for that 75,000 square feet third facility simultaneously? How should we look at your growth plans from here onwards now?
Azad Engineering Limited CC-Nov25.pdf · 2025-11-03
Congratulations on a good set of number. Sir, now that we have now three dedicated plant to our three biggest clients, I just wanted to under how much more business opportunities we can actually get from them considering our existing production portfolio and as well as -- or we need to increase the approval process for the more number of parts to get the b usiness higher from them on a steady state annual basis perspective, I'm talking about.
Noted. And sir, these plants that you have commissioned right now, so can you just give us the peak utilization time lines for the already existing commissioned plant and the next three or four sheds which are -- would be coming?

Welspun Corp Limited

Welspun Corp Limited CC-Feb26.pdf · 2026-02-02
Congratulations on very good set of numbers. Sir, my first question pertains to our U.S. business. Have we already seen the quarterly level peak volume, which we can sell out from the U.S. business and they are part of the EBITDA contribution in subsidiary? And that's why the -- we are not increasing the -- our guidance to that extent because domestic volumes would remain weaker for one more quarter?
Sir, just a clarification. Once our new spiral mill comes on board, can that spiral mill will -- lose some of the existing order book volume as well? Or the delivery should really set such a way that it won't be possible and we have to seek for the new orders from the U.S. for the new spiral mill? How should we look at this?
Welspun Corp Limited CC-Nov25.pdf · 2025-10-31
Sir, my first question pertains to our guidance. Why haven't we increased our FY '26 guidance considering that the second half is usually pretty strong for pipe companies? Your initial commentary also suggests that. And is it because we would be ex pecting, we are also exp ort orders from India would have been exhausted and that is why we are expecting second half to be a little bit weaker this time?
And sir, in terms of our state of the order book between India and U.S., just wanted to understand that U.S., we know that we have a visibility now till FY '28. But how we should look at the India visibility, if you could give us the orders book split? And by when you are thinking that the market would start turning around the green shoots in the water space?
Welspun Corp Limited CC-Jun25.pdf · 2025-07-30
Congratulations on a very good set of numbers. My first question pertains to Saudi? Sir, we are setting up our independent facility there, while we have a basically a JV where we have a minority partner, so we would be bidding for the same kind of orders in the same geography. So is there a conflict of interests which can arise and because of which we need to sell off the remaining shares in the Saudi JV partner?
Noted, sir. Sir, my second question pertains to the 1Q results, especially from the stand -alone side. I believe that we have a very good export order because of which our numbers on the standard was pretty good. S o is that the order has been fully executed and going forward, the stand-alone EBITDA per ton would come down. And that's why we are not increasing our guidance because usually, we are second half heavy in terms of EBITDA.

JINDAL STEEL LIMITED

JINDAL STEEL LIMITED CC-Feb26.pdf · 2026-01-31
Good afternoon, sir, and thank you for the opportunity. Si r, my first question is towards the realization impact, which you are talking about only Rs. 3,000. But if we just calculate on the average side, the drop is much higher, almost Rs. 5,500-Rs. 6,000. So, how much is because of the product deterioration and what else we are missing in here?
Noted, sir. Sir, my second question pertains to our cost savings exercises, like slurry pipeline, coal mines coming, versus the product wise deterioration. Would those cost savings, as per your internal estimates are good enough to cover for the product -mix deterioration, or would we see for the next one and a half year, our overall product mix would continue to deteriorate from current point of view?

JSW Steel Limited

Godawari Power And Ispat limited

Godawari Power And Ispat limited CC-Jun25.pdf · 2025-08-06
Sir, my first question pertains to your BESS business basically. I was s urprised, in the past, we have entered into solar thermal business as well and later on exited. So what actually prompted this and what kind of the returns this business can generate us over a longer period of time?
Noted, sir. Sir, in solar thermal also, we were the first mover, but fine. Sir, in t erms of our steel plant capex, basically, we got the environmental clearance, I believe. So if you could just give us some insight that if the composition or the total tonnage which we are looking has been changed with respect to the capex plan? If you cou ld give us some more insight how that is panning out?

Lloyds Metals And Energy Limited

Lloyds Metals And Energy Limited CC-Nov25.pdf · 2025-11-13
Congratulations on good set of numbers. Sir, just wanted to understand our iron ore selling strategy going forward, given that the iron ore prices in the domestic market are slightly under pressure. So we are going to have almost 14 million, 15 million tons extra volume. So would we push more volumes or the pricing is something which we keep in mind because that extra volume would further degrade our pricing scenario. So I just wanted to understand overall scenario, how do you see this and the balancing between volumes and realization?
Noted. Sir, since we are selling more on the West Coast and international prices are on a declining trend, just wanted to understand your views. Do you see further downside this to the pricing? Or what is the discounts domestic prices are trading at versus the international imported landed price?
Lloyds Metals And Energy Limited CC-Jun25.pdf · 2025-08-13
Sir, my first question pertains to our guidance of 22 million tons of iron ore mining. We did 3.5 million and currently monsoon is going. So, our asking rate for the second half could be anywhere between 7 million to 8 million ton s per quarter, assuming some impact for the monsoon in 2Q. So, just wanted to understand how confident we are on this? And what is the evacuation plan on -- because evacuating 8 million to 9 million tons in the last quarter would be difficult, right?

Solar Industries India Limited

Solar Industries India Limited CC-Nov25.pdf · 2025-11-11
Sir, just wanted to understand that what are the key upcoming projects where we are putting our focus on in India. And we have not heard any tie-ups with the global partners, which we are planning basically because some of these projects are technically pretty difficult thing. So if you could throw some light on those aspects, it would be really helpful?
Noted, sir. Sir, my second question pertains to now for the year guidance of the defense revenue, the asking rate is almost double of what we have done in the first half. So Pinaka is one thing, which is would propel basically re venue. What else is basically there? And any update on the 155 mm shell project? Have we received all the approvals?

Welspun Living Limited

Welspun Living Limited CC-Nov25.pdf · 2025-10-31
Sir, my first question pertains to our guidance. Why haven't we increased our FY '26 guidance considering that the second half is usually pretty strong for pipe companies? Your initial commentary also suggests that. And is it because we would be ex pecting, we are also exp ort orders from India would have been exhausted and that is why we are expecting second half to be a little bit weaker this time?
And sir, in terms of our state of the order book between India and U.S., just wanted to understand that U.S., we know that we have a visibility now till FY '28. But how we should look at the India visibility, if you could give us the orders book split? And by when you are thinking that the market would start turning around the green shoots in the water space?

Vedanta Limited

Vedanta Limited CC-Jun25.pdf · 2025-07-31
My first question pertains to Slide 20. In the debt chart, there is an other debt of Rs. 2,958 crores. So, can we look at what is exactly this is?
Noted, sir. Sir, second question pertains to Gamsberg Phase-2 project. Our Phase-1, we promised 250 KT kind of the volumes has not come yet despite this project has been taken up for almost more than half a decade back. So, just wanted to know the timeline when we are going to hit the 250 KT requirement in the Phase-1. And Phase-2 also entails $400 million kind of the capital cost. I thought that usually Phase-2s are cheaper in terms of the same capacity addition. So , if you could just give us some insight to what is happening there?

Gravita India Limited

Gravita India Limited CC-Jun25.pdf · 2025-07-29
Sir, I see that in our future growth, the next highest growing segment is rubber. So just wanted to understand what kind of the revenue and margin contributi on we can expect from this segment?
Understood, sir. Sir, second question pertains to our sourcing basically. So given our capacities are increasing across segments, is the sourcing -- entire sourcing would be available, especially for the lead will be in India or because you just said that you are bringing some material from Africa. So are we facing som e problem with the sourcing and enough material is not available in that system?