Stockrabit · Analysts
Questions across 29 calls

Vivek Maheshwari

Jefferies

Asian Paints Limited

Asian Paints Limited CC-Jun26.pdf · 2026-05-29
Hi, good evening, team. Two questions, the first is, you mentioned price hikes of about 10-11%, can you just highlight if you were to pass on the total cost impact, including the rupee depreciation. Have you passed on the entire impact, or what will be the shortfall? You did mention another round of price hikes. What are your thoughts on that? So that is the first question.
And just a follow-up Mr. Syngle, when you say 20% versus what you have taken, that is the basis of the previous quarter, or that is the basis where the spot prices are as well as where the rupee is?
Asian Paints Limited CC-Nov25.pdf · 2025-11-12
Hi, good evening team. My first question is on volume growth. So, you know, you mentioned about the macro as well as your own efforts. We have seen a double-digit volume growth in this quarter from your side. There are two parts to this question. First is, you know, your presentation talks about improvement in consumer sentiments. Whereas what you articulated on the call, it looked like more of your internal, you know, internal factors which is driving this growth. Can you just clarify as to, you know, sentiments versus your own efforts, which was the bigger driver and how do you see this going ahead?

Vishal Mega Mart Limited

Vishal Mega Mart Limited CC-May26.pdf · 2026-05-15
Two questions. First on the SSSG bit and a couple of subparts to that. The first one is what drove the acceleration in this quarter, GK? Was there some bit of prebuying that you see given the concern around the geopolitical situation or anything specific, because this was a number which was quite strong in the last several quarters?
Okay. And GK, with the level of inflation and the price hikes that we are seeing across different industries, what would be your outlook for FY27? Because my hunch is that with inflation going to impact more, leaving aside the volume part, and I would love to know your views on volume side, but do you think SSSG will stay at an elevated level until -- at least for the first half or the next few quarters?

TATA CONSUMER PRODUCTS LIMITED

TATA CONSUMER PRODUCTS LIMITED CC-May26.pdf · 2026-05-08
Two questions. So first one is on the growth categories you now that Capital Foods and Organic India are kind of doing well in the domestic market. Are you thinking about more acquisitions and adding more to your growth portfolio? And where do you think its salience settles at in the next 3, 4 years? That's the first question?
Interesting. Got it. And the second bit is, you have already answered. So you have a very unique raw material basket versus most of your competitors. You have mentioned about international margins and drivers for that. But because of this volatility and whatev er geopolitical bit, whether from a margin perspective or growth perspective, are there any -- should there be anything that we bear in mind from U.S., Canada and the U.K. perspective that in case if geopolitical things do not settle down in time , are there any areas because this is a piece which is very difficult to understand for us sitting in India. So I just wanted to be sure on that?
TATA CONSUMER PRODUCTS LIMITED CC-Sep24.pdf · 2024-10-18
On the Starbucks bit, you mentioned about the demand environment, urban consumption, food inflation. In terms of, let’s say, FMCG demand, Sunil, what is your view? I mean we have seen so far, let’s say, DMart, Bajaj Auto, Nestle also posting okay -ish numbers. What do you think about demand scenario right now and your outlook, let ’s say, for the next few months or quarters? Sunil D’Souza: So Vivek, first of all, on the outlook, I ’m very bad at forecasting, right? So that ’s number one. So I normally react to conditions and react quickly. That said, at least my current view is that rural is recovering from where it was. I think a good monsoon and therefore, the Kharif crop is only going to help in the rural recovery, but it is still not at the stage where it gives us a double-digit volume growth and the penetration growth, etc . But while this has happened, urban has softened. As I said, I think we are probably underestimating the stress on the consumer in terms of the food inflation, et c. That’s number one. Number 2, I also think that a large part of the GDP growth was driven by government capex and spending. And given t he elections, I think there was a bit of a pause on that, a and b ) from what I hear recently, even the cash flows, which were supposed to be released post budget have not been released there. And therefore, the multipliers might not have happened. I'm just hoping that -- I heard that they've been released and they are moving. I'm just hoping that, therefore, spurs demand in the urban environment to come back because like I believe 4 - wheelers are soft, which is my -- normally my indicator for urban. Recent ly, another let me say, food and beverage company, which I think has strength in urban released its results. You saw that. You hear the same stress in the DMart results overall, Reliance as well. So I do think there is stress on consumer spending. But I d o think given the recent whatever government spending coming back, rural coming back, I think you'll start to see recovery. How fast and how much? Your guess is as good as mine.
And just one another question on the tea business. So we have spoken about the other part of beverages. On the tea side, what is your outlook on both volume and revenue growth as we go forward?

Marico Limited

Marico Limited CC-May26.pdf · 2026-05-05
Great results. Two questions. The first question is, and I understand there is a fair amount of volatility because of whatever is happening around us. But when I just look at your guidance of INR15,000 crores Fy '27 revenues and high-teen EBITDA growth, if I just calculate the margins, the margins are actually lower than what you would have done in like four out of five years in the past, whether FY '25, '24. Is it -- so -- and this is despite the fact that copra is correcting, your mix is getting better , some of the new initiatives have started to contribute , the portfolio mix is getting better. So is it just because of the uncertainty that you have given this guidance as a base case? Or am I missing something? Would love to know that.
So your margins here, Pawan -- yes, so it's still -- way lower than what where, let's say, the last five, six years margin highs were. So I just want to understand what am I missing if there is something dramatically different from, let's say, '21, '23, '24, '25? What am I missing then?
Marico Limited CC-Jun25.pdf · 2025-08-04
Saugata and team, good to see results. Firstly Saugata on ATL versus BTL what you mentioned. So, at a consolidated level I see your advertising spends have gone up quite a bit , about 25%, but India business is actually down 20%, the absolute number is like lowest in the last five years or let's say 20 quarters. The percentage number I know the denominator shifts quite a bit in your case but we have seen inflationary cycles in the past, at about 3.5% this is also the lowest number that at least I recall or we have ever seen. Can you just elaborate more on this?
I see. Okay.
Marico Limited CC-Sep24.pdf · 2024-10-29
A few questions, Saugata, first again on the industry bit. I mean, I know these are very difficult to forecast, but do you see a scenario for last few quarters , let's say, leaving aside last couple, rural was somewhat under pressure and then urban was doing well? Do you think that there can be a scenario where rural actually picks up reasonably well and continues to show the trend that we have seen, but Urban actually continues to disappoint in the foreseeable future which again pulls down the pulls down the overall performance of the sector?
The other thing, Saugata, is again on VAHO, which has been asked to you at different points of time over the past few quarters, but VAHO numbers again, you have gained market share and I think your number is minus 8 and again, I am sorry, I am asking you this directly, but do you genuinely trust the market share number because are you seeing a scenario where the market itself is kind of declining or you think that there is some anomaly, there are some regional players who may be cropping up and taking away share? Because it's baffling to see VAHO actually not performing. I mean, there were periods where it did perform, but through the course of, let's say, 5-7 years if you took it, the growth is very anemic compared to, let's say, how well you have done. And there have been cycles that we have seen in both Parachute and Saf fola, but unfortunately that cycle has also not showed up in VAHO. It has been fairly muted growth. CIN L15140MH1988PLC049208. Email: investor@marico.com Marico Information classification: Official
Marico Limited CC-Jun24.pdf · 2024-08-05
A few questions. First, Saugata and Pawan, on VAHO. Again, there are different reasons in different years, and you have tried your best, you have explained in the past as well, and the bigger thing is you are also gaining market share, right? What is wrong with this category? Is there a possibility this is more like a structural issue, consumers not using hair oil? I just don't know. And at the value level, is there some market share loss? So, at an overall level you are CIN L15140MH1988PLC049208. Email: investor@marico.com Marico Information classification: Official gaining, but at the value level, is there some market share loss? I just want to understand what exactly is going wrong here.
And the other question is, Saugata, I mean, if I recall correctly, I don't know which year, but I think a decade back or so, you tried Muesli at that time. I think Kaya distribution also Marico did at some point of time. What do you think will be different this time compared to, let’s say, the previous attempts? CIN L15140MH1988PLC049208. Email: investor@marico.com Marico Information classification: Official

Varun Beverages Limited

Varun Beverages Limited CC-Dec24.pdf · 2025-02-10
Hi, g ood afternoon, sir, a few questions. First on the India business, the second half volume growth is let's say about you know, about mid-single digits and with exit also at about 4%. Do you think this is mainly due to the seasonality bit and you still think about industry growth at double digit in the foreseeable future?
Got it sir. And the other bit is given and you have explained in detail in the last quarter also. But the noise has picked up on the competition side from Campa. Anything more you want to add upcoming season? Any low-priced pack from your side?

Honasa Consumer Limited

Honasa Consumer Limited CC-Feb26.pdf · 2026-02-12
Hi, good evening, Varun and team. A few questions. So first, continuing with the earlier one. So teens growth in case of Mamaearth, basically you are saying this is something that let us say, we can build for the next, let us say for the next 5 quarters until FY '27 end?
Got it. Interesting. And for the last few quarters and more specifically this quarter, you have been highlighting and talking a lot about distribution, right? Now, Varun, historically, there has been a curve that you have followed. And again, I am just putting some, let us say rando m numbers, so to speak. But let u s say if at Rs. 500 crores, you started going online, and you thought that you will go online, do you think that milestone or that threshold comes down because your distribution network is far more robust? So therefore, you don't necessarily have to wait for Rs. 500 crores, you can start early. And if so, what does that imply for the growth brands?

Swiggy Limited

Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript of the Earnings Conference Call for Analysts and Investors held on October 30, 2025 · 2025-10-30
Two questions. First, to the extent you can comment because you have mentioned about the capital raise. Today's media article also talks about some raise at the subsidiary level, which is the quick commerce entity. Can you just clarify your position as I said to the extent you can?
Okay. The second question is, let's say, your GOV in this quarter has gone up by 110%, give or take. And the overheads are up about 125%. Now from here on, as we go forward, how will the profitability at EBITDA level improve given that, let's say, about INR 650 crores, INR 660 crores are the overheads. So as you grow forward, will there be an operating leverage basically at overheads level? Because your AOVs are already are at about 700 levels. And I would have thought that, that would have definitely given you that leverage. But for whatever reason, it's not showing up. So are there expenses which will like grow way lower than your GOV growth?
Swiggy Limited CC-Nov25.pdf · 2025-10-30
Two questions. First, to the extent you can comment because you have mentioned about the capital raise. Today's media article also talks about some raise at the subsidiary level, which is the quick commerce entity. Can you just clarify your position as I said to the extent you can?
Okay. The second question is, let's say, your GOV in this quarter has gone up by 110%, give or take. And the overheads are up about 125%. Now from here on, as we go forward, how will the profitability at EBITDA level improve given that, let's say, about INR 650 crores, INR 660 crores are the overheads. So as you grow forward, will there be an operating leverage basically at overheads level? Because your AOVs are already are at about 700 levels. And I would have thought that, that would have definitely given you that leverage. But for whatever reason, it's not showing up. So are there expenses which will like grow way lower than your GOV growth?

ETERNAL LIMITED

ETERNAL LIMITED CC-Jun25.pdf · 2025-07-21
Hi. Good evening, team. A couple of questions. So, first is on this IOCC and 1P. So, let's say, you have about 1,500+ stores. In two to three quarters, when you say that you will move to 1P, is that for all the stores? Or do you need to do bottom-up to figure out which stores you should do 1P and which you should do 3P?
No, sorry. What I meant was, from an inventory standpoint, not from store. I mean when I said store, I meant inventory. So, is there any thought process? Or it's like lock, stock and barrel as you move to 1P because it makes sense everywhere, wherever you are in the country.
ETERNAL LIMITED CC-Dec24.pdf · 2025-01-20
Hi, good evening team. I have a couple of questions. First is on the food delivery side. The newsletter mentions about broad-based slowdown, and this is a comment from other consumption-oriented companies as well. Do you think for you as a company, or for this as a category, it will moderate further before it starts picking up? Your letter mentions again that things are expected to pick up. What do you think? Because a lot of consumer companies are talking about urban seeing more moderation in the foreseeable future before it gets better? What is your take?
Okay. And through the course of the latter half of the quarter, from November to December, was it broadly stable, or was there any change during those few weeks?
ETERNAL LIMITED CC-Sep24.pdf · 2024-10-22
Hi team, good evening. My first question is on the quick commerce competition. You have addressed some parts of this in the letter, but how do you think about the next few quarters, given that there is a capital raise, and your peers are also doing the same? On top of that, Flipkart Minutes has entered, and in general, delivery timelines are going down with delivery companies also talking about participating in this entire quick commerce space, one way or another. What is your outlook from the next two to four quarters perspective?
Got it. And Akshant, a follow-up to that. What are the key things that you are monitoring? You mentioned in one of the places that service level is important. But to understand the funnel, if, let’s say, 100 new customers are joining the QC platforms, how do you ensure you’re getting a fair share of those customers? Or, put another way, at what point would you say that if there’s too much discounting or freebies, you might need to participate or retaliate in some way? What are those parameters that you’re monitoring that give you the confidence to not go all-out today, but might change your approach if things go out of control?
ETERNAL LIMITED CC-Jun24.pdf · 2024-08-01
Hi. Can you hear me?
Good evening. A few questions. First, on the food delivery business, on a YoY / QoQ basis, the growth looks quite impressive, and it has come without any impact on margins by and large, which means that there may not be major promotional discounts in the quarter. When we talk to some of the discretionary companies, the view is that there may not be a slowdown but a moderation in growth for sure and a bit of caution from a near-term perspective. What are your thoughts on the near-term food delivery business in terms of growth? Any concerns on the horizon for you?

Devyani International Limited

Devyani International Limited CC-Mar25.pdf · 2025-05-23
A few questions , first on KFC, Manish, this 83k ADS number looks very low. Let's say, if you go back to 2nd Quarter 2021, this is the lowest number that I have seen, at least in the last 18 quarters. What is the key reason for this number to be so low?
So, does that mean , Manish, 4th quarter marks the trough and things should sequentially get better, or you can be at this level for some time and then the improvement may still be away? The other way of putting this also is that the SSSG number of -6 is also on a base of -7 which was on a base of +2. So, it's not that the base has been very high, right? So, how do you think about the improvement? You get better from here or you stay here for some more time?

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-Sep24.pdf · 2024-10-24
My first question is on HI again. On the LV, you're expanding it into across different geographies. In the geographies or regions where you've expanded so far, have you done consumer checks in terms of whether the consumer is noticing that the product efficacy is far better than what it was in the p ast? Can you just talk about any of the feedback that you have from the ground?
Okay. Got it. You have also explained well on your position on the soap, but just one quick thing. So, you mentioned about the quality part but is it that the fillers can help from a sensorial perspective in any way, sorry, it is a naive question, but I just want to be clear. The quality part understood, but sensorial part, do you think fillers can do better job than what you have?