Stockrabit · Analysts
Questions across 39 calls

Vivek Rajamani

Morgan Stanley

PI Industries Limited

PI Industries Limited CC-May26.pdf · 2026-05-20
Thank you so much for the opportunity. Just one question on the margins. I think I can see over the last couple of quarters and for much of fiscal ‘26 , you have been able to maintain your g ross margins at a very healthy level of, you know, 58% to 59%, but for the last couple of quarters, at least on the EBITDA side, we have seen a bit of compression going back to the 22% mark, whereas we started the year with a 27%-28% margin profile. Just going into fiscal ‘27, if you could just give us some sense of, you know, how should we think about margin profiles both on the gross margin level and the EBITDA margin level?
Understood. And the EBITDA margin would be a similar comment?
PI Industries Limited CC-Nov25.pdf · 2025-11-12
Thank you for the presentation. Apologies if this was addressed in the previous questions. But just wanted to clarify where exactly are we with respect to the regulatory challenges that you w ere alluding to on biological? Have we seen the resolution for that or that would continue for maybe one more quarter? And in that case, how should we think about the scale-up of the biologicals segment in the next 2 quarters and potentially fiscal 2027? That is the first question.
Sure. Just one clarification there. I think in the previous quarter, you mentioned that because of this, you could not make any sales in the previous quarter. Would it be fair to say that at least we started to see some traction come back? Or that is still some time away?
PI Industries Limited CC-Mar25.pdf · 2025-05-20
Hi, sir. Thank you so much for the presentation. Just continuing with the question on the new products i n your portfolio. For FY25, they have grown at about 30% plus. How should we be thinking about the growth of these new molecules in FY26 or even FY27? And sir related question, these new molecules grew about +40% into 2Q and 3Q and about +20% odd in the remaining two quarters. So any thoughts with respect to if there is the functionality element here would also be super helpful. Thank you.
Sure sir, that is helpful. And anything with respect to seasonality or it would just be equally spaced.
PI Industries Limited CC-Sep24.pdf · 2024-11-14
Just to kind of go back to the previous question, you have mentioned that you are facing these inventory issues. Just wanted to check if these issues are actually more focused on your legacy portfolio? And given that you were actually reporting very strong volume numbers for the past many quarters, I just wanted to understand that's actually what has caused a bit of an inventory pile up? And just wanted to get your assessment in terms of how severe you think this could be a bit of an extension of the previous question?
The second question I had is a bit of a two-part question on the margins. Again, the margin trajectory has been very strong. So, just wanted to understand, how much of this is actually coming from the newer products? So, if you could just give us some sense of how much these new products are making up of your overall export portfolio, and just how different are the margin profiles compared to say your legacy portfolio?

Tata Chemicals Limited

Tata Chemicals Limited CC-May26.pdf · 2026-05-04
Hi, Sir. Thank you so much for the presentation. You did mention that we are seeing a few closures or some capacity taking maintenance. You did give examples of a capacity in the US and in China. Just with respect to that, could you just talk about how soda ash flows have started to change, if they have, because of the conflict? And if we could see some relief with respect to, some of the regions potentially slowing their exports or you could see some relief in terms of pricing, which yo u were obviously suffering because of the lower dumping that was happening. So, are you starting to see some sort of relief because of these flows or do you expect that to kind of happen over the next couple of quarters?
Sure, sir. That's clear. But it would also be fair to say that the increase is purely a cost of an exercise, so margins will potentially have to wait for a bit longer to kind of benefit. Would that be a fair statement?
Tata Chemicals Limited CC-Jun25.pdf · 2025-07-25
Thank you so much for the opportunity and congratulations on good set of numbers. Just wanted to dig in a little bit deeper on the previous participant's question. If you could just give a bit more color on what's driving the sequential improvement in both India and U.S. , given that the volumes are lower, but the profitability seems to be a lot stronger. Any specific reason for that? And that's the first question. Thank you.
Sure sir. Thank you so much for that. So, just a clarification, given your opening remarks where you said that there has not been any significant changes in pricing, would it be fair to say that the Q4 EBITDA numbers for both India and U.S. may be the more normalized numbers going forward? Or the 1Q numbers should be more of a normalized benchmark, assuming no significant changes in pricing?
Tata Chemicals Limited CC-Mar25.pdf · 2025-05-07
Thank you so much for the presentation, Sir. Just a couple of clarifications on the US. I know you mentioned that the export realizations in some markets were the main reason for the decline in EBITDA, but I just wanted to check if the surge in gas costs that we saw this quarter, did that also play a role in the margin compression? And the second clarification I had was, if I remember correctly, in the last quarter, you mentioned that two shipments got pushed out to this quarter. So just wanted to check if it wasn't for those shipments, but the US volume numbers would have been lower this quarter. Thank you.
Yes, just wanted to check if the increase in gas cost, did that also play a bit of a role in the margin compression?
Tata Chemicals Limited CC-Dec24.pdf · 2025-02-03
Sir, just a couple of clarifications. On the US, I think you mentioned that there was a production outage, which potentially explains the sequential drop in volumes. Could you also give us a sense of what the cost impact was, which impacted your EBITDA because of the same?
Rs.30 crore. Got it, sir. And when you s ay that in terms of volumes you should be above last year, just to clarify, is this ongoing activity now over or is there some spillover into Q4?

Navin Fluorine International Limited

Navin Fluorine International Limited CC-May26.pdf · 2026-04-29
Congratulations on the strong finish. Just wanted to get a sense with respect to the customer conversations that you're having. Do you get a sense that you could move to increased restocking on a more sustainable basis with customers potentially building up more buffers versus the just- in-time sentiment that we've got used to for the last couple of years. And just with respect to agrochemicals, given the dislocations that we've seen in fertilizers and obviously, we don't know how the situation will resolve itself, do you see any risk of that flowing into potential offtakes for some of the agchem products?
Sure, sir. No, it's actually going the other way where you could see more restocking potentially with what's happened, not specifically on demand destruction?
Navin Fluorine International Limited CC-Nov25.pdf · 2025-10-30
Congratulations on a fantastic set of numbers. Just on the state of the agri segment, we did see a good pickup in global volumes in the first half. And now we are once again hearing some signs of stress. While you've mentioned that you have a strong outloo k for H2, I just wanted to get your insights on the kind of conversations that you're having with your customers and the kind of the recovery that you guys are seeing in the space?
Sure sir. And just maybe one clarification on CDMO. I think in the PPT, you've mentioned that supplies for a material order were concluded in this quarter and you're on for discussions. I just wanted to clarify in the opening remarks, did you mention that it would be likely in CY '26?
Navin Fluorine International Limited CC-Mar25.pdf · 2025-05-09
Hi sir, thank you so much for the presentation and c ongratulations on a great set of results. I'll probably extend the previous participant's question on CDMO. Given the progress that you've made with the new customers, can you give us a sense of how we should be thinking of the CDMO revenues into fiscal '26-'27 vis-a-vis where we are in Q4, which is already a great start. So just some thoughts in terms of how that could evolve. And this is an ext ension to that. You had mentioned that from a strategic perspective, you're shifting into more late -stage molecules to reduce the lumpy nature of CDMO. Just wanted to understand with the contracts that you have, how much -- how far do these contracts get you with reaching that objective?
That's clear. Maybe the second question I had was just with respect to the conversations that you're having with your broader customer base across segments. Just wanted to get a sense in terms of everything that's been happening in the last couple of months. Do you get a sense of how customers are thinking abo ut '25-26. Is there -- are you getting a sense of them changing any strategy from a procurement perspective. Any high -level thoughts with respect to tariff would be super helpful.

SRF Limited

SRF Limited CC-Jan26.pdf · 2026-01-20
Thank you so much for the presentation. With respect to your opening remarks when you mentioned about the tariffs, could you give us a sense of what is the impact that you've seen for this quarter, whether by way of volumes or whether you've had to change some geographic locations? And in terms of customer conversations, are you seeing any sort of impact from this?
Sure, sir, that was very, very helpful. I just wanted to follow-up, any comments on the ag chem part of the business?
SRF Limited CC-Jun25.pdf · 2025-07-24
Congratulations on a good sort of numbers. Just one question on the refrigerant gases, ex of R32, if you could just touch upon the kind of pricing trends that you're seeing for the remaining products and how you see that evolving over the course of fiscal 2026?
Sure, sir. That's clear. And just one clarification from a domestic export mix, the 50 -50-odd percent number, which would be the same for this quarter? Or has that mix changed , purely on the ref gas side?
SRF Limited CC-Mar25.pdf · 2025-05-13
Congratulations on a very strong set of results. The question was on specialty chemicals, the improvement that you were going to see in Fiscal Year 2026, would it be fair to say it ’s going to be driven largely by increased volumes and cost efficiencies? Or do you think there could also be a positive mix change, either from new products or some pricing improvement? I just wanted to get your thoughts on what will be the biggest driver of improvement in Fiscal Year 2026?
Sure, sir. And just one clarification with respect to the improvement that you are foreseeing in Fiscal Year 2026, that already assumes the two, three new AIs, not from your perspective but from the customer registration perspective, correct? Or do you think that would be a significant upside risk if some of those things fall into place?

Deepak Nitrite Limited

Deepak Nitrite Limited CC-Nov25.pdf · 2025-11-14
The question was an extension to the previous participant. Just with respect to the downstream integrated polycarbonate projects. Could you just give us how should we think about the CAPEX for fiscal 2027, fiscal 2028? And if you could also give us an update with respect to the timelines of the commissioning of the various parts?
Sure, sir. That's clear. And any indication of how we should think about the CAPEX spend over the course of this March 2028 startup? You mentioned INR 1,500 crore of CAPEX for this year. Could you just give us an indication for fiscal 2027 and fiscal 2028 as well?
Deepak Nitrite Limited CC-Dec24.pdf · 2025-02-17
Sir, in your presentation that you have uploaded, you have mentioned a couple of comments. Firstly, you have started to see a pickup in the international customer offtake. And I think you have also mentioned that you will see a more normalized level of profitability from Q4. So just with respect to these two points, if you could just give some more color , from a volume perspective if you had a base of 100, what kind of normalization would you expect going into Q4 or potentially Q1? And when you are saying normalize profitability, which quarter do you think we can take as a normalized level , would t hat be the first half of this fiscal or maybe even before that? So just some color in terms of that would be super helpful.
Sure, sir. Super helpful. Thank you so much for that. Secondly, just to clarify, you did mention that some of the projects that you wanted to commission over the course of Q3, Q4, you have seen some delays. Just wanted to clarify if this is a function of the ongoing industry dynamic where obviously demand can be significantly better ? O r are you simply taking the time to properly operationalize the plant and ensure everything is fully sorted? I just wanted to clarify if this is more about ramping up the plant properly and not a response to the industry weakness.

Aarti Industries Limited

Aarti Industries Limited CC-Nov25.pdf · 2025-11-07
Hi, Sir. Thank you so much for the presentation. Just a couple of clarifications on the tariff spread again. I think you mentioned that you have already reduced the share of volumes to the U.S. this quarter and offset it with sales to the other regions. So would it be fair to say that if the tariff situation resolves whenever it does, the volume impact may not be significantly higher because it could just be a case of you moving the volumes to the U.S.? Or there could still be a more improved volume performance should that happen? That is the first bit. And second, you just also touch upon ex of tariff, the volumes going to the U.S., do they have a better margin profile vis -a-vis your volumes going to the other geographies? Some colour on that would also be helpful?
Sure sir, that is very clear. Thank you and all the very best.
Aarti Industries Limited CC-Jun25.pdf · 2025-08-01
Hi, sir. Thank you so much for the presentation. The first question was you had given us to understand that the strength in the gasoline margin, naphtha margins would be a good ind icator for your own MMA margins and obviously, for this quarter, the spreads were quite strong compared to the last quarter. So, would it be fair to say that if it was not for these various disruptions that you faced, the performance from the MMA business would have been a lot more better? I just wanted to get a bit more clarification on that.
Sure, sir. And just the other question is with respect to the expansion that you have mentioned, I think before this, there was another expansion as well, which you had completed in the previous quarter if I am not mistaken, and now there is one more meaningful expansion. I just wanted to get your thoughts with respect to what is the kind of potential that you are seeing for this product, as well as the competitive landscape, if you are feeling confident to continue this expansionary process on this product?
Aarti Industries Limited CC-Mar25.pdf · 2025-05-08
Hi sir. Thank you so much for the presentation and congratulations on a good set of numbers. Two questions from me. Firstly on the MMA side, I think you mentioned in your comments that you have made progress on expanding the customer base as well as the geographic base. Could you just talk a bit more about what kind of customers these are, and what kind of impact they could have in terms of the pricing as they ramp up? That's the first question.
Sure, sir. Thank you so much for that. The second question I had was more from the broader customer base. Just wanted to get your thoughts, with everything that's happened recently in the past few months, how are the customer conversations generally evolving into the remainder of ’25 and ’26? Is there more uncertainty? Is there a shift towards probably more short-term contracts? Could you just give us a sense of how the customer is thinking about everything that has been evolving? Thank you.