Welcome to the 9th edition of The Chatter — a newsletter where we dig through what India’s biggest companies are saying and bring you the most interesting bits of insight, whether about the business, its sector, or the wider economy. We read every major Indian earnings call and listen to the interviews so you don’t have to.
In this edition, we have covered 21 companies across 13 industries:
Consumer Durables
Stove Kraft Ltd.
Infrastructure
Gensol Engineering Ltd.
FMCG
Nestlé India Ltd.
Procter & Gamble
Dodla Dairy
Gopal Snacks Ltd.
Automobile & Auto Ancillaries
Mahindra & Mahindra Ltd.
Talbros Automotive Components Ltd.
Balkrishna Industries Ltd.
Travel & Tourism
Thomas Cook (India) Ltd.
Retail
Aditya Birla Fashion & Retail Ltd. (ABFRL)
Metro Brands Ltd.
Consumer Goods
Indigo Paints
Software & IT Services
CMS Info Systems Ltd.
Electrical Equipment
Schneider Electric Infrastructure Ltd.
Engineering & Capital Goods
Mtar Technologies Ltd.
Plastics Products
Finolex Industries Ltd.
Miscellaneous
Awfis Space Solutions
Global
Freightos
Sony
Daimler
Consumer Durables
Stove Kraft Ltd. | Small Cap | Consumer Durables
Stove Kraft Ltd. is a leading Indian manufacturer of kitchen appliances, offering products under brands like Pigeon, Gilma, and Black+Decker. The company produces a wide range of cookware and small appliances including pressure cookers, gas stoves, and mixer grinders. It operates with a pan-India distribution network and exports to several international markets.
The IKEA deal shows that Stove Kraft is trusted globally for quality and scale. It’s not just about money,it proves they can meet global standards, opening doors for more international deals.
“FY25 was a defining year for us... One of the most notable milestones was our partnership with IKEA to develop and supply a range of cookware products for their global network of stores — a testament to our manufacturing excellence and global aspirations. We also continued our retail expansion at a robust pace... commissioned a state-of-the-art cast iron foundry... scalable up to 4.4 million pieces per annum, positioning us well for future volume growth.”
—Rajendra Gandhi,Managing Director
Switching to a lighter model to grow faster without spending too much and opening many stores in one year shows strong progress
“We made a strategic transition from a company-owned, company-operated model to a company-owned, franchisee-operated model. This shift was aimed at accelerating our retail footprint across multiple cities and states in a capital-efficient manner. As of FY24, our Pigeon exclusive brand outlets network comprised 171 stores across 50 cities in 8 states. By March 31st, 2025, this number has now grown to 262 stores, covering 91 cities and across 20 states, reflecting a robust net addition of 91 stores during the year and 32 stores”
—Rajendra Gandhi,Managing Director
Big changes across the world are in favour of Stove Kraft. They gain as companies look beyond China, especially for affordable, high-quality cookware.
“The tariff is actually a positive for a country like India. Irrespective of that, there is a strategy by many of these retailers that they would want to look at an alternate or additional source other than China. But with the current tariff situation, actually, it had almost brought a full stop for them to import from China. They are all scrambling for alternate markets, sourcing from alternate markets. [...] I think many of the retailers that we are working with and with whom we are engaging with new customers are all very keen to establish alternate supply chain markets out of China, and we stand to gain in that."
—Rajendra Gandhi,Managing Director
[Analyst Take: Do we see any issue in terms of exports because of the tariff related concern that's been happening?]
Infrastructure
Gensol Engineering Ltd | Small cap | Infrastructure
Gensol Engineering Ltd is an infrastructure company specializing in turnkey engineering services across sectors like renewable energy, water treatment, and environmental engineering. They focus on delivering sustainable infrastructure solutions with a growing presence in clean energy projects.
A major shift from just doing solar projects to becoming a full clean energy company, aiming for long-term growth and tapping into rising demand and supportive government policies.
“We are positioned to capitalize on the demand for clean energy, expanding strategically into green hydrogen, BESS (Battery Energy Storage Systems), and e-mobility with EV manufacturing and leasing... We have already secured 2 energy storage orders from GUVNL... and will keenly participate in upcoming tenders..."
—Anmol Singh Jaggi, Chairman and Managing Director
The company missed its FY25 target of ₹2,000 crore, after falling short in FY24. While external factors like land and weather are cited, repeated shortfalls hint at weak risk management and overly optimistic planning.
“Unfortunately, we have had some slowdown... But I think what has led to a slightly slow growth for the quarter 3 was the reason that we would have had extended rainfall in certain parts of the countries where we were having our projects... so we were not able to execute on ground. And secondly, in some of the large projects that we are executing, the land from the customers have not been able to transfer to us in this quarter...And hence, you will see that we will do a catch-up... I'm not saying that we will be able to catch up entirely in the quarter in which we are, but we will continue to maintain a very, very good... higher than industry average kind of a growth…”
—Anmol Singh Jaggi, Chairman and Managing Director
Despite 30,000 preorders, Gensol is taking it slow with production. Instead of rushing, they are being careful with money and risks, focusing on quality and building a strong brand as a new maker.
“We showcased EZIO and EZIBOT at the Bharat Mobility Show… received 30,000 preorders… production will be slow and steady… 100 cars in the first batch, collect feedback, then ramp up gradually…”
—Anmol Singh Jaggi, Chairman and Managing Director
FMCG
Nestlé India Ltd | Large Cap | FMCG
Nestlé India Ltd is a leading large-cap FMCG company known for its wide range of food and beverage products like Maggi, Nescafé, and KitKat. It focuses on innovation, quality, and premium products, maintaining strong market leadership in India. The company consistently delivers steady revenue growth and pays regular dividends to shareholders.
The company has made a bold shift from being cautious to becoming innovation-driven, with a clear goal to have 10% of sales from new products. They're willing to take risks, try fast, and fail fast, a big cultural change.
“Failing to succeed has now become an accepted mantra… unless you support failure, you will never see success. Today, [new products] contribute 6.5% to sales. I would like to see this ambition go to at least 10%.”
—Suresh Narayanan, Chairman and Managing Director
Nestlé is shifting from slow, batch deliveries to instant, real-time order fulfillment by leveraging AI and advanced analytics, making its logistics smarter, faster, and more competitive.
“Blinkit asks us a question saying ‘I deliver in eight minutes, why should you take two days?’... Nestlé puts its hat on it, works... and ensures that at least we get it down to one day and hopefully now we will get it down to a couple of hours.”
—Suresh Narayanan, Chairman and Managing Director
People are buying less because prices are too high, admitting that this is hurting the volumes and growth,they’re focusing on cost-cutting and only raising prices as a last resort.
“A slowdown in consumption growth... what we see is food inflation that continues to hurt. It is impacting budgets. The consumer is feeding back to us: ‘We are buying more expensive but consuming less.’Coffee prices are up 75%. Cocoa up 40–50%. Wheat will also see increases due to higher procurement prices.This means we have to find ways of mitigating it. We come back to our Nestlé Continuous Excellence, translated internally as Project SHARK.Only after we have exhausted procurement efficiencies and cost dynamics... do we even touch pricing.”
—Suresh Narayanan, Chairman and Managing Director
Despite short-term slowdowns, Nestlé is building new factories and increasing capacity. It believes strongly in India’s long-term growth story and is backing it with serious investment.
“We don’t get cowed down by a year or two of blip. We look at it more in terms of the longer term... we would be investing almost ₹5,800 Crores between 2020 and 2025.”
—Suresh Narayanan, Chairman and Managing Director
Nestlé is teaming up with Dr. Reddy’s to sell health and nutrition products.Together, they aim to reach more people and tap into a ₹24,000 crore market,a smart way to grow beyond just food.
“This is the first of its kind in India for Nestlé... the integration has been successful. There are new launches from Nestlé Health Science and Dr. Reddy’s portfolio... It is an opportunity that also does good for the company and society.”
—Suresh Narayanan, Chairman and Managing Director
Procter & Gamble | Mid Cap| FMCG
Procter & Gamble Hygiene and Health Care Ltd (PGHH), founded in 1964 and acquired by P&G in 1985, is a leading Indian FMCG company known for its flagship brands Whisper and Vicks. Headquartered in Mumbai, PGHH manufactures in Goa and Himachal Pradesh and distributes healthcare and feminine hygiene products nationwide.
Company making a big move to digital, using AI to make forecasting, inventory, and product quality better in a real way,not just a small change.
“We are leveraging seamless data, analytics, and automation to optimize our supply chain, resulting in 60% fewer touchpoints than a few years ago. We have also moved to an artificial intelligence, machine learning ordering system for our distributors, which is helping us better predict distributor shipments and replenishment. This is advancing us in our journey of Supply 3.0.”
— V. Kumar, Managing Director
The company is focusing on long-term growth instead of quick profits, which matters with input costs being uncertain.
“We would like the record to reflect the accurate picture of our results. Our structural margins this year have actually improved significantly, to the tune of 400 bps, driven by our deliberate efforts on productivity across cost buckets… Specific to the June quarter, it was a deliberate choice to invest part of the margins back into business to create awareness regarding the new lineup of innovation…”
—Mrinalini Srinivasan, Chief Financial Officer
P&G is staying ahead by customizing its supply chain, giving it an edge over competitors,recognizing the move toward faster delivery models.
“While currently a small channel, quick commerce is growing rapidly for us and is expected to continue to drive growth across FMCG as the channel expands to multiple locations... We know this is working because quick commerce for us is growing at 2X.”
—Mrinalini Srinivasan, Chief Financial Officer
Big brands still lead, but D2C (direct-to-customer) brands are getting more popular, making it harder to keep prices up and customers loyal,especially with Gen Z and rural shoppers.
"To address the questions on D2C, the unorganized and small sector has witnessed growth in niche channels. At a national scale, they still represent less than ~10% of the market. Having said that, the competitive landscape has evolved, and more competition has entered the category. And healthy competition can also help grow the category."
— Mrinalini Srinivasan, Chief Financial Officer
Dodla Dairy | Small Cap | FMCG
Dodla Dairy Limited is an integrated dairy company based in Telangana. The company derives the majority of its revenue from the sale of Milk and dairy-based value added products in the branded consumer Market. Currently, its procurement is centered in 5 states and its products are available for purchase in 11 states.
Shift to being a net seller of SMP (Skimmed Milk Powder) and butter from a net buyer is a fundamental change in Dodla's operational strategy.
Dairy companies convert excess milk into products like Skimmed Milk Powder (SMP) and butter primarily because these products have longer shelf lives, allowing the company to store surplus milk during seasons of high production and use or sell these stored products when milk availability decreases, stabilizing supply and prices.
“In FY 25, we evolved from a net buyer to a net seller of SMP (Skimmed Milk Powder) and butter. This strategic move was backed by enhanced procurement strength and resulting in better efficiency and control over the margin profile. We were able to maintain stability in our margins during each quarter in FY 25, significantly minimizing the seasonal effects that used to impact our margins.”
– Sunil Reddy Dodla, Managing Director
Management directly states that milk procurement prices are softening due to early monsoons and increased milk production. They have already implemented one price reduction for procurement and anticipate another. This is a key driver for potential margin improvement or stability, as procurement is a major cost component.
"You see, first question, what you have said, early monsoon started in South India in a couple of areas, showers already we have experienced it, especially in Karnataka, Tamil Nadu, even to certain extent in Maharashtra also. Price is already softening and we have already taken one round of price reduction. And maybe we are expecting it will go for one more round also very soon."
– B.V.K. Reddy, CEO
While focusing on deepening penetration in existing markets like Tamil Nadu and Maharashtra (pre-greenfield launch), management explicitly stated they are "actively looking towards the more north of the country" for new state entries.
"So, India, we are looking at it as we will look at certain other areas of expansion which we are looking actively in terms of more states to be added for our growth, which can also give us our growth and we will also see how our depth works. But I think we are also doing well on the other end of our products like ghee, paneer, which we have almost doubled from last year and we are hoping to do better. We have also been penetrating into modern trade, we have been trying to get more into online trade, regular existing markets. So with all the initiatives and also we are doing a significant spend on brand, we are hoping that with all that our existing market growth rates also will continue to maintain, and additional growth we get from new territories will make our going forward. Our additional territories will be more in terms of deeper penetration into Tamil Nadu, Maharashtra where we are already operating, and maybe a few new states if they come across for us.
We will keep looking going forward towards the northern part of the country. I think we will be more specific in the coming couple of months as to where it will be, we will disclose that a couple of months later. But we are actively looking towards the more north of the country."
– Sunil Reddy Dodla, Managing Director
Gopal Snacks | Small Cap | FMCG
Gopal Snacks Limited is a leading manufacturer in the fast-moving consumer goods (FMCG) sector, specializing in traditional Indian snacks and packaged food products.
Quantifies the severe impact of the Rajkot facility fire, explaining the Q4 FY25 performance and setting a baseline for recovery. Insurance coverage is a positive.
“As far as Q4 numbers are concerned, those are in line with our previous commentaries. Uh, the factory which we lost was contributing 65% of our topline and we lost 110 man-days to be very precise, between Q3 and Q4. So our per day revenue loss on weighted average was 1 crore rupees. So if we just add back those 100 crore rupees to our delivered revenue, the numbers were aligned.
Further, consequent to fire incident, we have booked the total loss of Rs 47 crores under exceptional items covering damages to plant and machinery, factory building, and stock, which are covered under insurance claim. Now coming to full year performance for FY25.”
Details significant raw material inflation impacting margins, forcing pricing actions and grammage adjustments. Highlights cost pressures faced by the snacks industry.
“Our gross profit for the quarter ended stood at 64 crore rupees, representating a gross profit margin of 20.2% as compared to 28.1% last year. Our margins during the period were impacted majorly by rising key raw material costs that rendered the pressure on the margins. Key raw material materials such as palm oil, potato, maida floor, chana witnessed a sharp increase which has substantially impacted our cost structure.
Palm oil increased by 54% from 85 rupees per kg to 132 rupees per kg. Potato by 56% from 12 rupees per kg to 19 rupees per kg and maida floor by 21% from 28 rupees per kg to 34 rupees per kg. In response to that, we have undertaken multiple initiatives like downward revision in grammage in our 5 rupees and 10 rupees SKU of Gathiya and Namkeen products and upward revision in selling prices in larger packs.”
– Regan Raithatha, CFO
Addresses investor concern about high dependence on low-margin Rs 5 SKUs (65% of sales), outlining a clear strategy shift towards higher MRP products.
“So what steps are we taking further to reduce the dependence on 5 rupee pack? Okay. So there are two, three pillars which are going to help us in terms of reducing our dependency not only on 5 rupees MRP pack, rather on palm oil based products as well. One is, uh, once we roll out our marketing endeavor, that will be a full-blown TV advertisement. So that definitely uplifts, uh, brand perception in consumer's mind.
So we are trying to promote our 10 MRP packs in wafers category. It, it has a positive cascade effect on, you know, other categories as well. Other category also start selling in higher MRP products. Secondly, we introduce our candy pouches, uh, which we introduced in all the modern trade chains and all the e-commerce as well as general trade. So it, its full benefit has yet to come. So we will definitely, we are definitely expecting that whatever the industry average is in terms of larger pack contribution, we'll come at par with industry or rather better of them.”
Offers a cautiously optimistic view on rural demand in its key market, an important factor for volume growth, and indicates Q1 FY26 (likely) is on track.
“Now, as far as slower demand and other factors are concerned, see, we have deep penetration in rural India, in rural Gujarat particularly, right? So rural demands are okay. So as of now, as well, our current quarter's numbers are aligned to our internal projections.”
Automobile & Auto Ancillaries
Mahindra & Mahindra Ltd | Large Cap | Automobile
Mahindra & Mahindra Ltd is one of India’s leading automobile manufacturers, known for its SUVs, tractors, and commercial vehicles. It’s a flagship company of the Mahindra Group with a strong presence in both domestic and global markets. The company also operates in farm equipment and electric mobility, positioning itself for long-term growth.
Aiming to turn some of their smaller businesses into major growth engines. They're clearly splitting them into two types,ones that are ready to scale up fast and others that are still figuring out their place in the market.
“Our scalable growth gems have a very clear competitive advantage... now have a target of $2 to $3 billion of valuation each by F30. Our emerging growth gems... we want to get to a billion dollars of market valuation in the next five years.”
— Dr. Anish Shah, Group CEO & Managing Director
Customers are asking for electric cars that can go longer distances, even in the more affordable versions. In response, Mahindra plans to offer new variants with a larger 79 kWh battery and fewer premium features. This shows Mahindra’s commitment to meeting customer needs with smart, flexible options.
“There is a very large segment of people who will want 79 kWh in lower packs... range is really important... So, we will have to re-variant, and create some new variants which are 79 kWh with lesser other tech.”
— Rajesh Jejurikar, Executive Director and CEO, Auto and Farm Sector
Their electric vehicle company (MEAL – Mahindra Electric Automobile Limited) already made an operational profit (EBITDA – Earnings Before Interest, Taxes, Depreciation, and Amortization) in the first quarter, even before counting any government incentives, a big deal for a brand-new division.
“MEAL... was EBITDA positive in its first quarter... INR 10 crores EBITDA profit without accruing any PLI (Production Linked Incentive). Fixed costs sitting in the MEAL organization are very limited.”
— Rajesh Jejurikar, Executive Director and CEO, Auto and Farm Sector
Mahindra qualifies for India’s EV subsidy (PLI – Production Linked Incentive), but they are not adding that money to their profits yet. They’re waiting for the final technical certificate,which shows Mahindra is being careful and honest in their financial reporting.
“We had applied for PLI. It meets the norms. We had the option of whether we could take a chance and accrue it in the quarter which we just went by. We felt that it's better to be cautious about accrual at this stage given it's the first PLI application and the processes that you need a technical certification that can come. You can accrue it without the technical certification, but we've taken a call to be cautious about it and accrue that when we get the technical certification.”
— Rajesh Jejurikar, Executive Director and CEO, Auto and Farm Sector
Mahindra found that most people buying their electric vehicles (EVs) are new customers, not existing Mahindra owners, showing that the EVs aren’t just replacing older models, they’re adding to overall sales.
“It's a very low level of cannibalization at this point of time. We have, at least in the first way, many customers who were buying the electric were non-Mahindra owners, and I'm sure you will pick that up anecdotally. I mean it's a very different target group that's coming in and they were not people who are buying Mahindra or even ever considering a Mahindra..”
— Rajesh Jejurikar, Executive Director and CEO, Auto and Farm Sector
Talbros Automotive Components | Small cap | Auto Ancillaries
Talbros Automotive Components Limited (TACL) is primarily engaged in manufacturing automotive components. Their product portfolio includes gaskets, heat shields, forgings, chassis systems, suspension systems, anti-vibration components, and hoses.
The recent mandatory AC bill for commercial vehicles is generating fresh demand, with Talbros already securing Tata Motors orders and actively pursuing RFQs from established customers including Ashok Leyland, Mahindra, and Volvo.
"We have just started supplying to Tata Motors. We have got the order of supplying heat shield in the business of Tata cabin or Tata Motors. We have received RFQ only. We are working on that. We'll approach other customers - Ashok Leyland and Mahindra also, Volvo, which are our regular customers in this."
Multiple European and US programs worth significant revenue have been postponed 6-12 months due to design changes and OEM inventory issues, but management expects commercial production to resume from Q3 FY26 with no business lost.
"My initial projects were delayed by one year because of design change. Now design finalized, everything done, now we have the commercial operations. The commercial building will start from the third quarter of this year. BMW production schedule came down very heavily in the last 6 months because of excess inventory on one hand and because of the reduction in their order book. But now I think that inventory problem is resolved."
– Anoj Talwar, Joint Managing Director
Management provided detailed visibility on export recovery with JCB expecting 30-35% growth, Jaguar Land Rover targeting 10-15% expansion, and overall export mix projected to reach 30% by next year from current 27%, driven by resolved inventory issues.
"JCB of course the last phase got developed in the last quarter and full impact you can see - we can see a growth of 30 to 35% in this business in the next year. Other businesses we are doing in UK Jaguar Land Rover - we are seeing a growth of minimum 10 to 15% in this business next year. By the end of next year it should be around about 30%."
– Anoj Talwar, Joint Managing Director
Talbros secured single-sourcing status for Maruti's upcoming EV launch starting July 2025, positioning the company as a critical supplier in India's EV ecosystem with management forecasting 35-40% growth potential in this high-margin segment.
"All the book is we are this year they will start the business on third quarter from July they will be supplying parts to the Maruti EV vehicle. They are single sourcing that. The vehicle is going to launch in June or July. We foresee that next year this business should grow by minimum 35 to 40%."
– Anoj Talwar, Joint Managing Director
Balkrishna Industries Limited | Mid Cap | Tyres
Balkrishna Industries Limited (BKT) is primarily engaged in the manufacturing and sale of off-highway tires (OHT). These tires are used in specialized segments like agriculture, construction, earthmoving, mining, and forestry. BKT is a leading player in the global off-highway tire market.
[Concall]
BKT unveiled a three-lever growth strategy targeting 117% revenue expansion, with OHT contributing 70%, carbon black third-party sales 10%, and new Indian tyre segments 20% of enhanced revenue, marking a strategic pivot toward domestic market diversification.
"At BKT, we have set a clear and shared ambition. That is, to reach a revenue milestone of approximately Rs 23,000 crore by 2030. To achieve this, we are moving forward along with three levers of growth. Lever one, the OHT business of ours. Here, we aim to achieve 70% contribution on the enhanced revenue by financial year 2030. Lever two, carbon black. Here, we aim to achieve 10% contribution of enhanced revenue by 2030 from third-party sales. And lever three, we now plan to enter new tyre categories for the Indian market. This should deliver around 20% of enhanced revenue by the financial year 2030."
– Rajiv Poddar, Joint Managing Director
Phased domestic market entry timeline targets ₹80,000 crore TAM with disciplined execution approach. CVR pilot launches in Q4 FY26 followed by PCR in Q3 FY27, aiming for 5% market share in India's non-OHT segments, demonstrating measured expansion strategy rather than aggressive market grab in highly competitive categories.
"The commercial vehicle radial tyre pilot will launch in Q4 of financial year 25-26, and then it will gradually be ramped up. The PCR tyres pilot will follow in Q3 of financial year 26-27, and then it will gradually ramp up. By 2030, these new verticals are expected to contribute to around 20% of our overall sales, leading to approximately 5% market share in India, allowing BKT to participate in non-OHT total addressable market of additional Rs 80,000 crores in India alone."
– Rajiv Poddar, Joint Managing Director
The 50% capacity increase by early FY26, coupled with 24MW additional co-generation power, enhances cost competitiveness in tyre manufacturing while positioning for specialty carbon black third-party sales growth.
"To capitalize on synergies with our tyre operations and leverage energy and raw material integration, the Board has approved the expansion of our carbon black plant from 200,000 to 300,000 metric tons per annum. Along with this, a 24-megawatt co-generation power plant, taking total co-gen power capacity to 64 megawatt at Bhuj. This expansion is expected to be completed by early 26."
– Rajiv Poddar, Joint Managing Director
US tariff cost-sharing arrangements demonstrate pricing power and strong customer relationships. Rather than fully absorbing or passing through 10% US tariffs, BKT successfully negotiated burden-sharing with customers, indicating strong market position and collaborative partnerships in key export markets.
"So, it is being partly split between us and the customer. So, the tariff is over and above whatever was there existing. So 10% is being split between us and the customer."
– Rajiv Poddar, Joint Managing Director
Travel & Tourism
Thomas Cook | Mid Cap | Travel & Tourism
Thomas Cook (India) is a leading travel and travel-related services company. It offers services like holiday packages, foreign exchange, visa assistance, and travel insurance. With a strong presence across India, the company serves both retail and corporate customers. It is part of Fairfax Financial Holdings Group.
Sterling Holidays (part of the Thomas Cook group) has improved its systems and team to handle 2–3 times more growth without much extra cost, meaning they can add more resorts, more rooms, and earn more,without raising fixed expenses.
“We have completed robust technology and distribution transformation that can now even sustain us for a scaled-up 2 to 3x the number of resorts and destinations without much incremental fixed costs.”
— Vikram Lalvani, Managing Director & CEO, Sterling Holiday Resorts
Thomas Cook sees a big chance in prepaid forex cards.They already have 31% of an important part of it. To grow more, they launched a new “holiday card” and chose actor Kartik Aaryan to help promote it.
“We launched our holiday card called the Borderless Prepaid... we roped in a brand ambassador in the form of Kartik Aaryan... This is a front-loading of the investment. The returns on that will come in the subsequent quarters.”
— Mahesh Iyer, Managing Director & CEO
Even though DEI (the photo and imaging business) had a tough year because of war and weak U.S. demand, they reduced losses, improved how they work, and added 30 new clients worth ₹90 crores. Profits are already starting to recover.
“We dropped from INR 224 crores to INR 201 crores, but EBIT rose from INR 58 crores to INR 78 crores... We signed 30 new accounts worth INR 90 crores and had a 100% renewal rate.”
— K.S. Ramakrishnan, Managing Director & CEO, DEI
Retail
Aditya Birla Fashion & Retail Ltd | Mid Cap | Retail
Aditya Birla Fashion and Retail Limited (ABFRL) is one of India’s leading fashion retail companies, part of the Aditya Birla Group. It owns a strong portfolio of domestic brands like Pantaloons, Van Heusen, Allen Solly, and Peter England, and also partners with global brands like Ralph Lauren and Ted Baker. With over 4,600 stores across India, it caters to a wide range of consumer segments.
Company is setting ambitious long-term targets, aiming to triple revenue and double margins in five years
“ABFRL, with a sharpened brand portfolio, a comprehensive diversified play across high-growth segments, and a gross cash balance of Rs 2,350 crore, is set to unlock the next phase of growth — targeting a three times revenue scale-up and two times margin expansion over the next five years. Together, we are building two future-ready fashion platforms: resilient, profitable, and primed for long-term value creation.”
— Jagdish Bajaj, Chief Financial Officer
Looking forward to see a future profit growth coming from underperforming brands like TCNS, Tasva, and Tomorrow, which currently pull down the margins but have high potential.
“But coming to the demerged ABFRL entity, the primary — I would say the largest — uptake in margins will come from turning the businesses which are currently negative EBITDA and taking away from the profitability. Notably, parts of ethnic businesses, TCNS being the largest, Tasva being the second, and Tomorrow being the other businesses. These are businesses which are actually suppressing the margins that other profitable businesses make. And that would be the largest driver of margin expansion.”
— Ashish Dikshit,Managing Director
Being backed by a Rs 2,350 crore cash reserve, ABFRL is set to expand operations aggressively, even amidst consumer demand challenges.
“We successfully raised USD 490 million of equity capital through QIP and preferential issuance during this quarter. With that, we have infused tremendous strength into the balance sheet of demerged ABFRL. With an availability of Rs 2,350 crore cash at consolidated level, to pursue aggressive growth across its multiple high-growth platforms.”
—Jagdish Bajaj, Chief Financial Officer
Metro Brands | Mid Cap | Retail
Metro Brands Limited is a leading Indian footwear retailer known for its wide range of branded products for men, women, and kids, offering footwear for all occasions. With its own brands like Metro and Mochi, as well as partnerships with popular third-party brands, Metro Brands has established a strong pan-India presence. The company also provides accessories and footcare products, making it a comprehensive destination for all footwear needs.
Store expansion strategy is driven by profitability and commercial viability, not fixed numerical targets, ensuring disciplined growth.
“And as far as new stores go, you know, it's not about the number of new stores we open, Gaurav, as is shown by the financial discipline we have. You know, we didn't add as many stores as we would have liked, but we were more than okay with that because we didn't feel that the commercials on the stores that were presented at that time were correct.
What we're committed to doing is opening stores that are meaningful and profitable for the organization, however many that adds up to, right? So if it comes to a certain number, it comes to a certain number. It's not a target fixation of the number, it's a target fixation on continuing to operationally and financially deliver to the Metro Brands promise.”
– Rafiq Malik, Chairman
E-com contribution at 10.6% (up from previously ~8-9%), expected to grow by another 1-2% in FY25. Strong focus on profitable omni-channel.
“To be very frank, you know, we are growing across all the channels that are available for us to sort of tap. And obviously our focus, as we have discussed multiple times, is on growing our omni-channel business, which is predominantly full-price, products getting delivered from our store. So it's a mix of products that we see. Apart from that, obviously, we keep pushing and strengthening our positioning across various categories. We don't want to grow this by offering significant discounts. We want to limit that, but at the same time, we would want to target and be among the top players across all the categories that are available online. “
– Kaushal Parikh, CFO
Observation that the peak of rental inflation might be over, improving favorability for store openings.
“We are seeing rentals never come down, right? It's like taxes and rentals always keep going up. But the good news is, I think it's coming off its peak that it had earlier in the year. We're starting to see that peak flatten down a little bit. It's not going to go back to the previous levels, and we're acutely aware of that. But we are seeing it get more favorable for us to open stores.”
– Rafiq Malik, Chairman
Consumer Goods
Indigo Paints | Mid Cap | Consumer Goods
Indigo Paints specializes in paints and coatings. It has rapidly grown to become one of India’s leading paint manufacturers, known for innovative products and strong regional presence. The company focuses on delivering quality and eco-friendly solutions to both decorative and industrial customers.
Despite Grasim/Birla entering the market, gross margins have stayed strong, suggesting Indigo's pricing power and branding image remains intact.
“If that so-called disruption effect that you all have been talking about or been worried about for the last four years... had borne out, the first place where it would have been evident would have been a significant contraction in the gross margin of all the paint companies. Now... that has not happened.”
—Hemant Jalan, Chairman & MD
Profitability reached expected levels, reflecting strong cost control and premium product mix.
“The EBITDA margin in Q4 of 23.4% is the highest that has ever been recorded in any quarter in the history of the company.”
—Hemant Jalan, Chairman & MD
Even though fewer paint units were sold, people bought more expensive ones,a good sign for profits.
“Though the volume growth in the Emulsion category was mildly negative, the value growth was positive at 1.3%, which is a clear indication of the steady premiumization of our product portfolio.”
—Hemant Jalan, Chairman & MD
Indigo is spending less on big ads and shifting towards digital campaigns and dealer-level promotions. It’s a move toward more efficient, targeted marketing.
“The overall A&P spend as a percentage of revenue decreased from 6.3% in Q4 FY23 to 5.0% in Q4 FY24... The focus now is more on digital outreach to our target audience... and we have intensified our BTL (below-the-line) marketing activities to better track and promote secondary sales from dealer counters.”
—Hemant Jalan, Chairman & MD
Software & IT Services
CMS Info Systems | Small Cap | Software
CMS Info Systems Limited is India's largest cash management company in terms of the number of ATM points and retail pick-up points. The company is engaged in installing, maintaining, and managing assets and technology solutions on an end-to-end outsourced basis for banks, financial institutions, organized retail and e-commerce companies in India.
CMS is actively shifting its revenue model from shorter-term annuity contracts (1-3 years) to longer-term recurring revenue contracts (7-10 years). This strategic move is aimed at enhancing revenue predictability and stability.
“A more subtle shift, which we want to point out here for you, is in the nature of this revenue. We used to mostly be an annuity revenue business, wherein the contracts are of 1 to 3 years duration, with fairly high retention rates. We have been driving a change to our recurring revenue model, which are longer-term contracts in the nature of 7 to 10 years. In fact, our recurring revenue business is growing at more than 20% CAGR (Compound Annual Growth Rate), and today accounts for more than one- third of our overall services pie. This will help us building far more predictable revenue streams quarter-on-quarter.”
– Rajiv Kaul, CEO
The Vision AI platform is a key growth driver. CMS has achieved market leadership in the ATM space, developed a proprietary tech stack, and is now expanding into more complex bank branch monitoring and new verticals like quick commerce.
“Coming to remote monitoring, our remote monitoring business, which we now refer to as Vision Al Platform, has rapidly scaled to becoming the number one platform in India's ATM space. This year, one of the key milestones was that we completed our in-house proprietary tech stack. This enables us to roll out multiple new Al modules, which are key to winning mandates with leading banks for their branch network and large new economic lines. Less than 20% of India's 140,000 branch network is outsourced for monitoring. And our marquee solution win, with one of the leading banks, to build and operate a large and very complex monitoring solution which will go live soon, will be a key tech differentiator to win similar such mandates.”
– Anush Raghavan, President - Cash Management
CMS has a proactive M&A strategy, having screened numerous companies in target sectors. The decision to drop debt collection after extensive evaluation demonstrates a disciplined approach focused on ROCE and manageable business dynamics.
“We, in fact, screened hundreds of companies and came up with a shortlist of 65 companies with which we had meetings in these identified areas. From these companies, we are identifying and working with a set of founders to look at who can align with CMS when they present us a good growth opportunity and a good ROCE (Return on Capital Employed) profile for our future business growth. We have earlier, as you know, incubated bullion and debt collection business. After extensive work in debt collections, we are dropping that sector from our focus for the current short to mid-term.”
– Rajiv Kaul, CEO
“...I think Rajiv covered the detail on Collections, which is we did extensive efforts to incubate the business and also did a fairly detailed diligence of one of the companies that we had shortlisted.. Currently, and post that, we decided to drop it. Several concerns with respect to the fact, I mean, which basically indicate that relative to the effort that goes into running the business, the returns aren't really proportionate yet. It's still a relatively unorganized market. We will keep a wait-and-watch approach. "
– Anush Raghavan, President - Cash Management
Management explicitly articulates a niche strategy for its cards business, prioritizing high ROCE and strong EBIT margins over revenue scale. This contrasts with competitors who might pursue a more integrated, high-volume, but potentially lower-margin or higher capital intensity approach. The revenue de-growth was a conscious decision to improve profitability.
Credit Card Business primarily involves providing card personalization services, which include secure printing, embossing, encoding, and handling of credit and debit cards on behalf of banks and financial institutions.
“So, great questions, especially on the card side, it's not a business which people normally ask too much about. And so I think, you know, if you go back to what we have said earlier, our goal as a company is to operate in sectors where we can be a clear market leader, unless we, I mean, there are some sectors we can't be a market leader, but then we make it a very profitable niche. In the card business, we focus on a niche. In fact, if you think of the business last year or this year, it may be de-grown in revenue by 20%, but the EBIT (Earnings Before Interest and Taxes) margins have gained significantly. We clearly focus on working with fewer clients, high quality, good pricing and good margins.”
– Rajiv Kaul, CEO
Electrical Equipment
Schneider Electric Infrastructure | Small Cap | Electrical Equipment
Schneider Electric Infrastructure is a company focused on electricity distribution infrastructure, including the design, manufacturing, and servicing of equipment like transformers, switchgear, and automation systems. They offer solutions for power distribution, grid automation, and energy management within various industries and sectors like buildings, data centers, and infrastructure.
[Concall]
Schneider is investing ₹190 crores to increase panel capacity by 75% and breaker capacity by an extraordinary 900% (9x), with both existing plants already at 90% utilization, positioning for domestic demand and export opportunities.
"We are pleased to announce two investments for two of our plants the Vodara plant and the Kolkata plant. For Vodra plant we are currently manufacturing the existing capacity is 8,000 panels and we will be adding another 6,000 panels capacity. Now coming to the Kolkata plant we have a capacity of 5,000 breakers currently and we will be adding another 40,000. So after this our capacity will become nine times higher. We'll be having a capacity of 45,000 and we want to explore markets within and outside India for this."
– Suberna Batacharya, Chief Financial Officer
Free cash flow surged 85% to ₹245 crores, allowing the company to finance its massive expansion through internal accruals rather than debt, demonstrating operational excellence and conservative financial management.
"We generated 245 crores of free cash flow, which is a huge improvement over last year which is at 85% levels of improvement. The investment for the Vodra plant is about 100 crores and happy to share that the mode of financing will be mainly internal accruals and we have an extremely good cash situation in the organization."
– Suberna Batacharya, Chief Financial Officer
The company is successfully positioning SF6-free, sensor-enabled equipment and cloud-based monitoring systems with major utilities, establishing technology leadership in India's grid modernisation drive.
"In powergrid we have supplied after a gap to one of the central utilities in India. This is the transformer which we have supplied which is fully digitalised. When I say fully digitalised, it has got all the sensors and visualisation and the cloud visibility of data and I should thank the utility which actually embraced this technology and really showed how progressive they are."
– Udari Singh, Managing Director & CEO
Engineering & Capital Goods
Mtar Technologies | Small Cap | Engineering & Capital Goods
MTAR Technologies Limited is a precision engineering solutions company specializing in manufacturing precision components with close tolerances and critical assemblies for projects of high national importance. With expertise in precision machining, assembly, testing, quality control, and specialized fabrication, it caters primarily to customers in clean energy, nuclear, space, and defense sectors.
The 80% growth guidance for the Aerospace & Defense segment in FY25 is exceptionally strong and, if achieved, would be a major contributor to overall growth.
“We delivered around Rs.93 crores of orders in this division [Aerospace & Defense in FY25]. Aerospace and Defense sector is in an exciting phase, supported by Make in India tailwinds and strong export interest.
We anticipate a phenomenal growth of 80% from this sector in FY26. We have registered revenues of around Rs.19 crores in civil nuclear sector in FY25 as against Rs.157 crores of closing orders. We are in advanced stage of executing nuclear orders currently and we look forward to deliver around Rs.60 crores of orders in this sector in FY26.”
– Srinivas Reddy, MD
[Analyst Take: Such high growth in A&D; implies significant order execution and new wins. Investors will watch if this materializes, as it could re-rate segment contribution.]
Highlights a massive potential order inflow (Rs.700-800 cr) in the nuclear segment for FY25, significantly boosting the order book, even though near-term revenue conversion is guided lower (Rs.60 cr for FY25).
“We closed the order book at Rs.155 crores for nuclear. But it will witness a substantial inflow of orders during FY26. One is we have already received tenders for the refurbishment of five reactors... We are supposed to quote by next month... expecting those orders because we have worked on this refurbishment of reactors in the past in a big way, so we're expecting substantial orders to come in from the refurbishment of reactors.
Secondly, also the purchase order for the private entity, NEIL, has been released by NPCIL. Since we are qualified vendors, as I mentioned earlier, we are going to expect substantial kind of orders coming in from there as well. So we're looking at at least around Rs.700 to Rs.800 plus crores of orders flowing in from nuclear division.”
– Srinivas Reddy, MD
[Analyst Take: The large expected nuclear order inflow provides long-term visibility but near-term revenue impact is modest. Execution of these orders will be key.]
Plastics Products
Finolex Industries Ltd | Small Cap | Plastics Products
Finolex Industries Ltd is primarily a backward-integrated manufacturer of PVC pipes and fittings in India. They also manufacture PVC resin, the raw material for their pipes and fittings. Finolex Industries produces pipes for various applications, including plumbing, sanitation, and agriculture.
Projects business transformation drives non-agri expansion with dedicated organizational restructuring. Complete team separation between agri and non-agri segments targets 50:50 revenue mix from current 67:33, with projects business penetrating 60-70% of top 100 builders despite contributing only 10% currently, indicating significant growth runway.
"One significant step is that we were practically absent from the projects market. We were depending entirely on the retail network and the large projects the L&T and the Hiranandanis and Sobha developers of this world we hardly had any presence there. So last couple of years we have taken we have a completely different team for projects business which focuses only on these initiatives and that's getting very strong results."
– Sanjay Dhangar, Managing Director
BIS implementation provides stronger import protection than anti-dumping duties, creating sustainable competitive moats. Management emphasized that Bureau of Indian Standards mandates will make Chinese imports "very very difficult" once quality standards are enforced, providing additional layers of protection beyond anti-dumping duties.
"More than the ADD we are looking at BIS and which is actually there's nothing stopping the BIS. There cannot be because BIS mandate has been imposed on many other products so PVC resin was much lower in the list, already a lot of products have already got this BIS and once that happens none of this resin from China can come in. So going ahead we see less and less threat coming from China."
– Sanjay Dhangar, Managing Director
Miscellaneous
Awfis Space Solutions | Small Cap | Miscellaneous
Awfis Space Solution was incorporated on December 17, 2014 with its registered office in New Delhi. The company is primarily engaged in the business of providing workspace on rent, integrated facility management income (facility management services) and enterprise workspace designing and building services (construction and fit-out projects).
Company’s opinion about GCC positioning and market opportunity
"GCC's are accelerating their India strategy. There are almost over 1,800 GCC's already operating in India and more entering each year. So the demand for plug-and-play scalable tech integrated workspaces has exploded. So projections estimate that India's GCC market will expand to almost about 100 plus billion dollars by 2030. So with the number of centers increasing to closer to about 2500."
"Currently we have three centers which are operational under elite one in Hyderabad and two in Bangalore and the plan this year would be to add another four to five elite centers across India. Overall of our portfolio, almost 85 to 86% would be a flagship product and about 14 to 15% would be a combination of our office gold and office elite."
– Sumit Bakhani, Chief Executive Officer
Their thoughts on furniture retailing plans in their MOA, Bakhani revealed previously undisclosed market influence.
"The furniture piece of our business is a natural progression towards a backward integration as you saw we added approximately about 39 odd thousand seats this year which is a captive demand and we influence our revenue for design and build roughly was another 280 odd crores."
"So we influenced another 20,000 deaths [seats] that we were basically responsible for either as part of design or as part of design build directly or indirectly with our clients. We feel that that's a very very large captive audience that's available with us... If you look at our portfolio today we have 3,000 odd client companies that sit with us and a large portion of their portfolio is in conventional space."
–– Sumit Bakhani, Chief Executive Officer
The company revealed aggressive expansion plans for allied services beyond their existing centers.
"Currently the ASR (Allied Services Revenue) contribution is almost about 11 odd% of the space revenue. Our intent is to keep growing it at a higher pace. Our overall thought is that the ASR would be growing at a much higher pace on the overall revenue as compared to the space seat trail revenue growth for us... This year we are expanding the model to serve external clients opening to new revenue for the FNB growth... With a very strong early traction, we plan to scale this [Office Tech Lab] aggressively in FY26."
— Sumit Bakhani, Chief Executive Officer
Global
Freightos | Large Cap | Logistics
This reveals a fundamental strategic pivot where management now views trade disruption as a net positive driver rather than a threat.
"Let me address current affairs, namely tariffs and trade policy developments. Strategically, we firmly believe that trade policy shifts won't fundamentally alter global trade or materially impact our opportunity to digitalize global freight. Supply chains simply don't reorganize overnight. These changes take years and trade will continue to flow, albeit sometimes through different routes. In the short term, the impact of rapidly changing tariffs on our business is mixed. On the positive side, market volatility and rapid changes actually increase the need for our marketplace and for our real-time data. However, we did see some headwinds when specific trade lanes were affected by high tariffs."
— Zvi Schreiber, CEO
Reveals sophisticated pricing discipline among ocean carriers that could limit Freightos's value proposition of finding the best rates.
"We expected to see ocean rates drop dramatically, you know, during the slowdown in China, US when the tariffs were temporarily down. We didn't see that as much as we expected. And that's because the ocean liners have gotten quite good at blanking sailings. In other words, parking a ship to reduce capacity. So even if the Red Sea reopens, potentially we could see a big drop in rates. But it's also possible that the carriers will counteract that and artificially reduce the supply to support the rate."
— Zvi Schreiber, CEO
Sony | Large Cap | Diversified
This reveals Sony's fundamental transformation from a hardware/electronics company to an entertainment-driven conglomerate, with entertainment now dominating revenue.
"Over the last several years, our business direction has shifted significantly towards entertainment. The decision to lean more heavily into the states was driven, of course, by the strength and growth of our entertainment businesses, but it also was driven by the power of entertainment to move people and to fill the world with emotion, which is of course at the heart of Sony Group's purpose. In recent years, we have leaned heavily into expanding content in each category such as games, music, film, and TV program, IP expansion across our various businesses, strategic investments in content, music catalogs, and growth areas such as anime and the development and use of innovative technologies to support creation.
— Hiroki Totoki, CEO
Sony quantifies tariff impact at roughly 100 billion yen but reveals they've already been stockpiling inventory and adjusting supply chains. The 10% earnings impact is material but manageable
"Under the tariff rate, we assumed we expect to be able to manage the impact on profitability of our continuing operations this fiscal year to approximately 100 billion yen or less than 10% of the income forecast we just showed by stockpiling strategic inventory in the US adjusting product shipment allocation on the global basis raising price on certain products with an eye on market trends and other means. And we plan to continue to closely monitor the situation and take appropriate measures and we expect to provide an update on the impact of our financial results at our first quarter earnings announcement in early August."
— Lin Tao, CFO
First executive confirmation of potential 100% tariffs on foreign film production - a massive risk for Hollywood studios that produce overseas for cost reasons.
"PS5 is being manufactured in many areas. Whether it's going to be manufactured in the US or not it needs to be considered going forward. We're not in such a critical situation in the entertainment segment especially content creation. Recently in the movies well Mr. Trump is saying that he's going to have a 100% tariff on films which are not produced made in the United States that was announced but that is still pending apparently."
— Hiroki Totoki, CEO
Daimler (Mercedes-Benz Group) | Large Cap | Auto
This represents a major organizational restructuring that signals potential strategic changes in China, one of the world's largest truck markets. The vague language about "assessing the future setup" suggests possible divestiture or restructuring of the China JV, which could have material financial implications.
“One initial measure was to reorganize the Mercedes-Benz truck segment and to merge our businesses in India and China into the Mercedes-Benz trucks business effective January 1st. Regarding India, this means that the Barat Benz business is being integrated into the Mercedes-Benz truck segment. Regarding China, we are assessing the future setup of our joint venture together with our partner and China is now part of the Mercedes-Benz truck segment.”
— Eva Scherer, CFO
This reveals that Daimler is losing ground in India despite the overall market growing slightly. The shift to the 16-19 ton segment suggests Daimler may not be well-positioned in the fastest-growing market segments in India.
"However, order activity in EMIA rose sharply, up 40% year-over-year with March marking the second best month for the region in the past 12 months. There's an increasing uncertainty going forward based on the declining sentiment regarding the global economic development. India as we communicated last quarter is now included in this segment and recorded a 14% decrease in unit sales totaling just shy of 6,500 units also overall India market slightly increased sales have been impacted by a market shift towards the 16 to 19 ton segment meanwhile Latin America continued its positive momentum with sales up by 11%"
— Eva Scherer, CFO
Management is essentially guiding to the worst-case scenario within their range, assuming all current tariffs remain in place for the full year. This conservative approach suggests they see limited upside potential and are managing expectations downward.
“So we have considered that USMCA holds for the year as it is currently in place. Um and then also we have considered the tariffs that are currently in planes. That means the 25% for steel, aluminum, copper. It also means the 10% retaliatory tariffs that we have in place now for the 90 days. So we have simulated that for the full year. and then also the China tariffs that are currently in place. And with that, we expect to be at the lower end of the 11 to 13% range, which I believe is an extremely strong statement."
— Eva Scherer, CFO
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I think, mentioning Gensol Engineering should come with some kind of disclaimer.