Ben · Morgan Stanley
directIs Q2 the toughest quarter or will tariff impact trickle into Q3?
I would say Q2 and Q3 should be similar and hopefully by Q4 we should see going uptick.
BHARATFORG / Q2-FY26 / claim-ledger
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Questions audited
12
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67%
Numeric claims
3
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contradicted
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What was answered, and how?
Ben · Morgan Stanley
partialWhat drove the sequential jump in non-auto exports?
It's a multiple sectors it includes power gen, it includes construction, mining and aerospace. It's also sustainable in that sense.
Ben · Morgan Stanley
partialWhat factors drove the impressive gross margins and how sustainable?
We've done a lot of cost reduction work. When the quarter started and it looked really bleak we took a lot of block shutdowns etc. And we're trying to do more value addition in house more improve our product mix. So it's a combination of all these factors.
Kapir Singh · Nomira
directWhat is the size of the carbine order and execution timeline?
Yeah it's about 1,400 crores. So from the time the order gets signed I would say about 9 to 12 months. No no start. Over a 4 year period because it's two lakh two lakh odd weapons.
Kapir Singh · Nomira
directWhat is the 24 crore carriage charge and where is it accounted?
This is the tariff charges the sharing of tariff the US tariff what we have for our US exports. This is in sales.
Kapir Singh · Nomira
evasiveIs the tariff impact at peak or could it increase further?
I think it's a very dynamic situation it's difficult to comment with any amount of certainty. It's a little bit of a comparative information issue. So I don't think I want to talk about it very publicly.
Gjan Pritani · Bank of America
partialWas the tariff charge for the full quarter or partial?
This was for the quarter I don't want to say anything more than that.
Gjan Pritani · Bank of America
directWhat is the execution timeframe for the defense order book and growth outlook?
We'll definitely continue to have new wins and additions but execution will also start. The 10,000 cr order book it's fair to assume 3 year sort of time frame? No it will take longer than that. In this business from the time order is signed you cannot expect revenues to start in less than 12 months.
Gjan Pritani · Bank of America
directWhat is the aerospace revenue scale-up trajectory?
Aerospace for last year for the full year was in the ballpark of about 250 odd crores. I think this year should be in excess of 350 crores. So we are growing at that kind of rate or higher and that rate should continue for the next three four years at least.
Nitan Jen · Fair Value Equity Advisory
partialIs Q2 still the bottom given unresolved US-India situation?
Clearly when we spoke last time, we were more hopeful of a quicker resolution. I would expect that hopefully in this quarter it should happen and I would say quarter 3 will be on a similar lines as quarter two.
Rishi Wara · Kotak Securities
directDid transferring defense to KSSL impact standalone revenues?
The revenue bookings remains the same. It's only the business what we have transferred from Bat to Kani strategic systems. And so it more of the assets which have moved and all the new orders what we will get those would be on Kani strategic system.
Rishi Wara · Kotak Securities
deflectedCan you bifurcate US business by tariff type?
You can't break our tariff down in that way. You have a outlook on our overall business. You know how much of our business goes to US how much goes to Europe. So I think we should just leave it at that.