Welcome to the 87th 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.
We’re always eager to improve—please share your ideas on how else we can innovate “The Chatter” format to better serve your needs.
In this edition, we have covered 5 companies across 5 industries.
FMCG
Hindustan Unilever Limited
Financial Services
Asset Reconstruction Company (India)
Healthcare
Fortis Healthcare Limited
Information Technology
Shiprocket
Auto Ancillary
Sandhar Technologies
FMCG
Hindustan Unilever Limited | Large Cap | FMCG
Hindustan Unilever is India’s largest consumer goods company, reaching 9 out of 10 households with its portfolio of 21 brands exceeding 1,000 crores in turnover. The firm operates across Home Care, Beauty & Well-being, Personal Care, and Foods segments, leveraging a distribution network of 9 million outlets.
Note: This information is from the HUL Capital Markets Day analyst call.
[Concall]
HUL’s market share is significantly higher in premium segments than in mass, positioning it to gain overall share as India’s middle class grows. This structural advantage means the company naturally captures more value as consumers upgrade their spending habits.
“India is at an incredible inflection point where the Premiumizers we discussed are now at a household income of 3,500 to 4,000. At that point, we have seen premiumization begin to inflect in many markets. Compared with other markets in the world, the 60% of our population we discussed is in exactly the right position. Our portfolio is structurally advantaged in premium. We have 1.3x the relative market share in premium compared with our mass business. We have 1.3x market share in premium compared with mass. We therefore have a structural tailwind. As the market premiumizes, HUL will grow market share. Very simply, if we stand still, we grow market share.”
— Priya Nair, CEO & MD
The Home Care segment sees a massive growth runway as per capita spending in India is still less than half that of similar developing markets. HUL plans to capture this by driving higher usage volume and converting households from traditional bars to more expensive liquid formats.
“I want to put a statistic before you. If you look at Home Care spending per capita in a comparable market such as Vietnam, it is 2.5x India’s Home Care spending per capita. This is our headroom for growth and the runway we have for taking the Home Care business forward. What does winning in New India look like? Today I will walk you through the 4 pillars Priya discussed. The first is consumption, which means more usage. The second, which we have not discussed before, is grams per usage. The third is premiumization, which is something Surf Excel has done well and which you have heard about before. The fourth is market making. Even today, across all Home Care liquids, penetration remains relatively low, leaving a huge opportunity for us to move forward.”
— Vandana Suri, Executive Director
The Horlicks brand is being fundamentally repositioned from a childhood health drink to a ‘lifestyle nutrition’ product for adults. This pivot aims to rejuvenate the legacy brand and expand its relevance across a wider age demographic using science-backed functional ingredients.
“That is why a major strategic pivot for us is to move away from presenting Horlicks only as a health food drink and toward lifestyle nutrition. We are bringing science and nutrition back to the core of Horlicks with superfoods. What do I mean by superfoods? We have added oats, almonds, and millets. These are foods we know in India and tastes we have grown up with. We are bringing this together with Nutri-Max technology, which allows us to provide these nutrients in a condensed form to all Indians. It is everyday nutrition, with 6x fiber and no added sugar.”
— Rajneet Kohli, Head of Foods & Beverages
HUL is modeling India’s tea and coffee evolution on China’s past trajectory, moving toward premium, ready-to-drink, and functional formats. This strategy focuses on extracting more value per cup rather than simply selling higher volumes of commodity tea.
“Here is the one-page strategy for Beverages. We are going to lead the evolution of Beverages over the coming decades through 3 simple steps: mass to premium, kettle to cup, and hot to cold. Each of these is about increasing value per cup. Let me elaborate. We are a tea-drinking nation, and when we wanted inspiration, we looked at how China’s tea evolution took place. Please bear with me through a few figures and charts. This is what unpackaged tea was in China: 25%, with packaged tea at around 15%, while premium was only 15%. Add another functionality, ready-to-drink, at around 20%. Over 15 years, China moved from 25% premium, ready-to-drink, and functional products to 50%. That is the revolution that will happen in India as well—not in the Chinese way, but in our own Indian way.”
— Rajneet Kohli, Head of Foods & Beverages
The company believes the body wash segment is reaching a ‘real point of inflection’ similar to the liquid detergent market a decade ago. Being the current market leader, HUL is well-positioned to dominate this high-margin category as consumer habits shift away from soap bars.
“We are at that moment. We believe body wash will now inflect because it is beginning to reach critical mass. We are the leaders in body wash in the country today. In liquid body wash, I am happy to share that we are also the leaders of the segment, and we will drive market development. ... We have that understanding, and we are beginning with younger consumers through a sampling program at scale. We will deploy our playbook at scale and drive multiyear market development of body wash. ... As Vibhav mentioned, we are now also taking Stratos into our premium brands because we are fully convinced that it provides skin benefits across our portfolio.”
— Priya Nair, CEO & MD
The CEO is doubling down on brand ‘desirability’ to attract younger, Gen Z consumers who value contemporary aesthetics and science-backed benefits. This overhaul of the existing brand portfolio is seen as the primary fundamental driver for future volume-led growth.
“What gives me confidence that we will deliver competitive volume-led growth is the deepening of our fundamentals. There are 3-4 things that matter in consumer products. The first is desirable brands. Our brands need to be relevant not only to our existing consumers but also to new consumers. I hope you saw the focus today on bringing new trialists into our brands. We are making our brands more desirable and more contemporary. We are conscious that the portfolio we had yesterday is not the portfolio we need in the future. By portfolio, I mean both our existing brands and how they need to appear, as well as our new brands. That is the transformation journey we are on.”
— Priya Nair, CEO & MD
Financial Services
Asset Reconstruction Company (India) | Financial Services
Asset Reconstruction Company (India) acquires and securitizes financial assets, primarily focusing on managing and resolving stressed assets acquired from banks and financial institutions. The company operates across three main business verticals: corporate loans, SME and other loans, and retail loans.
Kakarla highlighted the role ARCs have played in India’s credit ecosystem. Arcil itself has returned more than ₹30,000 crore to banks and NBFCs through recoveries.
“The ARC industry has been an invisible but critical part of the credit cycle. This being the first ARC to list will give visibility to the whole industry. The industry has been around for 25 years, starting with Arcil itself.
Over this period, the industry has given back about ₹2.5 lakh crore to the banking and NBFC industry through recoveries, and we ourselves have given over ₹30,000 crore back to the lending industry.”
— Phanindranath Kakarla, MD & CEO, Asset Reconstruction Company (India) Ltd. (Arcil)
Arcil buys stressed loans from banks and NBFCs and works to maximise recoveries. Corporate assets account for around 69% of its AUM and remain the company’s largest segment.
“How Arcil works is that we buy stressed assets from banks and NBFCs and work to recover as much value as possible and return capital and liquidity back to the original lending organisations—that is, primarily banks and NBFCs.
At the core was corporate. Like the rest of the industry, we also started with corporate, and we’ve been doing this now for close to 25 years with large, complex cases, which we help turn around, sell unproductive assets and bring them back onto a productive basis. That forms the bulk of our business, which is about 69% of our AUM.”
— Phanindranath Kakarla, MD & CEO, Arcil
While corporate stressed assets dominate AUM, Arcil has spent nearly two decades building a sizeable retail stressed-loan franchise backed by technology and analytics.
“The retail business—we started this in 2008 itself in anticipation of the household wealth creation which is happening through credit. Over the years, we have developed expertise and experience in handling this.
We currently handle about 35 lakh NPA accounts of individuals and small businesses. It is done with the help of a technology backbone and analytics. We have invested heavily into this.”
— Phanindranath Kakarla, MD & CEO, Arcil
Retail stressed assets are emerging as an important growth engine alongside Arcil’s traditional corporate resolution business.
“We have grown about 56% over the last three years in our retail business.”
— Phanindranath Kakarla, MD & CEO, Arcil
Asked whether the business is inherently cyclical because strong economic conditions produce fewer bad loans, Kakarla argued that India’s sheer credit-market size means even a low stressed-asset ratio creates a substantial addressable market.
“I think that’s a fair question, and that is how everybody looks at it. But what we now need to realise is that India, as a systemic credit market, is very, very large.
India’s systemic credit market is over ₹200 lakh crore. Fresh systemic credit being added is about ₹30 lakh crore a year. Given that, even a small percentage of that, irrespective of the cycles—whether it is bad or not—even at 1%-2%, is a very, very large number.”
— Phanindranath Kakarla, MD & CEO, Arcil
Management believes penetration, rather than merely the direction of the NPA cycle, is important to Arcil’s long-term growth opportunity.
“The ARC industry is currently only handling a small part of it. So the market is very large in a growing economy.
While the cycles do help us, I think that’s only a small part of the whole picture which is out there. We just need to realise that India is a very, very large credit market at this moment, and a small percentage of NPAs is still large enough for the entire ARC industry to grow.”
— Phanindranath Kakarla, MD & CEO, Arcil
ARCs operate under RBI regulation and regulatory changes are common. Kakarla said Arcil hasn’t identified anything on the horizon that it believes could materially disrupt operations.
“We’ve been there for 25 years. There are regular changes which are made in the regulatory environment by the Reserve Bank of India. They give us enough warning for us to prepare ourselves. That’s been our experience in the past, and thereby I do not see anything which could seriously disrupt our business.”
— Phanindranath Kakarla, MD & CEO, Arcil
Arcil’s managed asset base has expanded meaningfully, providing a larger pool from which future resolutions and recoveries can be generated.
“Our AUM is over ₹20,000 crore. We were close to ₹17,000 crore the year before. That’s been the growth in the AUM.”
— Phanindranath Kakarla, MD & CEO, Arcil
This is one of the most useful operating metrics disclosed in the interview. Management said its annual resolution rate has consistently remained in the 22–25% range over the past two years.
“Our resolution varies between 22% to 25% and has been in that range over the last two years. That is, of the beginning-of-the-year AUM, how much do we resolve during the year? That varies between 22% to 25%, and that has been consistent and is something which we aim at.”
— Phanindranath Kakarla, MD & CEO, Arcil
Asked about the rapid growth of private-credit funds in India, Gupta differentiated their role from ARCs: private credit provides financing, whereas Arcil typically enters after the underlying exposure has already become stressed.
“We come in once the asset becomes stressed. Our ability revolves around the asset’s recoverability, the potential of the asset, its future potential, sustainable debt, etc. We work around that and put a lot of effort into resolving the assets.”
— Pramod Gupta, CFO, Arcil
Arcil’s role isn’t necessarily to liquidate a stressed company immediately. Depending on the underlying business and sustainable debt level, it can give borrowers time to revive operations.
“For us, the resolution strategy would be case-specific. Depending upon that, we give a very long rope to potential borrowers to revive, and that is where we help businesses come back into the mainstream and help the economy.”
— Pramod Gupta, CFO, Arcil
Healthcare
Fortis Healthcare Limited | Mid Cap | Healthcare Services
Fortis Healthcare is a leading integrated healthcare provider in India, operating a multi-specialty hospital network and diagnostic services. The company is currently under the majority ownership and management control of the global healthcare group IHH Healthcare.
[Concall]
The forensic audit ordered by the Delhi High Court will investigate historical promoter actions, IHH’s stake acquisition, and the roles of various banks. Understanding this scope helps investors identify which specific transactions and entities are under legal review.
“The scope of the audit covers a few things, as mentioned in the order. One is the reconstruction of the complex evolution of FHHPL, which is the promoter entity, the erstwhile promoter entity, and which has nothing to do with FHL. Through this entity, they were holding shares in FHL. So, during the period from 2011 to 2018, they would look at this. The second part of the forensic audit is the examination of the acquisition of a controlling stake in FHL by IHH and TK, including approvals, filings, and so on related to such acquisition, and the subsequent utilization of the investment amounts towards the acquisition of healthcare assets from RHT Health Trust in Singapore. The third thing in the scope is the examination of any role, if any, of FHL and its officers and key managerial personnel in processing and approving the unencumbered share dissipation transaction of the erstwhile promoters. The last part of this scope is the examination of the role of all 17 banks and financial institutions in the dissipation of the said assets. That is the larger scope that has been ordered.”
— Dr. Ashutosh Raghuvanshi, MD & CEO
Management reiterates the goal of increasing IHH’s stake in Fortis to over 50% and supporting all necessary capital expenditures. This long-term intention suggests that the shareholder sees significant value in the platform regardless of temporary legal hurdles.
“Our commitment to take our stake up to 50% and above continues. As I said, in terms of investment into Fortis, we are fully committed. Any capex or capital expenditure need that Fortis might have, we are happy to infuse money, of course within the purview of the law in terms of what we can do on a year-on-year basis. We are fully committed to taking our shareholding up to 50%, as outlined previously by Dr. Prem, and we are also happy to infuse money into the company for its growth needs as and when required. Nothing changes for us.”
— Dilip Kadambi, IHH Group CFO
Management argues that the company cannot be held responsible for historical share transfers between private parties because it had no legal role in those transactions at the time. This defense is intended to distance the current corporate entity from the legal liabilities of its previous promoters.
“The company has no role in share transfers. We are a publicly listed company. Shares are transferred between the parties through the registrar, and the company plays no role. The rules at that time did not require the compliance officer to provide any kind of clearance. The rules now state that if a promoter is transferring shares, they must obtain permission from the compliance officer. However, at that time there was no such rule, and therefore no permission was sought from the company. The company was not really aware that these kinds of transactions were taking place, or whether they should or should not take place. The company had absolutely no role to play in that entire process.”
— Dr. Ashutosh Raghuvanshi, MD & CEO
Information Technology
Shiprocket | Small Cap | IT
Shiprocket, incorporated in 2011, is an e-commerce enablement platform providing technology-driven logistics and merchant solutions. The company operates in the e-commerce enablement segment, offering domestic and cross-border shipping, fulfilment, checkout, payments, marketing, and merchant solutions.
[Concall]
Shiprocket positions itself as the infrastructure layer for off-marketplace/D2C commerce. Its scale gives it access to transaction, merchant and consumer data that can subsequently be monetised across shipping, payments and marketing.
“Shiprocket is becoming the one-stop shop for MSMEs to run and digitize their businesses end-to-end. To give you an idea of our scale, as of FY26, we powered over 32,000 crores in GMV and 20 crores in transactions, and we served about 15 crore consumers. In a way, this represents off-marketplace sales, largely through D2C channels, for various lakhs of sellers in the country through Shiprocket.”
— Sahil Goyal, MD & CEO
Management sees Indian e-commerce penetration as still being at an early stage, particularly outside metros. Shiprocket already derives a majority of its GMV from Tier-2 and Tier-3 cities.
“Today, India has about 8% retail penetration, which is fairly low compared with the US and China. India is at the beginning of its digitization journey, particularly in tier 2 and 3 cities, where half of India’s e-commerce today is already in tier 2-plus cities. Shiprocket has a majority of its GMV coming from tier 2 and 3 cities, so there is a lot of growth happening in that segment.”
— Sahil Goyal, MD & CEO
Shiprocket’s mature shipping business is demonstrating operating leverage. Management says every incremental core transaction becomes margin-accretive once overheads are covered.
“The core business has been profitable for quite some time now. We saw its operating leverage grow from 6% EBITDA about 3 years ago to about 12% in FY26. The business is scaling, continuing to add merchants, and continuing to add new transactions.”
— Sahil Goyal, MD & CEO
Shiprocket no longer necessarily needs shipping to be the first product a merchant adopts. Marketing or another emerging product can bring the merchant onto the platform before Shiprocket cross-sells shipping.
“We also see merchants depending on where they are in their life cycle. For example, someone may be using a direct courier, but their immediate problem may be marketing. They may choose the marketing solution first, which then creates an opportunity to sell shipping over time.
As a company, at the first-principles level, we think about enabling orders. Ultimately, we want to enable merchant orders and power more and more margin pools on the same order, irrespective of the merchant’s entry point.”
— Sahil Goyal, MD & CEO
Shiprocket is using generative AI to remove the agency/design bottleneck faced by smaller merchants. The larger opportunity is to combine content generation with its proprietary commerce data.
“AI Ads produces ad creatives in minutes. It provides multiple formats out of the box. It can provide static banners for every placement, editable templates that merchants can change, short-form videos from product images, 360-degree product views, and so on.
The differentiator versus a generic AI tool is the context. Shiprocket can see a brand’s own ad performance through its connected ad account, and we can see category-level performance overall. The intention is to make all of this easier for merchants while also personalizing it.”
— Tanmay Kumar, CFO
Management’s martech thesis rests on combining advertising with actual transaction, RTO, inventory and consumer data—rather than optimising merely for clicks or ad-platform conversions.
“We bring a delivered return-on-ad-spend model to the table. We help merchants look at their net return on ad spend, manage RTO in the middle, and generate creatives grounded in purchase data.
Unlike the ad platforms, Shiprocket sits on actual purchase data. We have catalog data, consumer data, and inventory data. We know how many times consumers have bought and where they live. Therefore, we can model what types of products are sold in which locations, and that information also feeds into the creation of ads.”
— Sahil Goyal, MD & CEO
Rather than competing with quick-commerce platforms, Shiprocket wants to become the infrastructure layer that allows smaller D2C brands to supply them.
“The larger businesses can do it, but for smaller businesses there is a lot of work happening through email, spreadsheets, WhatsApp, and other channels. Our system is integrated with quick-commerce platforms. When the dark store places an order, we are notified automatically, a truck is assigned for pickup, the delivery slot is booked, and the goods reach the dark store.
This offering effectively aggregates purchase orders across many D2C brands into slots and gives the brand visibility into what is arriving and where the truck is. This enables brands to participate in the overall quick-commerce growth story.”
— Sahil Goyal, MD & CEO
As logistics companies increasingly target D2C merchants directly, Shiprocket’s defence is that its value proposition isn’t simply cheaper shipping—it is routing shipments across 42 couriers using years of network data.
“As an aggregator, we can use multiple contracts across 42 courier partners to select the right quality and the right SLA for each shipment that goes through the Shiprocket system. We have over 70 crore shipment data points accumulated over many years, which allows us to understand the network. We also have a predictive model that allows us to route shipments.
That is the real value the shipping platform brings to the table. Suppose there is spillover demand and certain parts of the network are constrained. No matter how large the brand is, the information, instant routing, and ability to route across different partners become more valuable as brands become larger.”
— Sahil Goyal, MD & CEO
Management argues that standalone software competitors may solve individual problems, but Shiprocket’s advantage comes from connecting checkout, shipping, RTO, advertising and consumer data.
“There are providers offering solutions for individual points in the stack, but I believe data scale makes a significant difference. With over a decade of consumer behavior data, 15 crore consumers served, and approximately 30 crore online shoppers in the market, we see about 93% of our checkouts having the address filled automatically.
We are able to fraud-score RTOs using consumer and address data. All of this creates outcomes for merchants because it is connected.
Having independent vertical software is different from having a connected and integrated stack that shares data across the stack. That is what drives outcomes.”
— Sahil Goyal, MD & CEO
This is an important modelling nuance. Larger D2C merchants tend to shift marketing and inventory towards marketplaces during festive-season sales, which makes Q3 relatively weaker for Shiprocket’s direct-commerce business.
“There is one seasonal factor built into the business every year. We predominantly work with businesses selling outside marketplaces through their direct channels. When the Q3 e-commerce season generally arrives, many of our merchants withdraw from marketing and redirect inventory to marketplaces, at least the larger merchants.
Therefore, Q3 tends not to be the best quarter for our company, unlike the broader e-commerce trend. That is the only seasonal factor I would point out. Other than that, there is no other meaningful seasonality built into our business.”
— Sahil Goyal, MD & CEO
This is perhaps the clearest articulation of Shiprocket’s long-term strategy. Management would rather bring more commerce onto the platform first because every transaction creates opportunities to monetise shipping, payments, checkout, advertising and other services later.
“The current focus of the company is to continuously add transactions, rather than necessarily expand every unit of margin at this point, because the transaction is more valuable. If you think about the 30,000 crores in GMV last year, approximately 25-30% goes into marketing.
The objective is to bring the transaction into the company and then monetize it across the stack. Therefore, although there are several value-added services that we are building and can build, whether and how we monetize them depends on what we want to do at that point in time and on how the overall business is performing.”
— Sahil Goyal, MD & CEO
Auto Ancillary
Sandhar Technologies | Small Cap | Auto Ancillary
Sandhar Technologies Limited has established itself as a manufacturer of automobile accessories, safety locks, door hardware, etc.
Davar remains constructive on India’s EV transition, arguing that geopolitical uncertainty and dependence on fossil fuels strengthen the case for alternative energy. Unlike Western markets, India’s EV adoption is developing from the mass-market end.
“I believe that, with whatever is happening in the world in terms of uncertainty—whether it is fossil fuels or the geopolitical scenario—dependence on alternate fuels makes a lot of sense.
We have seen that traction come in India and, fortunately for us, unlike the Western world where EVs are more relatable to high-end vehicles, in India this has taken shape in the form of adoption in EVs and commercial vehicles. So I think it’s a bottom-up approach. With the numbers that we see in terms of sales, I believe the adoption acceleration will continue at least into the near- and medium-term future.”
— Jayant Davar, Chairman & CEO, Sandhar Technologies
The expected jump from around 70,000 units last year to 200,000 isn’t based on anticipated demand; management says the volumes are backed by orders already received.
“This is not any anticipation. This is out of pure orders that we have for the year, and there is no reason why anything should change. At this time, as we sit, the orders that have been given to us are being delivered as per schedule, and there is no change that I have seen from the customers in terms of anything likely to happen for this particular year.
So yes, you’re absolutely right. From 70,000 last year, we look at that number to be close to 200,000 this year.”
— Jayant Davar, Chairman & CEO, Sandhar Technologies
The facility originates from Sandhar’s Sundaram-Clayton acquisition. The previous operation generated roughly ₹300 crore, while the new plant is being built for approximately three times that scale.
“This is actually a by-product of the acquisition that we had done from Sundaram-Clayton. Once we bought that, we had to move into a new facility. At that time, Sundaram-Clayton and this facility were doing about ₹300 crore of revenue.
In the new facility, we are building that facility to have three times that. So we anticipate that at full capacity it should give us about ₹800–900 crore of revenue.”
— Jayant Davar, Chairman & CEO, Sandhar Technologies
The new facility combines multiple manufacturing processes under one roof, spanning die-casting, machining, tooling and alloy production.
“It will be the most integrated aluminium plant in the country, which will have both high-pressure die-casting and low-pressure die-casting. It’ll have all kinds of machining, tool building, as well as alloy making.”
— Jayant Davar, Chairman & CEO, Sandhar Technologies
While current customer schedules support Sandhar’s growth outlook, management acknowledges that a broader auto slowdown in H2 could alter the trajectory.
“Of course, there is always the likelihood of an industry slowdown which could happen overall. So we’ll have to wait and see as to how the second half of the year goes. But at this time, I don’t see any changes that we need to think of or announce for the balance part of the year.”
— Jayant Davar, Chairman & CEO, Sandhar Technologies
Labour availability and rising wage costs were among the Q1 pressure points. Sandhar’s response is a major automation programme across its sheet-metal operations.
“There were two or three things that happened where we thought we needed to take pre-emptive action. One was, like I said, the biggest challenge was availability of manpower, and to that end I think we have decided to automate as much as possible.
From a level of less than 20 robots that we had within our sheet-metal facilities, by the end of this year we will have 500.”
— Jayant Davar, Chairman & CEO, Sandhar Technologies
The Middle East crisis contributed to the Q1 energy-cost spike. Sandhar is responding by diversifying its energy sources, including a shift towards PNG.
“Similarly, with the availability of LPG, we’ve started to move from LPG onto other energy sources, whether it be PNG or others. So there are some measures that we are taking which we are trying to ensure take away the risk factors as we go forward.”
— Jayant Davar, Chairman & CEO, Sandhar Technologies
Davar doesn’t expect Sandhar to eliminate commodity volatility altogether. Instead, the auto-component industry’s established price-reset mechanism should continue adjusting for movements in subsequent quarters.
“In terms of re-triggering and pricing, commodities are something that happens all the time, and you’re aware of the cycle that we run within the auto-component industry. That’s something that will continue to happen, up or down, and those will be adjusted in subsequent quarters.”
— Jayant Davar, Chairman & CEO, Sandhar Technologies
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Quotes in this newsletter were curated by Meher and Srusti.
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