concall-analysislisted

# Earnings Call Analysis (India) Indian concalls are where guidance actually lives. Formal guidance is rare in Indian filings, so the number that moves the stock is usually a sentence in the Q&A, not a line in the results. This skill extracts it. ## Structure of an Indian concall 1. Operator preamble and safe-harbour statement 2. Management opening remarks — prepared, mirrors the investor presentation 3. Analyst Q&A — **90% of the signal** 4. Closing remarks Prepared remarks tell you what management wants discussed. The Q&A tells you what they were forced to discuss. Weight accordingly. ## Extraction protocol ### Step 1 — Build the guidance ledger For every forward-looking statement, record: the metric, the number or range, the time frame, the exact quote, and the speaker. ``` | Metric | This quarter | Last quarter | Change | Quote | |---|---|---|---|---| | Revenue growth FY guidance | "15–17%" | "17–18%" | ↓ cut | "...we are now looking at 15 to 17 percent..." | | EBITDA margin | "18% exit" | "18–19% exit" | ↓ narrowed | ... | | Capex FY27 | "₹1,200 cr" | "₹1,200 cr" | unchanged | ... | ``` **A cut disguised as a re-base is the most common form of Indian guidance revision.** Watch for: "we are recalibrating", "the base year was exceptional", "we are now guiding on a comparable basis", "H2 will be stronger" repeated across two or more quarters. ### Step 2 — Track the language, quarter over quarter Compare phrasing to the previous two calls on the same topics. The d