Throughline

The pulse. Who answered straight — and who walked it back.

Scored from 3986 analyst questions across 171 Indian concalls · every number links to the evidence

337
questions deflected
161
guidance metrics lowered
281
guidance metrics raised
19
refuse forward guidance

Straight-answer league

latest call per company · min 5 material questions · 100 = every question answered clean

Most deflections

PIIND 46 2 deflected · 11 weak · 1 clean of 14 Q4 FY26 KPIGREEN 53 4 deflected · 8 weak · 5 clean of 17 Q4 FY26 VODAFONEIDEA 57 6 deflected · 8 weak · 9 clean of 23 Q2 FY26 COCHINSHIP 58 4 deflected · 9 weak · 7 clean of 20 Q1 FY26 PFC 58 1 deflected · 8 weak · 3 clean of 12 Q4 FY26 TITAGARH 61 6 deflected · 5 weak · 11 clean of 22 Q3 FY26 WIPRO 61 3 deflected · 8 weak · 7 clean of 18 Q4 FY26 SUNPHARMA 61 3 deflected · 9 weak · 7 clean of 19 Q4 FY26 UNITDSPR 62 4 deflected · 7 weak · 9 clean of 20 Q2 FY26 NYKAA 62 2 deflected · 8 weak · 6 clean of 16 Q4 FY26

Cleanest Q&A

BANDHANBNK 100 0 deflected · 0 weak · 36 clean of 36 Q4 FY26 BHARTIARTL 100 0 deflected · 0 weak · 19 clean of 19 Q4 FY26 AMBER 100 0 deflected · 0 weak · 19 clean of 19 Q1 FY27 ADANIGREEN 100 0 deflected · 0 weak · 29 clean of 29 Q1 FY27 TATATECH 100 0 deflected · 0 weak · 16 clean of 16 Q4 FY26 BAJAJHFL 100 0 deflected · 0 weak · 23 clean of 23 Q3 FY26 HINDZINC 97 0 deflected · 2 weak · 30 clean of 32 Q4 FY26 ULTRACEMCO 95 1 deflected · 1 weak · 27 clean of 29 Q4 FY26 SAIL 95 1 deflected · 1 weak · 30 clean of 32 Q4 FY26 NHPC 95 1 deflected · 0 weak · 20 clean of 21 Q4 FY26

Guidance walked back

161 lowered · 121 narrowed — the strikethrough is what management used to say

ABB Electrification PBIT margin 21.4% (Q4FY26), 25.7% (Q4FY25) → 15% (Q1FY27) Q4 FY26 → Q1 FY27 ABB Operational EBITA (H1 CY2026) Not disclosed for H1 prior year → 12.8% H1, 12.6% Q2 CY2026 Q4 FY26 → Q1 FY27 ADANIPOWER FY27 capacity commissioning around 2.9 gigawatts (Q3FY26 guidance) → 1.32 GW (Korba Phase-II only, before December 2026) Q3 FY26 → Q1 FY27 AMBER Railway division EBITDA margin - FY27 16% to 17% → 15% to 16% Q4 FY26 → Q1 FY27 DIXON FY27 smartphone volume 55-60 million including Vivo → Almost similar to FY26 (~32M ex-Vivo); specific number refused Q2 FY26 → Q4 FY26 DIXON FY27 mobile margin from backward integration 120-130 bps expansion in FY27 even after PLI margin loss → Slight pressure this year; 40-50 bps expansion from last year when components fully deplo… Q1 FY26 → Q4 FY26 AUBANK FY27 cost-to-assets ratio better than 4.3% (FY26 target) → below 4% (FY27 target) Q2 FY26 → Q4 FY26 CDSL KYC fetch charge INR35 → INR28 Q3 FY26 → Q4 FY26 CDSL KYC creation charge INR20 → INR5 Q3 FY26 → Q4 FY26 KPITTECH FY27 near-term headwind from SDV ramp-downs Not disclosed → 4-5% sequential revenue headwind in Q1FY27 Q3 FY26 → Q4 FY26 TATAELXSI FY27 overall growth aspiration double-digit aspiration for transportation + healthcare → higher single digit overall, automotive high-single-digit exit only Q2 FY26 → Q4 FY26 TATAELXSI Utilization trajectory 75% target by end-FY26 → 73% actual, headroom up to 80-82% Q2 FY26 → Q4 FY26 HDFCAMC Equity revenue yield (incl. index funds) 58 basis points → 56 basis points Q2 FY26 → Q4 FY26 BAJFINANCE FY27 credit cost 165 to 175 basis points (Q3FY26) → 145 to 160 basis points (revised metric, Q4FY26) Q3 FY26 → Q4 FY26 SBICARD Receivables / IBNEA growth guidance 10% to 12% (Q1FY26) → Not giving any guidance on asset growth Q1 FY26 → Q4 FY26

Guidance raised

281 raised — credit where due

ABB Order growth 25% Q4FY26 (base 9% + large orders from data center + rail) → 50% Q1FY27 (all base, 77% EL, 26% Motion, 24% Automation) Q4 FY26 → Q1 FY27 ADANIPOWER Long-term capacity target 42 GW by FY31 → 45 GW by FY31 (same timeline) Q4 FY26 → Q1 FY27 ADANIPOWER Nuclear capacity aspiration 5 GW by 2035 → 10 GW by 2035 Q4 FY26 → Q1 FY27 AMBER Consolidated margin pressure guidance 50 to 100 bps headwind expected → margins normalized at current levels if no further commodity/currency disruption Q4 FY26 → Q1 FY27 ADANIENSOL Smart meter combined portfolio (post IntelliSmart) 2.46 crores AESL standalone → 4.7 crores (47 million combined) Q4 FY26 → Q1 FY27 ADANIENSOL Smart meter operating revenue from commissioned meters INR68 crores → INR161 crores Q4 FY26 → Q1 FY27 ADANIGREEN FY27 cumulative BESS target 7+ GWh by FY27 (Q3FY26 commit: '2x of 3.5 GWh') → 10+ GWh cumulative by FY27-end Q3 FY26 → Q1 FY27 ADANIGREEN FY27 run-rate EBITDA exit target INR17,000 crore (Q3FY26 FY26 exit target, achieved) → INR21,000 crore (FY27 exit) Q3 FY26 → Q1 FY27

Method. Every analyst exchange in each covered concall is classified clean / weak / deflection from the transcript; the straight-answer score is clean + half-credit for weak, out of all material questions. Guidance moves come from management's own stated numbers, quarter over quarter, with the verbatim quote one click away. Not investment advice — this measures candour, not returns.