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Niraj-Samip Shah

Research Analyst at Goldman Sachs Group Inc.

Niraj-Samip Shah served as an analyst at Goldman Sachs & Co. LLC from 2010 to 2012, where he contributed to the firm's investment research with a focus on the finance and consumer services sectors. Following his tenure at Goldman Sachs, he became an Associate at Apax Partners, and later held key roles at RedBird Capital Partners and Otro Capital Management, which he co-founded in 2023. He holds an undergraduate degree from The Ohio State University, class of 2009. Shah's professional background is grounded in private equity, investment management, and advisory roles, with a trajectory reflecting strong sector expertise and a robust network in financial services.

Niraj-Samip Shah's questions to Amcor (AMCR) leadership

Question · Q2 2026

Niraj Shah inquired about the split between G&A and procurement synergies in Q2, expectations for the second half, and the progress of conversations with suppliers.

Answer

CFO Steve Scherger stated that the $50 million in EBIT synergy capture for Q2 was split evenly between procurement and G&A, with an additional $5 million from financial synergies. He expects continued G&A and procurement synergies in H2, with operational synergies ramping up post-FY26 and revenue synergies post-June 2026. CEO Peter Konieczny added that procurement conversations are progressing well, reinforcing confidence in achieving the total $650 million synergy target.

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Question · Q2 2026

Niraj Shah from Goldman Sachs inquired about the split between G&A and procurement synergies in the second fiscal quarter, how this split is expected to evolve in the second half, and the progress of supplier conversations.

Answer

CFO Steve Scherger stated that the $50 million EBIT synergy capture in Q2 was split quite evenly between procurement and G&A, with an additional $5 million from financial synergies. He expects G&A and procurement synergies to continue their path in the second half, with revenue synergies primarily materializing post-June 2027 and operational synergies ramping up after the current fiscal year. CEO Peter Konieczny added that Amcor's procurement spend is $13 billion ($10 billion raw materials, $3 billion indirects), with $5 billion of raw materials being resin-based. He expressed confidence in delivering synergies, noting that the scale of operations and volume offered to suppliers significantly impacts capture.

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Niraj-Samip Shah's questions to James Hardie Industries (JHX) leadership

Question · Q1 2025

Niraj-Samip Shah from Goldman Sachs asked for clarification on the expected start-up costs for the second quarter and the full fiscal year.

Answer

CFO Rachel Wilson reiterated the previous full-year guidance for start-up costs of about $10 million but did not provide specific quarterly guidance. However, she did confirm that start-up costs are expected to accelerate modestly in the second quarter compared to the first.

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