SUPREME Q2 FY26 earnings call.
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Supreme Industries reported mixed Q2 FY26 results with H1 volume growth of 8% and revenue growth of 2% YoY, while EBITDA and PAT declined 15% and 24% respectively due to polymer price deflation causing inventory losses of Rs 50-60 crore in H1. The plastic piping segment demonstrated resilience with 17% volume growth in Q2 and CPVC growing 26% in H1. The Wavin acquisition (71,000 TPA capacity across 3 plants) was completed and contributed 3,000 tonnes in 2 months. Management maintained full-year volume guidance of 12-14% overall and 15-17% for plastic piping, while guiding for annual EBITDA margin of 14.5-15% and revenue of Rs 11,000-11,500 crore. Q2 EBITDA margin of 12.3% was below management expectations due to seasonal weakness and extended monsoon impact. The company remains cash surplus (Rs 49 crore net) despite Rs 869 crore H1 capex. Margin recovery in H2 hinges on polymer price stability and seasonal demand uptick, with management expecting Q3 improvement as sub-monsoon demand normalizes.
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Guidance to track
- Management expects turnover in this range for FY26, implying significant H2 recovery from H1 performance.
- Operating margin guidance maintained for full year despite Q2 miss; H2 margin expected at 17-19% to achieve annual target.
- Company maintained full-year volume growth target; H1 achieved 8% growth with stronger H2 required.
- Segment guidance maintained; Q2 already achieved 17% growth; H2 needs to exceed 17% to reach annual target.
Risks flagged
- Industrial component division underperformed in Q2 with volume decline of 8% YoY on already weak base; management acknowledged demand from primary product manufacturers was low with no clear recovery timeline.
- Crude oil prices hovering at $62-65 per barrel; further decline to $55 could trigger another round of inventory losses, impacting H2 margins despite management expectations of price stabilization.
- Analyst questioned whether reduced government spending in infrastructure segment would impact plastic piping demand; management response was non-committal ('We have to watch'), suggesting limited visibility on recovery.
- Extended monsoon in Q2 depressed agricultural piping demand; if weather patterns remain unfavorable in H2, achieving 20%+ volume growth in plastic piping becomes challenging.
Key quotes
- We anticipate our annual turnover will be between 11,000 cr to 11,500 cr and we expect our operating margin overall for the year will be between 14.5% to 15%.
- In the first half in the company there is loss price that is not only PVC all the price dropping so maybe inventory loss in the first half maybe around 50 to 60 cr rupees each.
- We have no debt level. Whatever debt we have taken is very temporary nature the short term so by end of this number this will also go away and once we look at the full year March 26 we'll be having a reasonable surplus in hand.
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