SUPREME Q3 FY26 earnings call.
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Revenue
₹1.3 Cr
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EBITDA
Pending
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Supreme Industries reported Q3 FY26 with 16% volume growth in plastic piping segment, though overall value growth lagged at 10% due to prolonged polymer price deflation. The company incurred an estimated Rs 100-120 crore inventory loss over 9 months from falling polymer prices, prompting downward revision of EBITDA margin guidance from 14.5-15% to 13.5-14% for FY26, and top-line guidance from Rs 12,000 crore to Rs 11,000-11,500 crore. Polymer prices have now reversed upward trend, with PVC rising ~$70 since late December to current $640 levels, and management expects margin recovery in Q4. Volume growth guidance maintained at 12-14% overall and 15-17% for plastic piping. New capacity expansion (PP silent pipes at 3,000 tonnes, uPVC windows launching February 2026, composite cylinders LOI of Rs 108 crore) provides medium-term growth visibility. Working capital increased due to higher inventory levels, while finance costs rose temporarily due to short-term borrowings. Key risks: continued appliance sector weakness impacting industrial components, residual PVC price volatility from geopolitical factors and Chinese export policy changes.
Colored figures show movement against the previous available record.
Guidance to track
- Company maintained volume growth guidance despite Q3 headwinds; Q4 targets higher growth to meet full-year targets
- Revised down from Rs 12,000 crore earlier due to 12-20% polymer price deflation impacting realizations
- Revised from 14.5-15% due to polymer price erosion impact; management expects Q4 margin recovery to 15-16%+
- Two greenfield plants planned for plastic piping; details to be shared in April; operational targets FY28
Risks flagged
- Industrial component division supplying to appliance manufacturers (washing machines, refrigerators, ACs, coolers) experiencing turbulence and degrowth versus previous year
- While PVC prices have reversed upward from $580 to $640, management explicitly refused to forecast further price movements citing geopolitical uncertainty, multiple wars, and crude oil price volatility (could drop to $40)
- Inventory levels increased to Rs 1,900 crore (vs Rs 1,100 crore payables) due to optimal capacity utilization; temporarily impacting finance costs and cash position
- Q4 margin target of 15-16%+ appears ambitious given Q3 margin of ~12%; while management attributes gap to inventory losses and expects recovery, PVC prices remain below Q3 average levels
Key quotes
- In first 9 months company might have taken a hit of between 100 to 120 cr rupees in 9 month operation which resulted in giving lower guidance of operating margin
- Now we are maintaining 11,000 to 11,500 cr will definitely go down when the polymer price fall down between 12 to 20% price is bound to go down
- We want to remain debt free. That is our commitment. And that will be debt free on 31 March only.
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