SUPREMEIND Q2 FY26 earnings call.
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Revenue
₹2,394 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
Supreme Industries reported mixed Q2 FY26 results with volume growth of 17% in Plastic Piping System offset by margin compression. The Packaging Products segment showed modest 2% growth while Industrial Products delivered 8% volume growth. The Wavin India acquisition (effective August 1, 2025) contributed 3,000 tonnes in Q2 but management expects full-year contribution of ~20,000 tonnes as integration progresses. EBITDA margins of 12.3% reflect inventory losses (INR 50-60 crore in H1), lower seasonal demand, and increased depreciation from new capacity. Management maintained full-year volume growth guidance of 12%-14% overall and 15%-17% for Plastic Piping, with operating margin guidance of 14.5%-15%. The company faces headwinds from subdued infrastructure demand and expects agriculture segment rebound in H2. Cash position weakened to INR 49 crore post-acquisition, but CFO indicated this is temporary with cash surplus expected by March 2026.
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Guidance to track
- Management maintained overall volume growth guidance despite H1 underperformance. Plastic Piping System specifically guided at 15%-17% growth, requiring >17% growth in H2.
- Full year EBITDA margin guidance provided at 14.5%-15% operating level. This implies significant margin recovery expected in H2 from Q2's 12.3% base.
- Management guided for annual turnover in the range of INR 11,000 crore to INR 11,500 crore for FY26.
- Capital outflow of INR 869 crore already incurred in H1. Total FY26 CapEx expected at INR 1,300 crore including Wavin acquisition and ongoing expansion projects.
Risks flagged
- Q2 EBITDA margin of 12.3% is significantly below management's 14.5%-15% full-year target. Achievement requires 300-400 bps margin expansion in H2, which depends on volume acceleration and stable raw material prices.
- Management acknowledged dealer inventory levels are below normal, creating uncertainty around timing and magnitude of restocking demand in Q3. This could impact volume growth assumptions.
- Industrial Products segment underperformed with volume decline even on weak base. Management attributed this to subdued customer demand but provided no recovery timeline.
- Government infrastructure spending on plastic piping remains subdued. While management expects improvement as monsoon subsides, specific recovery timeline and magnitude not quantified.
Key quotes
- We anticipate our annual turnover between INR 11,000 crore-INR 11,500 crore. We expect our operating margin overall for the year will be between 14.5%-15%.
- In the first half, we lost around INR 60 crore in inventory. The second quarter, there was too much rain, so the prices have to drop down. This was a slow season.
- Along with the Wavin asset, we got 120 sales team members in our company. We got 266 new distributors and dealers. Somewhere where our reach was poor, we got distributors and dealers, and our sales force has been strengthened by the addition of 120 numbers.
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