Supreme Industries · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Falling PVC prices caused inventory losses exceeding INR 100 crore in nine months. Open market prices (INR 72/kg) are significantly below domestic producer prices (INR 78.50/kg declared), creating margin pressure as company must continue purchasing from local suppliers.
Directorate General of Trade Remedies recommended anti-dumping duty on five countries in November 2024, but Finance Ministry decision remains pending after 80+ days. This creates uncertainty on PVC price trajectory and could impact domestic pricing if duty is imposed or not imposed.
Infrastructure demand remains non-existent with HDPE raw material consumption down 28% in first nine months across the industry. Government infrastructure spending was only 29% of budget in first half. Management acknowledged infra contribution is very low.
Extended winter rainfall in South India and eastern states impacted agri demand in Q3. Channel partners have de-stocked significantly given falling PVC prices, creating uncertainty on restocking pace despite management confidence on Q4 recovery.
