SUPREMEIND Q4 FY25 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹3,027 Cr
verified against source
Revenue YoY
3%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Supreme Industries reported FY25 net product turnover of INR 10,295 crore with 5% volume growth to 674,510 tons, as consolidated PAT declined 10% to INR 961 crore due to PVC price volatility. The plastic piping industry degrew 6% while Supreme grew 6%, demonstrating market share gains. The company faced significant headwinds from 14 PVC price changes since July 2024, resulting in ~INR 150 crore inventory losses. For FY26, management guides INR 12,000 crore turnover with 10-12% volume growth (3-4% above industry), targeting 14.5-15.5% operating margins. Key growth drivers include the Wavin India acquisition (73,000 tons capacity, $30mn deal), capacity expansion to 1 million tons, and new PVC profile/window business from July 2025. Risks include delayed government infrastructure spending, channel inventory destocking, and muted industrial segment demand. CPVC delivered 21% volume growth, while composite cylinders remain challenged at 50% utilization with IOCL orders pending.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects ~16.6% revenue growth driven by 10-12% volume growth across segments and Wavin acquisition contribution from Q2 FY26.
- Expects industry to grow 7-8% and company to outperform by 3-4%, with Wavin adding ~36,000 tons volume (nine months). Total piping volume target ~600,000-640,000 tons.
- Despite Wavin acquisition initially being loss-making, management expects consolidated margins to be maintained, including Wavin's contribution for nine months from July 2025.
- Plastic piping capacity to reach 1 million tons by March 2026 from 872,000 tons currently, including 73,000 tons from Wavin acquisition.
Risks flagged
- PVC prices changed 14 times since July 2024, causing INR 150 crore inventory losses in FY25. Management cannot predict anti-dumping duty outcomes or PVC price direction, creating margin uncertainty.
- Jal Jeevan Mission spending was INR 22,000 crore last year vs budgeted INR 67,000 crore for FY26. Maharashtra government hasn't announced new piping orders. Delayed infrastructure spending directly impacts plastic piping demand recovery.
- Industrial products segment declined 1% in volume and remained flat in value due to muted automotive/CV demand and absence of EVM orders (non-recurring FY24 business). Management expects limited recovery visibility.
- Division operating at only 50% capacity utilization with IOCL orders not materializing as expected. IOCL is now planning a 1 million piece tender but timing remains uncertain. BPSL tender for 400,000 pieces offers partial offset.
Key quotes
- The country has witnessed a degrowth of around 6% in volume in plastic piping system, and the company achieved a growth of about 6% in volume during the year-end review.
- We anticipate overall 14.5%-15.5% overall of the company, not piping division alone. We have told you the operating margin of the company, INR 12,000 crore turnover of the company around and 14.5%-15.5% operating margin.
- Wavin has got capacity of 73,000 metric tons. Normally, we use 70% capacity. So, with 73,000 tons full year basis, we may sell 51,000 tons volume annually with the capacity whatever they have installed.
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