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Anand Rathi's research report on Supreme Industries

Supreme Industries’ Q4 revenue remained muted at Rs30bn, up just 0.6% y/y, as overall volumes sold rose a meagre 2.3% y/y. Profitability was impacted as PVC pricing environment remained uncertain, with a downward bias deferring filling of channel inventory and under absorption of fixed overheads. Gross/EBITDA/PAT margins contracted 311/256/209bps y/y to 29.4/13.8/9.7%. With aggressive capex of Rs11bn (brownfield expansions, Wavin’s acquisition), enhanced product offerings and increasing product SKUs, management targets 10-12% volume growth in FY26, translating to Rs120bn revenue; it expects operating margin of 14.5-15.5%.

Outlook

At the CMP, the stock trades at 40.0x/31.7x FY26e/27e earnings. We retain our Buy rating on the stock, with a 12-mth TP of Rs 4,386 (Rs6,458 earlier), 40x FY27e earnings (45x FY27e earnings).

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Supreme Industries - 29042025 - anand

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