Supreme Industries Limited (SIL) disappointed us across all parameters in Q1FY17. It reported volume growth of just 3% while lower realization impacted revenue growth (down by 6.9% YoY). There was no revenue booking in the real estate project. The EBITDA margin dipped by 330bps YoY to 16.9%, led to a 22% YoY decline in EBITDA income. Consequently, adjusted profit decreased by 28% YoY (after adjusting share of profit from associates). The share of value-added products increased to 34.98% from 34.74% in Q1FY16. The management has reiterated its earlier guidance of 12-15% volume growth with an EBITDA margin of 14-14.5% for FY17. The company expects strong performance from coming quarters...