Supreme Industries' Q1FY19 results were a miss due to lower than expected volume growth and increased cost pressure. Revenue was up 15.8% YoY to Rs13.5 bn owing to 8.4% volume growth to 99,905mt. Plastic piping/Packaging products/Industrial products/Consumer products volume grew by 5%/10%/23%/15% and value wise it grew by 12%/9%/37%/23% respectively. The management lowered down its volume growth guidance to a 10%-12% from 12%15% with an EBITDA margin of 15.5%-16%. We cut EBITDA/PAT estimates by 4%/10% for FY19 and FY20E both to factor in higher cost and increased tax rates. We cut our TP to Rs1,322 (32x FY20E) from Rs1,437. Maintain ACCUMULATE....