Supreme Industries' Q3FY19 results were a miss owing to lower than expected volume growth and higher operating cost. Total volume grew by just 4% YoY to 1,00,982MT while realization increased by 11% YoY in Q3FY19. Revenue was up 10.3% YoY to Rs14.1 bn, while EBITDA and PAT were down 11.2%/22.3% YoY to Rs1.8 bn/Rs810 mn respectively. The management maintained its guidance of 10%/15% volume/value growth with EBITDA margin of 14%-14.5% (earlier 15%) for FY19 to be led by Piping segment. Though, we factor in slightly lower growth looking at the weaker result. We cut our EBITDA estimates by 7%/5% for FY19E/20E on lower margins and cut our...