Supreme Industries (SI) reported below-expected Q4FY19 revenue growth of 4.1% YoY with volume growth of 10.4%. EBITDA margins contracted 630bps YoY to 13.2% primarily due to higher raw material cost (+490bps) and other expenditure (+120bps), leading to EBITDA/adj. PAT declines of 30%/39% YoY. Management has guided for revenue growth of 12-15% and operating margins of 13.5-15% in FY20. Given the Q4 miss, we cut FY20/FY21 earnings estimates...