After a disappointing H1FY20, particularly on margins front, Supreme Industries Ltd.'s (SIL) Q3FY20 result was a positive surprise. The company's reported Net sales was in line with our estimate, however, EBITDA and PAT were substantially above led by higher share of value added products in total sales. Though NSR for piping and consumer products is still a laggard compared to Q2FY20 as well as Q3FY19, packaging and industrial products segments have done phenomenally well. SIL reported Net sales at Rs13.7bn (+8.1% QoQ/-2.6% YoY). Raw material prices softened in Q3 and aided EBITDA, which came in at Rs2.2bn (+27.85 QoQ/ +25.8% YoY). PAT stood at Rs1.2bn (4.6% QoQ/ +52.4% YoY). The management has revised its EBITDA margin guidance...