EBITDA margin at 24.5% during Q4 is one of the highest in the history of Supreme backed by inventory gains amid rise in PVC prices. We believe the inventory gains are limited till FY21 and EBITDA margin will peak out from its high with ease in PVC prices, going forward. The management has guided for EBITDA margin of ~17% (~200 bps higher than its last five years average) backed by an improved product mix. Valued added product...