Supreme Industries Ltd.'s (SIL) Q2FY21 result was a beat to our as well as consensus estimates on all parameters. The company reported net sales of Rs13.7bn, increased by 8.2% YoY, while EBITDA came in at Rs2.5bn, a robust growth of 48.1% over Q2FY20. It reported net profit of Rs1.4bn, higher by 15.4% YoY. The management guided that SIL would remain focused on new products launches and capacity expansion to accelerate further the growth momentum in all products segments. We have revised our net sales/PAT estimates by 18%/28% and 11%/6% respectively over FY21E/FY22E and introduce FY23E financials. The stock had a sharp run up recently which caps its upside from current level....