Supreme Industries (SI) reported below-expected Q3FY22 performance with blended volumes declining 18% and revenues increasing 5.5%, YoY. Operating margins were healthy at 16.3% (+20bps QoQ / -544bps YoY), in line with expectations, resulting in EBIDTA / PAT fall of 20.8% / 21.3% YoY respectively. Maintain ADD with share price target of Rs. 2323.