Supreme Petrochem’s Q4FY25 revenue stood at INR 15,390 Mn., down 1.5% YoY (+9.5% QoQ), was below our estimates led by weak volume; however, EBITDA came in at INR 1,446 Mn., down 17.4% YoY (+45.7% QoQ). Strong growth in EBITDA sequentially was driven by margin improvement of 234bps QoQ. Adj. PAT stood at INR 1,069 Mn., down 18.7% YoY (+49.8% QoQ), was above our estimates led by improved operating margins and higher other income.