Supreme Industries' (SI) Q1FY26 volume growth was 5.7% below our estimates, due to lower volume in the plastic pipe segment (up 6.1% YoY against our est. of 7.3%) due to early monsoon, leading to lower demand in the agriculture piping segments, delay in ADD on PVC resin resulted de-stocking in the channels. EBITDA margin contracted by 250bps YoY with decrease in EBIT/kg to Rs 10.6 (down 35.9% YoY) in pipe segment mainly due to inventory loss of Rs 500mn. Adjusting for the inventory loss PAT was in line with our estimates in Q1FY26. The management has revised its FY26 guidance, raising P&F volume...