Supreme Industries Ltd.'s (SIL) Q4FY26 result was broadly in-line our estimate on net sales, while margins were beat to our forecast. The Plastic piping industry posted a volume de-growth of ~9% in FY26, depicting underline softness in demand. SIL's 14% piping volume growth indicates clear market share gain despite a challenging demand dynamics. The management guided that the industry is expected to recover ~8% in volume terms in FY27E, while the company is expected to grow at ~12-13% over FY26. SIL reported net sales of Rs35.2bn, higher by 16.5% YoY, while EBITDA came in at Rs6.2bn, a robust growth...