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Supreme Industries' (SI) Q4FY25 volume growth was 2.3% below with our estimates, due to lower volume in the plastic pipe segment (up 2.2% YoY against our est. of 5%) because of low demand in plumbing and infra segments, delay in ADD on PVC resin resulted de-stocking in the channels. EBITDA margin contracted by 260bps YoY with decrease in EBIT/kg to Rs 13.3 (down 27.8% YoY) in pipe segment mainly due to inventory losses in pipe segment. SI expects topline to reach Rs 12bn by FY26 driven by volume growth of 10-12% in pipe segment with overall EBITDA margin of 14.5-15.5%, also plastic pipe segment...
Supreme Industries’ Q4 revenue remained muted at Rs30bn, up just 0.6% y/y, as overall volumes sold rose a meagre 2.3% y/y. Profitability was impacted as PVC pricing environment remained uncertain, with a downward bias deferring filling of channel inventory and under absorption of fixed overheads.
Consolidated revenue stood at Rs. 3,027 crore, flat y-o-y, due to a 2% y-o-y fall in realisations, while total volumes grew at just 2.3% y-o-y in Q4FY25.
Supreme Industries (SI) reported Q4FY25 blended plastics volume growth of 2.3% YoY (6-year CAGR of 9.8%) with pipes segment reporting modest 2.2% YoY volume growth (6-year CAGR of 11.7%) on a high base YoY. Blended EBIT/kg contracted 23.1% YoY to INR16.5 (+19.2% QoQ) as pipes EBIT/kg fell 27.8% YoY to INR 13.3 (+22.3% QoQ), partly due to inventory losses.
We downward revise the rating to Accumulate' and our earnings estimates for FY25/FY26/FY27E by 3.3%/9.4%/9.9%, and revise TP to Rs3,748 (Rs5,040 earlier), based on 35x FY27E earnings (42x earlier). We recently met the management of Supreme Industries (SI) to get clarity over P&F volume growth guidance and outlook on PVC resin pricing scenario for the near to long term. The company indicated that it will be able to achieve only single-digit P&F volume growth in FY25, as against the guidance of 15-16%. Also, EBITDA margin in Q4FY25 is likely to be similar to that in Q3FY25, due to lower PVC resin prices...
Nilkamal’s Q3 revenue grew 6.3% y/y to Rs8.5bn. Input-cost tailwinds helped the gross margin expand 126bps y/y to 43.3%. Higher employee expenses and other operating expenses pulled EBITDA down 12.9% y/y to Rs634m. PAT was down a significant 26.4%.
Supreme Industries Limited (SIL) reported consolidated revenue of Rs. 2,510 crore (up only 2.5% y-o-y) on account of flattish realizations (0.5% decline y-o-y) while total volume growth was also soft at 3% y-o-y.
Durable, sustainable and versatile products to meet increasing real estate demand from urbanization ? Easy to install products with quicker turnaround time ensures real estate developers compliance with RERA timelines thereby increasing preference towards Company’s products ? Capability to produce multiple SKUs (different thickness, colors) in small to big batch sizes provides flexibility to developers to meet changing needs of urban population
