Supreme Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Supreme Industries Ltd filed with BSE on 04 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Supreme Industries reported FY26 revenue of Rs 11,218 crore on volume of 753,907 MT, up about 7% in value and 12% in volume year-on-year, while consolidated operating profit rose 7% to Rs 1,654 crore and profit after tax declined 1% to Rs 954 crore. Management said the Plastic Piping Systems business grew 14% in volume and 11% in value, while the Industrial Products segment degrew 1% in volume and 3% in value. The company also discussed capex plans of approximately Rs 1,000 crore for the coming year and commentary on PVC resin price volatility during the quarter.
Numbers mentioned
Revenue from operations: Rs 11,218 Crores (FY26)
p. 3
“achieved Revenue from operations of Rs 11,218 Crores during the year under review against sales of 674510 MT and Revenue of Rs 10,446 crores in the previous year”
M.P. Taparia, page 3 of the filed PDF · View the filing
Plastic goods sales volume: 753907 MT (FY26)
p. 3
“The Company sold 753907 MT of Plastic goods”
M.P. Taparia, page 3 of the filed PDF · View the filing
Consolidated Operating Profit: Rs. 1,654 crore (FY26)
p. 3
“The Consolidated Operating Profit and Profit after Tax for the year under review stood at Rs. 1,654 crore and Rs. 954 crore, respectively”
M.P. Taparia, page 3 of the filed PDF · View the filing
Profit after Tax: Rs. 954 crore (FY26)
p. 3
“The Consolidated Operating Profit and Profit after Tax for the year under review stood at Rs. 1,654 crore and Rs. 954 crore, respectively”
M.P. Taparia, page 3 of the filed PDF · View the filing
Turnover of value added products: Rs. 4677 crores (FY26)
p. 3
“The overall turnover of value added products increase to Rs. 4677 crores as compared to Rs. 4060 crores in the previous year achieving growth of 15%.”
M.P. Taparia, page 3 of the filed PDF · View the filing
Proposed capex: approximately Rs. 1,000 crore (FY27)
p. 3
“The Company proposes to commit capital expenditure of approximately Rs. 1,000 crore during the year, including carry-forward commitments from the previous year.”
M.P. Taparia, page 3 of the filed PDF · View the filing
CPVC pipes and fittings growth: around 38% (FY26)
p. 5
“Last year, we had a growth of around 38%.”
M.P. Taparia, page 5 of the filed PDF · View the filing
Inventory gain in Q4: around INR70 crores to INR80 crores (Q4 FY26)
p. 5
“But especially in the fourth quarter, there may be inventory gain net-to-net, maybe around INR70 crores to INR80 crores.”
M.P. Taparia, page 5 of the filed PDF · View the filing
PVC industry volume degrowth: minus 9% (FY26)
p. 8
“FY26 there is a volume de-growth by 9% in Plastic Piping System in the country.”
M.P. Taparia, page 8 of the filed PDF · View the filing
Advertisement and publicity expense: INR98 crores (FY26)
p. 14
“No. This year, it is INR98 crores only.”
P.C.Somani, page 14 of the filed PDF · View the filing
Total addition to assets: INR1,400 crores (FY26)
p. 15
“Our total addition to assets is INR1,400 crores this year, including what was added to the block.”
P.C.Somani, page 15 of the filed PDF · View the filing
Wavin volume contribution: around 10,000 tons (Q4 FY26)
p. 11
“So about 4,000 a month and from February, March, if you look at. So for the quarter, it could be around 10,000 tons.”
P. C. Somani, page 11 of the filed PDF · View the filing
Current PVC resin price: around INR81 a kilo
p. 13
“Current pricing around INR81 a kilo.”
M.P. Taparia, page 13 of the filed PDF · View the filing
Labor Code provisioning: INR14.4 crores (FY26)
p. 10
“So INR15.38 crores reduced to INR14.4 crores.”
P. C. Somani, page 10 of the filed PDF · View the filing
Total installed SKUs and systems: 15,600 plus SKU and 45 systems
p. 19
“We have 15,600 plus SKU. And we have 45 systems.”
M.P. Taparia, page 19 of the filed PDF · View the filing
Export business (plastic pipe): $5 million
p. 17
“Our export business plastic pipe section is only $5 million.”
M.P. Taparia, page 17 of the filed PDF · View the filing
Gas piping capacity: 10,000 ton pipes per month
p. 16
“Capacity may became 10,000 ton pipes per month actually, but that is spread on 9 plants.”
M.P. Taparia, page 16 of the filed PDF · View the filing
Windows business capacity: around 10,000 window per month
p. 16
“It is around 10,000 window per month.”
M.P. Taparia, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Piping volume growth — 15% to 17% · FY27
stated firmly by M.P. Taparia
p. 5
“We anticipate growth of 15% to 17%.”
M.P. Taparia, page 5 of the filed PDF · View the filing
Overall volume growth — 12% to 13% · FY27
stated firmly by M.P. Taparia
p. 6
“12% to 13%.”
M.P. Taparia, page 6 of the filed PDF · View the filing
EBITDA margin — 14% to 14.5% · FY27
stated firmly by M.P. Taparia
p. 6
“Margins between 14% to 14.5%.”
M.P. Taparia, page 6 of the filed PDF · View the filing
Capacity addition of 1.10 lakh MT — 1.10 lakh MT, taking total installed capacity to about 1.35 million MT per annum · FY27
stated firmly by M.P. Taparia
p. 6
“It'll be added by FY27 for sure. And out of the budget we're talking, 100,000 will be in piping sector only.”
M.P. Taparia, page 6 of the filed PDF · View the filing
Wavin volume contribution — 48,000 to 50,000 tons · FY27
stated firmly by M.P. Taparia
p. 14
“But now for the full year, we anticipate we may get 48,000 tons to 50,000 tons this year.”
M.P. Taparia, page 14 of the filed PDF · View the filing
Windows business revenue — INR200 crores to INR250 crores annual revenue
stated as an aspiration by P. C. Somani
p. 12
“Once we achieve full capacity utilization, then it should be about INR200 crores to INR250 crores annual revenue.”
P. C. Somani, page 12 of the filed PDF · View the filing
Overall volume target — 2 million tons
stated as an aspiration by M.P. Taparia
p. 19
“So our dream is to achieve 2 million tons. Presently only 6 million tons. So a long way to go.”
M.P. Taparia, page 19 of the filed PDF · View the filing
Return on capital employed — more than 25%
stated firmly by M.P. Taparia
p. 19
“One criteria that we must get return more than 25% on the capital employed.”
M.P. Taparia, page 19 of the filed PDF · View the filing
Export target for plastic pipe business — $50 million
stated as an aspiration by M.P. Taparia
p. 17
“We are working first how to reach $50 million very shortly.”
M.P. Taparia, page 17 of the filed PDF · View the filing
Industry piping growth — 8% · FY27
stated conditionally by M.P. Taparia
p. 8
“Industry level, yes, you can ask raw material producers, but they told us they anticipate 8% growth this year.”
M.P. Taparia, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said there was no full-year inventory gain but an estimated Q4 gain.
Answered by M.P. Taparia
Asked by Rahul Agarwal: What was the inventory gain in Q4 due to PVC price movements?
p. 5
“So for the full year, we don't see any inventory gain for the full year. But especially in the fourth quarter, there may be inventory gain net-to-net, maybe around INR70 crores to INR80 crores.”
M.P. Taparia, page 5 of the filed PDF · View the filing
Management guided to 15-17% piping growth, 12-13% overall growth, and 14-14.5% margins.
Answered by M.P. Taparia
Asked by Shravan Shah: What is the outlook for FY27 piping and overall volume growth and margins?
p. 5
“We anticipate growth of 15% to 17%.”
M.P. Taparia, page 5 of the filed PDF · View the filing
Management described recent sharp price swings and said they do not expect further price erosion due to a weaker rupee and import dependence.
Answered by M.P. Taparia
Asked by Shravan Shah: Is PVC price volatility expected to continue?
p. 6
“So we do not anticipate now any price reduction also because rupee is getting weaker, rupee is around INR94.50.”
M.P. Taparia, page 6 of the filed PDF · View the filing
Management said Q4 demand was impacted but demand had picked up strongly by Q1 as prices fell.
Answered by M.P. Taparia
Asked by Praveen Sahay: Did PVC price fluctuation affect agri demand in Q4?
p. 7
“PVC resin price is now low , demand start only from Q1. Q4 demand was impacted in the month of March, but now we are talking Q1 only.”
M.P. Taparia, page 7 of the filed PDF · View the filing
Management cited raw material producers' estimate of a 9% industry decline in FY26 and 8% growth expected in FY27.
Answered by M.P. Taparia
Asked by Sneha: What was the plastic piping industry growth in FY26 and expectation for FY27?
p. 8
“We are told by raw material producers that it was minus 9%.”
M.P. Taparia, page 8 of the filed PDF · View the filing
Management said funds depend on state government contribution and it has historically been underspent.
Answered by M.P. Taparia
Asked by Sneha: Has there been any pickup in Jal Jeevan Mission fund releases?
p. 9
“Last 2 years also, whatever budget they announced in February, they could spend only one-third amount.”
M.P. Taparia, page 9 of the filed PDF · View the filing
Management attributed it to large Chinese coal-based PVC supply which is unaffected by the Gulf disruption.
Answered by M.P. Taparia
Asked by Sonali: Why are PVC prices falling despite the Middle East supply disruption?
p. 9
“So China was a big player in India. Now they become bigger player. So because of that, PVC is not affected in India.”
M.P. Taparia, page 9 of the filed PDF · View the filing
Management clarified the INR14.4 crore is the net full-year impact, revised from the earlier Q3 estimate.
Answered by P. C. Somani
Asked by Tejas Pradhan: Was the labour code provisioning of INR15.38 crore in addition to the new INR14.4 crore figure?
p. 10
“Correct. It is the net full year impact. Earlier in the Q3, we have estimated based on our working, but based on the actual valuation report, which we have made now March '26, it is a full year impact.”
P. C. Somani, page 10 of the filed PDF · View the filing
Management estimated around 10,000 tons for the quarter given the plant normalized from February.
Answered by P. C. Somani
Asked by Bhavin Rupani: What were Wavin's volumes during the quarter?
p. 11
“So about 4,000 a month and from February, March, if you look at. So for the quarter, it could be around 10,000 tons.”
P. C. Somani, page 11 of the filed PDF · View the filing
Management estimated INR200-250 crore in annual revenue once full capacity is reached, with maintained margins on the investment.
Answered by M.P. Taparia
Asked by Girish Choudhary: What revenue and margin can the windows business achieve?
p. 12
“Maybe INR250 crores annual revenue. We have pretty small capacity. So we may get INR250 crores revenue annually when we start running the plant fully.”
M.P. Taparia, page 12 of the filed PDF · View the filing
Management said it cannot estimate ultimate size but described current capacity and customer orders.
Answered by M.P. Taparia
Asked by Ritesh Shah: How big can the gas piping business become and what is current capacity?
p. 16
“We don't know how big the business will be . We can't say now.”
M.P. Taparia, page 16 of the filed PDF · View the filing
Management said the target criterion is above 25% return on capital employed, consistently achieved for 18 years.
Answered by M.P. Taparia
Asked by Bhavin Vithlani: What sustainable EBITDA/EBIT margin should be expected?
p. 19
“One criteria that we must get return more than 25% on the capital employed. So we are earning more than 25% year-after-year for the last 18 years.”
M.P. Taparia, page 19 of the filed PDF · View the filing
Management said the four new plants would be partly operational by March 2027 and fully in two years.
Answered by M P Taparia
Asked by Varun: By when will the greenfield project be operational?
p. 20
“All the 4 plants what we are now talking should be operational by end of March '27.Not fully, partly operational.”
M P Taparia, page 20 of the filed PDF · View the filing
Management clarified Wavin is part of Supreme Industries, not a separate entity.
Answered by M.P. Taparia
Asked by Karan Bhatelia: Does the 15-17% piping growth guidance include Wavin?
p. 21
“There is no Wavin. Part of our company there is no Wavin. Wavin is the unit of Supreme Industries.”
M.P. Taparia, page 21 of the filed PDF · View the filing
Risks flagged
Volatility in PVC resin prices affecting channel dynamics
p. 4
“Volatility in PVC resin prices, including frequent and sharp price movements during the year, significantly impacted channel dynamics, while extended monsoon conditions affected demand, particularly in the agriculture segment.”
M.P. Taparia, page 4 of the filed PDF · View the filing
Demand slowdown from OEM customers in Industrial segment
p. 4
“Industrial Segment however continued to witness demand slowdown from OEM customers.”
M.P. Taparia, page 4 of the filed PDF · View the filing
Export moderation due to geopolitical developments and tariffs
p. 4
“Export performance witnessed moderation due to geopolitical developments and tariff related disruptions”
M.P. Taparia, page 4 of the filed PDF · View the filing
Uncertainty over Jal Jeevan Mission fund releases dependent on state government contribution
p. 8
“So unless the state contributes, center doesn't release the money. So Jal Jeevan we are not sure.”
M.P. Taparia, page 8 of the filed PDF · View the filing
Ongoing geopolitical conflicts affecting the year ahead
p. 10
“As you know, the year has begun with still the geopolitical conflicts continues.”
P. C. Somani, page 10 of the filed PDF · View the filing
Gulf disruption impacting global polymer capacity
p. 9
“So it's going to impact the polymer capacity worldwide big way.”
M.P. Taparia, page 9 of the filed PDF · View the filing
Rupee weakness pressuring import-dependent PVC pricing
p. 6
“So we do not anticipate now any price reduction also because rupee is getting weaker, rupee is around INR94.50.”
M.P. Taparia, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.