Supreme Industries Limited (SUPREMEIND)

Capital Goods · Industrial Products · NSE · Updated 14 July 2026

₹3,334.6 ↓ 18.91% (1Y)

🎯 Key Takeaways

Supreme Industries Limited is in a strategic reinvestment phase, transitioning from mature profitability to growth-oriented expansion. Management is actively investing in capacity augmentation to capture volume growth in piping and new segments like Windows & Doors, while navigating PVC price volatility.
Revenue grew 10.4% QoQ to ₹2,510 in Q3FY25.
⚠️ PVC price volatility remains a material headwind, with management explicitly linking margin expansion to price realization at INR 75-80/kg.

Market Cap

₹44,570

P/E Ratio

43.6

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Supreme Industries Limited is in a strategic reinvestment phase, transitioning from mature profitability to growth-oriented expansion. Management is actively investing in capacity augmentation to capture volume growth in piping and new segments like Windows & Doors, while navigating PVC price volatility. The company is balancing capital deployment with strong cash reserves and ESG commitments, signaling a deliberate shift toward sustainable long-term returns rather than short-term profit extraction.

📰 What's Happening

In Q4 FY'26, the company reported consolidated operating profit of Rs 1,654 crore and PAT of Rs 954 crore, driven by 12% volume growth and 7% YoY revenue growth. Management announced a ~Rs 1,000 crore capex plan to expand capacity by 1.10 lakh MT, with 100,000 MT dedicated to piping, and highlighted stabilization in channel inventory despite PVC price volatility. FY'27 volume growth is projected at 12-13% overall and 15-17% in piping, supported by new product lines and logistics optimization. The greenfield project is expected to reach partial operation by March 2027, with full completion within two years. Management emphasized margin expansion potential beyond 14-14.5% if PVC prices stabilize at INR 75-80/kg.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	2,598	2,369	2,309	2,449	3,008	2,636	2,273	2,510
Operating Profit	492	336	369	400	509	409	334	318
OPM %	18.5%	13.6%	15.4%	15.5%	16.3%	14.7%	14.0%	12.3%
Net Profit	359	216	243	256	355	273	207	187
EPS	₹28.30	₹16.97	₹19.14	₹20.17	₹27.93	₹21.52	₹16.26	₹14.72

Operating margins have declined from a peak of 18.5% in Q4FY23 to 12.3% in Q3FY25, reflecting the impact of rising input costs and strategic investments. Revenue peaked at ₹3,008 crore in Q4FY24 but has since moderated, while operating profit has trended downward from ₹509 crore to ₹318 crore over the same period. This margin compression appears to be a deliberate trade-off for growth, as the company prioritizes capacity expansion over short-term profitability. The decline in OPM and PAT growth rates aligns with management's stated focus on reinvesting in scale rather than maintaining peak margins.

🔮 Management Outlook & What's Next

Management expects FY'27 volume growth of 12-13% overall and 15-17% specifically in the piping segment, supported by new Windows & Doors production and logistics cost savings. They anticipate partial operational status for the greenfield project by end-March 2027, with full completion within two years. Margin expansion beyond 14-14.5% is conditional on PVC price realization reaching INR 75-80/kg. Management also highlighted channel inventory stabilization and export growth potential through new Free Trade Agreements (FTAs) as tailwinds for future performance.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Industrial Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Cummins India Limited	1.49 L Cr	74.4	—	—	—
Polycab India Limited	1.38 L Cr	74.8	—	—	—
APL Apollo Tubes Limited	52,483	43.6	29.3%	22.7%	0.09
KEI Industries Limited	48,924	72.7	—	—	—
Supreme Industries Limited	44,570	43.6	—	—	—
Astral Limited	41,662	79.2	—	—	—
AIA Engineering Limited	35,987	31.0	20.4%	16.8%	0.07
Welspun Corp Limited	34,530	23.2	—	—	—
Timken India Limited	26,561	61.0	—	—	—
Kirloskar Oil Engines Limited	25,295	49.8	—	—	—

🔗 Peer Stock Analyses

CUMMINSIND POLYCAB APLAPOLLO KEI ASTRAL

⚠️ Risk Factors

1. PVC price volatility remains a material headwind, with management explicitly linking margin expansion to price realization at INR 75-80/kg. 2. Climate-related regulatory risks, including CBAM export costs and water scarcity, are formally identified as material threats in the ESG report. 3. The company's growth strategy depends on successful execution of capex projects, with delays in the greenfield plant timeline potentially impacting volume growth targets. 4. ESG transition costs and compliance requirements may pressure near-term profitability as the company scales renewable energy and circular economy initiatives.

📋 Recent Filings

🧠 Analyst's Read

Supreme Industries is executing a clear reinvestment cycle focused on scaling piping and new product capacities, supported by strong volume growth and strategic capex. The near-term margin pressure is a function of this investment phase, but management's long-term outlook hinges on PVC price stability and successful project rollout. Investors should monitor execution of the greenfield project timeline, PVC price trends, and updates on export growth via FTAs in the upcoming earnings cycle.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on SUPREMEIND

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-14.

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