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Supreme Industries Limited (SUPREMEIND)

Capital Goods · Industrial Products · NSE · Updated 16 June 2026

₹3,550 ↓ 22.1% (1Y)

🎯 Key Takeaways

Supreme Industries Limited is in a strategic growth and reinvestment phase, transitioning from a mature industrial products business into an expansion-driven model focused on capacity augmentation and segmental diversification. Management is actively investing in capex to scale piping and new product lines, particularly in Windows & Doors, while navigating PVC price volatility.
Revenue grew 10.4% QoQ to ₹2,510 in Q3FY25.
⚠️ PVC price volatility remains a critical margin risk, as explicitly flagged by management; sustained high input costs could delay margin recovery beyon

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 growth and reinvestment phase, transitioning from a mature industrial products business into an expansion-driven model focused on capacity augmentation and segmental diversification. Management is actively investing in capex to scale piping and new product lines, particularly in Windows & Doors, while navigating PVC price volatility. The company is targeting sustainable margin expansion beyond 14.5% contingent on PVC price realization, indicating a deliberate shift toward higher-growth verticals despite near-term margin pressure.

📰 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. FY'27 volume growth is projected at 12-13% overall and 15-17% in piping, supported by new Windows & Doors production and logistics cost savings. A greenfield project will achieve partial operational capacity by March 2027, with full completion expected within two years. Management emphasized margin expansion potential if PVC prices stabilize between 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

Financial performance shows a clear inflection point: revenue and profitability peaked in Q4FY24 (Rev ₹3,008 crore, OPM 16.3%, NP ₹355 crore) but have declined in subsequent quarters, with Q3FY25 revenue down to ₹2,510 crore and OPM compressing to 12.3%. This trend aligns with management's disclosure of margin pressure from PVC price volatility and a strategic shift toward capital-intensive expansion. The decline in profitability from Q4FY24 to Q3FY25 reflects the transition phase — investing heavily in growth while absorbing short-term margin headwinds, consistent with announced capex and capacity ramp-up plans.

🔮 Management Outlook & What's Next

Management expressed confidence in margin expansion beyond 14-14.5% if PVC price realization reaches INR 75-80/kg, while targeting sustainable returns through structural growth in piping and new segments. They highlighted FY'27 volume growth forecasts of 12-13% overall and 15-17% in piping, underpinned by new Windows & Doors production and logistics efficiencies. Partial commissioning of the greenfield project by March 2027 and full completion within two years signals a multi-year investment cycle aimed at capturing structural demand trends in industrial infrastructure.

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 critical margin risk, as explicitly flagged by management; sustained high input costs could delay margin recovery beyond FY'27 guidance. 2. Execution risk in the greenfield project — delays in achieving full capacity by 2027 could disrupt growth momentum. 3. Climate-related regulatory pressures, including CBAM costs and water scarcity, are material given the company's water-intensive operations and export exposure. 4. High valuation (P/E 43.6) leaves limited room for execution misses, especially as profitability trends have turned mixed in recent quarters.

📋 Recent Filings

🧠 Analyst's Read

Supreme Industries is executing a strategic pivot toward high-growth segments with significant capex, but near-term profitability is under pressure from input cost volatility and investment intensity. Investors should monitor PVC price trends, execution progress on the greenfield project, and margin trajectory in FY'27. The company's long-term growth thesis hinges on successful scale-up in piping and new product lines, but near-term returns may remain muted, requiring patience from stakeholders.

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

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.