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IDBI Capital Report
Supreme Industries Ltd.'s Q4 FY26 result was broadly in-line with IDBI Capital estimate on net sales, while margins were beat to their forecast. The plastic piping industry posted a volume de-growth of ~9% in FY26, depicting underline softness in demand.
Supreme Industries' 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. Supreme Industries reported net sales of Rs 3,520 crore, higher by 16.5% YoY, while Ebitda came in at Rs 620 crore, a robust growth of 49.7% over Q4 FY25.
It reported net profit of Rs 430 crore, higher by 47.5% YoY. Supreme Industries' focus on capacity addition, increasing share of value added products and improved demand outlook paves the way for recovery in earnings in near term.
The brokerage has broadly kept its earnings unchanged and maintain Buy with a revised target price of Rs 4,253 (earlier Rs 4,285), assigning 40x PER on FY28E.
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