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Equity Bottom-Up

<ul><li>We have interacted with the Supreme Industries’ management</li><li>The management has guided 14-15% YoY consolidated volume growth (15-17% plumbing volume growth) and 14.5-15.5% EBITDAM for FY26</li><li>Wavin India acquisition costing INR 3.1bn was completed at the end of July 2025</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We have interacted with the Supreme Industries’ managementThe management has guided 14-15% YoY consolidated volume growth (15-17% plumbing volume growth) and 14.5-15.5% EBITDAM for FY26Wavin India acquisition costing INR 3.1bn was completed at the end of July 2025Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Supreme Industries: Demand Gains Momentum, Healthy Outlook. Maintain ADD

Thematic (Sector/Industry)

<ul>
<li>Secondary demand in the building materials sector remained largely steady in Q4FY26</li>
<li>However, channel restocking and recent price hikes are expected to support strong ~19% YoY revenue growth, translating into robust ~46–47% YoY growth in EBITDA and APAT.</li>
<li>Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a sharp increase in PVC resin prices.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Secondary demand in the building materials sector remained largely steady in Q4FY26
However, channel restocking and recent price hikes are expected to support strong ~19% YoY revenue growth, translating into robust ~46–47% YoY growth in EBITDA and APAT.
Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a sharp increase in PVC resin prices.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building Materials (Q4FY26 Results Preview): Strong quarter: inventory build and price hikes

<ul><li>We maintain our ADD rating on Supreme with a TP of INR 4,110/sh</li><li>We value the company at 40x Mar’27 EPS and its 30.8% holding in its associate Supreme Petrochem at a 30% discount to its current market cap</li><li>We like Supreme for its industry-leading plumbing volume growth, strong margins, healthy return ratios, and robust balance sheet</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our ADD rating on Supreme with a TP of INR 4,110/shWe value the company at 40x Mar’27 EPS and its 30.8% holding in its associate Supreme Petrochem at a 30% discount to its current market capWe like Supreme for its industry-leading plumbing volume growth, strong margins, healthy return ratios, and robust balance sheetContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Supreme Industries: Likely Demand Revival, Organic, Inorganic Plans. Maintain ADD

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.</li>
<li>For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.</li>
<li>The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.</li>
</ul>


Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.
For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.
The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.


Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Q3 FY26 calls show revival: PVC stabilized, volumes up 12–18% YoY, channel restocking returning, margins recovering across leaders.</li>
<li>After 15–20 months of price wars and destocking, arrested price erosion plus government capex can lift realizations and EBITDA sustainably.</li>
<li>Near-Term earnings skew improves into Q4 FY26–Q1 FY27; leaders with scale and value-added mix look better positioned for share gains.</li>
</ul>


Q3 FY26 calls show revival: PVC stabilized, volumes up 12–18% YoY, channel restocking returning, margins recovering across leaders.
After 15–20 months of price wars and destocking, arrested price erosion plus government capex can lift realizations and EBITDA sustainably.
Near-Term earnings skew improves into Q4 FY26–Q1 FY27; leaders with scale and value-added mix look better positioned for share gains.


Indian Pipe Sector: Signs of Revival Amid Volatility – Q3 FY26 Insights

India

Supreme Industries Limited manufactures industrial and engineered molded products and storage and material handling crates.  The Company also manufactures chemicals, multilayer sheets, multilayer films, packaging films and expanded polyethylene foam, PVC pipes and fittings, molded furniture and disposable EPS containers.

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Supreme Industries (SI IN)

Supreme Industries: Demand Gains Momentum, Healthy Outlook. Maintain ADD

The management has guided 14-15% YoY consolidated volume growth (15-17% plumbing volume growth) and 14.5-15.5% EBITDAM for FY26

HDFC Securities

Building Materials (Q4FY26 Results Preview): Strong quarter: inventory build and price hikes

Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a...

HDFC Securities

Supreme Industries: Likely Demand Revival, Organic, Inorganic Plans. Maintain ADD

We value the company at 40x Mar’27 EPS and its 30.8% holding in its associate Supreme Petrochem at a 30% discount to its current market cap

HDFC Securities

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

Indian Pipe Sector: Signs of Revival Amid Volatility – Q3 FY26 Insights

Q3 FY26 calls indicate PVC market stabilization, volume growth, and margin recovery, with potential for sustained EBITDA improvement in the coming...

Nimish Maheshwari

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Market Cap (USDm)

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Supreme Industries: Demand Gains Momentum, Healthy Outlook. Maintain ADD

The management has guided 14-15% YoY consolidated volume growth (15-17% plumbing volume growth) and 14.5-15.5% EBITDAM for FY26

HDFC Securities

Building Materials (Q4FY26 Results Preview): Strong quarter: inventory build and price hikes

Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a...

HDFC Securities

Supreme Industries: Likely Demand Revival, Organic, Inorganic Plans. Maintain ADD

We value the company at 40x Mar’27 EPS and its 30.8% holding in its associate Supreme Petrochem at a 30% discount to its current market cap

HDFC Securities

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

​Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

Indian Pipe Sector: Signs of Revival Amid Volatility – Q3 FY26 Insights

​Q3 FY26 calls indicate PVC market stabilization, volume growth, and margin recovery, with potential for sustained EBITDA improvement in the coming...

Nimish Maheshwari

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Q3 FY26 calls indicate PVC market stabilization, volume growth, and margin recovery, with potential for sustained EBITDA improvement in the coming...