External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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

<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

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Q3FY2025 earnings lagged estimates led by sharp fall in PVC prices and weak infrastructure demand.</li><li>The management is confident of achieving its overall volume growth guidance of 14-15% y-o-y in FY25 (Q4 volume growth should be over 30% for this).</li><li>Consolidated OPM guidance lowered again to 13.5-14% from 14.5-15.25% in the last quarter.</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.

Q3FY2025 earnings lagged estimates led by sharp fall in PVC prices and weak infrastructure demand.The management is confident of achieving its overall volume growth guidance of 14-15% y-o-y in FY25 (Q4 volume growth should be over 30% for this).Consolidated OPM guidance lowered again to 13.5-14% from 14.5-15.25% in the last quarter.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.

Supreme Industries Ltd - Weak Result; Maintain Buy on Long Term Prospects

Thematic (Sector/Industry)

<ul><li>Supreme Industries: Supreme Industries (SIL) reported 12% consolidated volume growth (pipes/other segments 17/-4% YoY) in Q2</li><li>Consolidated revenue was up 5% YoY</li><li>EBITDA declined 7% YoY, owing to lower gross margin and higher fixed cost</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.

Supreme Industries: Supreme Industries (SIL) reported 12% consolidated volume growth (pipes/other segments 17/-4% YoY) in Q2Consolidated revenue was up 5% YoYEBITDA declined 7% YoY, owing to lower gross margin and higher fixed costContent 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.

HSIE Results Daily: Supreme Industries, PNB Housing Finance

<ul><li>The building materials sector experienced muted demand in Q2FY26, impacted by heavy rainfall</li><li>We project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase in APAT</li><li>We believe that the volume growth of major tile companies was negatively affected by weak export performance and soft domestic demand</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.

The building materials sector experienced muted demand in Q2FY26, impacted by heavy rainfallWe project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase in APATWe believe that the volume growth of major tile companies was negatively affected by weak export performance and soft domestic demandContent 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 (Q2FY26 Results Preview): Demand recovery yet to come

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

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

Supreme Industries Ltd - Weak Result; Maintain Buy on Long Term Prospects

The management is confident of achieving its overall volume growth guidance of 14-15% y-o-y in FY25 (Q4 volume growth should be over 30% for this).

Sharekhan

HSIE Results Daily: Supreme Industries, PNB Housing Finance

Supreme Industries: Supreme Industries (SIL) reported 12% consolidated volume growth (pipes/other segments 17/-4% YoY) in Q2. Consolidated revenue...

HDFC Securities

Building Materials (Q2FY26 Results Preview): Demand recovery yet to come

We project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase...

HDFC Securities

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