Supreme Petrochem Limited (SPLPETRO) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Supreme Petrochem is India's largest polystyrene and expanded polystyrene maker, with market share above 50%, and it heads into Q2 FY27 results with feedstock costs and shipping routes still disrupted by the West Asia conflict. The print will speak to how far operating margins step down from the 19.53% Q1 level that management called an aberration, and whether sales volumes recover after a 24.5% decline in Q1.

Supreme Petrochem Limited Q2 Results Date and Time

The Board of Directors will meet on October 23, 2026, at 5:00 p.m., to consider the Q2/H1 FY27 (quarter and half-year ended September 30, 2026) un-audited standalone and consolidated results with A&S and cash-flow statements, plus FY 2026-27 interim dividend and record date. The trading window remains closed till 48 hours post results.

What to expect from Supreme Petrochem Limited's Q2 FY27 results

The central question for Q2 FY27 is whether the 19.53% Q1 operating EBITDA margin — which management explicitly called an aberration driven by strong global deltas between styrene monomer and downstream products — begins to normalize, against GP polystyrene deltas moving toward $275/MT and CIF India styrene around USD 1,300. The West Asia disruption that shut all three regional styrene plants was still live through the quarter, with Hormuz transit at 74% of pre-war levels as of October 8, and the rupee near record lows (95.6-96.7 through August-early October) inflating landed feedstock cost for a dollar-priced importer. Revenue has been price-led — Q1 FY27 standalone revenue rose 22.08% YoY despite volumes falling 24.5% to 70,842 MT — while the FY27 framework of 8-10% volume growth was conditioned on market normalization that had not arrived by quarter-end. Management had also declined volume and margin guidance on the Q1 call, saying margins are dependent upon global deltas, so whether it re-issues or again withholds guidance will shape the narrative. The upcoming call is also expected to cover the capex reconciliation — approximately Rs. 900 Cr stated for this year versus around Rs. 250 Cr guided earlier and the Rs. 325 Cr polystyrene line approval — alongside the debt-free balance sheet and internal-accrual funding.

Key Things To Watch

Guidance scorecard to probe: Several FY27 targets were set contingent on market normalization that had not materialized by quarter-end.

• FY27 volume growth of 8-10% (contingent on normalization) — check whether the Q2 volume trajectory supports it after the 24.5% Q1 decline
• Xmold utilization 65-70% in FY27 (from 45%); ABS volume ~36,000 tons in FY27; compounding volume 50,000 tons by FY28
• Capex quantum: reconcile the ~Rs. 900 Cr 'this year' statement against the ~Rs. 250 Cr FY27 figure from the Q4 FY26 call and the Rs. 325 Cr PS-line approval

Margin normalization from the 19.53% peak

• Management has repeatedly flagged the 19.53% Q1 operating EBITDA margin as an aberration due to strong global deltas expected to normalize
• Watch the styrene-downstream delta commentary against GP PS deltas of ~$275/MT and CIF styrene ~USD 1,300
• Q1's Rs. 123.17 Cr consolidated inventory drawdown shows stock gains already supported margins; whether Q2 repeats that depends on the styrene price direction

Volume recovery and exports

• Whether non-OEM demand recovery — management said demand that evaporated ~50% has 'now returned to the market' — shows up in Q2 volumes after 70,842 MT in Q1
• Evidence of the EPS-to-Europe export restart, with European-grade approvals already in place and peak-month demand unmet

ABS ramp after equipment setback

• Progress from the 65% restart utilization toward the FY28 Phase-2 timeline for the 70,000-ton line 2 (~Rs. 300 crores capex)
• Any update on the equipment repair at the plant, which is under warranty and fully insured; depreciation at the ABS facility is approximately Rs. 8 crore per quarter

Balance sheet and capex funding

• Continued debt-free status with all capex funded through internal accruals amid the enlarged program; finance costs are mainly Ind AS 116 lease interest (Rs. 340.39 lakhs in Q1 FY27)
• Working capital elevated by higher raw-material prices and ABS inventory build, with management expecting normalization