Supreme Industries is a plastics products maker with businesses across Plastics Piping, Industrial, Packaging and Consumer Products, and its Q2 print comes after a Q1 where volumes fell 14.29% YoY on extraordinary April-2026 polymer-price volatility. The key things this results will speak to are whether the volume recovery management flagged after July's strong growth materialised, and how margins hold up against the FY27 guided band of 14-14.5% EBITDA.
| Results date | October 26, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,726.79 Cr (total income, Q1 FY27) |
| Previous quarter PAT | Rs. 280.72 Cr (consolidated, Q1 FY27) |
| Previous quarter EBITDA margin | 14.60% (derived, standalone) |
| Market cap | Rs. 44,991.4 Cr |
| CMP | Rs. 3,550.0 |
As per the board-meeting intimation dated 19 Oct 2026, the Board meets on 26 Oct 2026 (11:00 a.m.) for Q2/HY FY27 results + interim dividend consideration.
The Q2 FY27 earnings call is scheduled for 26 Oct 2026 at 4:00 p.m. IST, hosted by DAM Capital Advisors. Speakers are M. P. Taparia (CMD), P. C. Somani (CFO) and R. J. Saboo (VP Corporate Affairs & CS).
The central question for this quarter is whether Supreme Industries recovered the volumes lost in Q1 FY27, when overall sales fell 14.29% YoY to 157,536 MT on April-2026 polymer-price volatility and channel inventory correction. Management has guided to piping volume growth of 15-17% and overall volume growth of 12-13% for FY27, which after Q1's decline implies a 9M FY27 ask rate of +20.5% to +21.8% overall volume growth; management observed strong growth in July and anticipates a good second quarter with YoY growth in H1 FY27. On margins, Q1's standalone EBITDA margin of 14.60% (derived) was flattered by the erosion of low-margin agricultural piping, with the pipe segment margin rising from 8.8% to 11.4% YoY, so the mix effect is the swing variable as agri volumes return. The customs-duty exemption removal effective 16 July 2026 is a cost headwind versus Q1's benefit, while the minimum import price for suspension-grade PVC (floor $766) and rising domestic PVC prices support pricing discipline. The company enters the quarter debt-free with a cash surplus of Rs. 542 Cr at 30 June 2026, and the board will also consider an interim dividend alongside the results. The earnings call the same day at 4:00 p.m. IST is expected to cover the volume recovery, the margin bridge and progress on the FY27 guidance set.
FY27 guidance tracking after Q1's volume decline: Q1 FY27 came in below the full-year bands, making the remaining-nine-month ask rate steep.
Volume recovery and channel restocking
Strategic initiatives: new plants, Wavin and new verticals
PVC prices, inventory impacts and cash trajectory
Narrative shifts to test on the call
Management said the 14-14.5% FY27 margin guidance was given on a conservative basis, and noted it is a departure from prior years when higher margins were guided on lower volume expectations. On FY28/FY29 margins, management declined to guide, saying We talk today FY27 only.
Q1 FY27 overall volumes fell 14.29% YoY to 157,536 MT, while FY27 guidance is for 15-17% piping volume growth and 12-13% overall volume growth. That implies the remaining nine months of FY27 need roughly +20.5% to +21.8% overall volume growth to meet the full-year bands.
Management repeatedly declined to quantify inventory gains or losses in Q1 FY27, with PVC inventory carrying cost described as classified information. Previously disclosed impacts include a Rs. 50-60 Cr inventory loss in H1 FY26, a Rs. 100-120 Cr hit in 9M FY26 and a Rs. 70-80 Cr gain in Q4 FY26.
The FY27 capex guidance is INR 1,000-odd crores, with Rs. 500 Cr committed in Q1 FY27. The upcoming call should confirm the H1 outflow against that full-year commitment.
The standalone EBITDA margin of 14.60% (derived) expanded even as volumes fell 14.29% YoY because of significant volume erosion in the low-margin agricultural piping segment, a mix effect rather than a like-for-like margin gain. The pipe segment EBITDA margin rose from 8.8% to 11.4% YoY.