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Supreme Petrochem Ltd.

NSE: SPLPETROBasic MaterialsSpecialty Chemicals

Last close
₹678.30
Day change
−₹35.20 (−4.93%)vs
Market cap
₹13,400 crIndian rupees
Research updated
3 reports
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About Supreme Petrochem

Supreme Petrochem Ltd. is a prominent company in the chemical and petrochemical industry known for its production of polystyrene and other polymer products. It primarily focuses on manufacturing a variety of grades of polystyrene, including General Purpose Polystyrene (GPPS) and High Impact Polystyrene (HIPS), which are integral to the plastic and packaging sectors. The company plays a crucial role in several industries such as automotive, consumer electronics, healthcare, and construction by providing essential raw materials used in insulation, appliance casing, and packaging. With a strong commitment to quality and innovation, Supreme Petrochem Ltd. serves both domestic and international markets, contributing to various supply chains globally. Founded and headquartered in India, the company has achieved significant market share, driven by its advanced manufacturing capabilities and environmentally sustainable practices. As the demand for diverse and specialized polymer products grows, Supreme Petrochem Ltd. continues to establish itself as a key player in the petrochemical sector, influencing trends and driving advancements in material technology.

Sector
Basic Materials
Industry
Specialty Chemicals
Listing
NSE: SPLPETRO
Chief executive
Mr. N. Gopal
Employees
444
Headquarters
Mumbai, India
ISIN
INE663A01033

Public research · Report of

Business model & financial foundation

Supreme Petrochem (NSE: SPLPETRO), Petrochemicals — styrenic resins, engineering thermoplastics and insulation: revenue of ₹5,338 crore in FY26 (-11.4% on FY25), an EBITDA margin of 9.6%, net profit of ₹327.3 crore and net cash of ₹575.2 crore.

Key figures
Revenue, FY26 (₹ crore)
5,338
standalone
Revenue growth, FY26
-11.4%
on FY25
EBITDA margin, FY26
9.6%
EBITDA (Operating EBITDA excluding other income and exceptional items) / revenue
Net profit, FY26 (₹ crore)
327.3
to owners
Return on equity, FY26
14.2%
on average equity
Net debt, FY26 (₹ crore)
-575.2
Standalone net debt incl leases less CF broad liquidity
Market capitalisation (₹ crore)
13,400
at the close of 23 Oct 2026

Company profile

Indian operating manufacturer of PS (GPPS/HIPS), EPS, mass ABS, speciality polymer compounds/masterbatches and XPS insulation at Amdoshi, Maharashtra and Manali, Tamil Nadu; also trades raw materials. Economics depend on external manufactured tonnes, styrene-to-polymer spreads, mix, FX/freight and inventory timing rather than revenue growth alone. Eight-quarter parent volumes and statutory costs are measurable, but exact manufactured ASP, traded tonnes and productwise quarterly utilisation are not disclosed. FY26 adds Xmold compounding as a separate group bridge; BRSR and parent operating history remain standalone.

Item, Value
ItemValue
Legal nameSupreme Petrochem Limited
Exchange and tickerNSE: SPLPETRO; BSE: 500405
ISININE663A01033
CINL23200MH1989PLC054633
SectorMaterials
IndustryPetrochemicals — styrenic resins, engineering thermoplastics and insulation
HeadquartersMumbai, India
Fiscal year endMarch
Reporting basis and unitstandalone, in ₹ crore
AuditorKalyaniwalla & Mistry LLP (since 2023-07-04)
Market capitalisation₹13,400 crore (23 Oct 2026)
Shares outstanding18.80 crore shares (FY26)
Price₹712.6 (close, 23 Oct 2026)
52-week range₹462.3 - ₹899.0 (to 23 Oct 2026)
Websitehttps://supremepetrochem.com/

Corporate structure and shareholding

Entity, Holding, Business
EntityHoldingBusiness
Xmold Polymers Private Limited80%Engineering thermoplastic compounding: PP, nylon, ABS and PC; Gummidipoondi, Tamil Nadu. Full subsidiary consolidated, not 80% of revenue.

No legal holding parent. Supreme Industries and R. Raheja Investments each hold30.78% at30-Sep2026. Xmold control effective1-Apr2025; legal acquisition17-Apr2025; FY26 first group year. Remaining20% not verified acquired by cutoff. TP Saturn26% captive-power stake is neither subsidiary nor equity-accounted associate: no significant influence/control.

Shareholding (% of shares)
Shareholding (% of shares)Q3FY26Q4FY26Q1FY27Q2FY27
Promoter64.24%64.24%64.24%64.24%
Promoter holding pledged0.00%0.00%0.00%0.00%
Foreign institutions3.70%3.69%3.80%4.31%
Domestic institutions3.96%4.24%4.14%3.84%
of which mutual funds3.89%4.17%4.07%3.78%
Retail11.24%11.05%11.11%10.91%
Other16.86%16.77%16.71%16.69%

The promoter holding pledged is a share of the promoter's own holding.

Business model

Supreme Petrochem manufactures styrenics and allied products. Parent earnings are driven by manufactured tonnes, polymer/styrene spreads, trading mix, freight/FX and inventory timing. The primary model remains standalone so the parent’s reported operating history is not spliced with the first-year Xmold group comparatives.

Segment, revenue, FY26 (₹ crore), Share
Segmentrevenue, FY26 (₹ crore)Share
Styrenics and allied products (single reportable segment)5,338100.0%

Segments as the company reports them (standalone); each share is of the segments' sum.

Peer, Why the dossier compares them
PeerWhy the dossier compares them
Styrenix Performance Materials Limited (STYRENIX)Closest #1: PS plus ABS/SAN, imported styrene spreads and appliance/OEM exposure. Former INEOS Styrolution India, NOT a second peer. Thailand group scope differs.
Bhansali Engineering Polymers Limited (BEPL)Closest #2: ABS/SAN and appliance/automotive OEM approvals; relevant to SPL mABS ramp. Different process and product mix, no matching PS/EPS franchise.
Kingfa Science & Technology (India) Limited (KINGFA)Closest #3 on SPL/SPC and Xmold compounding: PP/engineering thermoplastics, OEM grades and auto/appliance demand; not fluorochemicals or a PS/EPS resin pure play.
Chemplast Sanmar Limited (CHEMPLASTS)Broader resin cycle: paste/suspension PVC, Asian import parity and feedstock/inventory risk. Chloralkali/custom-chemical diversification; not a direct styrenics margin benchmark.
Finolex Industries Limited (FINPIPE)Broader PVC resin cycle and cash-rich capital intensity; pipes/fittings distribution and irrigation/construction mix materially dilute resin comparability.
DCW Limited (DCW)Broader PVC/CPVC cyclical spreads and capacity/energy economics. Chloralkali/soda ash/pigments make it a diversified chemical comparator, not a styrenics pure play.

Financial databook

Profit and loss (₹ crore)
Profit and loss (₹ crore)FY22FY23FY24FY25FY26
Revenue from operations including other operating revenue5,0225,2785,2536,0235,338
Cost of revenue (vendor classification) *3,8554,3114,4555,1384,487
Other operating costs (vendor classification) *211.2236.5255.7271.2291.2
EBITDA (vendor classification) *915.6682.8504.9576.7552.9
Operating EBIT excluding other income407.3464.7423.7
Finance costs4.773.587.2212.414.1
Profit before tax887.8666.9468.2525.4442.9
Total current and deferred tax expense121.7134.9115.6
Standalone profit after tax663.3498.1346.5390.5327.3
Reported diluted EPS (₹)35.2726.4918.4320.7717.41
Materials plus traded purchases plus signed inventory change4,4435,1264,422
Employee benefits expense63.564.072.3
Other operating expenses280.0301.1329.3
Operating EBITDA excluding other income and exceptional items466.8532.6514.8
Other income excluded from operating EBITDA68.173.243.3
Depreciation and amortisation59.567.991.1
Exceptional items signed contribution to PBT0.000.00-9.97
Standalone profit attributable to owners346.5390.5327.3
Non-controlling profit share; standalone not applicable0.000.000.00
Equity-accounted associate profit share0.000.000.00
Current tax expense119.1132.598.1
Deferred tax signed charge or credit2.612.4217.5
Vendor EBIT historical unverified reference only *892.6670.5
Basic EPS (₹)20.7717.41
Balance sheet (₹ crore)
Balance sheet (₹ crore)FY22FY23FY24FY25FY26
Standalone equity1,5161,8442,0192,2312,370
Standalone fund-based debt excluding leases0.000.000.00
Standalone BS cash and equivalents217.581.8215.9305.4296.5
Standalone net trade receivables411.8362.3395.0393.2503.8
Standalone inventories300.8646.9480.6700.8614.3
Standalone total trade payables525.9782.0808.9927.7786.3
Standalone PPE excluding ROU657.5690.71,358
Standalone CWIP232.6580.874.1
Standalone total assets2,2782,7313,0653,4483,467
Standalone liquid mutual funds and bonds571.8430.0286.8
Standalone other banks including restricted balances304.5156.4136.3
Standalone strategic equity investments incl Xmold0.005.3637.4
Standalone ROU assets111.0121.4113.1
Standalone other intangible assets0.260.881.57
Standalone goodwill; subsidiary excluded0.000.000.00
Standalone current assets2,0032,0211,866
Standalone noncurrent assets1,0621,4271,600
Standalone current liabilities898.71,061926.1
Standalone noncurrent liabilities147.0155.8170.4
Standalone total lease liabilities114.1129.5126.1
Standalone current leases15.924.231.1
Standalone noncurrent leases98.3105.395.0
Standalone current fund borrowings excluding leases0.000.000.00
Standalone noncurrent fund borrowings excluding leases0.000.000.00
Standalone NCI; structural zero0.000.000.00
Standalone equity share capital37.637.637.6
Standalone net debt incl leases less CF broad liquidity-958.6-742.7-575.2
Consolidated equity including NCI2,378
Consolidated fund debt excluding leases7.31
Consolidated BS cash296.5
Consolidated trade receivables518.5
Consolidated inventory622.1
Consolidated trade payables792.1
Consolidated PPE excluding ROU1,371
Consolidated CWIP74.1
Consolidated total assets3,490
Consolidated liquid investments286.8
Consolidated other bank balances including restricted136.3
Consolidated TP Saturn investment5.36
Consolidated ROU assets114.0
Consolidated intangibles2.03
Consolidated Xmold goodwill16.0
Consolidated current assets1,889
Consolidated noncurrent assets1,601
Consolidated current liabilities937.8
Consolidated noncurrent liabilities174.3
Consolidated lease liabilities126.1
Consolidated current leases31.1
Consolidated noncurrent leases95.0
Consolidated current fund debt5.15
Consolidated noncurrent fund debt2.16
Consolidated NCI equity1.11
Consolidated equity share capital37.6
Consolidated net debt including leases less broad liquidity-567.9
Cash flow (₹ crore)
Cash flow (₹ crore)FY22FY23FY24FY25FY26
Standalone CFO after tax557.0341.6246.3
Standalone positive gross PPE plus intangible cash spend313.1377.8209.9
Standalone intangibles outflow0.00-0.81-1.11
Standalone net investing cash flow-181.8-330.2-189.8
Standalone net financing cash flow-196.9-211.9-227.5
Standalone cash dividends; negative outflow-155.1-169.2-169.2-178.6-188.0
Standalone Xmold investment including expenses0.000.00-32.1
Standalone fund debt repayment excluding leases0.000.000.00
Standalone lease principal outflown.d.-20.9-25.4
Standalone lease interest outflown.d.-11.2-11.6
Standalone CF broad closing liquidity1,073872.2701.2
Consolidated CFO after tax246.5
Consolidated gross PPE cash capex outflow (legacy sign)-209.2
Consolidated intangible cash outflow-1.61
Consolidated net investing cash flow-189.8
Consolidated net financing cash flow-227.7
Consolidated cash dividend outflow-188.0
Consolidated Xmold acquisition outflow-31.4
Consolidated term debt repayment outflow-0.86
Consolidated lease principal outflow-25.4
Consolidated lease interest outflow-11.6
Consolidated CF broad closing liquidity701.2
Standalone PPE outflow-313.1-376.3-208.8
Standalone intangible development outflow0.00-0.700.00
Standalone equity investment outflow0.00-5.35-32.1
Standalone combined lease outflow-27.1-32.0-37.0
Standalone CF broad opening liquidity894.41,073872.2
Standalone broad liquidity change178.4-200.6-171.0
Standalone CFO less positive gross capex243.9-36.236.5
Free cash flow (vendor definition) *507.497.9243.9-36.235.7
Other reported lines (₹ crore)
Other reported lines (₹ crore)FY22FY23FY24FY25FY26
Issued/diluted weighted share count (crore shares)18.8018.8018.8018.8018.80
Standalone reference: PAT for forensic test346.5390.5327.3
Standalone reference: revenue from operations5,2536,0235,338
Blended revenue intensity - NOT ASP (₹ crore)0.020.020.01
COGS / revenue - fraction (x)0.85x0.85x0.83x
Other operating expenses / revenue - fraction0.05x0.05x0.06x
Effective tax rate - fraction0.26x0.26x0.26x
Closing receivables / revenue - days272434
Closing inventory / COGS - days395051
Closing trade payables / COGS - days666665
Cash dividends paid / PAT - fraction (x)0.49x0.46x0.57x
Quarterly profit and loss (₹ crore)
Quarterly profit and loss (₹ crore)Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26Q1FY27Q2FY27
Revenue from operations1,4051,5391,3871,1001,2651,5871,6931,957
Cost of revenue (vendor classification) *1,2121,3121,1941,1041,2281,282
Other operating costs (vendor classification) *75.7-96.773.085.6102.579.0
EBITDA (vendor classification) *116.7163.3131.679.6266.0349.9
Operating EBIT excluding other income82.2127.296.559.242.4225.6302.9
Finance cost3.472.963.022.864.104.123.403.33
Profit before tax96.1142.9108.665.139.9229.2316.9128.2
Total tax24.836.027.616.99.8061.280.533.3
Profit after tax71.4106.980.948.230.1168.0236.394.9
Diluted EPS (₹)3.795.684.302.571.608.9412.575.05
Materials, trading purchases and inventory change1,2121,3001,183933.31,0921,2141,2651,696
Employee benefits expense17.913.517.316.219.918.920.220.7
Other expenses75.781.271.373.183.7101.277.291.8
Operating EBITDA99.2144.6114.777.569.3253.2330.5148.5
Other income17.418.715.18.848.7810.617.411.4
Depreciation and amortisation17.117.518.218.426.927.627.728.3
Exceptional item0.000.000.000.00-7.09-2.880.000.00
Profit attributable to parent owners71.4106.980.948.230.1168.0236.394.9
Non-controlling share standalone not applicable0.000.000.000.000.000.000.00
Equity-accounted associate profit share0.000.000.000.000.000.000.00
Current tax24.234.326.79.207.4554.878.928.6
Deferred tax0.561.750.957.752.356.411.664.77
Basic EPS (₹)5.684.302.571.608.9412.575.05

Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.

Metrics dashboard

Metric, FY22, FY23, FY24
MetricFY22FY23FY24FY25FY26
Revenue growth58.0%5.1%-0.5%14.7%-11.4%
EBITDA margin8.9%8.8%9.6%
Net margin6.6%6.5%6.1%
Return on equity17.9%18.4%14.2%
Return on capital employed20.2%21.9%18.4%
Return on assets12.0%12.0%9.5%
Net debt (₹ crore)-958.6-742.7-575.2
Net debt / EBITDA-2.05x-1.39x-1.12x
Interest cover56.4x37.4x30.1x
Asset turnover2.49x2.11x1.81x1.85x1.54x
Receivable days3025272434
Inventory days (on revenue)2245334242
Payable days (on revenue)3854565654
Cash conversion1.61x0.87x0.75x
Capex intensity6.0%6.3%3.9%
Free cash flow (₹ crore)243.9-36.236.5
Dividend payout48.8%45.7%57.5%
EPS, diluted (₹)35.2726.4918.4320.7717.41
Book value per share (₹)80.6098.06107.4118.7126.0

Computed from the statements above:

  • Revenue growth: revenue over the previous year's, less one.
  • EBITDA margin: EBITDA (Operating EBITDA excluding other income and exceptional items) / revenue.
  • Net margin: net profit to owners / revenue.
  • Return on equity: net profit to owners / average equity.
  • Return on capital employed: EBIT / average equity plus borrowings.
  • Return on assets: net profit to owners / average total assets.
  • Net debt (₹ crore): Standalone net debt incl leases less CF broad liquidity; negative is net cash.
  • Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and exceptional items).
  • Interest cover: EBIT / finance cost.
  • Asset turnover: revenue / average total assets.
  • Receivable days: receivables / revenue x 365.
  • Inventory days (on revenue): inventory / revenue x 365.
  • Payable days (on revenue): payables / revenue x 365.
  • Cash conversion: cash from operations / net profit to owners.
  • Capex intensity: capital expenditure / revenue.
  • Free cash flow (₹ crore): cash from operations less capital expenditure.
  • Dividend payout: dividends paid / net profit to owners.
  • EPS, diluted (₹): as reported (Reported diluted EPS).
  • Book value per share (₹): equity / shares outstanding.

Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.

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Report history

Reports on Supreme Petrochem

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