Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
Research updated
NSE: SPLPETROBasic MaterialsSpecialty Chemicals
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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.
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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.
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 |
|---|---|
| Legal name | Supreme Petrochem Limited |
| Exchange and ticker | NSE: SPLPETRO; BSE: 500405 |
| ISIN | INE663A01033 |
| CIN | L23200MH1989PLC054633 |
| Sector | Materials |
| Industry | Petrochemicals — styrenic resins, engineering thermoplastics and insulation |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Kalyaniwalla & Mistry LLP (since 2023-07-04) |
| Market capitalisation | ₹13,400 crore (23 Oct 2026) |
| Shares outstanding | 18.80 crore shares (FY26) |
| Price | ₹712.6 (close, 23 Oct 2026) |
| 52-week range | ₹462.3 - ₹899.0 (to 23 Oct 2026) |
| Website | https://supremepetrochem.com/ |
| Entity | Holding | Business |
|---|---|---|
| Xmold Polymers Private Limited | 80% | 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) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 64.24% | 64.24% | 64.24% | 64.24% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 3.70% | 3.69% | 3.80% | 4.31% |
| Domestic institutions | 3.96% | 4.24% | 4.14% | 3.84% |
| of which mutual funds | 3.89% | 4.17% | 4.07% | 3.78% |
| Retail | 11.24% | 11.05% | 11.11% | 10.91% |
| Other | 16.86% | 16.77% | 16.71% | 16.69% |
The promoter holding pledged is a share of the promoter's own holding.
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 |
|---|---|---|
| Styrenics and allied products (single reportable segment) | 5,338 | 100.0% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why 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. |
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations including other operating revenue | 5,022 | 5,278 | 5,253 | 6,023 | 5,338 |
| Cost of revenue (vendor classification) * | 3,855 | 4,311 | 4,455 | 5,138 | 4,487 |
| Other operating costs (vendor classification) * | 211.2 | 236.5 | 255.7 | 271.2 | 291.2 |
| EBITDA (vendor classification) * | 915.6 | 682.8 | 504.9 | 576.7 | 552.9 |
| Operating EBIT excluding other income | 407.3 | 464.7 | 423.7 | ||
| Finance costs | 4.77 | 3.58 | 7.22 | 12.4 | 14.1 |
| Profit before tax | 887.8 | 666.9 | 468.2 | 525.4 | 442.9 |
| Total current and deferred tax expense | 121.7 | 134.9 | 115.6 | ||
| Standalone profit after tax | 663.3 | 498.1 | 346.5 | 390.5 | 327.3 |
| Reported diluted EPS (₹) | 35.27 | 26.49 | 18.43 | 20.77 | 17.41 |
| Materials plus traded purchases plus signed inventory change | 4,443 | 5,126 | 4,422 | ||
| Employee benefits expense | 63.5 | 64.0 | 72.3 | ||
| Other operating expenses | 280.0 | 301.1 | 329.3 | ||
| Operating EBITDA excluding other income and exceptional items | 466.8 | 532.6 | 514.8 | ||
| Other income excluded from operating EBITDA | 68.1 | 73.2 | 43.3 | ||
| Depreciation and amortisation | 59.5 | 67.9 | 91.1 | ||
| Exceptional items signed contribution to PBT | 0.00 | 0.00 | -9.97 | ||
| Standalone profit attributable to owners | 346.5 | 390.5 | 327.3 | ||
| Non-controlling profit share; standalone not applicable | 0.00 | 0.00 | 0.00 | ||
| Equity-accounted associate profit share | 0.00 | 0.00 | 0.00 | ||
| Current tax expense | 119.1 | 132.5 | 98.1 | ||
| Deferred tax signed charge or credit | 2.61 | 2.42 | 17.5 | ||
| Vendor EBIT historical unverified reference only * | 892.6 | 670.5 | |||
| Basic EPS (₹) | 20.77 | 17.41 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Standalone equity | 1,516 | 1,844 | 2,019 | 2,231 | 2,370 |
| Standalone fund-based debt excluding leases | 0.00 | 0.00 | 0.00 | ||
| Standalone BS cash and equivalents | 217.5 | 81.8 | 215.9 | 305.4 | 296.5 |
| Standalone net trade receivables | 411.8 | 362.3 | 395.0 | 393.2 | 503.8 |
| Standalone inventories | 300.8 | 646.9 | 480.6 | 700.8 | 614.3 |
| Standalone total trade payables | 525.9 | 782.0 | 808.9 | 927.7 | 786.3 |
| Standalone PPE excluding ROU | 657.5 | 690.7 | 1,358 | ||
| Standalone CWIP | 232.6 | 580.8 | 74.1 | ||
| Standalone total assets | 2,278 | 2,731 | 3,065 | 3,448 | 3,467 |
| Standalone liquid mutual funds and bonds | 571.8 | 430.0 | 286.8 | ||
| Standalone other banks including restricted balances | 304.5 | 156.4 | 136.3 | ||
| Standalone strategic equity investments incl Xmold | 0.00 | 5.36 | 37.4 | ||
| Standalone ROU assets | 111.0 | 121.4 | 113.1 | ||
| Standalone other intangible assets | 0.26 | 0.88 | 1.57 | ||
| Standalone goodwill; subsidiary excluded | 0.00 | 0.00 | 0.00 | ||
| Standalone current assets | 2,003 | 2,021 | 1,866 | ||
| Standalone noncurrent assets | 1,062 | 1,427 | 1,600 | ||
| Standalone current liabilities | 898.7 | 1,061 | 926.1 | ||
| Standalone noncurrent liabilities | 147.0 | 155.8 | 170.4 | ||
| Standalone total lease liabilities | 114.1 | 129.5 | 126.1 | ||
| Standalone current leases | 15.9 | 24.2 | 31.1 | ||
| Standalone noncurrent leases | 98.3 | 105.3 | 95.0 | ||
| Standalone current fund borrowings excluding leases | 0.00 | 0.00 | 0.00 | ||
| Standalone noncurrent fund borrowings excluding leases | 0.00 | 0.00 | 0.00 | ||
| Standalone NCI; structural zero | 0.00 | 0.00 | 0.00 | ||
| Standalone equity share capital | 37.6 | 37.6 | 37.6 | ||
| Standalone net debt incl leases less CF broad liquidity | -958.6 | -742.7 | -575.2 | ||
| Consolidated equity including NCI | 2,378 | ||||
| Consolidated fund debt excluding leases | 7.31 | ||||
| Consolidated BS cash | 296.5 | ||||
| Consolidated trade receivables | 518.5 | ||||
| Consolidated inventory | 622.1 | ||||
| Consolidated trade payables | 792.1 | ||||
| Consolidated PPE excluding ROU | 1,371 | ||||
| Consolidated CWIP | 74.1 | ||||
| Consolidated total assets | 3,490 | ||||
| Consolidated liquid investments | 286.8 | ||||
| Consolidated other bank balances including restricted | 136.3 | ||||
| Consolidated TP Saturn investment | 5.36 | ||||
| Consolidated ROU assets | 114.0 | ||||
| Consolidated intangibles | 2.03 | ||||
| Consolidated Xmold goodwill | 16.0 | ||||
| Consolidated current assets | 1,889 | ||||
| Consolidated noncurrent assets | 1,601 | ||||
| Consolidated current liabilities | 937.8 | ||||
| Consolidated noncurrent liabilities | 174.3 | ||||
| Consolidated lease liabilities | 126.1 | ||||
| Consolidated current leases | 31.1 | ||||
| Consolidated noncurrent leases | 95.0 | ||||
| Consolidated current fund debt | 5.15 | ||||
| Consolidated noncurrent fund debt | 2.16 | ||||
| Consolidated NCI equity | 1.11 | ||||
| Consolidated equity share capital | 37.6 | ||||
| Consolidated net debt including leases less broad liquidity | -567.9 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Standalone CFO after tax | 557.0 | 341.6 | 246.3 | ||
| Standalone positive gross PPE plus intangible cash spend | 313.1 | 377.8 | 209.9 | ||
| Standalone intangibles outflow | 0.00 | -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 expenses | 0.00 | 0.00 | -32.1 | ||
| Standalone fund debt repayment excluding leases | 0.00 | 0.00 | 0.00 | ||
| Standalone lease principal outflow | n.d. | -20.9 | -25.4 | ||
| Standalone lease interest outflow | n.d. | -11.2 | -11.6 | ||
| Standalone CF broad closing liquidity | 1,073 | 872.2 | 701.2 | ||
| Consolidated CFO after tax | 246.5 | ||||
| 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 liquidity | 701.2 | ||||
| Standalone PPE outflow | -313.1 | -376.3 | -208.8 | ||
| Standalone intangible development outflow | 0.00 | -0.70 | 0.00 | ||
| Standalone equity investment outflow | 0.00 | -5.35 | -32.1 | ||
| Standalone combined lease outflow | -27.1 | -32.0 | -37.0 | ||
| Standalone CF broad opening liquidity | 894.4 | 1,073 | 872.2 | ||
| Standalone broad liquidity change | 178.4 | -200.6 | -171.0 | ||
| Standalone CFO less positive gross capex | 243.9 | -36.2 | 36.5 | ||
| Free cash flow (vendor definition) * | 507.4 | 97.9 | 243.9 | -36.2 | 35.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued/diluted weighted share count (crore shares) | 18.80 | 18.80 | 18.80 | 18.80 | 18.80 |
| Standalone reference: PAT for forensic test | 346.5 | 390.5 | 327.3 | ||
| Standalone reference: revenue from operations | 5,253 | 6,023 | 5,338 | ||
| Blended revenue intensity - NOT ASP (₹ crore) | 0.02 | 0.02 | 0.01 | ||
| COGS / revenue - fraction (x) | 0.85x | 0.85x | 0.83x | ||
| Other operating expenses / revenue - fraction | 0.05x | 0.05x | 0.06x | ||
| Effective tax rate - fraction | 0.26x | 0.26x | 0.26x | ||
| Closing receivables / revenue - days | 27 | 24 | 34 | ||
| Closing inventory / COGS - days | 39 | 50 | 51 | ||
| Closing trade payables / COGS - days | 66 | 66 | 65 | ||
| Cash dividends paid / PAT - fraction (x) | 0.49x | 0.46x | 0.57x |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,405 | 1,539 | 1,387 | 1,100 | 1,265 | 1,587 | 1,693 | 1,957 |
| Cost of revenue (vendor classification) * | 1,212 | 1,312 | 1,194 | 1,104 | 1,228 | 1,282 | ||
| Other operating costs (vendor classification) * | 75.7 | -96.7 | 73.0 | 85.6 | 102.5 | 79.0 | ||
| EBITDA (vendor classification) * | 116.7 | 163.3 | 131.6 | 79.6 | 266.0 | 349.9 | ||
| Operating EBIT excluding other income | 82.2 | 127.2 | 96.5 | 59.2 | 42.4 | 225.6 | 302.9 | |
| Finance cost | 3.47 | 2.96 | 3.02 | 2.86 | 4.10 | 4.12 | 3.40 | 3.33 |
| Profit before tax | 96.1 | 142.9 | 108.6 | 65.1 | 39.9 | 229.2 | 316.9 | 128.2 |
| Total tax | 24.8 | 36.0 | 27.6 | 16.9 | 9.80 | 61.2 | 80.5 | 33.3 |
| Profit after tax | 71.4 | 106.9 | 80.9 | 48.2 | 30.1 | 168.0 | 236.3 | 94.9 |
| Diluted EPS (₹) | 3.79 | 5.68 | 4.30 | 2.57 | 1.60 | 8.94 | 12.57 | 5.05 |
| Materials, trading purchases and inventory change | 1,212 | 1,300 | 1,183 | 933.3 | 1,092 | 1,214 | 1,265 | 1,696 |
| Employee benefits expense | 17.9 | 13.5 | 17.3 | 16.2 | 19.9 | 18.9 | 20.2 | 20.7 |
| Other expenses | 75.7 | 81.2 | 71.3 | 73.1 | 83.7 | 101.2 | 77.2 | 91.8 |
| Operating EBITDA | 99.2 | 144.6 | 114.7 | 77.5 | 69.3 | 253.2 | 330.5 | 148.5 |
| Other income | 17.4 | 18.7 | 15.1 | 8.84 | 8.78 | 10.6 | 17.4 | 11.4 |
| Depreciation and amortisation | 17.1 | 17.5 | 18.2 | 18.4 | 26.9 | 27.6 | 27.7 | 28.3 |
| Exceptional item | 0.00 | 0.00 | 0.00 | 0.00 | -7.09 | -2.88 | 0.00 | 0.00 |
| Profit attributable to parent owners | 71.4 | 106.9 | 80.9 | 48.2 | 30.1 | 168.0 | 236.3 | 94.9 |
| Non-controlling share standalone not applicable | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Equity-accounted associate profit share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Current tax | 24.2 | 34.3 | 26.7 | 9.20 | 7.45 | 54.8 | 78.9 | 28.6 |
| Deferred tax | 0.56 | 1.75 | 0.95 | 7.75 | 2.35 | 6.41 | 1.66 | 4.77 |
| Basic EPS (₹) | 5.68 | 4.30 | 2.57 | 1.60 | 8.94 | 12.57 | 5.05 |
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.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 58.0% | 5.1% | -0.5% | 14.7% | -11.4% |
| EBITDA margin | 8.9% | 8.8% | 9.6% | ||
| Net margin | 6.6% | 6.5% | 6.1% | ||
| Return on equity | 17.9% | 18.4% | 14.2% | ||
| Return on capital employed | 20.2% | 21.9% | 18.4% | ||
| Return on assets | 12.0% | 12.0% | 9.5% | ||
| Net debt (₹ crore) | -958.6 | -742.7 | -575.2 | ||
| Net debt / EBITDA | -2.05x | -1.39x | -1.12x | ||
| Interest cover | 56.4x | 37.4x | 30.1x | ||
| Asset turnover | 2.49x | 2.11x | 1.81x | 1.85x | 1.54x |
| Receivable days | 30 | 25 | 27 | 24 | 34 |
| Inventory days (on revenue) | 22 | 45 | 33 | 42 | 42 |
| Payable days (on revenue) | 38 | 54 | 56 | 56 | 54 |
| Cash conversion | 1.61x | 0.87x | 0.75x | ||
| Capex intensity | 6.0% | 6.3% | 3.9% | ||
| Free cash flow (₹ crore) | 243.9 | -36.2 | 36.5 | ||
| Dividend payout | 48.8% | 45.7% | 57.5% | ||
| EPS, diluted (₹) | 35.27 | 26.49 | 18.43 | 20.77 | 17.41 |
| Book value per share (₹) | 80.60 | 98.06 | 107.4 | 118.7 | 126.0 |
Computed from the statements above:
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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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 2 Nov 2026.
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