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Industrials · Engineering & Construction
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Research updated
Supreme Industries Ltd.
NSE: SUPREMEINDIndustrialsBuilding Products & Equipment
- Last close
- ₹3,390.00
- Day change
- −₹101.20 (−2.90%)vs
- Market cap
- ₹45,838 crIndian rupees
- Research updated
- 1 report
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About Supreme Industries
Supreme Industries Ltd. is a prominent company operating in the manufacturing sector, specializing in a diverse range of plastic products. The company's core function is the production and distribution of high-quality plastic products, which cater to various industries including automotive, construction, consumer products, and packaging. Known for its innovative approach, Supreme Industries offers products such as plastic pipes, molded furniture, and packaging films, serving both industrial and consumer markets. Among its notable features is the use of advanced manufacturing technologies, ensuring durable and sustainable products that meet global standards. With a significant presence in the Indian market, Supreme Industries Ltd. plays a crucial role in infrastructure development and day-to-day consumer convenience. Its strategic operations and wide distribution network solidify its position as a leader in the plastic manufacturing industry, contributing significantly to economic growth and sector advancements.
- Sector
- Industrials
- Industry
- Building Products & Equipment
- Listing
- NSE: SUPREMEIND
- Next results
- Employees
- 6,081
- Headquarters
- Mumbai, India
- ISIN
- INE195A01028
- Website
- supreme.co.in
Public research · Report of
Business model & financial foundation
Supreme Industries (NSE: SUPREMEIND), Plastic products - pipes, packaging, industrial and consumer moulded products: revenue of ₹11,218 crore in FY26 (+7.4% on FY25), an EBITDA margin of 13.8%, net profit of ₹954.0 crore and net cash of ₹648.0 crore.
- Revenue, FY26 (₹ crore)
- 11,218
- consolidated
- Revenue growth, FY26
- +7.4%
- on FY25
- EBITDA margin, FY26
- 13.8%
- EBITDA excluding other income and associates / revenue
- Net profit, FY26 (₹ crore)
- 954.0
- to owners
- Return on equity, FY26
- 16.1%
- on average equity
- Net debt, FY26 (₹ crore)
- -648.0
- Net debt; negative denotes net cash
- Market capitalisation (₹ crore)
- 41,937
- at the close of 14 Oct 2026
Company profile
Supreme Industries is India's largest plastics processor by volume, selling about 7.5 lakh tonnes of plastic products in FY26 from 35 plants. Plastic piping systems (PVC, CPVC, HDPE, PP, fittings, tanks) are about 70% of revenue; packaging films, industrial moulded and material-handling products, composite LPG cylinders and moulded furniture make up the rest. It buys polymer resins (largely imported PVC) and sells branded products through a dealer network, and holds 30.78% of Supreme Petrochem.
| Item | Value |
|---|---|
| Legal name | The Supreme Industries Limited |
| Exchange and ticker | NSE: SUPREMEIND; BSE: 509930 |
| ISIN | INE195A01028 |
| CIN | L35920MH1942PLC003554 |
| Sector | Industrials |
| Industry | Plastic products - pipes, packaging, industrial and consumer moulded products |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Lodha & Co. LLP (FY26 financial-statement auditor) (since 2016-06-28) |
| Market capitalisation | ₹41,937 crore (14 Oct 2026) |
| Shares outstanding | 12.70 crore shares (FY26) |
| Price | ₹3,507 (close, 14 Oct 2026) |
| 52-week range | ₹3,140 - ₹4,282 (to 14 Oct 2026) |
| Website | https://www.supreme.co.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| The Supreme Industries Overseas (FZE), UAE | 100% | Export sales facilitation office; negligible turnover |
| Supreme Petrochem Limited (associate, with WOS Xmold Polymers) | 30.78% | Listed polystyrene, EPS and ABS producer; equity-accounted associate |
No joint ventures. Promoters (Taparia family) hold c.49% largely through three investment companies.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 48.96% | 48.96% | 48.96% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 19.23% | 17.12% | 17.08% | |
| Domestic institutions | 17.21% | 19.23% | 19.08% | |
| of which mutual funds | 9.98% | 10.80% | 10.67% | |
| Other | 14.60% | 14.69% | 14.88% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Supreme Industries (NSE: SUPREMEIND) converts bought-in polymer resins (mostly PVC, much of it imported) into branded plastic products sold largely through dealers and distributors (7,000+ at FY26). Piping (PVC, CPVC, HDPE, PP, fittings, tanks) was about 69% of FY26 revenue of 11,217.68 cr; packaging, industrial/material-handling (incl. composite LPG cylinders) and moulded furniture make up the rest. It sold 753,907 tonnes in FY26 from installed capacity of 1,242,965 t. It controls brand, distribution and conversion; it does not control resin prices, which set realisation and drive channel stocking. It owns 30.78% of listed Supreme Petrochem (equity-accounted; 101.2 cr share of profit in FY26). Wavin India's three plants (c.71,000 t) were acquired effective 1 Aug 2025 for 302.08 cr; uPVC windows started production 1 Mar 2026.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Plastic Piping Products | 7,776 | 69.3% | 801.0 | 69.0% |
| Packaging Products | 1,642 | 14.6% | 185.0 | 15.9% |
| Industrial Products | 1,278 | 11.4% | 98.0 | 8.4% |
| Consumer Products | 437.0 | 3.9% | 77.0 | 6.6% |
| Others (segment result, excluding corporate income) | 84.0 | 0.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Astral (ASTRAL) | |
| Finolex Industries (FINOLEXIND) | PVC pipes and fittings, agri-heavy, backward-integrated into PVC resin |
| Prince Pipes and Fittings (PRINCEPIPE) | Pure-play PVC/CPVC pipes and fittings, same channel and polymer exposure |
| Apollo Pipes (APOLLOPIPE) | Smaller PVC pipes and building products peer growing capacity |
| Time Technoplast (TIMETECHNO) | Polymer processor in industrial packaging and composite cylinders, comparable to Supreme's industrial and cylinder businesses |
| Jain Irrigation Systems (JISLJALEQS) | PVC/PE pipes for agriculture; agri pipe demand comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 7,731 | 9,137 | 10,134 | 10,446 | 11,218 |
| Cost of revenue (vendor classification) * | 5,399 | 6,654 | 6,920 | 7,223 | 7,642 |
| Other operating costs (vendor classification) * | 571.7 | 705.5 | 875.2 | 913.0 | 998.4 |
| EBITDA (vendor classification) * | 1,447 | 1,354 | 1,664 | 1,553 | 1,655 |
| EBIT * | 1,236 | 1,118 | 1,418 | 1,245 | 1,251 |
| Finance costs | 4.15 | 6.54 | 16.1 | 11.9 | 29.0 |
| Consolidated profit before tax after associates | 1,232 | 1,111 | 1,405 | 1,239 | 1,242 |
| Total current and deferred tax expense | 263.3 | 246.0 | 335.7 | 278.2 | 287.9 |
| Consolidated profit after tax before OCI | 968.5 | 865.3 | 1,070 | 960.9 | 954.0 |
| Basic and diluted EPS (₹) | 76.24 | 68.12 | 84.21 | 75.64 | 75.10 |
| Materials, traded purchases and inventory change | 6,858 | 7,146 | 7,559 | ||
| Employee benefits expenses | 442.2 | 487.3 | 581.3 | ||
| Other operating expenses including power and fuel | 1,286 | 1,381 | 1,524 | ||
| EBITDA excluding other income and associates | 1,547 | 1,432 | 1,553 | ||
| Other income consolidated; associate dividends eliminated | 65.7 | 57.8 | 44.8 | ||
| Depreciation, amortisation and impairment | 298.4 | 358.6 | 428.3 | ||
| Share of profit of associate | 106.9 | 120.1 | 101.2 | ||
| Profit attributable to owners | 1,070 | 960.9 | 954.0 | ||
| Non-controlling share of profit | 0.00 | 0.00 | 0.00 | ||
| Exceptional items separately designated | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity | 3,844 | 4,402 | 5,109 | 5,660 | 6,169 |
| Borrowings including current and non-current leases | 45.7 | 51.2 | 55.1 | 75.8 | 90.8 |
| Cash equivalents, other bank balances and liquid investments | 518.9 | 738.0 | 1,187 | 952.5 | 658.5 |
| Trade receivables | 466.8 | 492.4 | 511.4 | 540.1 | 487.5 |
| Inventories | 1,260 | 1,386 | 1,359 | 1,334 | 1,619 |
| Total trade payables | 794.0 | 903.8 | 1,016 | 893.4 | 1,027 |
| Net property, plant and equipment * | 665.4 | 746.2 | 812.6 | 949.6 | 1,282 |
| Capital work in progress * | 154.6 | 83.7 | 143.7 | 609.9 | 180.5 |
| Total assets * | 4,996 | 5,694 | 6,556 | 7,168 | 7,795 |
| Net debt; negative denotes net cash | -1,132 | -944.0 | -648.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 591.0 | 912.4 | 1,441 | 1,197 | 1,225 |
| Free cash flow (vendor definition) * | 0.32 | 466.0 | 863.6 | 113.3 | 409.8 |
| Dividends paid (the provider's sign: an outflow is negative) * | -292.2 | -304.9 | -355.7 | -406.5 | -444.6 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -466.1 | -421.8 | -546.7 | -887.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 12.70 | 12.70 | 12.70 | 12.70 | 12.70 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,273 | 2,510 | 3,027 | 2,609 | 2,394 | 2,687 | 3,528 | 2,718 |
| Cost of revenue (vendor classification) * | 1,489 | 1,729 | 2,133 | 1,789 | 1,827 | 2,356 | 1,783 | |
| Other operating costs (vendor classification) * | 345.3 | 356.9 | 346.6 | 366.0 | 390.3 | 392.9 | 373.0 | |
| EBITDA (vendor classification) * | 362.1 | 339.7 | 461.5 | 361.0 | 327.0 | 683.4 | 480.1 | |
| EBIT * | 272.2 | 248.4 | 370.1 | 268.0 | 217.5 | 562.0 | 357.8 | |
| Finance costs | 2.62 | 2.98 | 2.97 | 2.77 | 5.83 | 11.4 | 9.01 | 4.16 |
| Consolidated profit before tax after associates | 269.5 | 245.4 | 367.2 | 265.2 | 217.6 | 206.1 | 553.0 | 353.6 |
| Consolidated total tax expense | 62.9 | 58.4 | 73.2 | 62.9 | 52.9 | 52.7 | 119.5 | 72.9 |
| Consolidated profit after tax before OCI | 206.6 | 187.0 | 293.9 | 202.3 | 164.7 | 153.4 | 433.6 | 280.7 |
| Basic and diluted EPS (₹) | 16.26 | 14.72 | 23.14 | 15.93 | 12.97 | 12.07 | 34.13 | 22.10 |
| Materials, traded purchases and inventory change | 1,489 | 1,729 | 2,133 | 1,789 | 1,587 | 1,827 | 2,356 | 1,783 |
| Employee benefits expenses | 119.8 | 115.2 | 131.0 | 134.9 | 134.6 | 155.8 | 155.9 | 163.0 |
| Other operating expenses including power and fuel | 345.3 | 356.9 | 346.6 | 366.0 | 374.9 | 390.3 | 392.9 | 373.2 |
| EBITDA excluding other income and associates | 319.2 | 308.8 | 416.3 | 318.9 | 297.4 | 313.8 | 623.1 | 398.0 |
| Consolidated other income excluding associate dividends | 15.1 | 8.90 | 12.5 | 16.9 | 15.5 | 3.77 | 8.56 | 9.13 |
| Depreciation and amortisation | 89.9 | 91.3 | 91.4 | 93.0 | 104.4 | 109.5 | 121.4 | 122.3 |
| Profit attributable to owners; no minorities | 206.6 | 187.0 | 293.9 | 202.3 | 164.7 | 153.4 | 433.6 | 280.7 |
| Share of profit of associate | 27.8 | 22.0 | 32.8 | 25.2 | 14.9 | 9.41 | 51.7 | n.r. |
| Non-controlling share of profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Exceptional items separately designated | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, 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 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 22.7% | 18.2% | 10.9% | 3.1% | 7.4% |
| EBITDA margin | 15.3% | 13.7% | 13.8% | ||
| Net margin | 10.6% | 9.2% | 8.5% | ||
| Return on equity | 22.5% | 17.8% | 16.1% | ||
| Return on capital employed | 34.8% | 26.8% | 29.5% | 22.8% | 20.9% |
| Return on assets | 17.5% | 14.0% | 12.8% | ||
| Net debt (₹ crore) | -1,132 | -944.0 | -648.0 | ||
| Net debt / EBITDA | -0.73x | -0.66x | -0.42x | ||
| Interest cover | 297.8x | 170.9x | 87.9x | 104.6x | 43.1x |
| Asset turnover | 1.67x | 1.71x | 1.65x | 1.52x | 1.50x |
| Receivable days | 22 | 20 | 18 | 19 | 16 |
| Inventory days (on revenue) | 59 | 55 | 49 | 47 | 53 |
| Payable days (on revenue) | 37 | 36 | 37 | 31 | 33 |
| Cash conversion | 1.35x | 1.25x | 1.28x | ||
| Capex intensity | 6.0% | 4.6% | 5.4% | 8.5% | |
| Free cash flow (₹ crore) | 124.9 | 490.5 | 894.6 | 309.3 | |
| Dividend payout | 33.2% | 42.3% | 46.6% | ||
| EPS, diluted (₹) | 76.24 | 68.12 | 84.21 | 75.64 | 75.10 |
| Book value per share (₹) | 302.6 | 346.5 | 402.2 | 445.6 | 485.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income and associates / 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): Net debt; negative denotes net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income and associates.
- 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 (Basic and diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 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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What the full research on Supreme Industries includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Supreme Industries
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.