Thank you, Anushka. Good evening, everyone, and welcome to Supreme Industries' Q1 FY27 post earnings conference call.

Joining us today from the company's senior management team are Mr. M.

P. Taparia, Chairman and Managing Director; Mr.

P. C.

Somani, Chief Financial Officer; and Mr. R.

J. Saboo, Vice President (Corporate Affairs) and Company Secretary.

I would now like to hand the call over to Mr. Taparia for his opening remarks.

Over to you, sir.

Thank you very much. I am M.

P. Taparia, Chairman and Managing Director of the Supreme Industries Limited.

I, along with my colleague Shri P. C.

Somani, CFO, and Shri R. J.

Saboo, Vice President (Corporate Affairs) and Company Secretary, welcome all the participants who are participating in the discussion of the unaudited standalone and consolidated financial results for the quarter ended 30th June 2026. The standalone results and the consolidated results are already with you.

I will give brief on company product operating performance and other highlights. The company sold 1,57,536 tonnes of plastic goods and achieved revenue from operation of Rs 2,718 crore during the first quarter of the current year against sales of 1,83,793 tonnes and revenue of Rs 2,609 crore in the corresponding quarter of previous year, resulting volume degrowth of around 14% and revenue growth of 4% respectively.

The standalone operating profit and profit after tax during the period under review amounted to Rs 398 crore and Rs 208 crore as compared to Rs 319 crore and Rs 177 crore during corresponding quarter of the previous year, achieving increase of 25% and 17% respectively. The business scenario of all the product segment of the company for the quarter ended 30th June 2026 as compared to corresponding quarter of the previous year has been as under: Plastic piping system business degrew by 15% in volume and remained at flat level in value terms.

Packaging product segment degrew by 10% in volume and grew by 9% in value terms. Industrial product segment business degrew by 6% in volume and grew by 24% in value terms.

Consumer product segment business degrew by 22% in volume and 11% in value terms. The overall turnover of value-added product increased to Rs 1,142 crore during current quarter as compared to Rs 933 crore in the corresponding quarter of previous year, achieving a growth of 22%.

Business outlook: The first quarter of fiscal year '27 was impacted by extraordinary volatility in polymer prices, particularly during April 2026, resulted in inventory correction across the value chain and temporarily affected industry demand. While this created short-term challenges, the underlying demand driver for our business remained intact.

With polymer prices now stabilizing, the removal of custom duty exemption, and implementation of minimum import price for suspension grade PVC resin, we expect business condition to progressively improve as channel inventory normalized and market sentiment strengthened. India continued to offer significant long-term growth opportunity supported by infrastructure development, urbanization, water management project, housing, and expansion of gas distribution network.

Supreme is well-positioned to benefit from these trends through its diversified portfolio, strong brand, extensive distribution network, and continuous focus on innovation. We continue to strengthen our growth program through capacity expansion and new product introduction.

The successful integration of the Wavin business, expansion of piping portfolio, growing opportunity in composite cylinders, protective packaging and packaging products, industrial and material handling products, and the launch of uPVC window business further enhance our long-term growth prospect. The company continued to invest in capacity expansion across key businesses and is progressing with plan to establish manufacturing facility at new location, including Bihar, Jammu, and Malanpur near Gwalior.

The company is also in the process of acquiring additional land at Pondicherry and Erode and will create additional manufacturing set-up. Supreme maintained robust financial position, enabling the company to fund the growth plan, capital expenditure, and working capital requirement through internal accrual.

While the first quarter reflected temporary industry headwinds, we remain optimistic about the outlook for the balance of the year and confident in our ability to capitalize on the opportunity ahead. The brief and overall summary for the quarter ended under reference, thank you for your patience.

Now I and my colleague, Shri P. C.

Somani and Shri R. J.

Saboo, are available to reply to various queries raised by all of you. Thank you very much.

Hi. Thank you for the opportunity.

Sir, as you indicated in call, the underlying demand is broadly doing fine. It was more about channel inventory impacting the volume growth.

Can you give more color about plumbing and agri? Possibly agri season was also weak because of monsoon and fertilizer resin.

Secondly, what is the guidance for this year for the volume growth and margin?

The agri growth was definitely affected in the April-June, to April price had dropped so steeply that farmers were very puzzled when to start buying. Now the season April-May-June is over.

Now the next demand will start from middle of September and we believe that as the water reservoir are filling up, the demand will be quite robust in the remaining part of the year in agriculture segment.

Sir, I've also asked what is the volume growth and margin guidance for this year?

Volume growth we have told in the month of April only that we anticipate a volume growth of 15% to 17% in piping division and 12% to 13% overall for the company. We maintain the same volume growth guidance.

This guidance, we still maintain this guidance for the entire year or the balance 9 months you're talking? The reason I'm asking the first 3 months has been pretty tough.

We are talking for the whole year.

Understood. Got it.

Thank you. Thanks.

I'll come back in queue.

Hi. Good evening, sir, and thanks a lot for the opportunity.

Just a couple of questions from my end. What would have been the industry-related decline in terms of quarter one volumes?

Just wanted to gauge is 15% higher than the industry volume decline?

No, quarter one I think the whole country declined, and all plastic industry had a degrowth because it was very uncertain. Prices were dropping from pretty high price of the March month, the prices started getting corrected.

The whole pipeline of all the industry must have been gone into inventory correction mode.

Understood. Do we have any number here that it must be 8% drop or a 9% drop industry-wide?

That would be helpful in case we have that.

Percentage figure is- No idea. Nowadays import data also doesn't come easily, we have no idea.

Sure. Sir, secondly, wanted to understand the impact of the recently-

You can get from raw material and they can tell you, please.

Sure. Secondly, just wanted to understand the impact of the recently imposed MIP.

Where are the PVC prices currently standing at and what are the inventory levels with the distributors? What sort of a reaction are you seeing after this MIP coming up both in terms of PVC pricing as well as the restocking part?

Inventory level must have gone down quite steeply in the first quarter, as that we are seeing demand is coming in big way in this quarter. Now they are filling up their inventory back.

To run in the business, they have to have a adequate inventory now.

You mean to say you are seeing restocking happening at this point of time? On PVC pricing, sir?

PVC prices also gone up recently by Rs 9

a kilo. Sir, broadly on the margins front, we've seen a phenomenal jump in margins.

Could we say that there could be a part of inventory gains also in this particular quarter? Have there been any inventory gains?

If there is, can we quantify it?

This quarter the profit has been higher because when we have such a big degrowth in demand, it was mostly in the piping segment where the margins are lower, only pipes. There were big erosion in volume and turnover in plastic pipe.

Plastic pipe is a low margin business and because of that, our overall margin is showing better in this first quarter.

Understood, sir. Sir, I'll get back in the queue.

Thanks and all the best.

Hi. Thank you, sir.

Sir, again coming back on the volume growth guidance front, two, three things to understand. First, when we are saying that still we are maintaining 15%, 17% piping volume growth for FY27, that means in the next 3 months, we need to do at least 25% kind of a growth.

In that sense, if you can help us, at least in July, are we seeing that kind of a growth? Broadly in Q2, how we can see the growth, and will it be largely the growth would be in the second half where if the Q2 will not be that great, maybe the second half we need to do a maybe a 30% plus kind of a growth?

I don't know, but we believe that there will be good growth in second quarter also. July is only 1 month of the 3 months.

We are seeing excellent growth in the month of July and we believe the growth will be quite good in the second quarter, which you will know in the month of October.

Yeah. In this current month also, we are seeing a significant growth.

A channel inventory is, one can say, again is filling up.

They have to fill up. Otherwise, how can they do business?

Yeah. No.

True. That's what I just wanted to understand from your side.

Secondly, and then the Q1, this 15%, 16% degrowth, this is across 3 months, April, May, June, or will it be more in April and May and June we would have seen a kind of a flattish growth? Broadly directionally, will help.

Worst was April only. In May, we had a small growth.

June also been a small growth, but April was steep reduced by more than 50%.

Okay. Got it.

For EBITDA margin, that 14%, 14.5% for FY27, that guidance we are maintaining?

We are maintaining. Thank you.

Yeah. As you said, this quarter, there is no inventory gain in Q1.

No, prices are dropping and how can there be inventory gain? I don't follow.

Yeah. Was there any loss because we have maintained the decent margin.

That's what I'm asking.

I have nothing to talk about inventory gain or loss, please.

Got it. Now do we see the current prices, the PVC prices, which has increased Rs 9 per kg given the crude also again have fallen.

Will the current prices stay? It is because for us, it is becoming a very, very difficult in terms of modeling the numbers because both on the volume and prices, the significant volatility is there.

That's what I'm trying to understand. Whether in Q2, can we see a Q-o-Q improvement in PVC prices or realization for us?

There is nothing difficult for us. Nothing difficult.

Anyway, dear friend, PVC is not 100% crude product. 47% is chlorine product, which is coming out of caustic soda production.

It's not 100% crude product, please.

Okay. The guidance in terms of the capex for full year, 1,000-odd crore we are maintaining that?

We are

maintaining, yes.

In Q1, how much we would have done on the capex front? We are

committing the money depend on the machine arrival. Now, we have committed up till now Rs 500 crore.

Okay.

Q1, we have already done 500-odd crore. Okay.

Committed, investment committed. Please.

Okay.

After arrival of equipment, then payments are made.

Okay. In terms of the working capital days-

No issues. Thank you, sir.

Please.

Yeah. Hi, sir.

Thanks for the opportunity. Sir, two questions.

First question, sir, three parts. Sir, can you speak more about gas piping, the progress that we have done; same thing for windows and doors business; and third is basically Indo Green Plus 3-layer PPR pipes?

How big this businesses can be? Some color over here for these three segments.

That's the first question. Sir, second question, probably I'll take it afterwards after you answer this, please.

Thanks.

I take up first question only. As on today, based on the inquiries and planned by so many gas company, we believe the piping business, including pipe and fitting, may be around Rs 600 crore this year.

Okay.

Second-

Yes, sir, Rs 600 crore. I heard that.

Big big number. Sir, on windows and door business and PPR pipes?

Window, we have already started. We started marketing.

Windows business around 1,50,000 tonnes in the whole country. We just started only recently.

Our capacity is only 5,000 tonnes per year.

Okay.

PPR pipe is a regular business. There is nothing new.

Our company started in small to supply the farmers. They require our superior pipe because we are very committed to quality, they are very appealed by quality.

Okay. Sir, just a follow-up on Rs 600 crore number, what you're indicating for gas piping.

Have you already started getting orders over here? I think you had indicated we had some orders from Pune last year.

We have started getting order. We supplied already.

Sir, any orders from any other city, states that you can detail?

I told you now we got the order of the gas pipe system, pipe and fitting both, and we have supplied and customer is very happy.

Okay. Perfect.

Sir, my second question is there is a CAG report with respect to Jal Jeevan Mission out for two states. This includes Maharashtra and Karnataka.

Sir, have you gone through it? How should we look at the agri demand specifically, which is coming out from the JJM scheme?

Tell him about JJM. I've not seen the report, what is the report.

I have no idea.

Okay. No, no worries, sir.

Good. Thank you so much.

Thank you.

Thank you.

Hi, sir. Thank you for the opportunity.

I wanted to understand in terms of the window and profile that business, how much have we invested so far and what kind of revenues do we expect to generate in the next 2 to 3 years?

We invested Rs 220 crore. It's turnover of

revenue generation of about Rs 300-350 crore once it is normal utilization.

Okay. Do we expect it to go in next 2 to 3 years or will it take longer normal utilization?

Should be.

We are already in production and we hope the next year we should get much better utilization of capacity. We already started selling in the market.

Understood, sir. Regarding our piping division, sir, I understand this quarter has been a little bit off, but in terms of our CPVC growth, how are the growth prospects?

Is it continuing to take share of the overall piping market or is OPVC also taking over? How is it right now?

Are we increasing our market share?

Yeah. Our market share must be going up now.

I think so. OPVC also now getting good acceptance and we are now getting another machine also for Eastern India.

Some machines are already running in Western India, we are building more capacity also.

Understood, sir. One more thing regarding our pricing.

Far despite having a large brand and extreme presence, in the market, it's been known that there's been a little bit price competitiveness to compete and gain market share. When are we going to start reducing this competitive intensity and aggressiveness in the market or do we plan on continuing for the next 1 to 2 years?

What question that?

Actually, the pricing of the product depends on the raw material. The price gets adjusted.

If the raw material prices goes up, then finished goods prices also goes up, and correspondingly, we reduce our prices when the raw material prices comes down. It is in synergy with those raw material prices.

That is a industry phenomenon. That is what we want to say.

No, sir, but at least in the dealer network, it's that you're doing a very aggressive pricing and despite having a large brand, you're still positioning your pricing is let's say a little lower than what you can charge. In terms of that, I'm trying to understand, do we expect to increase our prices compared what we can or we just want to maintain at this levels for the next 1 to 2 years?

No. To get the better market, we are passing on the benefits what we are deriving from economy of scale or the proximity to the market.

Since we have Pan-India manufacturing presence, our logistics cost gets rationalized and that is the benefit to the end customer.

Understood, sir. Is there a possibility that we might just not pass it on and increase our margins for us or do we continue to want to pass it on?

That depends. Right now, we are more focused on the return on capital employed, not for the margin etc.

only.

If

you still want to grow and we are growing.

Got it, sir. For the next 2 years, probably we'll still continue to maintain our strategy with this, right?

We are building a new system, new SKU in this system will and receive more market and now going aggressively in export market also. We hope that we will go on growing nicely.

Understood, sir. That's it from my side.

Thank you, P. C.

and team.

Okay.

Hi, sir. Sir, related to the capacity expansion, Bihar, Malanpur, and Jammu, what you are expanding, can you give the how much of the capacity addition in these three locations you are taking in?

We will do complete the project in next 2 years. We will be building small capacity one after another.

Not a large capacity immediately to put up. Overall capacity will come up in over a period 2 years.

We to go on creating market further and go on putting capacity as the market demands. A big piece of land in Bihar is 21 acre, in Jammu is 13 acres.

Hopefully, after 2 years, it may be more than 50,000 tonnes in both the plant together.

Okay. Malanpur, sir?

Malanpur is material handling system. There is a material handling system is going for large volume.

We don't know volume. We know what is required in the market.

Accordingly, we will put the item because they are all bulky item, freight intensive item.

Okay.

We are making variety of crate and variety of pallets. Okay.

Lastly on the Pondicherry and Erode also, the land acquisition you are looking for, what kind of a product you are going for there?

Pondicherry, we are going to shift from existing factory product which you are making for Whirlpool. In our existing factory, we are going to put more capacity to make furniture for export market.

Okay.

Okay. Got it, sir.

Thank you. All the best.

Yeah. Hi, sir.

Good evening. Thank you for the opportunity.

Sir, one question I had was to understand the customer behavior. I understand that the channel destocking happens when prices fall, but in history, whenever such prices fall, we have seen volume degrowth across all four segments.

Is this permanent sales lost or you think there is some pent-up demand which comes back whenever prices stabilize? In history, if you can just share your experience, sir.

When the prices start moving onwards, then the pent-up demands comes up. That is naturally because the destocking which takes place in the channel, obviously the channel get normalized when the prices get stabilized.

Somani ji, from the channel perspective, I understand, but more so from, let's say non-pipes, packaging and industrial segments have also seen volume degrowth. Does this demand also comes back fully into subsequent time?

In packaging also, you understand Rahul, key because there are many applications for insulation, for civil, for construction. Those people may defer demand for a month or two or three.

Yes, in normal course, most of the demands comes up.

It's a stock and sell item. There yeah, please.

Stock and sell item.

Got it, sir. How does it work in industrial, Somani ji?

Industrial is the OEM supplies. It's all depends upon their end market's position.

What is the demand they are getting for their product? What they are offering?

Air conditioner or any item or whatever they are how much their sales, accordingly they buy now.

Those are not governed by the raw material prices. You see, it is always cost plus price margins.

It's not because of the price effect. It is the ultimate demand situation.

Right. Industrial volume degrowth this quarter is more organic.

It's more that their business was not growing and hence we saw degrowth. Is that correct?

Correct. Value-wise if you look at-

It's grown. Yeah.

-24% growth in value. Yes, sir.

I saw that. Yeah.

Just last question on exports. Could we talk about which products we're talking about for exports, which markets to start with, and should we see pick up in export growth starting current year itself or it is more longer term?

Now only with the plan of 6 year 6, 7-year plan we have made. Last year, our export was $26 million overall.

We are aiming to reach $150 million in 6 to 7 years from $26 million. From $26 million, our aim is to reach $1 $150 million in all our product segment in 6 to 7 years.

Got it, sir. Which products we're talking about?

All the products except industrial component.

Which markets?

Market, world market.

Any particular geography?

Mostly wherever the government is entering into FTA, that all the geography we want to cover.

Got it, sir.

Where government is entering into FTA and FTA is in place, those country are given top priority.

Got it, sir. Last question was, did CPVC-

Sure. I'll join back.

Thank you.

Yeah. Hi.

Thanks for the opportunity. My first question is, what is Supreme's current capacity and the utilization levels for composite cylinders?

Current capacity is about 9 lakh or 10 lakh depending upon the product mix-

Okay.

-per annum.

10 lakh cylinders.

Cylinders. I'm talking 9 lakh to 10 lakh cylinders per annum is the current capacity.

Utilization all depends upon the domestic oil marketing companies. Currently, it is between 25% to 35%.

Understood. My second question is with HPCL's initiative of to sell composite cylinders on Instamart and BPCL's plan to expand composite cylinder availability to over 100 cities, how do you see the performance of this business segment evolving for us?

There are good opportunities coming up. I think HPCL has just concluded one tender of 2 lakh pieces.

We have got the LOI for 60,000 pieces. Supply will start from next month onwards.

Yes, this initiative is definitely very good and we look forward to the opportunities in this segment.

Do you see utilization ramping up quickly in the near to medium term?

Unfortunately, it is not a stock and sell item. The time lost is always lost time because you have to manufacture cylinder as per the design, as per the serial number, and many things as per the order.

It all depends upon how the order flows takes place from the domestic oil marketing companies.

Understood. Understood.

Thank you. That's it from my side.

Hello. Am I audible?

Hello.

Hello.

Audible. Just speak loudly, please.

Yeah. Please speak loudly.

Sure. Yes, sir.

Most of my questions are already answered. Just two questions from my side.

What's the current gross margin or EBITDA margin that you expect to stand for the FY27? Is it going to continue at this level or go back to the historical ranges?

We anticipate between 14% to 14.5% for the full year.

Okay, 14% and 14.5%. For the FY28 and '29, do we see margin expansion or like-

We talk today FY27 only.

Sir. Sir.

My second question was the demand we see in the market like in the plumbing and agriculture, industrials, and newer segments like cylindrical composites and packaging. Any specific pockets of weakness or strength you have seen in this quarter or anything that you look forward to do for performing well for the upcoming demand catering, sir?

Your voice is breaking. Generally we can say our all product segments are doing better and looking forward better demand situation.

Majorly, the plastic piping system, which is the biggest business of the company, is looking for 15% to 17% volume growth for the full year in spite of the 15% degrowth in volume in the first quarter. Definitely demand in that segment is looking much better.

Prices of raw materials are now stabilized or firming up. We will see a good situation coming up.

Sir. Thank you so much.

Yeah. Hi, sir.

Sir, just on the quarter, if you look at the EBIT margin in the plastic piping segment on a Y-o-Y basis, there is a substantial improvement, right? Just wanted to understand, you mentioned that there is no inventory gains.

Is this entirely because of mix or some cost benefit we had because of older PVC inventory or some other aspect that I'm missing?

As we told you, there was less sale of pipe. The volume destruction was mostly in pipe and pipe is a low margin business.

As the pipe business was excluded, then the remaining margin become better. Right,

right. From a full year perspective, you would expect the product mix to broadly remain the same, the benefit that you have in terms of margin could sort of normalize over the full year?

We are already committed to you now. It is going to be between 14% to 14.5%.

Understood. Secondly, could you share the inventory level at the company as of 30th June?

Inventory level compared to our turnover is normally we keep 2.5 months turnover level because after all we are handling very large volume of business. We have to keep always proper adequate inventory so that we are responsible to supply to our customers.

Understood. Lastly, on the MIP that has come for a period of 6 months, from a longer term basis, do you think this would be extended or some other form of protection could come in?

What would be your views on that?

Extension part you can only check from the government of India.

Okay. Thanks.

Yeah.

Hello, sir. Thank you for the opportunity.

I just wanted to ask what is the Wavin contribution in this quarter and what is the expectation for the full year?

Wavin capacity what we acquired of 70,000 metric tonne, we are ramping up also. The plants are running fully integrated.

About 50% to 60% capacity utilization has taken place in the first quarter. Overall company, we look at piping capacity utilization about 70%.

All the plants-

Shall we improve the Wavin capacity also now?

All the plants will be same line.

Our capacity 71,000 tonnes, we'll be utilizing for the year 70% of that.

Basically you're saying on the capacity of 70,000 tonne, the utilization is 70%, right, sir?

Right sir. Piping Wavin is similar to our capacity

[unclear]. Sir.

In

the product what we were making, they are making.

Sir. Thank you.

That's it. That's all from my side.

Yeah. Hi, good evening, sir.

Sir, my first question is regard on the pipe segment margin for the June quarter. If we see our pipe segment EBIT margin has improved from 8.8% in previous June quarter to 11.4% in this June quarter.

Can you please help us understand why the margin has gone up when we have seen a sharp decline in our volume?

Sir, I think the same answer which has been given for the operating margin applied for the company. When the low-margin product of pipe is reduced from the volume, naturally the remainder business of the piping has better margins.

Okay. Is it because of sharp decline in the agri pipe volume, we have seen a good improvement in the margin?

Not only agri pipe, other pipe also, no.

Okay.

Because the price will come down, there was huge destocking by our distributor.

Fine, sir. Sir, my second question is on your EBITDA margin guidance.

Like last year, sir, you were guiding EBITDA margin of 14.5% to 15.5% EBITDA margin, which was quite a difficult year for the industry as PVC resin prices were under significant pressure. This year, we are guiding 14% to 14.5% for FY27, where if we see we have already clocked 14.6% EBITDA margin in this June quarter.

Margin in Q4 generally turns out to be significantly better for us compared to the first three quarters. We will also see the benefit of higher PVC resin prices in the coming quarters, which was not the case last year.

Can you please help us understand why we are guiding much lower margin compared to what we were guiding earlier?

We are not guiding lower margin. The first quarter the margin has shown improvement because of destruction of demand for plastic pipe.

We anticipate when we are saying that we anticipate 15%, 17% volume growth, we'll be supplying adequate quantity of plastic pipe now in remaining 9 months. They are low margin, but they are required.

Otherwise, if there is no pipe, then what is the business of piping system? You cannot do any work for either water or anything supply.

If you have no pipe, you can't do any business. Pipes are required.

Pipe volume will come in remaining 9 months, pipe naturally will low margin.

No, sir, your point is well-taken. Sir, earlier we were expecting, say in FY26, we were expecting the pipe volume to grow at 15% to 20% rate and we were still guiding EBITDA margin of 14.5% to 15.5%.

What I'm trying to understand from you, why we are guiding 14% to 14.5% EBITDA margin now when we were expecting much higher range earlier?

We are giving a guidance which is very proper.

On a conservative way, you see ultimately a

responsible manner. We don't want to give unnecessary very wrong rosy picture.

No, we don't want to give.

Okay. Thanks a lot, sir.

Hi, sir. Thank you for the opportunity.

Could you please provide me the value of inventory, debtor, and payable as on June?

Inventory and debtor?

Inventory, debtor, and payable.

Our inventory remains 2.5 months as Mr. S has told in the earlier question.

Our debtors remains 15 days of receivables of the turnover.

Payable, sir?

Payables remain between 50 to 55 days.

Sir. Thank you so much.

Yeah. Hi, sir.

Sir, how was the CPVC growth in Q1?

Q1, there was very minimal growth.

Just sir you've answered this question, I'm just trying to re-understand, was this the case that the plumbing pipe business was better off in Q1 and agri degrew significantly which led to that 15% kind of volume degrowth in case of pipes total?

No, total business agri and plumbing both had a degrowth in the first quarter.

Okay. Agri was significant degrowth or was it similar?

Both were similar?

Agri, plumbing business, every piping demand every piping segment had a degrowth in the first quarter.

You are right. Pipe agri pipe or polyethylene pipe was severe degrowth.

Severe erosion in the volume in the polyethylene pipe was quite very heavy. Then in PVC pipe also very much there were degrowth in demand.

Yes, sir. Just and this agri pipe, whatever we lost out because of this pricing, you expect that recovery to come through when the season really picks up in September and February?

Am I correct, sir?

From second half September to March, demand will grow very nicely.

Sir, with MIP coming in, that fluctuation in PVC, let's assume PVC stays in the same range of 80, 85, you think very good demand will come from the agri side because of this? Am I correct, sir?

We don't know now, because nobody stop them to increase the price further now. MIP doesn't mean that they cannot charge high price.

The only thing they cannot charge lower than the $750.

True, sir.

High price, nobody will stop them. That depend how the West Asia company is behaving, nobody knows.

Yes, sir. Thank you very much, sir.

Thank you, sir.

Hi, sir. What is our agri and non-agri mix, sir?

We have no idea because several states, they are using agri pipe for housing also. We have no idea.

Okay. Sir, secondly, since Lubrizol is starting production of CPVC resin in India, will our cost come down and-

That party Lubrizol can only reply. How can I reply?

Whether they are going to keep lower price, I can't say. For your information, Reliance is also coming.

Okay.

Okay. Thank you, sir.

Yeah. Hi, sir.

Thank you for the opportunity. I just wanted to understand this realization improvement which happened in the other segment, packaging, industrial, consumer.

This entirely was due to the polymer price or was there any kind of price hike? Like earlier you said we fully passed on the price hike because of the polymer, the cost deviation that we saw.

Yes, it is only a customized solutions. You see, packaging, we provide a lot of customized solutions which gets better realization.

In industrial segment also, the pallets, the dustbins are better value-added products. It's the product mix which plays the role.

Yeah. Just wanted to understand after say this quarter if things normalize and if the polymer prices fall back, are we going to stick to a similar price to or will it move along with the polymer price only for the other segments?

I understand PVC still a lot of pass-through happens, but for other segments?

We not only use PVC, we use other polymer also, dear friend. We use large volume of polyethylene.

We also use polypropylene, polystyrene, and ABS. We variety of raw material.

We are not PVC company only.

Yes, sir. In case that declines, again that packaging, industrial, whatever pricing, that also will decline simultaneously.

That's why I want to understand.

Depend on the product. Depend on the product.

Okay. There's no direct correlation, that's what I'm guessing.

Not so much direct.

Okay. Sir.

That's it. Thank you.

Sorry. Sorry.

In terms of the other resins like CPVC etc., was the pricing volatility and the quantum of restocking, destocking that we saw in throughout last quarter in this quarter similar or the different sort of intensity?

It happens in all the polymer, all the polymer. Actually, polyethylene, polypropylene are much more volatile because the crude price was jumping up and down now.

They are directly linked to crude oil. Only PVC is least affected.

PVC is not linked completely to crude oil. Polyethylene, polypropylene have got much more volatility.

It is normal the commodity polymer now.

Right, right. It is equal.

On CPVC, I think you had mentioned there was minimal growth. Were the CPVC prices a lot more stable throughout the quarter because of which they did not see too much impact of the destocking?

CPVC price is more or less stable now. PVC price was also more or less stable.

Only PVC price has come down in the month of April big way. They have jumped in the month of March and reacted in April.

Thereafter, the price are not moving at all too much. After 20th April or something like that, thereafter there is not too much variance in the price.

Understood. They have jumped

too much in the month of March and they got corrected in April.

Right. Yeah.

Just lastly, obviously we lost volumes in the first quarter, from a customer perspective, I know you had mentioned the recovery by September, but, given that at least PVC prices are starting to increase and they're anyways slightly close to the MIP level, we might not expect further decline in PVC prices from here. Would you expect the lost volumes to be recovered in the second quarter itself or it will take time to recover it through the balance of the year?

Most of the lost volume will be recovered and we will have growth in first half.

In the first half, you would expect a Y-o-Y growth.

First half, we definitely are confident that we will have volume growth.

Understood. Thanks for that.

Thanks for the opportunity. Now with the minimum import price coming into effect, do you think the PVC prices should stabilize at this level?

We are not sure. Now nobody can stop them.

They can go up also now.

Decline is stopped, but-

Going up there is no restriction. They are not allowed to go up.

Right, I understand. You have highlighted that FTAs with UK, EU, EFTA as a significant opportunity.

What share of revenues do you expect to generate from exports over the medium term?

FTA, I can give you example of UK. UK, the country has entered into FTA, and import duty on plastic pipe, now it becomes zero.

There is opportunity like that in so many countries now government is entering into FTA.

What is the export opportunity-

Like

UAE, like Australia. Right.

Your voice is not- Export opportunity you are looking at. I gave you

overall the world import trade of plastic pipe system alone, one item is $41 billion last year. Our company exported $5 million.

In $41 million billion dollar market, we exported only $5 million. We see huge opportunity.

We'll be spending money on participating in several exhibitions. We have appointed several resources.

They will go to the market. We will introduce new product also required in that market.

We will get our product certified as required in that market. We'll be spending huge investment to achieve the objective.

Right, understood. That's all from my side.

Thank you.

Our company not destined now to serve only 1.5 billion. We want to serve 8 billion people.

Okay. That's helpful.

Thank you.

Yeah. Hi, sir.

Sir, can you please quantify the amount of inventory loss in Q1? There is

nothing to report.

Sir, is there a scope for inventory gain in Q2 due to the recent increases in the PVC resin prices [unclear]? There's

nothing to report either on inventory gain or inventory loss. If anything happens, we'll be talking end of the year.

Okay. Thank you, sir.

Thank you for the opportunity, sir. I just wanted to ask about the channel inventory.

In March-April quarter, some of the companies had stated that there was a lot of restocking in one particular month and then there was again a destocking. Is that phenomenon still continuing or has the demand from channel partners been consistent?

When we told you that we will have a growth in this quarter, that there is no degrowth no destocking taking place. When we are saying we will have growth in this quarter, and we also say that the first half, we will have growth.

In spite of degrowth in first quarter, for the first half, we will have growth.

Got it, sir. Thank you.

You must be quite clear now, dear friend.

Yeah. Sorry, I joined late actually.

Thank you.

Good evening to management and thank you for the opportunity. Sir, how is Wavin portfolio doing?

Wavin. Wavin doing very well.

We got certain new item which are not there in our portfolio. We added those products in our portfolio which are very helpful.

Right.

We stick to our guidance of selling 50,000 metric tonne for '27 with much better profitability?

That quantum of volume, what we have said, is fine, 70% utilization of capacity.

70% capacity utilization and we anticipate 15% to 17% volume growth for the full year as on today in plastic piping system.

Right. Sir, on the EBITDA margin front, how do we see Wavin in comparison to Supreme?

Same range. Nothing unusual.

Nothing very different range.

Right. Any clarity on the packaging defects, the one which we were eyeing for the export market?

Our capacity is fully sold out.

Okay.

Hello, madam, there is no more question, then close it.

Thank you very much. We are very impressed by the analytical question raised by various our investor friends.

We thank them very much who spare time to raise question and we hope that we have adequately to reply to their satisfaction. Thank you all.

Thank you very much.

Thank you.

Thank you.