Thank you, Farrah, and good evening to everybody joining in for Supreme Industries Q4 and FY26 post-earnings call. We have, as usual, the senior management of the company, led by Mr.

M. P.

Taparia, Chairman and Managing Director, Mr. P.

C. Somani, CFO, and Mr.

R. J.

Saboo, VP, Corporate Affairs and Company Secretary. Thank you, and over to Mr.

Taparia for his opening comments.

Thank you, Shri Aasim. 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 audited standalone and consolidated financial results for quarter and year ended 31st March 2026. The standalone results and the consolidated results are already with you.

I give brief on company product operating performance and other highlights. The company sold 753,907 ton of plastic goods and achieved revenue from operation of ₹11,218 crore during the year under review, against sale of 674,510 ton and revenue of ₹10,446 crore in the previous year, achieving volume and revenue growth of about 12% and 7%, respectively.

The consolidated operating profit and profit after tax for the year under review stood at ₹1,654 crore and ₹954 crore, respectively, as compared to ₹1,552 crore and ₹961 crore in the previous year. This represents an increase of 7% in operating profit, while profit after tax declined marginally by 1% year-on-year.

The business scenario of all the product segment of the company for the year ended 31st March 2026, as compared to previous year, has been as under: Plastic piping system business grew by 14% in volume and 11% in value term. Industrial products segment business degrew by 1% in volume and 3% in value term.

Packaging product segment grew by 5% in volume and 3% in value term. Consumer products segment business grew by 4% in volume and degrew by 1% in value term.

The overall turnover of value-added product increased to ₹4,677 crore as compared to ₹4,060 crore in the previous year, achieving growth of 15%. The company proposes to commit capital expenditure in excess of ₹1,000 crore during the year, including carry-forward commitments from the previous year.

Capex plan includes new greenfield project for plastic piping system at Patna in Bihar, Jammu in Jammu and Kashmir, and [Gadegaon?] in near Jalgaon in Maharashtra, and a new facility for material handling product at Malanpur, in Madhya Pradesh.

The proposed and committed capex is principally aimed at strengthening manufacturing capabilities, expanding capacity, enhancing product offering, and advancing sustainability initiatives. The planned capital expenditure is expected to enhance the company's annual installed capacity by approximately 110,000 metric ton, taking the total installed production capacity to around 1.35 million ton per annum.

The financial year 2025-26 was a challenging yet eventful year for the company, marked by volatility in raw material prices, prolonged unseasonal rainfall, subdued infrastructure spending, and heightened global geopolitical uncertainties. Volatility in PVC resin prices, including frequent and sharp price movement during the year, significantly impacted channel dynamics, while extended monsoon condition affected demand, particularly in the agricultural segment.

Despite these challenges, the company delivered healthy volume growth across its diversified product portfolio, underpinned by its strong domestic market orientation, wide product range, robust distribution network, and disciplined execution. The plastic piping system business retained its leadership position, aided by continued expansion of value-added product, launch of new system, and capacity augmentation across various location.

The company further expanded its portfolio by introducing new SKUs and systems catering to diverse application and aligning with the evolving requirement of a growing economy. With a wider range of electrofusion and olefin fittings, the company entered the industrial piping system segment, thereby opening additional business opportunities.

During the year, the government announced large infrastructure investment, which are expected to support demand for water supply network under Har Ghar Jal initiative and the expansion of piped natural gas infrastructure for household usage. The company continued to implement a prudent and well-defined business strategy anchored on five key pillars: innovation, smart manufacturing, strong relationship with the channel partner, effective customer service, and deeper reach across the country.

Company happy to announce that its new product segment in window and door division at Kanpur Dehat in UP has gone into production effective 1st March 2026. The product is well received by the market.

Company expect to sell the capacity by next year, which will also enable it to expand capacity at the same site. The company's consumer and packaging business delivered stable to encouraging performance with targeted product innovation, customer diversification, and focus on value-added offering.

Industrial segment, however, continued to witness demand slowdown from OEM customer. Export performance witnessed moderation due to geopolitical developments and trade-related disruption.

However, the company remain optimistic and making focused effort to boost export of company product to avail the emerging opportunities with many free trade agreements already signed by India and some are in progress, which would enable the country to boost export of manufactured goods. Looking ahead, the Indian economy remains well positioned for sustained growth driven by domestic consumption, infrastructure development, and policy support.

With its strong balance sheet, zero debt, expanding manufacturing base, technology leadership, and diversified business model, the company confident of delivering improved performance in the coming year and creating long-term value for all its stakeholders. This is a brief and overall summary for the quarter and year months 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 your various queries raised by all of you.

Thank you very much.

Hi, sir. Good evening.

Thank you for the opportunity.

Sir,

first question is on the inventory gain which we would have had in March because of higher PVC pricing. Could you help with the number for the fourth quarter or for the full year, whichever you have?

Full year, there may be hardly any inventory gain. In earlier quarter, there may be inventory loss.

Yes, sir. I'm aware of that.

For full year, we don't see any inventory gain for full year. In this specific fourth quarter, there may be inventory gain, net-to-net, maybe around ₹70 to ₹80 crore.

Sir. Got that.

Sir, second and last question was on capex. You have detailed in the press release about the capex, but any plans on the packaging side where you think you should expand capacity?

Packaging side, we have purchased a land at near JNPT. The process is going on.

Once the land comes in our possession, then we will announce putting a facility to make packaging product, which is close to JNPT area. It must be marked for export market.

Sir, how much would be the capex there? What kind of capacity we think we should put?

Let the land come in our hand, then we will talk to you. Wait.

All right, sir. Last question, sir, what was the growth for CPVC pipes and fittings?

Last year, we had a growth of around 38%.

Thank you so much, sir, and wish you all the best for the next year.

Hi, sir. Thank you.

Sir, now, how are we looking at the overall volume and piping volume for FY27?

Piping volume for 27?

FY27, we anticipate growth between 15%

to 17%. 15% to 17% in piping.

Overall?

Overall, around 12% to

13%. 12% to 13%.

12% to 13%. For margins, sir, how now we look at the margins?

Margins will be between 14% to 14.5%.

14.5%. Okay.

14% to 14.5%.

14.5%, sir, no?

14% to 14.5%.

Okay, 14% to 14.5%. Got it.

Sir, now, given the PVC prices so much volatility that we have seen, ₹47, ₹48 up in the January to March, and then again ₹32, ₹33 down. How one can look at, do we still see the volatility to continue, or now it seems to be stabilizing?

Now, in last 10, 15 days, how are we seeing the channel inventory or the demand, because such a volatility is there, how it is impacting the demand?

First, polymer prices are a commodity product. They remain volatile.

This is not a new situation. Last year was typically too much volatility, but otherwise, price remains always volatile.

It can't remain steady price throughout the year. Never remained.

It never remained. Now, the PVC prices have come down quite a lot between 5th April to 21st April.

The prices have come down by ₹34, nearly 30% price went down. Prior to that, in the month of March, the price went up by 32%.

That price increase has been corrected in the month of April. Now, the inventory also at the distributor level, retail level are mostly cleared.

We do not anticipate now any price reduction also, because rupee is getting weaker. Rupee is around 94.5.

Our rupee has become quite weaker, and we are too much import dependent. We do not see any price erosion now in PVC price for time being.

Got it, sir. Lastly, sir, this 110,000 capacity that we are adding, out of that, how much will be in the piping segment?

This entire 110,000 will be added by FY27? That

will be added by FY27, for sure.

Okay. Out of that?

100,000 will be in piping sector only.

Okay. The entire would be in the piping, you are saying?

100,000 in piping sector, 10,000 will be mostly in material handling system.

Okay. Got it.

Got it, sir. Lastly, for this Q1, specifically, do we see any inventory gain or loss?

There may be some inventory loss. There can't be gain now with price falling by ₹34, how can there be gain?

There can't be.

I understand. Because the previous hike was—

How can I find a gain and the prices are dropping, there can't be inventory gain. Got it.

Got it, sir. Thank you and all the best, sir.

Hello. Hi.

Thanks

for the opportunity. Sir, my first question is can we bifurcate in your view the Q4 volume growth?

We believe channel inventory has improved in Q4. Possibly, what would be the growth because of end demand and because of channel inventory?

I don't know. Can you reply, Somani?

It is not feasible to just quantify in that way.

There are more than 50,000 dealers, we don't know now what they do. Not possible, dear friend.

Got it.

Not possible. Tell me.

One

Hello, am I audible?

Yeah. We are audible.

Yeah. One last question from my side.

Sir, can you give a sense on how channel inventory had moved in Q4 quarter month-wise, and lastly, how is the channel inventory in April now?

We have no idea, friend. We have no idea, dear friend.

Got it. Thank you.

That's it.

Hi. Thank you for opportunity.

My first question is related to the demand, especially for the agri, as we had seen a lot of fluctuation in the PVC resin prices, and we also understand the Q4 and Q1 is where the agri demand comes in. Do you see any impact on the agri demand, especially because of a PVC resin price fluctuation in the Q4?

PVC resin prices, not Q4, demand start only from Q1. Q4, demand was impacted in the month of March.

Now Q1, now we are entering Q1 only. Now demand has started full force.

There is no issue. Big demand now coming from agricultural segment.

With the price correction, demand has picked up in the agri?

Price have come down very low, and agricultural sector, they don't keep inventory earlier. Normally, they don't keep.

Now the price are quite low, demand will come very briskly.

Okay. Also, with these fluctuation in the PVC resin prices, have you seen any impact on the plumbing, especially some delay from the builder side or the project side of business in the Q4?

You can't complete building without plumbing.

Okay. Plumbing, no.

There is

no demand disruption from the user,

there is no demand disruption. Okay.

Sir. One clarification on your 38% of a YoY growth in the CPVC, is that of a volume or a value?

That's volume only. Value, we don't know.

This is a volume growth in the CPVC.

For the full year.

For a full year. Can you give any indication how much is a contribute to our total piping business?

No idea.

Thank you, sir, and all the best.

Hi, thanks for the opportunity. Just a couple of questions from my end.

What would have been the industry growth in FY26? Any number there, or maybe even Q4 would be helpful.

Plastic piping system?

Yes, sir.

We are told by raw material producers that it was -9%.

-9% was FY26 growth?

FY26, there is a volume degrowth by 9% in plastic piping system in the country. Wow.

Wow, got that, sir. How are things looking up from here?

Anything from polymer suppliers or your say, that how is industry likely to grow in FY27? Any uptick that you've seen in Nal Se Jal?

Ma'am, I'm not clear your question. I'm not clear to me.

What you asked?

What is the kind of growth at an industry level that we're expecting in FY27? Any uptick that you've seen in Nal Se Jal scheme, because there were very recently some allocations made?

Industry growth, yeah, you can ask Reliance raw material producer, but they told us that they anticipate 8% growth this year.

Anything on Nal Se Jal, sir? Recently, there were allocations.

Have we seen any pickup or government spending starting to take place, any fund releases?

As of now, we don't see any uptick on that. You see, this Nal Se Jal depends upon the state and central government cooperation.

Unless Jal Jeevan, yeah.

Jal Jeevan can depend on the state supporting state has to contribute also, no? Unless the state contribute, Center didn't release the money.

Jal Jeevan, we are not sure. Up till now, it is never happened as per the declared policy of the Government of India, central government.

Last 2 years also, whatever budget they announced in February, 1st February, they could spend only 1/3 amount. We are not sure this year also.

Understood, sir. Lastly, on your capex

queue?

Sir, thank you for the opportunity, and congratulations on a good set of numbers. Sir, my question is about the Middle East impact on the polymers.

You did mention in your press release that the impact on polyethylene products is much higher as compared to PVC. Just wanted to understand the broader dynamics of demand-supply globally as to what, in your view, can be impacted more, and what impact can trickle down to Supreme's product or supply because of that?

No, this Gulf impact would be impact all the polymers, because after all, they are not only making polymer, they are also supplying feedstock for the polymer to the plant based in Far East Asia, Southeast Asia. The producers are all affected.

It going to impact to the polymer capacity worldwide big way.

Sir, if that is the case, in your best understanding, why are the PVC prices going down right now? Is it because that the Government of India revoked the import duty for a period of 3 months, or is it because globally the supply of PVC has increased over the past 1 month?

Import duty becoming zero doesn't improve the volume of production, no?

That's right. I'm asking of PVC resin prices.

Production, no?

The point is that PVC is not so much affected, as huge volume is coming from China. China production is not based on crude oil.

Their manufacture based on coal. Coal to PVC, China is a very large producer, and it is not affected by any Gulf disruption.

China was a big player in India, now they become bigger player. Because of that, PVC is not affected in India.

We are getting big supply from China.

You foresee the prices of PVC to go down further, like we have seen in the past 2 weeks? Is that understanding

It will not go up very much. There is bound to go up, but will not go up the way the ethylene PVC has gone up.

Understood. Got it.

Very helpful. Thank you, sir.

Hi, sir. Just on the notes to accounts, the note number six, you have mentioned the change in labor code provisionings.

I noticed that last quarter it was mentioned that ₹15.38 crore is the provisioning, and in this quarter it is mentioned as ₹14.4 crore. Just wanted to clarify if this is in addition to the ₹15.38 crore that was provided in the third quarter, or is there any sort of revaluation of the provision and the net full-year impact is now ₹14.4 crore?

Correct. This is a net full-year impact.

Earlier, in the Q3, we have estimated based on our rough working, but based on the actual valuation report which we have made now March '26, it is a full-year impact. So ₹15.38 reduced to ₹14.4.

Understood. Thanks.

Secondly, on the industry, for Supreme Industries, would you be able to sort of break up the volume trends that we saw in this quarter between Jan and Feb and how the trends were in March? If you can maybe extend that to April as well?

Between these three periods, how were the trends for both us and the industry?

We have told you the annual growth expectation, we have already told you, no?

Month-on-month volume we don't declare or we don't discuss. It is on quarter-on-quarter we always give the data.

April is not yet

Annual growth we already admit to you that we anticipate to grow 15% to 17% in piping business.

For the current year, yeah.

For this year.

You wanted April, which is not feasible.

April is still not over, now.

Anyway, we do not give month-to-month figure also.

Sure, sure. Any qualitative sense would have also been great, but depending on what you want to disclose, yeah.

No, as the year has begun with this still the geopolitical conflict continued, really you can't think of a better things today. Yes, let us hope for the better situation to come.

Sure, sure. Thanks a lot.

Hi, sir. Thanks for the opportunity.

First question is related to, sir, PVC. What is our average procurement cost of PVC, which is standing as inventory as on 31st March?

Our what

inventory requirement?

No, no. Cost of the inventory, what is you are carrying inventory cost.

You see, these are the classified information. We don't really disclose those kind of things.

All right. Sir, in terms of days, what would be the number of days of PVC inventory do we have as on 31st March, sir?

We must keep our plant adequate quantity so the plant should go on running, no? We buy some local and import both, because local is not adequate.

Import will be slightly more than local. Local, you can get weekly also.

Import, you have to keep in pipeline. We don't take any prudent decision.

That our plant should not be short of raw material. We must have PVC available.

India imports 68% requirement. 32% only supply locally.

When double the requirement we make from import, and import always takes time, no? We have to keep always the inventory in plant or warehouse, so that we are responsible suppliers.

We are never failing in supply to our customers. We won't take any decision

in prudent

manner.

Got it, sir. Sir, just second question on Wavin.

What would be our volumes from Wavin during the quarter?

How much?

Wavin.

Wavin, our capacity is annually 70,000 ton, and we generally anticipate that overall we will be achieving 70% of our capacity. Wavin will contribute around 48, 49,000 ton in our business volume this year.

Wavin plants are running normally from February onwards. See, initial 3, 4 months it took time to revamp and refurbish everything.

From February onwards, they are in normal path.

What is the contribution in terms of volume during Q4?

This is just a follow-up. Just a follow-up.

About 4,000 a month, and from February, March if you look at, for the quarter it could be around 10,000 tonnes.

Got it, sir. Clear.

Thank you.

Hi. Good evening.

Thanks for the opportunity. Firstly, if you could give us some insights on the competitive dynamics, especially after the war where we have seen significant volatility in the resin prices.

Did we see accelerated market share gains, and now that the resin prices have reversed, are the small and mid manufacturers coming back strongly to the market?

When we are running the plant, India is a big market.

Okay. In terms of the raw material availability challenges, did you hear anything about these small manufacturers facing some issues and

We are not a small-scale producer, but we are not aware that anybody is not getting raw material. PVC is adequately available.

Got it. Got it.

My second question is on the windows business. If you could give us some sense on what kind of revenues we can expect in the next one year and the margins as well?

Window. At full capacity, one year how much we can sell?

Once we achieve full capacity utilization, then it should be about ₹200 to ₹250 crore annual revenue.

₹250 crore annual revenue will get, because we have put a small capacity. We may get ₹250 crore revenue annually when we start running the plant fully.

Okay. Can we assume similar margins for this business as well?

Margin will be better. It's a customized window.

It's profitable. We have invested more than ₹200 crore in that business.

Margin will be maintained so that we get return on the investment, dear friend. Got

it. Thank you, sir.

Hello. Yeah.

Hello, sir. Thank you for the opportunity.

Actually, my question was similar to that labor law code provision, which has already been answered. Thank you.

No more from my side.

Thank you.

good evening, everyone. Hi, this is Shubham.

I'm relatively new and currently trying to build a better understanding of this industry. I wanted to get a sense of the broad capacity utilization scenario both for our company and the industry.

From what I've observed, utilization levels seem to be largely in the 60%, 70% ballpark range, while capacity additions are still ongoing. I wanted to ask what is an ideal utilization level, and how do you define lower and higher utilization bands both for company and more broadly for the industry?

Normally, we consider if we are able to use 70% or 75% is a best utilization, because during rainy season, demand comes down. Normally, we consider.

Worldwide, there is always 2, 3 months lean period. This is what we consider.

Depending on business situation, sometimes we may not get 75%, we may get 70% or 68%, something like that.

Okay. Sir, 75% is the ceiling which we hit, and it doesn't go up more than that?

Most

of the time and the business conditions are looking quite okay. If the rains remain only normal, no prolonged period of rainfall.

When there is prolonged period of rainfall, then business will be affected.

Okay. All right.

Thank you.

Hi. Good evening, sir.

Sir, my first question is regarding the plastic pipe sales volume growth which you have reported for the March quarter. Sir, you have mentioned that the agri pipe demand got impacted in the month of March because the resin prices were falling, and the demand for infra pipe from Jal Jeevan Mission has not yet picked up.

Just wanted to know what has led to such sharp growth for us in the March quarter? Is it because of that channel refill?

No,

I didn't say in March demand is falling due to price going down. I say price went up.

Went up. That's why the demand

In the month of March, the price went up so steeply, the farmer refused to buy the goods in the month of March. Now the price has come down, now the demand is normal.

It

went up by ₹37 a kilo, and then came down by ₹33 a kilo. Now demand is normal in agriculture, there is no issue.

No, sir. For the March quarter, I wanted to know, sir, was it majorly driven by the plumbing pipe, and is it because of the channel refilling or we are seeing a strong growth for the plumbing pipe demand?

January, February,

March is normally season of plumbing only. In January, March, demand for agri doesn't start big way.

Big way start only after the crops are harvested. That happens around 8th or 10th of April.

Then demand comes up fully.

Okay. Sir, whether the plumbing pipe demand was coming from across the region, or was it from any particular region like rural or urban, if you can throw some light over here?

Throughout the country, people who build their house, they require the plumbing. The people build the house in rural area and in big area also.

People keep on building houses. Up to Tier 6 cities, the houses are built.

For any house to function, you must have plumbing.

Okay. Sir, lastly on the PVC resin price, sir, can you just specify what would be the current PVC resin price in the market right now?

Do you see any further pressure in the PVC resin prices in near future?

Now current raw material price is around ₹81 a kilo. We anticipate that as rupee gone down, and prices will go up now.

Okay. Thanks a lot, sir.

Hi, sir. Good evening.

Sir, couple of questions from my side. Am I audible, sir?

I am very well listening. Please.

Yeah.

Yes, sir. I just wanted to understand the raw material availability.

You said PVC is abundant. How is the situation on HDPE side, PP, polystyrene?

How are they currently available in the market?

To our knowledge, all raw materials are available in India. Okay.

We don't see any problem any raw material which is not available.

Got it. Got it.

Sir, secondly, sir, you said the volume for 4Q from Wavin is about 10,000 tonnes since the plant started from February onwards. Is it that the plant did not contribute before that, and this is the annual volume as well?

Annually, we should get 40 50,000 ton from them.

In FY26, how much was that, sir?

Last year, we took over in the month of August, then we were revamping, we get normal position only from February. We might have got 10,000 ton in this quarter.

Now, for the full year, we anticipate we may get 48 to 50,000 ton this year. Got it.

Got it.

Got it. Okay.

Sir. Thank you, sir.

That was all from my side. I'll come back in the queue.

Thank you.

Thank you for the follow-up question. Just referring to the other expenditure number in the quarter is ₹390 crore.

This number was similar in third quarter also. Despite 25% volume growth on QoQ basis, just wanted to understand if there is any one-off, one-time adjustment to this number?

No, nothing specific.

Typically, sir, this number generally in fourth quarter goes up because of higher volumes. Hence, I was wondering if there is any adjustment which is done on any line item.

See,

this other expenses number consists of either repairs or the advertisement publicity, which was controlled right from quarter 3 itself when this year was not going well. No inflation or no increase in those kind of figures.

Okay. Publicity was ₹125 crore last year, it's basically flat YoY, is what you're saying?

No, this year it is ₹98 crore only. For the year if you Yeah, yeah.

Acha. Okay.

Got it, sir. Thank you so much.

Thank you.

Hi. Thank you for the opportunity.

Sir, I wanted some understanding on the depreciation. The cash outflow when we see in the second half is roughly ₹566 crore due to investments, which was about ₹814 crore as of FY26, which is a ₹250-odd crore of increase of capex.

The depreciation to that extent seems to be very high. The depreciation increase in the second half seems to be very high.

What could be the reason behind this?

Ma'am, you have to see the last year capital work-in-progress, which was more than ₹400 crore. That also has got capitalized this year.

Our closing work-in-progress is only ₹136 crore. When you look at fixed assets, because whatever payments have been made previous years and the work-in-progress also get capitalized.

Got it. Okay.

Then this year, we believe it will further go up with a ₹1,000-odd crore of

Wavin acquisition also is separately.

Right. No, no.

Even if I take into account Wavin, the depreciation increase seems to be higher than a usual number.

Total addition to fixed assets is ₹1,400 crore this year, including what has got added to the block.

Gross ₹1,400 crore would also include Wavin?

Yes.

Got it. Great.

Thanks a lot.

Hi, sir. Congratulations for good set of numbers.

Sir, few questions. Sir, how should we understand PVC resin prices resin made via carbide route and resin which is made by VCM route?

Both resin, they make PVC, and PVC make the product. There is no difference for you.

Suppose some carbide maker PVC, if a VCM contain more than 1%, then people don't consider a good material for use of quality PVC pipe. Majority of them make carbide-used PVC having VCM content less than 1%.

Less than 1% VCM content PVC, there is no issue compared to carbide or ethylene. We don't see any problem.

Sure, sir. That helps.

Which was produced by DCM for last more than three, four decades in India.

Okay. That is helpful.

Sir, second is, any update on our windows and profiles business, that is one. Secondly, anything on the gas piping side?

I think we did receive an order on electrofusion fittings from Maharashtra Natural Gas Limited a while back. How are both these businesses actually doing, sir?

Window,

our plant is started. We started selling in the month of March only.

Gas pipe, we not only supply the pipe, we supply the fitting also. We are the only company as on today who supply the pipe and electrofusion fitting required for carrying piped natural gas.

We got order from three, four gas companies, and more orders are under negotiation. That will meet the requirement for carrying the pipe under the ground.

Above the ground, we make PE and aluminium-PE composite pipe, that also we issue order. That also will meet the requirement of handling the natural gas.

Sir, how big can this business be for us, the gas piping business?

We don't know how big the company will buy, we can't say, now. It's to come for the company to decide.

We are capable to supply

quite a

volume.

Okay. Sir, how much is our capacity over here?

We can make 10,000 ton pipe per month, actually. That is spread on nine plants.

Depend on which plant they will place order, accordingly we may supply them. We can supply easily 1,000 ton monthly from our three, four location.

Okay. Sir, windows and profiles, sir, have we launched it on a pan-India basis, or is it only in a few states, and what is the capacity over here, and how do we see this growing?

We launched only in UP and NCR.

Only UP and NCR, okay. Sir, how much is our capacity over here?

It is around 10,000 window per month.

Sure. This is helpful, sir.

Thank you so much. Thank you.

Hi, thank you for the opportunity. I understand that it's been great performance.

I was wondering, in terms of consolidation of the market, how have you seen the organization of the overall market? In terms of CPVC also, I think Astral had very lofty goals in terms of dominating at a much higher rate.

Could you explain how are you seeing the Astral entering CPVC and how are you facing competition on the ground, versus an organization of the market and how has the organized players expanded in the market?

I don't follow what you want to ask from us. We are one of the suppliers.

Astral is supplier, Ashirvad is supplier, Prince is supplier.

I was not clear with my question. I was talking about the market share.

How has Supreme grow in terms of its market share and its CPVC versus the other piping divisions? What kind of market

We do not have market share. We don't know market share.

We don't know the market share of our company in the CPVC market. We don't know.

What about the other segments, sir, rather than CPVC in the piping division?

Maybe 12% to 13%.

Do you have any goals in terms of expanding it from the 13% mark to 20%, let's say? What is the company doing in terms of expanding the market share?

What

We have plan to grow.

What are the ideas that internally that you have thought in terms of which market share would you like to grow to from the 13% levels today?

Go on putting more capacity, go on offering more system, go on making more SKU in each system, go on appointing distributor, dealer, go on working in the export market. There are so many avenues to do that, and we are working on all this avenues

to increase our business. Yeah.

By let's say 2032 or 2030, in next 4 years, what kind of market share targets does the management have today?

We are working more now first how to increase our export business. Our export business plastic pipe system only $5 million.

We are working first how to reach $50 million very shortly. Our top focus today to grow big way in export market, and definitely grow big way in Indian market also.

Plastic piping system, we have put on a great growth path.

Understood, sir. In terms of exports, in terms of competition, because the pipe is usually mostly air, it's really volumetric rather than weight.

Won't it be difficult to compete in the international market? What are the markets we're looking to compete in?

I don't say pipe, I say piping system.

Okay. Because of

System doesn't mean only pipe, it includes fittings also.

You're not interested in just pipes export, you're interested in fittings part of it, is it?

We include both.

Okay. Which geographies are we targeting, sir, today?

In the short term,

throughout the world.

Okay. For the $500 million segment, are we looking at Middle East, Africa, we're looking further also?

No, Middle East is a very small market for us. We want to export to other market also, where we are operating for many years.

Now we are marketing many parts of the world. Let us execute, then we come back to you.

Today, only $5 million, what is nothing there to talk.

When we like company

Sure. Thank you.

Sir, this question is specifically on Nal Se Jal. What we understand is there is a CAG audit which is going on on a few states in the country.

Sir, how do you read into this? Is that the reason why you indicated Nal Se Jal will actually be slow, or is there any other way to actually read it?

That's here,

CAG audit is going on, that's why,

huh?

He says that when the CAG audit for the Nal Se Jal, that is why we are talking less growth for Nal Se Jal. That's not the case.

I am not aware what is CAG audit.

CAG, Comptroller and Auditor General. There's an audit.

What?

I don't know what it is. No,

no, we are not aware. We have heard from you, sir, today only.

Thank you.

We don't think so, Ritesh, that can be the reason here.

Okay. Sir, any other reason why the government is probably going slow, sir?

No, no, unless state government participate and they release their part of contribution, the central government is not releasing the funds. Still, we don't see the funds coming to the ground.

Anyway, we are a small player in the water supply scheme. As you are aware, in last 2 years, government when the budget was moved to this parliament, they announced ₹67,000 crore expenditure.

For last 2 years, every year ₹67,000 they announce, and they spend only ₹22,000 crore. The question to our mind is because the state government has to match their share.

Whichever state governments contribute, then the central government release the money.

Okay. Sir, just for understanding, if earlier the project was ₹100, how much was the contribution from the central government?

We have no idea. You can check with central government, dear friend.

Sir. Thank you.

Thank you so much.

Good evening, and congratulations for good set of numbers. Sir, question is on you've added five manufacturing facilities over the last 12 months.

Sir,

you added five manufacturing plants over the last one year. Could you talk about how closer you've got in terms of customers and the lead distance reduction that you've been able to get because of these new plants?

Is there a numerical number in terms of savings on the logistics cost that you've been able to get because of the new manufacturing facilities, where you move closer to the customer?

We made quality goods close to the customer. Our idea is, customer can work with our plant as a godown.

Is there a savings numbers in terms of percentage that you've been able to get by moving closer to the customer, 1% or 2% saving that you've been able to get, savings on the logistics?

Our whole idea is to provide better service to our customer. It become more affordable to the customer.

We are not taking the saving into our account, but we are becoming more competitive and more efficient.

Sure. The second part is you've added more SKUs, as you mentioned.

There are some white spaces that you said that you've been able to close that. Could you talk about the number of SKUs you've added and some of the white spaces which were there in terms of those products were not there, you've been able to introduce this year?

We have 15,600-plus some SKU. We have 45 systems.

Within, we are going on adding more and more SKU in this 45 system, and we are going to introduce one, two more systems this year.

Got it. Because some of the checks that we do, we understand that high-rises is an area where there was some gap in products.

Have you been able to close those product gaps?

We don't have any gap now, nothing. No gap.

Okay. We

have the best system today.

Got it. Now when you compare Supreme vis-à-vis an Astral specifically in the CPVC segment or Ashirvad, which areas have you identified where there are spaces now and that you've been working to close those gap?

There are so many part of the country we have to still make our product available. India is a huge country.

The last part is, on a long-period average, you've been able to grow around 13%. If one looks at the year going ahead, in your view, what's the kind of volume growth that you believe you should be able to achieve and we understand there have been uncertainties, which always have been.

There is no uncertainty. We look forward to achieve 2 million ton.

In the current financial year?

Not financial year. Total, what you say, what is your dream.

Our dream is to achieve 2 million ton.

Okay.

Presently, we are only 6 lakh ton, a long way to go.

Understand, sir. On a profitability basis, what in your view is a sustainable EBITDA or EBIT margin that one should look at on a sustainable basis?

We understand some quarter there are inventory losses, some quarter inventory gains. If one irons that out, what's the sustainable level that one should expect?

The only one criteria that we must get return more than 25% on the capital employed. We are earning more than 25% year after year for last 18 years.

Last 18 years, we are seeing that our return on average capital employed is more than 25%, and that the only criteria we follow in our company.

Understand. Sure, yeah.

Those were my questions. Thank you so much.

Thank you.

Hi, sir. Thank you for the opportunity.

I just wanted to check, by when will the greenfield project be operational?

Greenfield project? No, no, we have yet to start the work.

Patna By when

All the four plants what we are now talking should be operational by end of March '27.

Not fully, partly operational.

The

full opportunity are always 2 years, now. Now the land is in our hand, we start the work.

It will be, definitely some capacity will be available this year, and fully ready in next 2 years.

Okay. Sir, on the realization front, since last year, the PVC price on an average for the full year was less than around ₹70 per kg, and now expectation is slightly higher, right, ₹75 to ₹80.

Then is it possible that there will be a better margin expansion than what we have guided around 14%, 14.5%, because our realization will be better going forward?

We don't make only PVC, we make CPVC also, we make polyethylene also, we make linear low-density also. We believe that 14%, 14.5% margin will give us return in excess of 25% on capital employed.

In sustainable.

We work on sustainable business. We must earn 25% on the money what we invest.

Anyway, earning more than 25%, we go on expanding. Sir,

on the plastic pipe segment, overall, what is the realization that we aim, suppose if PVC kind of stabilize around ₹75 per kg, is there any kind of value

We are not selling one product, there are several products in PVC also. Every product got different margin basis based on the investment what we have made to make that product.

There were several types of PVC made by a company. Several for have several application also.

There is no fixed formula. It depend on the money what we invest in that business, we accordingly price our product.

It's quite complex.

Sir. Thank you.

Thanks, that's it from my side.

Hello. Hi, sir.

Am I audible?

Please.

Hello. Yeah.

Sir, you mentioned that the PVC volume declined for the entire year was 9% for FY26. Can we further get into decline for infra, agri, and plumbing at the industry level?

No, not declined in our company.

I said the country has declined, not PVC. I said plastic piping business had a degrowth of 9% in the country.

Now which application, that only the raw material producer can supply. We don't have idea.

Our company has grown.

Right. You mentioned of 15% to 17% volume growth in piping, so that includes Wavin as well, right?

Yes, yes. Wavin is a part of our company, and now there is no Wavin.

Wavin is one of the units of Supreme Industries.

Right. Sir, one last question.

We had some outstanding 14 million kind of rupees pending from the JJM mission. Are we yet to recover that?

Money recovered.

Thank you. Thank you, that's it from my end.

We are very thankful to all the analysts with very intelligent questions, and we thank very much DAM Capital for providing full support and assisting to us. Very much thankful to Mr.

Aasim also. Thank you very much, sir.

Thank you.

Thank you.