Sharekhan's research report on Supreme Industries
Q3FY2025 earnings lagged estimates led by sharp fall in PVC prices and weak infrastructure demand. The management is confident of achieving its overall volume growth guidance of 14-15% y-o-y in FY25 (Q4 volume growth should be over 30% for this). Consolidated OPM guidance lowered again to 13.5-14% from 14.5-15.25% in the last quarter. Stabilization of PVC prices, expected pick-up in infrastructure, housing and agriculture demand is expected to boost earnings.
Outlook
We retain a Buy on Supreme Industries Limited (SIL) with a revised PT of Rs. 5,000, lowering our target price because of the reduction in estimated earnings.
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