Supreme Petrochem Ltd (NSE: SPLPETRO) Q1 2026 Earnings Call dated Jul. 25, 2025
Corporate Participants:
Rakesh Nayyar — Executive Director & Chief Financial Officer
Analysts:
Nupur Jainkunia — Analyst
Aditya Khetan — Analyst
Pritesh Chheda — Analyst
Sailesh Raja — Analyst
Levin Shah — Analyst
Nirav Jimudia — Analyst
Radha Agarwalla — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Supreme Petrochem Limited Q1 FY ’26 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need a question during the conference call, please signal a no by pressing star then zero on a phone. Please note that this conference is being recorded.
I now hand the conference over to Ms from Valuum Advisors. Thank you, and over to you, ma’am. Thank you.
Nupur Jainkunia — Analyst
Thank you. Good evening, everyone, and a warm welcome to you all. My name is Nikul Jan Kunia from Advisors. We represent the Investor Relations of Petrochem Limited. On behalf of the company, I would like to thank you all for participating in the company’s earnings call for the 4th-quarter of the financial year 2026.
Before we begin, a quick cautionary statement, some of the statements made in today’s conference call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. These statements are based on management’s beliefs, assumptions made by and information currently available to management. Participants are cautioned not to place any undue reliance on these forward-looking statements when making any investment decisions. The purpose of today’s earnings conference call is purely to educate and bring awareness about the company’s fundamental business and the financial quarter under review.
Now, I would like to introduce you to the management participating with us in today’s earnings call. I hand it over to them for their opening remarks. We have with us Mr Rakesh Naya, Executive Director and CFO; Mr, Chief Executive of Finance and Accounts; and Mr Jain Mishra, Company Secretary.
Without any further delay, I request Mr Rakesh sir to start with his opening remarks. Thank you, and over to you, sir.
Rakesh Nayyar — Executive Director & Chief Financial Officer
Thank you,. Good evening, everybody. It is a pleasure to welcome you to the earnings conference call for the first-quarter of the financial year 2026. Let me brief you on the financial performance of the quarter, followed by some of the key operational highlights. On a standalone basis, the operating income for the first-quarter was approximately INR1,386 crores, which declined by 12% on year-on-year, mainly on account of lower SM prices. SM prices in the relevant period for the last year were around $1,150 during the — for the quarter, whereas this year it was around $1,000. The operating EBITDA was reportedly at approximately INR115 crores, which is down by 29% year-on-year. The EBITDA margin stood at 9.36% for this quarter. The net profit-after-tax was around INR81 crores for the first-quarter. On the operational front, the company’s sales volume of manufactured products in the first-quarter of FY ’26 increased by 0.5% only on a year-on-year basis to 93,853 mt.
The unseasonal rains and a milder summer led to subdued domestic demand for cooling appliances such as air-conditioners and refrigerators. Additionally, silin monomol prices were lower in-quarter one FY ’26 compared to the same quarter in the previous year, which impacted revenue despite a marginal increase in the volume of manufactured products sold-on the capex project, pre-commissioning activities for the first phase of the ABS project are ongoing. With support from our technical collaborators, we expect commercial operations now to commence in this current quarter they during the quarter our acquisition of X polymers was completed the integration of X mold operations and processes with SPLs business is currently underway. The company continues to remain debt-free with an investable surplus of over INR700 crores as at the end of June 2025.
With this, now open the floor for question-and-answer questions. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask questions may press star in one on the telephone. If you wish to remove yourself from question queue, you may press star N2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles.
The first question is from the line of Aditya Khetan from International Equities. Please go-ahead.
Aditya Khetan
Yeah, thank you for the opportunity. Sir, just a couple of questions. Sir, first on to this quarter, sir, generally Q1 seems to be a muted quarter only when we look at the history of the last, so two to three years. Although this quarter because of declining styrene prices, the numbers have been quite lower. So how you see the — so this performance is to improve in the subsequent quarters because this is a quarterly phenomenon and how things will pan-out for the rest of the year?
Rakesh Nayyar
So quarter one is actually not really a muted quarter. It is always a better quarter. But this year, the — there were two reasons for the quarterly performance to be not in-line with the previous year’s quarter. One, the prices which were kind of stable, as I said in the last interaction till mid-March or so. And thereafter the prices dropped and by end of April, again, they became stable. So April onwards the price — April end onwards, the prices are stable, but the fall happened within the six-weeks or so. So that impacted the margins of the company in the first-quarter and also the OEM sales were lower because of the undue seasonal rains, unseasonal rains and the — which impacted their lifting for the cooling devices like FHs and refrigerators. So there sales were down. So in-turn our lifting was down and the margins were under pressure. So these two were the major reasons for the performances this quarter.
Aditya Khetan
Got it. Sir, on to the stylene prices, sir, this must drop-in prices like drop of roughly, 15% 20%. This is largely because of higher capacities built-up in China and now they have started to import or the demand at the ground, so that is exception faltering. So what is the reason for this?
Rakesh Nayyar
Let’s say the Chinese capacity has been there for some time now, but then the prices are a factor of many things from crude onwards to the delta between the NAFTA and benzene to SM. So I wouldn’t really comment on the prices, why they went down globally. But then the fact is that they are stable since April end. They were stable for the last full-year, but in the six-weeks they fell down and see that impacted us, our performance in this quarter.
Aditya Khetan
Got it. And sir, in this quarter, sir, have we sir, consolidated the ex-mold polymer numbers also in this quarter?
Rakesh Nayyar
There is a consolidated results also, but what numbers given you, they were for the standalone loan results.
Aditya Khetan
Okay. Okay, got it. Sir, on to the ABS part, sir, for this fiscal FY ’26, sir, what volumes we are building in that we could achieve and what numbers on-top line and for FY ’27 also, what would be the number we can achieve.
Rakesh Nayyar
This will be our first year of these and the six months of operations, first few months will certainly go in the testing trial acceptance of the product by the processors and the molders. So we expect that of the six months period, maybe we will be operating at 50% to 60% and then we will start ramping-up. But the next year that is FY ’27, we expect that we should be 80% plus.
Aditya Khetan
Got it. And sir, just a clarification from both the phases from Phase-1 and Phase-2, combined top-line would be around INR2,000 crores, as we had mentioned earlier.
Rakesh Nayyar
Yes, on a 100% capacity utilization, it will be INR2,000 crores.
Aditya Khetan
Got it. So sir, on this Phase-1, 50%, 60%, INR400 crores to INR500 crores should be the topline figure.
Rakesh Nayyar
I have not calculated that, so I’ll not comment on that.
Aditya Khetan
Got it. Sir, just one last question. Sir, on to the global so demand-supply dynamics, you see where-is the cycle standing like, are we standing in the mid and what are the chances like this could improve or this could be maintained like for the next couple of quarters? Any senses on this part?
Rakesh Nayyar
See, the issue is only the how the trade flows change and how the American agreement shape up with the rest of the world and if the American agreements or disagreements with some nations then what will those nations do and whether they are the exporting nations or not exporting nations so it will all depend upon that if that the like say for China, China is exporting processed goods, they don’t export any polymers and if their goods don’t go there, so the people who are exporting to China, some of the polymers, they may not find demand in China, they may have to sell it to the other regions in the world. So the trade flows are today very — we don’t know which way they will flow and it will all depend upon the trade flows, the way they move ahead in the future now.
Aditya Khetan
Got it, sir. Sir, any outlook on the exports market like sir, in this fiscal FY ’25, we were at somewhere around 9% and sir, earlier we had mentioned that we are looking to increase the exports market. But for the last two years, it has been quite — in terms of the percentage it has been stagnanted, absolute value has gone up, sir. What is the outlook like sir we see for the next two years in exports market?
Rakesh Nayyar
For the current year, current financial year that is FY ’26, we hope to go up to 13% to 14% of our revenue from exports.
Aditya Khetan
13% to 14%. Okay. Got it. Thank you, sir. Thank you. That’s it from me.
Operator
Thank you. The next question is from the line of Pritesh from Lucky Investments. Please go-ahead.
Pritesh Chheda
Sir, I wanted to check because of, drop-in price and really stylene is stored considering the consignment size that stylene has. What kind of M2M inventory loss for should it flow to the P&L?
Rakesh Nayyar
Very difficult to define any absolute numbers of the inventory loss because the consign, the orders are placed, have the consignments on high seas, consignments in our stocks here. So it’s a continuous flow of materials. So I wouldn’t put any definite number on the inventory loss.
Pritesh Chheda
But is fair to assume that the swing in per ton profitability or the swing in EBITDA for the price — Y-o-Y prices realization being still higher, the whole thing is to do with the Spyrene M2M.
Rakesh Nayyar
Sorry, I couldn’t get you. Can you repeat your question?
Pritesh Chheda
I’m saying the swing that we see in your profitability, yeah is largely to do with the M2M of?
Rakesh Nayyar
No, it’s not only styrene, as I said that the offtake in the season by the OEMs was also down and with that the margins were under pressure also because they — the lifting by them was low, undue seasonal range, their AC lifting was not there and so in-turn, our sales was down. So all that is a combination of factors. It’s just not the prices alone.
Pritesh Chheda
And this you are referring to on a Y-o-Y or on a Q-o-Q basis, all this assessment of your.
Rakesh Nayyar
Talking about Y-on-Y.
Pritesh Chheda
So then the realization on Y-o-Y basis is higher, right? For the 5% drop-in volumes that you have, your realization is about 150 versus 144. So then I couldn’t comprehend the assessment that you are giving.
Rakesh Nayyar
What is the number of you have?
Pritesh Chheda
Your presentation of sales is 184,000. Okay, I know-how I got it. I have done one error. Okay, understood, sir.
Rakesh Nayyar
Okay.
Pritesh Chheda
Okay. Okay. I understood thing. Okay. Thank you.
Operator
Thank you. A reminder to all the participants, you may please turn-in one to ask question. The next question is from the line of Sheilash Shadha from B&K Securities. Please go-ahead.
Sailesh Raja
Yeah. Yeah. Thank you, sir. Sir, in one of our recent LinkedIn post, we highlighted that the development of new EPS by 300 HD specifically targeted as helmet manufacturing. So with the government mandating two helmets per two two-wheeler sold. So could you please elaborate on the opportunity size of this present? Have we already started supplying EPS to helmet manufacturers or this is a new business opportunity for us?
Rakesh Nayyar
So we have already started. This is a great development done and but prior to that also the — we were marketing and selling our stuff to the helmet manufacturers. Only thing is that this — with the some further improvements and some special strength has been provided in this grade and that makes it better for the helmets. And so-far, we are the only ones who are supplying to the helmet manufacturers in India.
Sailesh Raja
Okay. So what is the volume that we sold last year?
Rakesh Nayyar
I wouldn’t have that number separately, please.
Sailesh Raja
Thank you. Okay, okay, okay. But we have 100% share.
Rakesh Nayyar
Yeah, as of today, yes.
Sailesh Raja
Okay, okay, great. Sir I mentioned in the annual report and also…
Rakesh Nayyar
Right 100% share of the organised sector.
Sailesh Raja
Okay, okay, okay.
Rakesh Nayyar
And organize I’m not aware of that.
Sailesh Raja
Okay. So as mentioned in the annual report with China achieving sufficiency in PS, so Asian exporters are increasingly focusing on India, potentially creating pricing pressure. But out-of-the total market size of around 3.5 lakh tonnes, so what proportion is currently met through imports? And you mentioned in recent interview that we have increased our polystylene exports. Is this due to soft domestic volume and pricing since exports generally have lower profitability as you mentioned very wanted to know why…
Rakesh Nayyar
There are two reasons. One, we have always been exporting. We have been exporting not only to the local Southeast Asian countries here, sorry, in the south countries, but Gulf also and Africa also, Europe also. And not today, we have been exporting for last almost now, 28, 29 years we are exporting. And now we have additional capacity after the implementation of our expansions. So we have — we had slowed down on exports, but now we will be increasing our exports also. That is what we had mentioned. And as far as the imports into India is concerned, India’s total market size versus imports, almost close to 18% to 20% of the domestic market is fed by imports, which is almost 18% out-of-the last year’s market of and I think 13,340,000 tons, 60,000 tons was the imports.
Sailesh Raja
Okay. Okay. So additionally with our oil operation already running at 90% utilization and with expansion still in two, three years away. So what is the roadmap for growth in polying product?
Rakesh Nayyar
Sorry, I couldn’t get you.
Sailesh Raja
So our operation already is operating at 90% utilization?
Rakesh Nayyar
No, we are operating at almost 81% 82%.
Sailesh Raja
Okay. And expansion still two, three years away, right, sir.
Rakesh Nayyar
Yeah, it is away. It is still sometimes away.
Sailesh Raja
Okay, okay. So any plans to expand polystyrene capacity in the existing facilities?
Rakesh Nayyar
Yes, if required, we can increase capacity here. We can do some debottlenecking there, but once we are through with our ABS, then we will consider if required.
Sailesh Raja
Okay, we see. Regarding our product, so what is the structure of the technical collaboration with US is the technology key one-time arrangement or is it not ongoing payment?
Rakesh Nayyar
No, it’s a one-time fees.
Sailesh Raja
Okay. How much it is there?
Rakesh Nayyar
I’m sorry, I won’t be able to tell you that.
Sailesh Raja
So one last question. In terms of one of our peers, EPAC is significantly adding capacity. So existing line they have a capacity of around 40,000 tons and they are adding another 72,000 tonnes. So in this context already is which…
Rakesh Nayyar
They are adding line for okay.
Sailesh Raja
So in this context, how we are we preparing ourselves to derisk from potential volume and pricing pressure?
Rakesh Nayyar
We haven’t seen their — when you say they have almost what you said 40,000 or 48,000 tonnes, but no, we haven’t seen any such material in the market. Okay, maybe I’m not aware there. But then we are selling our quantities.
Sailesh Raja
Okay. So we are not seeing any volume or pricing pressures.
Rakesh Nayyar
So we are not seeing any threat so-far to our volumes. We will maintain our volumes.
Sailesh Raja
Okay, okay. Okay, sir. Thank you.
Operator
Thank you. The next question is from the line of Aditya Khetin from Smith Equities. Please go-ahead.
Aditya Khetan
Thank you sir for the follow-up. Sir, post this ABS plant, our focus now shift to the Phase-2 of ABS or we are focusing onto developing the Haryana plantam.
Rakesh Nayyar
So we will be the focus will be both the projects. The AVS will be now the — here it will be easy to implement. That is okay, fine. But then as far as Harana is concerned, that focus also remains there for the North market.
Aditya Khetan
Got it. Sir, on to polystylene, so generally, we know it is $150 to $200 per ton on the spreads part. So similar, sir, how much would be ABS?
Rakesh Nayyar
ABS, we okay.
Aditya Khetan
And sir, like sir, when we talk on to the newer products, apart from, so the newer products we would be developing into the plant only. Whatever the downstream we would be making.
Rakesh Nayyar
As far as our is concerned, it will be more — far from ABS, it will be compounds business.
Aditya Khetan
Okay. Got it. Sir, on to the Phase-2 ABS, earlier, sir, like in the last call, you had mentioned that would be delayed by the one year. So it would start technically by — so FY ’28. Any plan, sir? So we can start the plant earlier because we have developed Phase-1, so we would be having the know-how.
Rakesh Nayyar
So as of now, it will be in FY ’28 only. It will be in FY ’22.
Aditya Khetan
Okay. Okay. And sir, just onto the numbers. So when we look so technically, so in this year, FY ’26, ABN would not be contributing to EBITDA, it would be so making loss at the EBITDA. So how you see numbers like from the existing businesses, we are expecting growth and from the EBS, EBITDA, how things would look at the numbers on EBITDA and on to the profitability side, sir.
Rakesh Nayyar
As far as ABS is concerned, I wouldn’t rule out that we will incur zero EBITDA. I’m confident we’ll certainly make some money out of it. Will be our first-six months of operations and at a lower capacity, new product acceptability issues, all those will come testing trials, but I’m still confident that we will be earning some contribution from that business.
Aditya Khetan
Got it. And sir, for the Phase-1 ABS, we could have incurred around INR600 crores in capex?
Rakesh Nayyar
Yeah, that could be the number closer to that.
Aditya Khetan
Got it. So sir, nothing new is lined-up for FY ’26 in terms of capex as of now.
Rakesh Nayyar
So the ongoing expenses would be there, be it some money is for Poniper, some money is for our existing complex. So they will continue. We’ve already said we’ll be spending around INR200 crores INR250 crores this year.
Aditya Khetan
Okay. Sir, just one last question. Sir, when we look at China, so they have developed the stylene monomer and the polystyrene capacities have also gone up considerably. So comparing it with India, like with comparing it with Supreme and other players in terms of cost structure, how you feel like we can compete with them? And if suppose they offload at lower prices in the global market, how competitive we could be and could we maintain our market-share in the near-term?
Rakesh Nayyar
Maybe Chinese cost unless they are an integrated plant, would not be lower and most of their polystyrene plants are not integrated plants. And the plants which are in the inner part of China, which are not closer to the port, their freight cost itself would be so high that for them exports would be uneconomical. Though China gives subsidies also a lot of subsidies, but it’s only that the plants which are closer to the port areas, yes, they can export. And if they — they have their own because they do a lot of processing, they don’t export much polymers anywhere. They are always doing value addition by way of polymers and every household article in all over the world you will find is made in China only. So there only difference would be that whatever they were importing earlier and from the countries like Taiwan, Korea, Thailand or wherever else they were importing it from. The exports of those very countries will go down and those countries will look at the new locations to sell their materials. I would say that the fear is not so much from China, but fear is more from the other nations who were supplying to China, but now they may have to look at other territories to export.
Aditya Khetan
Sir, any idea in terms of the global demand and supply, how much would be China today?
Rakesh Nayyar
China has a capacity of close to 300 million to 3 million tonnes of polystyrene whereas the total worldwide demand, they are almost close to 20% to 25% of the global capacity today or the production also?
Aditya Khetan
Okay. And sir, in ABS, sir, similar, sir, how much would be the global demand and supply in ABS?
Rakesh Nayyar
ABS also is close to, say, 12 million tons or so is the current demand of ABS globally.
Aditya Khetan
Got it. Thank you, sir. Thank you.
Operator
Thank you. The next question is from the line of Livin Shah from Motilal Oswal. Please go-ahead.
Levin Shah
Yeah. Hi, sir. Thanks for the opportunity. I had a question on this ABS capacity. So when is it coming on-stream?
Rakesh Nayyar
Will we — at this very quarter, it will be operational now.
Levin Shah
Okay. So by August is when we expect the plan to commercial it?
Rakesh Nayyar
Yeah, by August end, maybe yes.
Levin Shah
Sure. Sure, sure. So the — so for this full-year, we’ll have around approximately six to seven months of sale that will be reported for EBI, right?
Rakesh Nayyar
Yes, that’s right.
Levin Shah
And post-commissioning the plant, how long will it take for it to stabilize in terms of output. Will it take a quarter or it should take — we should build-in more time before it actually normalizes?
Rakesh Nayyar
So maybe three to six months is the max we are expecting.
Levin Shah
Sure, sure. Understood. Yeah, that’s it from my side. Thank you, sir.
Rakesh Nayyar
Okay.
Operator
Thank you. The next question is from the line of Timodia from Enville Wealth. Please go-ahead.
Nirav Jimudia
Yes, sir, thanks for the opportunity. Sir, few clarifications. Like last-time you mentioned that our EPS capacity of 24,000 tons was supposed to get commissioned by the end of this quarter one FY ’26. So where are we in terms of this capacity?
Rakesh Nayyar
That is all also ready, but then our focus right now is on ABS and post the ABS and that will also get commissioned.
Nirav Jimudia
Correct. And sir, like what we see or read around the news articles is that a lot of capacities for the petrochemicals are predominantly on the cracker part in the Europe have been old and some of them are getting closed also. So does this provide us an opportunity in terms of export volumes both for EPS as well as polystyrene within that geography?
Rakesh Nayyar
So I agree, this is what your suggestion is perfectly right. This is — we are also considering that to look at the European area, we are already there, but then currently the European PS is also available, demand is a bit low there. But then Europe is always-on a horizon.
Nirav Jimudia
Correct. So this won’t be only restricted to PAS, right? We’ll be also supplying some of the EPS also out of India where possibly we have developed some great what you mentioned last-time, which are very specialized grade design finds application outside India.
Rakesh Nayyar
So on your markets for that?
Nirav Jimudia
Got it, correct. Sir, second is on the value-added grades, like you mentioned on — in the interview that this quarter we were at 36%, but possibly on a yearly basis, we normally do 40%, 45% of the volumes from the value-added grade. So just because of the seasonal factors, what you mentioned in the opening remarks, our value-added grades to the OEs were slightly lesser and because of that, our value-added grade proportion was impacted is the right assumption?And again, we’ll be back to that 40% 45% range by the end of this year.
Rakesh Nayyar
We have never crossed so-far 14%. We have been range of 25% to 40%. Okay. This quarter we were at around 36% and only thing is just with our ABS coming in and more of ABS compounds available to us, our value-added MOMs may cross 40% going-forward. But whether it happens in the next quarter or it happens in the 4th-quarter, I can’t say today, but then our target is that.
Nirav Jimudia
But that would be combining ABS also and not only the PH part.
Rakesh Nayyar
ABS and ABS compounds also, we will be taking that also.
Nirav Jimudia
Correct. And sir, third is on the volume part, like you guided for a 12% volume growth in this financial year. So if we just do some math like, does it also include the EBS numbers because what you mentioned in your opening remarks, probably 5% of the volume growth would be taken care of through the EBS. So rest 7% would be coming from rest of the products. So this 12%.
Rakesh Nayyar
12%, it is combined with ABS or ABS will be contributing very minimal volumes this year. but then now combined with ABS, we hope to do 12% volume growth this year.
Nirav Jimudia
Correct. And sir, last from my side is like normally in a quarter, our trading turnover used to be around 20% to 23%. So what was this for this current quarter Q1 FY ’26? Hello? Yes, sir.
Rakesh Nayyar
We got the loss somewhere. You were asking something on the trading. What was the question?
Nirav Jimudia
Yes, sir, I was asking that last year our trading revenue was close to around 23% out of our total sales. So what was it for this current quarter, Q1 FY ’26?
Rakesh Nayyar
I think this quarter we are closer to 20%,
Nirav Jimudia
Correct, yeah. And sir, normally you give the breakup in terms of like within the manufacturing sales, close to around two-third is PS, one-fourth is EPS and rest is XPS and compounds. So has that ratio changed this quarter or was it similar range?
Rakesh Nayyar
It was to be the same.
Nirav Jimudia
Got it. Got it. Got it, sir. Thank you so much, sir and wish you all the best.
Rakesh Nayyar
Thank you.
Operator
Thank you. A reminder to all the participants, you must press star in one to ask questions. The next question is from the line of Radha from B&K Securities. Please go-ahead.
Radha Agarwalla
Hi, sir, thank you for the opportunity. And sir, in continuation will be your answer to the previous participant. So if you have a one-time payment of technical fees towards for ABS, so is it fair to assume that this year the profitability will be impacted because of this?
Rakesh Nayyar
So that is a capital cost that does not impact the.
Radha Agarwalla
Okay, okay, so it will be depreciated over the years.
Rakesh Nayyar
Yes.
Radha Agarwalla
This is a there will be some trial well cost, etcetera because of the new capacities. So you have guided for 12% volume growth. So considering all the factors, do you expect the EBITDA growth to be higher than volumes of this year?
Rakesh Nayyar
I wouldn’t make any guess on the EBITDA because EBITDA is also a factor of many other things. But then I’ll only make a guess on the volumes and volumes will be closer to 12% growth.
Radha Agarwalla
Okay. So you have given in a presentation. You have given some of the presentations to state governments for using XPS. So as on-date, how many state governments have approved this product for in both development and building solutions and what is the feedback.
Rakesh Nayyar
I don’t have any number of how many state governments because I think almost close to 15, 16 states, if I’m right, but I would make a guess. I’ll ask the relevant concerned people for this. I really don’t have the really answer for it.
Radha Agarwalla
Sir, any color on how is the feedback coming from them? Is there a pickup in-product approvals from the — from your interaction.
Rakesh Nayyar
Feedback for this your feedback for? XPS Insulation board is a super product the only issue there is that the individual houses, the row houses or the bungalows or the small houses, they are the ones who are not using it where the sale is very minimal. But otherwise on large institutional projects, the product is very well-accepted and all the educational institutions, hospitals, hospitality, malls, they are all using our products. So there the sale is picking-up, but then the actual sale will come from the retail and that retail because of the many things we — this involves an extra cost so the contractor or the architects, they kind of a dissuade it looks to the individual owners or either the small contractors don’t know-how to make apply these boards so, but the sales there has not picked-up. The sale from the institutional is buyer was great.
Radha Agarwalla
Sir, could you name some of the key projects wherein they have used this product.
Rakesh Nayyar
We have used it in all aims just to name you one and Zozila pass which was a tunnel made-up near in the Kashmir sector in Pass it has been used new parliament house used it. So IIT is a major example of it. They used it extensively and the air-conditioning load has substantially come down.
Radha Agarwalla
Okay. Very good thing on this. Sir, last question, your presentation talks about EPS recycling. However, I wanted to understand whether for PS — PS also, post-consumer products are also recyclable.
Rakesh Nayyar
The PAS post-consumer waste is not much there because the EPS goes in for packaging extensively for all your OEM appliances and earlier it was also in the disposable food where so the visibility of the EPS or the post-ware consumer waste was very-high, whereas in the PS, the PS goes into the appliances, mainly on household goods. So there the — that kind of a waste is not there. Today, a refrigerator is bought and used for how many years, 10 years or so in an ordinary average family or an air-conditioner is used for 10 years or so. So a washing machine is used for maybe 10 years again. So the post-consumer waste actually comes more in the case of EPS.
Radha Agarwalla
Okay, sir. Thanks and all the best to you.
Rakesh Nayyar
Thanks.
Operator
Thank you. As there are no further questions from participants, I now hand the conference over to the management for closing comments. Over to you, sir.
Rakesh Nayyar
Thank you. To you all for participating in this earnings con-call. If you have any other further questions, I would like to know more about the company, please reach-out to our Investor Relations Manager at Valerm Advisors. Thank you so much.
Operator
Thank you. On behalf of Supreme PetroGen Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.