Supreme Petrochem Ltd (SPLPETRO) Q3 2025 Earnings Call Transcript

Supreme Petrochem Ltd (NSE: SPLPETRO) Q3 2025 Earnings Call dated Jan. 21, 2025

Corporate Participants:

Nupur Jainkunia — Investor Relations

Rakesh Nayyar — Executive Director and Chief Financial Officer

Analysts:

Aditya Khetan — Analyst

Sailesh Raja — Analyst

Nitin Gandhi — Analyst

Pritesh Chheda — Analyst

Gargi — Analyst

Krunal Shah — Analyst

Vipul Kumar Anupchand Shah — Analyst

Presentation:

Operator

Ladies and gentlemen, good day and welcome to The Supreme Petrochem Limited Q3 and 9 month FY25 earnings conference call. As a reminder, all participant clients 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 assistance during the call, please signal an operator by pressing Star then zero on your touchstone phone.

I now hand the conference over to Ms. Nupur Jainkunia from Valorum Advisors. Thank you. And over to you ma’am.

Nupur Jainkunia — Investor Relations

Thank you. Good evening everyone and a warm welcome to you all of you. My name is Nupur Jain Kunya from Valorum Advisors. We represent the investor relations of Supreme Petrochem Limited. On behalf of the company, I would like to thank you all for participating earnings calls for the third quarter and nine months of the financial year 2025.

Before we begin, a quick cautionary statement. Some of the statements made in today’s earning 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. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. Audiences are cautioned not to place any undue reliance on these forward looking statements in making any investment decisions. The purpose of today’s earnings call is purely to educate and bring awareness about the company’s fundamental business and financial quarter under review.

Now let me introduce you to the management participating with us in today’s earnings call and hand it over to them for opening remarks. We have with us Mr. Rakesh Nair, Executive Director and CFO Mr. Dilip Diole, Chief Executive of Finance and Account and Mr. D.N. mishra, Company Secretary of the company.

Without any further delay, I request Mr. Rakesh Nair to start with his opening remarks. Thank you. And over to you sir.

Rakesh Nayyar — Executive Director and Chief Financial Officer

Thank you Nupur. And good afternoon everybody. It’s a pleasure to welcome you to the earnings conference call for the third quarter and nine months of the financial year 2025.

Let me start by giving you a brief overview of the financial performance for the third quarter ended 31st December 2025. The operating income for the third quarter was INR1,405 crores. And the total EBITDA was at 116.70 crores. The net profit after tax grew by around 5.5% to 71 crores. With that margin at 5.08% for the nine months ending up to December 2024, our revenue stood at INR4,484 crores with a total EBITDA of INR443 crores. Total EBITDA margin stood at 9.75% for nine months. The net profit after tax for this period was INR284 crores which increased by approximately 32% year on year with a packed margin of 6.32%.

On the operational front, the prices of our key raw material of styrene monomer were declining in this last quarter. They are however now getting stable and this declining trend put some pressure on the margins during the quarter. For the quarter, company sales volumes of manufactured products increased by 21.1% on year on year basis. While for the nine months period the sales volumes of the manufactured products increased by 13.7% year on year. The company remains debt free with an investable surplus of INR680 crores at the end of December 2024 and is continuing to invest in all its capital programs through internal accruals and reserves.

On the capital expenditure front, the implementation of our first phase of mass ABS project with capacity of 70,000 tons per annum is progressing well and the mechanical completion is expected by end March of 2025 with commissioning scheduled for quarter one FY26.

With this now, I open the floor for questions and answers session. 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 and one on your touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and 1. The first question is from Aditya Ketan from SMIFS Institutional Equities. Please go ahead.

Aditya Khetan

Yeah. Thank you sir for the opportunity. Sir, my first question is. In this quarter performance, sir, we are witnessing some compression in your gross and operating spreads. But any particular reason, sir? And if you can also highlight what is the average spread of polystyrene and styrene during the quarter? I believe it is at around $200, $250 per ton. If you can throw some light however spot spreads global and in India.

Rakesh Nayyar

Since you know these spreads spreads also you must have seen also seen the stallion price trends. And the styrene trends have been on the following declining side. From August onwards or early September onward. The styrene prices fell September to December quarter. With the declining styrene prices there were some pressures on the margins. That is one. And on the spot basis today the margins are $200, $250. And that reflects into the Indian margins as well. But then that is on the spot basis what you are talking. But the raw material always comes at prices which are almost four to six weeks prior to the arrival of the cargo. So the lead in that always impacts the margins.

Aditya Khetan

Got it. Sir, just to clarify onto this you mentioned that the styrene prices are on a declining trend. As that is also reflected into the trend also. So sir, declining raw material prices should generally help to protect EBITDA per ton on. Or is it vice versa like?

Rakesh Nayyar

It does not help when your prices are. Raw material prices are declining. Meaning you are getting your raw material which is at a. Which was contracted earlier and when the prices were high. So naturally when your cargo arrives here which is at a higher price. Whereas the selling prices are on a kind of a spot basis.

Aditya Khetan

Okay. Okay. Got it. Got it. Sir, any particular idea if you can give for the longer term like for 2025, FY26 and FY27. What sort of a bit dot gross spreads we could work on?

Rakesh Nayyar

I can’t give you any guidance on those Aditya. Because these are all the base base spreads are all determined by the global deltas. The what we are prevailing in the Northeast Asian countries. Southeast Asian countries. So it’s very difficult to predict that.

Aditya Khetan

Got it. Okay sir, onto the volume side our earlier guidance holds of 7 to 8% volume growth. And what is the outlook in the export side also? Export volumes also earlier I believe we have given some number. So that. So does that number holds?

Rakesh Nayyar

See, the last year we did a turnover of the volumes of 325,000 tons. And we maintain that we should have a volume growth of around 8% for the full financial year. And so that we would be doing around 300. 15,000 tons this year.

Aditya Khetan

Okay. And onto the mass abs. Sir, are we through with the sampling part? So I believe that will start post the commissioning of the plant March 2025. So just wanted to know how much time this sampling will take and are we getting like some orders, pre orders or the order book is starting to filling right now.

Rakesh Nayyar

We would be coming out with the product in the first quarter of an FY26 and our discussions with some of our customers are already on with the help from our collaborators. So when the product is out we are confident that we should be able to sell the product comfortably.

Aditya Khetan

Okay. Okay. And suppose this phase one. Any idea when we will start the phase two? And apart from this we were also looking to start the Haryana plant. I think we have planned some 800 crore of capex over there. Any idea so you can give how this phase two and that Haryana plant will will phase out?

Rakesh Nayyar

We are working on the Haryana plant because the pre project. So we expect that in the FY26 towards the third quarter of FY26 we should be starting the project virtual project implementation at the new site now.

Aditya Khetan

Okay. And sir, phase two of abs.

Rakesh Nayyar

Phase two of ABS also we hope to start in the coming financial year.

Aditya Khetan

Okay. Thank you sir. Thank you.

Operator

Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. The next question is from Sailesh Raja from BNK Securities. Please go ahead.

Sailesh Raja

Thank you for the opportunity. Two years back we began trading ABS product. The intent of showcasing to customers that citizen the tools can change the segment even before the commercial launch. So was this trading focused on mass technology ABS product or the conventional ABS variant?

Rakesh Nayyar

We are currently doing ABS compounds and we also do some trading in abs. But that is all the conventional technology abs.

Sailesh Raja

Okay. Okay. So you seem confident about ramping up capacities in two years time. Phase one. So what feedback have you received sir, following the trial runs of this mass ABS technology product in terms of quality specification future.

Rakesh Nayyar

See the benefits of mass ABS are already known and that has been with the Versalis team. The meetings with some of the prospective customers have already been done and the customers are already very untused about using the materials. So we are confident that we would be able to market the whole quantity.

Sailesh Raja

Can you give specific the future? It is much better than the conventional one said cost side? Yeah, definitely it is much much. But in terms of product feature.

Rakesh Nayyar

The Mass ABS has better lot to lot consistency. It has a lower base color so and it is very efficient for coloring. Then there is a better UV stability in this, there is a thermal stability in this, there are lower gel content in this so that helps in improving the surface quality. There is a lower volatile organic compounds which helps in reducing the order in the interiors. So it has also an improved thermoforming properties. So these are the inherent advantages of the Mass ABS and that would certainly be the the selling USP of mass ABS.

Sailesh Raja

XPS product. It was launched in 2008. We have not surpassed 50 crore in sales. So despite this we are expanding capacity by 1 lakh MQ and plans to add capacity at the Haryana facility as well. So during my discussion with the Chennai based Supreme XTS distributor he mentioned that we are primarily focusing on project rather than the consumer market. On the project side projects like last year Foxconn Chennai Bangalore they have procured a significant volume from Chennai XCS distributor and he got very positive feedback and distributors find it easier to convince any msc, Taiwanese and Korean players that they prefer using green products in their projects. However, on the government side since we don’t have ISA certification in our XPS so that seems to be a barrier and PWD does not grant approval. So he suggested that companies should step in to address this issue. And also what is the plan on both consumer side and project side to increase the scale of this business? How quickly we can sample to fully utilize the 1.73 lakh MQ capacity from current level of 50,000?

Rakesh Nayyar

As far as the government mandation is concerned it is not there for any insulation unlike the mandations in the European or the Gulf or China, India does not have any mandation for using any insulation product be it XPS or be it PU or be it any other product. The though we are working on that with the Bureau of Energy Efficiency and all that but that still has not happened.

As far as the standards are concerned, standards are in place now and but then since there is no mandation and there is no mandation for using the standard product the imported cargo would continue to come if anybody wants to import over the broader width of the xps. Now the as well as the enrolling in the OR approval by the PWD is concerned. We are already been cleared. Our material has already been cleared by the CPWD long back and that is how the central government projects our product is used as well as the various state governments are concerned for the PWD of the state governments, some of the state governments have also already approved our product and it is there in the booklet of the PWD where they have the list of the approved materials so that all is there.

But then as I had said last time also the smaller contractors in the when they do the individual housing they hesitate using it because it is they don’t want to use it or when they want to tell the owner that it will increase your cost but they do not inform them the benefits of using this. But the bigger projects they are architects, they are contractors, they are aware of this, they know what the benefits of using these are. So all the institutional products they prefer using this product. So we are working on that. But then it’s a big task and it is a long drawn work for us.

Sailesh Raja

How quickly we can ramp up the full utilization level first.

Rakesh Nayyar

So we have hired a team also which is doing the marketing in the smaller towns. Also we are doing local road shows though we have done many in the past, but again we are doing that we are interacting with the various architectural colleges and all that to enlighten people about this product. And these are the steps which the company has taken and continues to take. So we hope that now in the near future, in the next two, three years we should be able to load the not only the current capacity but also the expanded capacity. Those who you have used it, those who have experienced the product, they swear by it.

Sailesh Raja

The exports business, roughly we are doing 45,000 metric ton of sales. In last call you mentioned that it is fully polystyrene. So in exports, PS volume, how much it goes for the XPS and for the other applications sir?

Rakesh Nayyar

You want to say the application of the polystyrene which we export.

Sailesh Raja

Yeah, yeah, yeah.

Rakesh Nayyar

I won’t have that number with me because we export to all kinds of to the OEMs also we export to the XPS manufacturers also like in Italy and in Greece, we export to some customer who uses it for the xps. But Turkey or Egypt or Bangladesh, they all buy it for the OEM segments. So it depends upon the country to country, customer to customer. But very difficult to give you this number at the moment.

Sailesh Raja

In general, HIPS commands better margin than GTPs. So for the XPS we’ll be supplying more of GTTR or hips.

Rakesh Nayyar

For XPS it is gbps.

Sailesh Raja

Okay, okay, okay. Sir, how much volumes we have done in 9 months?

Rakesh Nayyar

I won’t be able to give you that number and that we are not. We are giving only the consolidated numbers now.

Sailesh Raja

One last question. In the SPC business, how many compounds that we currently make in our volume of 18,000 we are doing around 250, 270. What are the plans to increase the same

Rakesh Nayyar

Like if you are doing a PP compound in PP compound also depending upon to the customer to customer, the application based compounds. So there are whether it is PP or PE or ABS or polystyrene of all the polymers or there are CO polymers also. So all the. There are N number of compounds which we are doing. They are in small volumes also. They are in large volumes also. But then not necessarily that we are producing all the compounds at the same time. It depends upon the orders and the applications piece. So very difficult to give any definite number of compounds. Because we have the capability to produce all kinds of compounds now. But going forward we will double our sales mainly focusing on ABS compounds because that is a big market now.

Sailesh Raja

Okay.

Rakesh Nayyar

Because in compound, as I said, we do it for the specific applications. It is more like at times the if the requirement is large, we do a specific customization also. We not only develop the compound and we produce it and market it.

Sailesh Raja

How fast we can double our volume. Sir, here in SPCE business?

Rakesh Nayyar

The SPC business with our ABS coming online, we should be able to grow it very fast. And I expect that in the next one and a half, two years we should be able to double this the compound business.

Sailesh Raja

Great, sir. Thank you, sir.

Operator

Thank you. Participants who wish to ask questions, please press star and one on your touchstone telephone. The next question is from Nitin Gandhi from Inner Quest Advisors. Please go ahead.

Nitin Gandhi

Thanks for taking my question. How do you expect the ramp up of this utilization of MDS facility which is starting now?

Rakesh Nayyar

Can you repeat your question please?

Nitin Gandhi

Yeah, I’m sorry, Am I clear now?

Rakesh Nayyar

Yeah, yeah.

Nitin Gandhi

Okay. So can you share some thoughts on ramping up the capacity after one or two quarters of MBAs that 70,000 tons?

Rakesh Nayyar

In India as it is almost more than 50% of the ABs requirement is imported into the country.

Nitin Gandhi

Correct.

Rakesh Nayyar

The mass ABS or the emulsion grade abs, they are finally the abs. It’s only that the mass ABS is being produced with a different technology, a different process and has some inherent the attributes and benefits which are in addition to the what the emulsion grade ABS is providing. Like it has better consistency, it has a better efficient coloring, it has lower gels, lower VOC. So they are the other benefits of mass ABs. So demand being there. We don’t see that there would be any, you know, issues in marketing the product.

Nitin Gandhi

Right. Okay.

Rakesh Nayyar

Already 140,000 tons or thereabout is imported. We are just adding only 50% of that.

Nitin Gandhi

That’s right. And in phase two we are adding the similar again, right?

Rakesh Nayyar

Yeah, yeah, yeah. So but by the time our phase two comes, the demand in India would have further grown up also.

Nitin Gandhi

Right. And another question which is bit little out of box, but it’s like there were some studies being conducted for ABS being used as a fuel for rocket engines and other things and also for 3D. Can you share some thoughts if you have something on that? It’s more of a…

Rakesh Nayyar

I am not the right person to answer that question, please.

Nitin Gandhi

Okay, thank you very much.

Operator

Thank you. Before we take the next question, participants who wish to ask questions may press stop star and one. The next question is from Aditya Ketan from SMIFS Institutional Equities. Please go ahead.

Aditya Khetan

Yeah, thank you sir for the follow up. Sir, I have questions on to the Haryana expansion. Sir, I believe we have earlier mentioned that. So one of the projects into that plant we are expanding that is the EPA 3D panels and that you had also mentioned that has a potential revenue of around 100 crore. So sir what would be the other projects like which are into the pipeline.

Rakesh Nayyar

Polymers which was the 3D panels. We had also talked about the sheeting business for polished sheeting of polystyrene sheeting of ABS and going forward we had said that we will be. That was the. What we had announced then was also the xps. So downstream there were three projects and on the polymer side we had announced polystyrene and eps. With polystyrene and EPS we would be time it with the implementation of the styrene monomer of ioc.

Aditya Khetan

Okay and sir what would be the expected turnover from the sheeting business?

Rakesh Nayyar

Also be giving us almost 200 odd crores of the…

Aditya Khetan

Okay, so my next question was sir, considering if so polystyrene spreads are at $200 per ton. So how much premium would the XPS spreads be or EPS spreads be?

Rakesh Nayyar

EPS has nothing to do with the polystyrene spread. EPS has its own spread and EPS local competition is there because EPS imports are not there. And EPS is determined by not only the international price but also by the local competition Here there are many players of EPS now and as far as the XPS is concerned again XPS there is spread over $200 is the base price. But then XPS commands a better much much higher margins on that. And internationally I wouldn’t know that. I’m sorry, I have no information on that the internationally on XPS price right now.

Aditya Khetan

Okay so the EPS also like would be at a premium. So to polystyrene or that would be similar.

Rakesh Nayyar

That is not at a premium.

Aditya Khetan

Okay. Okay. So sir this value added grade so when we say like so out of the total portfolio so 35, 40% is the value added grades and if polystyrene and EPS both are commanding a similar spreads and these two businesses I believe is around 70 to 80% of the total top line. So this value added grades are which. So businesses we are talking about.

Rakesh Nayyar

Styrene has many. We have some value added grades of polystyrene better than the normal grades. They are higher margins for us. So they are the value added grades for us. Similarly like you have flame retardant EPS and other value added grades. So they are the ones we don’t count the commodity grades. Then all our compounding business, the SPC business that is all are value added for it. Our experience is a value added product for us around 38 to 40% business of ours is the value added business for us. Is it the business where we have than the normal grade.

Aditya Khetan

Okay, got it. In this quarter. So we had also seen this impact of rupee depreciation of 2 to 3%. Any impact sir like we have taken because on the higher styrene imports.

Rakesh Nayyar

Styrene imports goes there. Yes. That is the. When you are making the payment to that extent there is a foreign exchange hit on you. But we cover major major major part of our forex and. But then also then part of it gets recovered because the accordingly the landed price of the product also goes up.

Aditya Khetan

Okay.

Rakesh Nayyar

So the your selling price also goes up. On the value added part of the exports you get better realization.

Aditya Khetan

Got it Sir. X of ABS. What is the volume guidance for FY26 X of ABS?

Rakesh Nayyar

Other than ABS we expect we should be doing also next year the same 7.8percent growth next year.

Aditya Khetan

Okay. Thank you sir.

Operator

Thank you. Participants who wish to ask questions please press star. And one next question is from Pritesh from Lucky securities. Please go ahead.

Pritesh Chheda

Sir. I have two questions. One, what is the consumption of mass ABS today in the market annually.

Rakesh Nayyar

India there is. We are the first one to come out with the mass abs. So as of till date India has been consuming only the emulsion grade abs.

Pritesh Chheda

So whatever imports are happening in India those are also emulsion grade.

Rakesh Nayyar

They are also emulsion grade because the mass ABS carries a premium as far as the other markets are concerned. So that nobody is importing here.

Pritesh Chheda

Okay. Do the customers need to be educated or the applications have to be first tested upon for someone to start using mass ABS or they can straightaway start as plug and play.

Rakesh Nayyar

Depending upon their applications, they have to only decide on which grade they want to use based on the properties of the grade. And rather once they start using it, they would find that it is beneficial to use this because it has better properties that way in terms of consistency, in terms of the UV stability or in terms of the lower gels, lower volatile organic compounds or higher melt strength and all that. So they they would then prefer to use it later on.

Pritesh Chheda

And what’s the premium over the immersion grid?

Rakesh Nayyar

In India, I don’t know the once you start marketing it will be certainly at the same price because everyone is importing from currently using the emulsion grid. But I said that in the markets there in Europe the it carries a premium in India. What happens is once we are in the market then we will be able to do so.

Pritesh Chheda

Do you see a scenario where on the incremental usage of product is where the market will use or do you think market will go ahead and replace even in the existing…

Rakesh Nayyar

Market immediately will start replacing it. The those who are importing they they will use it here provided initially maybe that yes, it has the same price. If they’re getting it, they will use it. And once they see the advantages of this, maybe they will give a better price also to us.

Pritesh Chheda

And my last question is in your presentation. These compounds, the polymer compounds out of 3 lakh 50,000 tons of your annual volume, how much is polymer compound?

Rakesh Nayyar

Polymer compounds in theory they would be around 8% or so.

Pritesh Chheda

8%.

Rakesh Nayyar

The 8% polymer compounds and our XPS business.

Pritesh Chheda

Thank you very much.

Operator

Thank you. Next question is from Gargi from Value Investments. Please go ahead.

Gargi

Hi sir. Thank you for the opportunity. So I wanted to understand that with the upcoming ABS for dust, do you expect the receivables, inventory, etc. The working capital cycle similar to the current business?

Rakesh Nayyar

Yeah, we expect the same.

Gargi

Okay. And secondly if you can help me with the products in the SPC the products actually make in this SPC segment. So what is the demand size of these products in India and are there any imports happening of these products?

Rakesh Nayyar

What we are talking is of the compounds and they are their applications are many. And as and when the applications grow the compound market will grow. In India actually there are both organized and unorganized players in the master batches and compounds. But then the organized sector is there in the EV batteries, the electrical and electronics, the automotives, appliances. So that is where the compounds are used mainly. And also compounds are also used in the many other applications of like the freezers and all that they are also used.

So the there are compounds which are being used even in the silent pipes and some other piping and bathroom fittings as well which are being made. So there is a growing market for compounds and somewhat maybe getting imported of these tyrannyx compounds may be getting imported because they are if they are not getting produced there and somebody wants it. So but the I wouldn’t say that the any any definite data is available on that.

Gargi

Okay, so for this segment what are the blended realizations for for our company and their?

Rakesh Nayyar

For which segment you are talking about? I’m sorry I won’t be able to give you that information.

Gargi

Okay, the last question would be if you can just highlight from here on are there any measures that can be taken to reduce some costs. So you have mentioned about power cost reduces. So a little bit more color on from here on how much do you expect to reduce and the power as well as the freight cost and any other issue feel.

Rakesh Nayyar

We have already done the maximum permissible solar power installation for our project what the guidelines provide us so that we have already done and now with the after the ABS is implemented so the additional power requirement for the ABS we would also be going whatever is the permissible limit for the enhanced requirement. We would be implementing solar power for that also. So currently based on our installed solar power and our consumption we have been able to save almost 25% of our power cost.

And as well as when you say freight the global freights are still very very high. Even if one compares with the pre pandemic freight rates and today’s freight rates for the markets they are as high as three times still. That is why the exports is now not very remunerative. The margins are very low and very tight in the export market. And that is a global trend. Actually, we cannot be doing anything there. We can’t help that.

Gargi

From here on. Is it safe to understand that in terms of cost reduction measures, we are already operating at optimum levels?

Rakesh Nayyar

No, with the higher production, like when our EBS comes in, it is at the same location. Our fixed cost may not be going at the same level. Our fixed cost would be with regard to our administrative cost, the plant cost, the management cost. There they are all there. They won’t be going up. So the fixed cost economics would always reflect in and as well as the upgrading the plant, automation of the plant, more and more automation of the plant to reduce the cost. That is an ongoing effort which will always go on.

Gargi

Okay, so the one last question, if I can speak in. So, raw materials we are fully importing. So with the depreciation of rupee, what is the aging policy?

Rakesh Nayyar

We hedge. We hedge all. Generally we are always hedged to the extent of 650 to 75% depending upon the dynamics of the dollar rupee. But in any case, the depreciation impacting our cost is also built in our selling prices. So indirectly we get hedged. And so whatever the quantities we export, we are also hedged there.

Gargi

Okay, thank you.

Operator

Thank you. Participants who wish to ask questions, please press Star and one on a Touchstone telephone. The next question is from Krunal Shah from INAM Investments. Please go ahead.

Krunal Shah

Hi sir, I have one question. So in case of mass abs, how would the gross spreads be in comparison to the emulsion ABS

Rakesh Nayyar

Gross spreads? Gross spreads would be better.

Krunal Shah

Okay.

Rakesh Nayyar

Operating costs should be lower since it’s a continuous plant.

Krunal Shah

Okay, so my point was because in say other countries, mass ABS sells at a premium. So just wanted to understand if the cost of manufacturing it is also higher or lower.

Rakesh Nayyar

No, the operating cost because continuous plant, it’s a produce product and it’s only when the if somebody wants anything extra to be done then we will take a second stage. Otherwise the natural ABS would be available here and it’s all reactor produced.

Krunal Shah

Okay. Okay. So the premium price globally for mass ABS would be reflection of the better quality of the product.

Rakesh Nayyar

Quality because of the better attributes which it has. So that gives it a better premium there.

Krunal Shah

Right, right.

Rakesh Nayyar

That eventually should happen in India also.

Krunal Shah

Yes, true. And in terms of the growth, you know the 30 we have a nine month volume growth around 13%. Can you break it down across segments you know which have seen good growth and segments which are lagging in growth?

Rakesh Nayyar

All segments have done well for us. I won’t say that any particular segment has done well. Yes, polystyrene has done marginally better than the others. But then otherwise EPS has also done well. And the nine months period EPS has done well. TS has done marginally better than the others. XPS has done well. So all of them have done well. And we have done nine months 13% growth and across the board we see it that see growth we have achieved on all our four verticals.

Krunal Shah

Got it. Great. Thank you so much.

Operator

Thank you. Participants who wish to ask questions please press star and one next question is from Nitin Gandhi from Inner Quest Advisors. Please go ahead.

Nitin Gandhi

Thanks for taking my question again as a photo. So can you share some guidance for the Q4 visa vis last year or visa is Q3? If you can share overall volume wise it will be helpful.

Rakesh Nayyar

Sorry, can you repeat your question again?

Nitin Gandhi

For Q4, that’s Jan to March quarter whatever volume we are expecting. Can you share some thoughts? Visa is Q3 or last year’s Q4?

Rakesh Nayyar

As I said earlier we should be doing around 350 to 355,000 tons of volume this year and last year we did 325,000 tons of volume. This as I said will give us a growth of around 8 to 8% plus and we are going to be achieving this. I think there should not be any issue barring anything unforeseen if it happens in the coming quarter, in the next quarter two months but we are online to achieve this.

Nitin Gandhi

So that means yui basis as compared to last year where we had 96,000, it will be a bit negative growth.

Rakesh Nayyar

No, it should be the same kind of the this quarter we should be having the same growth because exports may not be there or maybe lower exports this quarter. So we should be at the same level.

Nitin Gandhi

So 96 will be repeated more or less if not growth.

Rakesh Nayyar

More or less.

Nitin Gandhi

Thank you. And now coming to little longer term view like we have seen almost 8, 9% deterioration margin over last 3, 4 years. What do you think that and what can happen best for us so that we can clock best 13, 14% at least on a sustainable basis or two or three years. Is it possible or does it look still away from us with implementation of MDAs and other well grade transition which would happen like what developed countries use, Is it possible that we came back to those margins in three years?

Rakesh Nayyar

What you are comparing is with the 2122, right?

Nitin Gandhi

I’m thinking gradual deterioration constant.

Rakesh Nayyar

No, but 2122 was an abnormal year. It was an aberration when the global delta because of the freight rates, because of the post Covid many plants were shut down, some plants had accidents globally. So the deltas were very high and resulted in higher margins. But otherwise historically also in the normal times also the business has been in the higher two digits a bit of.

And secondly, EBITDA is actually a myth in the sense because the higher the raw material prices, higher the end product prices. The EBITDA goes down in terms of percentages. But then that’s the way everyone looks at it with the mass ABS coming in and their volumes going up and with the second line of MAS ABS coming up, we expect that yes, we should be this high Single digit EBITDA which everyone sees around 9%, 10%, 8% should be crossing to double digits.

Nitin Gandhi

Thank you. And all the best. Even I was trying to reach at 13 only, not 1718 of 2122. So let’s hope I’m like all the best for that.

Rakesh Nayyar

Thank you.

Operator

Thank you. Participants who wish to ask questions may press star and 1. The next question is from Vipulkuram Kumar Anupchand Shah from Sumangal Investments. Please go ahead.