{"id":181660,"date":"2026-04-21T13:11:16","date_gmt":"2026-04-21T17:11:16","guid":{"rendered":"https:\/\/alphastreet.com\/india\/the-supreme-industries-limited-supremeind-q3-2026-earnings-call-transcript\/"},"modified":"2026-04-21T13:25:52","modified_gmt":"2026-04-21T17:25:52","slug":"the-supreme-industries-limited-supremeind-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/the-supreme-industries-limited-supremeind-q3-2026-earnings-call-transcript\/","title":{"rendered":"The Supreme Industries Limited (SUPREMEIND) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

The Supreme Industries Limited (NSE: SUPREMEIND) Q3 2026 Earnings Call dated Jan. 21, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Aasim Bharde<\/strong> \u2014 Vice President – Research<\/em><\/p>\n

M. P. Taparia<\/strong> \u2014 Managing Director<\/em><\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Analysts:<\/h2>\n

Shravan Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Utkarsh Nopany<\/strong> \u2014 Analyst<\/em><\/p>\n

Sneha Talreja<\/strong> \u2014 Analyst<\/em><\/p>\n

Praveen Sahay<\/strong> \u2014 Analyst<\/em><\/p>\n

Sonali<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Keshav Lahoti<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Vipul Kumar Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Supreme Industries Q3FY26 earnings conference call hosted by Dam Capital Advisors Ltd. 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 assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.<\/p>\n

Asim Bharde from Dam Capital Advisors Ltd. Thank you. And over to you, sir.<\/p>\n

Aasim Bharde<\/strong> \u2014 Vice President – Research<\/em><\/p>\n

Thanks. Good evening everyone. I would like to welcome you all on Supreme Industries Q3 FY26 results call. We have the senior management of the company with us on the call led by Mr. Taparia, the managing Director to whom I hand over the call now. Thank you. And over to you, sir.<\/p>\n

M. P. Taparia<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you. Good. Good afternoon. Thank you very much. I am MP Taparia, Managing Director of. The Supreme Industry Limited. I, along with my colleague C. PC Somani, CFO NC RJ Shabu, Vice President. Corporate Affair and Company Secretary. Welcome all the participants who are participating in the discussion of the unaudited stand alone and consolidate financial result for quarter and nine month period ended 31st December 2025. The stand alone results and the consolidated results are already with you.<\/p>\n

I will give brief on company product operating performance as a highlight, the company sold five 22,018 metric ton of plastic goods and achieved net product turnover of rupees 7,582 crores during the nine months of the current year against sale of four leg 74,645 tons and net product turnover of rupees 7,336 crore in the corresponding nine months of previous year achieving volume and product value growth of about 10% and 3% respectively. The consolidated operating profit and profit after tax for the nine months of the current year amounted to rupees 980 crore and rupees 520 crore as compared to 1103 crore and rupees 667 crore respectively for the corresponding period of the previous year resulting in a decrease of 11% and 32% respectively.<\/p>\n

The business scenario of all the product segment of the company for the third quarter ended 31 December 2025 as compared to the corresponding quarter of previous year has been aged under plastic piping system business grew by 16% in volume and 10% in value term. Packaging product segment business grew 2% in volume and degrew by 2% in value term. Industrial product segment business remained flat in volume and grew by 1% in value term. Consumer product segment business grew by 8% in volume and 5% in value term.<\/p>\n

The overall turnover of value added product remained at Rs. 11. 18 crore during the third quarter of the current year. Again rupees 961 crore in the corresponding quarter of the previous year achieving growth of around 16%. Business Outlook World economic growth is affected by geopolitical tension in several regions. This has resulted in extreme volatility in commodity prices. Combination of these factors has resulted in lower growth in world economy in the year 2025. The company believes this downward trend has now reversed.<\/p>\n

Polymer prices have started upward trend the polymer producer has gone through quite tough time. It has resulted into closure of several petrochemical plants and ore running at quite low capacity. Combined outcome of these actions has put break in erosion of the pressure of polymers. Starting from the calendar year 2026, the polymer prices have started upward movement. The company is operating in various segment of the business. The company has grown 10% in overall volume and 13% in plastic piping business in first nine months of the current year.<\/p>\n

The company expect to grow overall in volume between 12% to 14% and for plastic piping system it expects to grow 15% to 17% during the year over previous year. Plastic piping business growth is now coming back to normalcy as continuous downward price trend has been arrested. Driven by good monsoon, favorable economic condition and encompassing housing agriculture infrastructure in the last quarter of FY26 will put good demand growth in the year. The company is well equipped to meet increased demand of its plastic piping product portfolio.<\/p>\n

Newly launched PP silent pipe system and technical collaboration with Mercedes Poloplast of Austria has been well issued in the market. The company is expanding its range of electro fusion fitting and busware product. The company continues to invest and enlarge the product basket in RV division and to remain focused on increasing the share of value added product Capacity expansion at various locations for plastic piping business and Portuguese packaging product taken in hand are nearing completion and shall be available for full fiscal year FY27 as informed earlier, new greenfield plant capacity shall be taken up for execution in its financial year three unit acquired through Wabin Bridge acquisition are fully integrated and realigned and shall be available for the full potential from this month on.<\/p>\n

From February onward, total installed capacity of the plastic piping business shall reach to 1 million ton per annum by FY26. Project execution and site for profile for window is now nearing completion. Production charge of commence. The company expect to Launch commercial production of window in the market from February2026 during first nine months of the current year, company has made capex outflow of rupees 1031 crore including acquisition of Avin business. The company expect total cash outflow during this year will be around rupees twelve hundred crore toward existing and new capital commitment including acquisition of Avin business.<\/p>\n

Entire Capex shall be funded from internal accrual. All other product divisions are faring well and envisaged moderate growth during the year. The productive packaging product division is specifically driving its growth plan by increasing its product range, expanding capacity and offering customized solutions. The company has fully executed letter of intent for supply of 200,000 number of 10k of composite LP cylinder to Bharat Petroleum Corporation Limited Company issued further letter of intent for supply of 200,000 number of composite cylinder to Bharat Petroleum Corporation Limited which shall be executed in the current quarter.<\/p>\n

The company continues to work to expand export geography and participate national and international exhibitions in the field of energy and gas. This is a brief and overall summary for the quarter and half year<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Ended<\/p>\n

M. P. Taparia<\/strong> \u2014 Managing Director<\/em><\/p>\n

Quarter and half year under reference. Thank you for your patience. Now Now I and my colleague CPC Somani and CRJ Sabu are available to reply to various queries raised by all of you. Thank you very. Much. Thank you<\/p>\n

Operator<\/strong><\/p>\n

Very much.<\/p>\n

M. P. Taparia<\/strong> \u2014 Managing Director<\/em><\/p>\n

Yes<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Sir, thank you very much. We will now begin the question and answer session Anyone who wishes to ask a question may press star and one on their touch tone telephone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Shravanshah from Dholat Capital Please go ahead.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Yeah, thank you sir. Sir first on the volume front so this quarter vavin volume was how much.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Part of it now because after they. Are making same product now what we are making.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Okay, okay.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

So we cannot say how much volume is from B But we got Marvin. Customer Also more than 180 customers joined our company and they made the same. Product what we were making only some. Range very small range were different so. You can see a part of Overall volume of 16% growth in the quarter compressed growth due to Marvin also.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Okay, got it. And so now given that now we are maintaining the piping volume growth of 15 to 17% that means the for 4Q26 the ask rate is 20% to 27% are are we confident that this will be Done given also if you can throw light in terms of how the PVC prices have increased till now and how do we see given the China where whatever that will be applicable from the first April. So before that is there a possibility that further price of PVC can can decline?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

You put two three question together Basically this quarter onward the demand for ER to come full way that we demand season start from March and this quarter will include the month of March so. Demand for eco segment come in always big way after the harvesting of crops that happens end of February and other. Sugar can be harvested so we are seeing the demand coming from eco sector so we are quite confident that the growth this year this quarter will be adequate to justify our guidance of 15 to 17%.<\/p>\n

We are quite confident<\/p>\n

Shravan Shah<\/strong><\/p>\n

Yeah in<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Third. Quarter we have grown by 16%.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Yeah true true, true<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Price now they. Started hardening first thing I say they stop going down the PVC world booking has gone down up to $580 and now currently $640 and the rupee also become big earlier it was 89 rupees. And now it is close to 92. Rupees and the local maker fixed the. Price based on import quality so the. Producer price has gone up and with the rupee depreciating further and China putting. Some restriction on the spoke from part of print woodwork music we anticipate that price may go further up little bit.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Got it sir now on the margin front so in the nine month and even this quarter also our overall EBITDA margin as 12.1% even if we exclude the labor code extra 15 crore or also then also 12.3% but we were looking at previously 14 and half to 15% so now how one can look at the margin for fourth quarter and even let’s say going forward for FY 2728 how one can look at the. Margin<\/p>\n

M. P. Taparia<\/strong><\/p>\n

2728 we will talk in appraisals for the current year now we have revised our guideline and we now believe that our margin will be between 13.5 to 14%.<\/p>\n

Shravan Shah<\/strong><\/p>\n

But sir that that also means that in the fourth quarter we are looking at minimum 1516 plus kind of a mar. Okay, okay and lastly sir finance cost other income and profit from associate all these three things particularly other income and profit from associate has came down in finance cost has gone up so how one can look at on the quarterly run rate basis.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You see finance cost increase the temporary for this funding the Capex plan totally for the current year so some short term borrowings have been Taken not compromising on the liquidity of the balances that’s why finance cost is a bit higher this quarter it was there in last quarter<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Going<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Forward we will again be having a good surplus in hand. Our whole capex plan is already been compared to as mentioned 1031 crore is always outflow has been made how much outflow has been planned now for the current year and other income is since the other income mainly consists of the surplus being generated from the liquid balances since we had a healthy operating balance of 950 surplus by putting into the<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Liquid schemes which has come<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Down so that is a temporary place and ultimately if you want to put our money for business the investment is not the core activity.<\/p>\n

Shravan Shah<\/strong><\/p>\n

True, true, true. So so the in Q2 the other income was 15 and a half crore and now it came to close to 3.8 corrode so from Q4 again can we see a 8, 10 crore kind of a number or this kind of a number is is a normalized one one can look at.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You can start seeing from next year it is not in this quarter because this quarter we have to wipe out this small borrowing what we we have taken so the interest cost will come down, finance cost will come down<\/p>\n

Shravan Shah<\/strong><\/p>\n

And the finance<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Cost is again combination of actual borrowing as well as India’s accounting<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Lease<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Accounting also.<\/p>\n

Shravan Shah<\/strong><\/p>\n

And even for profit from associates are for 9 months also significantly from 88 odd corrode 50 odd corrode has came down. Sorry yeah, the last one only.<\/p>\n

Sneha Talreja<\/strong><\/p>\n

Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Supreme petrochem results as you have seen yesterday are to the expectation level what we expect and this is the result of that one.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Okay. Okay. Thank you sir and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, in order to ensure that management is able to address questions from all the participants Please limit your questions to two per participant. Our next question comes from the line of Praveen Sahai from PL Capital. Please go ahead.<\/p>\n

Praveen Sahay<\/strong><\/p>\n

Yeah, thank you for opportunity can you give the capacity number for all the three verticals? And as well as you know the kind of a capex you had done what kind of a capacity you are looking for? FY27 for all four.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

FY27 we will. We will talk in April.<\/p>\n

Praveen Sahay<\/strong><\/p>\n

Okay<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So right now if you can. Give the capacity as mentioned last time also piping, plastic piping will be 1 million tons.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Thank you. Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

In other three segments packaging industrial<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Only.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. So total will be 12.2. So there is no much addition into the other segment in any case.<\/p>\n

Praveen Sahay<\/strong><\/p>\n

Okay, okay, got it. Second question is related to the cylinder so that’s a. You had mentioned that the 2 lakh of cylinders already executed and the 2 lakh of a loi. You have how much of the revenue have generated and respecting from the the pipeline of loi.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No, I think we have mentioned into the declaration to stor also this two leg cylinder will generate revenue around 54 cr rupees.<\/p>\n

Praveen Sahay<\/strong><\/p>\n

54 crore. You had already generated with execution of a 2 lakh split of. Correct.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Correct.<\/p>\n

Praveen Sahay<\/strong><\/p>\n

Okay. And the similar amount you are expected. To do again<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Correct.<\/p>\n

Praveen Sahay<\/strong><\/p>\n

Thank you sir. I’ll come in.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Utkarsh Napani from Anandrati. Please go ahead.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

So my first question is related to the plastic.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Your voice is not clear. Utkarsh. Can you just repeat the question? Not clear.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Hello. Yes sir. Am I audible right now?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, please.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Yeah. Sir, what I wanted to understand on the demand side. In the opening remarks it was mentioned that the plastic pipe demand is now coming back to the normalcy. So in this context I want to understand whether we meant that the channel has started refilling inventory or we are also seeing signs of demand improvement at end consumer level. In the January month compared to the previous December quarter<\/p>\n

M. P. Taparia<\/strong><\/p>\n

This now normal demand started coming up. And you are right. The. The. The stroking was taken to very extreme level. So now because there’s no much there. Chance of some price going up also. The normal stocking is started and going to continue. Now this is the pre demand period. From January to June of plastic piping system. Pre demand period.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Sir. So like are we seeing signs of improvement in demand for plumbing and infra pipe in the January month compared to December quarter period? Sir,<\/p>\n

M. P. Taparia<\/strong><\/p>\n

We are finding improved demand.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay. And sir, like in the press release like it was mentioned that we are planning to put up a Greenfield plant in FY27. So sir, can you please provide some more details regarding the location and the timeline of those new plants?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Two plant. One is near value. That is another plant near. In Bihar, near Patna.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay. And so those plants are expected to become operational in FY27.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

This should be operated by FY28.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay, thanks a lot. Sir, these are my questions.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Sonali from Jefferies. Please go ahead.<\/p>\n

Sonali<\/strong><\/p>\n

So thank you for the opportunity. Sir, I have only one question. So PVC price has again from point to point from October to December it’s gone down by about 7%. Qoq. I’m sure there would have been seen some element of inventory loss this quarter. So is it possible for us to quantify that.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Very difficult to overall. No, it’s not only in pvc. The polymer price has gone down across the board. All the polymer, pvc, polyethylene, polypropylene, cpvc, all the all polymer price have gone down. We believe in first nine months company might have taken a hit of between 100 to 120 crore rupees in nine month operation which resulted in our giving lower guidance of operating margin.<\/p>\n

Sonali<\/strong><\/p>\n

Understood, sir. Sir, and just one more if I may. In the remarks that Mr. Somani said about the higher interest cost we said that we had short term borrowings for the funding. So is this regarding the weave in funding that we spoke about?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Not routine funding. It was very small amount. 132 crore rupees. And now they are being paid.<\/p>\n

Sonali<\/strong><\/p>\n

Understood. And we are. The interest cost is likely to normalize from Q1FY27. Is that right?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Yes. Yes. There is no doubt about it.<\/p>\n

Sonali<\/strong><\/p>\n

Understood. Thank you sir. And all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Rahul Agrawal Akigai asset. Please go ahead.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Yeah. Hi sir. Good evening. Thank you for the opportunity. Sir, just wanted to know your thoughts on the industry. For the entire PVC industry. If you look at the nine months gone by, any comments could you offer on how the PVC industry would have grown and market share for Supreme? Because supreme Overall has grown 10%. 10% on volumes in nine months. What could be the volume growth for the industry and are smaller players losing market share? That is happening.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Industry growth you can get from raw material producer breach.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Sure sir. Have we seen any. I<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Can see the growth of the supreme industry, please.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Sir, I understand that anything on the smaller player side is there consolidation in industry?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

We know our shares have gone up in plastic.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Yeah, yeah. All right. No problem. Thank you so much and best wishes for the year.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Keshav Lahorti from HDFC Securities. Please go ahead.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Hi. Thank<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

You for the opportunity.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Just a follow up as I have. I understood correctly. So your interest cost which has increased in this quarter to 12 crore possibly will reduce in Q4. And maybe from FY27 onwards the quarterly run rate would be 4.5crore. Is this a fair assessment?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You. You are right.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Okay. And how is the other income mode which has taken. You know is only 4 crore this quarter earlier which used to be 50 crore. How will this number be in Q4 and in possibly maybe FY27? Some sort of guidance.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

As I mentioned this is not our core activity. It Was deployment of surplus funds available in hand since we are using money for businesses. So again depends the for the business how much how all depends upon the availability of liquid funds in hand.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

What I’m trying to get it is it due to working capital? Possibly there was some stretching of working capital that has led to possibly more utilization of fundamental business in this quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Absolutely, absolutely. For the current year since the production capacities were being utilized optimally, the working capital has been increased particularly on the inventory side, not on the receivables which will come down once the fourth quarter is over.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Understood? Got it. Earlier you have, you know, sort of indicated your CQBC volume growth was 26% in H1. How has been the growth in this quarter?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Total growth in nine months is 30%.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Oh, 30% implying 40% kind of a CPVC volume growth in Q3 quite good. To realize<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Nine months we have grown 30%.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Got it. One last question from my side sir. How is the channel inventory possibly can you compare how was the channel inventory at September and how has it moved in December and how is it moving now in January when you know PVC prices are rising, have started to rise?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

We don’t know. We don’t know but we only know that when they place the order they are they’re going following very vigorously. They please display the goods very quickly. When they place the order they follow very intensively dispatch very quickly.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Okay, got it. That is helpful. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Isneha Talre from Navama. Please go ahead.<\/p>\n

Sneha Talreja<\/strong><\/p>\n

Thank you for the opportunity team. When most of the questions I just wanted to get a sense in demand. How are we seeing on ground demand at this point of time and how do you see it moving for various segments like pvc, CPVC in case you can, you know, give some numbers there.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

No demand for plastic piping system. Demand for every product is reasonably good now the economic drying and the product price has gone quite low and the demand for housing, agriculture, infrastructure all are going quite well now.<\/p>\n

Sneha Talreja<\/strong><\/p>\n

Yes, but if at all we have to put some volume numbers in place that how much would be industry demand volume growth it would be 8 to 9 or probably 10 to 12. Some sense there would be helpful.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

We told now that piping system will. Grow between 15 to 17% necessarily means. That our growth will be more than. 16% in this quarter.<\/p>\n

Sneha Talreja<\/strong><\/p>\n

Sir, I was speaking more from the industry perspective Industry groups this is your outperformance over industry but how much can industry be growing at upcoming<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Check with. The RAM Producer please.<\/p>\n

Sneha Talreja<\/strong><\/p>\n

Sure sir. Thank you.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Check with the Ram producer.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of meet from Motilal Oswal. Please go ahead.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Thank you sir. So I have one question Regarding the capacity that you are setting up in FY27. Can we get the understanding how much capacity are we setting up across the two locations for the discuss<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Next year we are Planning to add 100,000 turn overall as on today.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

That will include<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Number withdraw to you in the month of Apprail.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Okay. And this will include all the cpvc, pvc, CPVC and other Valu products as well.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

All product segment what we are dealing in in plastic piping system. Today G plan. But precise plan we will share with you in the month of April.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Understand also sir. On terms of the industry. So one thing that we are hearing about is the Chinese China. China is like have been lifted the export rebate that they were offering to their exporters. And from the understanding that we are seeing the prices of PVC can increase going ahead. So can you comment on that?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

No. They are already the international offer which. Are coming to India are already high. As I told earlier it has gone. Down up to 580-ui of India. And now the you cannot get any booking below 6.50$. So price of the bottom level is. Going up by $70 in last one and a half month. So the trend has been reversed. Now so many producers because they were. Causing too much loss, many capacity were running at low capacity and some plants. Were actually closed also. This is the way demand supply balance is now started.<\/p>\n

Where people don’t want to go on. Making polymer if they are losing money.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Understood sir. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Tejas Pradhan from Citigroup. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir. My most of my questions were already answered. But just as a continuation of the last query. So going forward how much increase would you expect in domestic PVC prices? I mean I know you mentioned $70 increase has already happened. Do you think this is the quantum of increase or further increase is also possible<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Different in such an uncertain atmosphere in the world how can you forecast the price? We are incapable to. We only know very well now that. Press illusion has been arrested and price has started going up. Now how much can go up? Very difficult to say. You can’t forecast nowadays in such an uncertainty. So many war taking place, so many. Location, so much uncertainty. We are going through first. Time volatility. Uncertainty, complexity, such a business atmosphere. But we know that all the polymer producer not Only previously other polymer producer also.<\/p>\n

Some people close their plant permanently. Some people are temporarily closed. Some people put their plant on maintenance shut down. Some people are running at low capacity because they were all losing money. And you can’t forecast about crude price Today crude is around 60 to 64. Suppose crude price goes down to $40. Nobody knows what can happen to crude price. If that happens then polymer price will go down. For. If good price can go down to $40 which happened in 2008. Who can forecast nowadays very difficult forecast in.<\/p>\n

Such a complex world economy you can’t forecast. Please.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure, no problem. Thanks. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Vipul Kumar Shah from Sumangal Investments. Please go ahead.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Yeah, Preach.<\/p>\n

Vipul Kumar Shah<\/strong><\/p>\n

Hello.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Yeah.<\/p>\n

Vipul Kumar Shah<\/strong><\/p>\n

Yeah. So is it possible to share CPC volume for CPVC volume for this quarter and nine months?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Nine months we have grown by 30%.<\/p>\n

Vipul Kumar Shah<\/strong><\/p>\n

You would not like to share the. Absolute volume<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Classified information.<\/p>\n

Vipul Kumar Shah<\/strong><\/p>\n

Okay. Okay. Thank you sir.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Ronak Oswal from Arihant Capital Market limited. Please go ahead.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Yeah, ma’. Am. Thank you for taking my question. Can you tell us how the industrial. Product segment is doing? Because it was facing challenging simply from the distribution side how the. And also on the rural side how the demand activity is there Right now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

This our index segment consists of three segment<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Division applied industrial<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Component, material handling and cylinder.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Yes,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Handling and cylinder are enjoying a moderate growth. We are getting good business of material products and also on the composite cylinder. But the supply of component to automotive or to appliance sector. Automotive sector is still doing better and encouraging. But the appliance sector is in double turbulence time. You can say whether is the appliances of washing machine or the refrigerator or air conditioner cooler or something. So that industry, the models to which we are supplying the component if they are doing fair or better, we are also in better shape which is not the case in the current year.<\/p>\n

The industrial component to appliance sector is tough time and seeing a degrowth compared to previous year.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay, thank you sir. On the rural side, how the demand. Is there right now especially on the pipe segment.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Quite, quite. Okay. Your side we are catering to our. Tarpaulin and our plastic pipe system and demand is better.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Okay. Thank you, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Priyanka from Value Prolific. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Yeah, average.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi. So I guess this supreme industry is growing so rapidly and have an ambitious plan for future. I just wanted to get the understanding about the succession planning to ensure the stability that the company will have in. Future also<\/p>\n

M. P. Taparia<\/strong><\/p>\n

They’ll do better than us.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Can you please elaborate on that?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Our. Our two grandsons are also now involved in the business.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

And we are confident they will do better than us.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Thank you. Thank you. Thank you for your time.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Sanil Jain from Ambit Capital. Please go ahead.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Yeah please.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Am I audible?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Yeah please. Hello,<\/p>\n

Operator<\/strong><\/p>\n

Tunnel. You are audible. Please go ahead with your question.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

No question please. We can’t hear anything. Hello,<\/p>\n

Operator<\/strong><\/p>\n

Tunnel has been disconnected. We move on to our next question. Our next question comes from the line of Odit Kajiwala from yes, securities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hi sir. Firstly congratulations on great set of volume growth for the quarter. And so just wanted one follow up. In the start of the year you were mentioning that you were looking at a 12,000 crore top line for 26. Like we agree that you have maintained your volume growth guidance. Would you throw some light on this number if you have revised that downwards?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

The only thing we. Only the margin. No,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No. Even the top line you see polymer prices since they are coming down. So instead of 12,000 crore now we are maintaining 11,000 to 11,500 crore now.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Top line will definitely go down when. The polymer price hul down between 12 to 20% bound to go down now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, I completely agree. So just wanted to derive some sense. Yeah, that’s helpful sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Shaleen Kumar from UBS India. Please go ahead.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Yeah, am I audible? So I just want to understand today’s PVC price is still below last quarter average PVC price. And I, I hear you saying that you know demand is coming back but your last quarter volume was also pretty solid. So I just want to be sure like how are we certain of 200 to 300 basis point margin improvement that we’re looking in the fourth quarter? Right. So what are the levers we have for that. Looking at like<\/p>\n

Praveen Sahay<\/strong><\/p>\n

Your<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Margin guidance.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Due to the falling prices being arrested now.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay. Okay. Possible to quantify what kind of inventory losses we had in third quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So for the overall nine months I think the figures have been given between 100 to 120 crore.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Yeah,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You see the price are so falling continuously is really difficult to quantify on a month to month quarter to quarter basis. That’s why we have estimated for a period of nine months. What is, what is the impact.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

If you put them equally that that basically explain probably 100 to 150 basis point margin. Compression, right? Yeah. For nine months.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

It is years. Yeah. Yeah.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Right. So that’s something which we believe that, that we can gain back if the price remains stable.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Correct. The fourth quarter we don’t envisage any margin loss on the account of the inventory losses<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Going<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Forward. You don’t know is predicting any price movement is very difficult.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

There is no price erosion now.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

But is the price enough for you to improve the margin from here?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Prices are always passed upon so there is no issue on the margin. But once you are whatever inventory you are carrying with the value is getting eroded then you are selling at a low price, low margin.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Fair enough. Fair enough. All right.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah,<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

That’s it for myself. Thank you so much.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Arun Bed from ICICI Securities. Please go ahead.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Hi sir, my question was we have a capacity of 1 billion tons of pipe by the end of this financial year. So when do you expect it to be utilized fully by which year?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Normally if I utilize 70% we should be happy. So we should expect that we should. Be able to sell 70% capacity next year.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

And the second thing is with regards to assuming there are no more PVC price cuts which is not expected, will we go back to a historical range of 15, 16% margins assuming there are no more price fluctuations increased on the downward Trend at least<\/p>\n

M. P. Taparia<\/strong><\/p>\n

15, 16% margin. I don’t recall 14<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And up to. 15% is the normal margin. Normal scenario.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

So we are expecting. So operating levels will play out now because our volumes will go up. So still you’re expecting around 15%.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

We will discuss and we will talk to you in the month of April. For next year, please. No, no,<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

I’m not talking next year. I’m just saying assuming PVC doesn’t correct from here anymore and you have the volume growth which we expect to come through, will we be doing 50, 60 margins in that case.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

For the quarter? Yes, because of the higher volume,<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Our<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Manufacturing cost, our administrative cost gets spread on the larger volume. And that’s how for the year we are targeting 13.5 to 14% margin.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Yeah, so vanity. Actually my question was from a longer term, not for the quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That’s why I’m saying for longer term perspective, in the normal scenario it is 14 and a half to 15% is the operating margin we expect depending on the new product launch. Depending on the product mix. Definitely we are trying to improve it further.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

There’s a quarter percent.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Half a half percent is all depends upon the plan of the new product launches and success.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Thank you. But we are happy to say that every quarter we are increasing a share. Of value added product. Yes<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Sir. Exactly sir. That’s why I say that things are looking going better. Thank you. Thank you.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Sanil Jain from Ambit Capital. Please go ahead.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Hi sir. Am I audible?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, you’re<\/p>\n

Operator<\/strong><\/p>\n

Audible.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Yeah. Thanks for the opportunity. So I have two questions. So I just wanted to know what is the current capacity of PP silent pipes and what is the pricing on that.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Now? Capacity 3,000 ton per annum.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Okay.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

And pricing depend on the various. There are hundreds of product in the system fitting and pipe all together. So every product different price price Very elaborate word. It will. Premium product is a premium product and best in premium product only the market yet.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Understood. And second on the OPVC segment what is the expected capacity planned and what does. What is the CAPEX outlay for the same?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

No, currently we have got already capacity to purview around how much is around 8,000 ton annually.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Okay.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Currently and it is not fully<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

And<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Buying from government department Central government is very slow for for water supply. But we believe that demand will start picking up now. We are getting many inquiries now onward. So we hope that we’ll be able. To sell a good portion of the capacity next year.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

But we are not looking to like add capacity on it.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Once this capacity should be sold out. Then we definitely will it.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Okay. Okay. Understood. Thanks. Thanks from. That’s all from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Our next<\/p>\n

Operator<\/strong><\/p>\n

Question comes from the line of Yogesh Mittal, an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for the opportunity. So I just wanted to know if. If it is possible to throw some light on PVC pipes versus the metal pipes like like the GI pipes and cast iron pipes. How does the interplay happen in the for the demand when the prices changes in between them and how is the demand in terms of like what is the market. What is the. What is the general market trend in terms of liking for the the means The GI pipe.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

The application where PC. Pipe we used material is no substitute. PC Piper did not substitute white metal material is very expensive. Too much weight too short life. Plastic has got very. The PVC good pipe has got very good life.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right sir.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

The earlier the cast iron pipe are. Being replaced by PVC and most of. The pressure is all replaced Cast iron. Pipe you don’t see much in use now in India.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right sir. So thank you for the. For your answer sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Shelley Jain from Dolat Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello sir. Thank you for the opportunity. Sir, most of the questions are being answered but just wanted to have an idea about what is the gross debt and cash number for us in nine months. At the end of nine months.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

As. On 31st December then date is 132 crore.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And gross debt.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No, this is the total debt. What I’m saying is. Okay, once is net debt which is net of the surplus balance available.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

132 crore.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And sir, it would be great if you could just provide us with the data inventory and payable number.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Data<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Inventory and payable working capital.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Inventory. You can say it is 1900 crore. Receivables about 568 cr and payable about 1100cr.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. So as we have indicated that our finance cost will go down. So how are we looking our debt in FY27?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No, no. We. We want to remain debt free. That is our commitment and that will. Debt<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Free and first appearance 135March only.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. This year<\/p>\n

M. P. Taparia<\/strong><\/p>\n

We will have a good. Amount of cash plus in our books. On 30 mark 2026.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And so what would be our CAPEX number for FY27.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

April we will discuss.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay, sure. Thank you. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Varun Jalsaria from 361 Capital.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Yeah. Hi sir. Thank you for the opportunity. So just wanted to have some sense on the packaging product division.<\/p>\n

Aasim Bharde<\/strong><\/p>\n

Like how is it progressing?<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

What is the demand like for that segment?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Plastic pipe packaging only.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes. Protective packaging. Volume growth. Yeah, Protective packaging is growing by 10% in volume and margins are quite. What is it?<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

This is for the full year you’re saying?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

For the quarter also. For the full year also.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay, super. Demand is good there. I mean that’s not a problem there, right?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I mean offering many customized solutions, fabricated products.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Hello.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Yeah,<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Yeah. And secondly sir, on the PVC window business like could you give us an idea like how is it progressing any in terms of value volume and. And that’s part of the piping division, right? If I’m not wrong. Okay.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Supplying in the month. Next month. We’ll be selling windows only. No, no profile. We anticipate we may be able to. Produce around 2 and 2 and 2 to 50,000 windows every year which will take some time to share the capacity. And once the cap is sold we have planned to go on expanding.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

So what will be the revenue potential from this business?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

In excess of 300 full at full capacity.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

And currently how much are we doing?<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Next month only.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay. So as of now it’s not contributing any revenue.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Nothing.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay. Okay. And so. So the non pipe segment only packaging you’re expecting a growth and for industrial you don’t expect any growth for this quarter or maybe for next year as well.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

We expect growth in material handling, we expect growth in furniture, we expect growth in productive packaging. Every segment we are expecting for the F shape industrial component V.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay. Okay. Okay. Thank you sir. And any, any capacity expansion that we’re taking in packaging<\/p>\n

M. P. Taparia<\/strong><\/p>\n

That was planned for. It, we are planning next year.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay. Okay. Okay. Sure. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Praneet, an individual investor. Please go ahead. Praneet, you have been unmuted. Please go ahead with your question.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

No question, you can ask.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Hello.<\/p>\n

Operator<\/strong><\/p>\n

Praneet, please unmute your line and go ahead with your question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello.<\/p>\n

Operator<\/strong><\/p>\n

As there is no response, I would now like to hand the conference over to management for closing comments.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

We are thankful to all the analysts who raised the question. We were impressed by the very analytical questions raised by them. We thank all of them for the time taken to ask several questions to clarify. We thank to myself and my colleagues. Thank all of them. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

On behalf of Dam Capital Advisors Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n

M. P. Taparia<\/strong><\/p>\n

Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. The Supreme Industries Limited (NSE: SUPREMEIND) Q3 2026 Earnings Call dated Jan. 21, 2026 Corporate Participants: Aasim Bharde \u2014 Vice President – Research M. P. Taparia \u2014 Managing Director Unidentified Speaker Analysts: Shravan Shah \u2014 […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-181660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":181660,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, 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"Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/Supreme-Industries-Ltd-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/Supreme-Industries-Ltd-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/Supreme-Industries-Ltd-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/Supreme-Industries-Ltd-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/Supreme-Industries-Ltd-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, 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The stock traded lower in early deals following the earnings release, with the market reflecting investor caution. Market Snapshot Shares of Supreme\u2026","rel":"","context":"In "Industrials"","block_context":{"text":"Industrials","link":"https:\/\/alphastreet.com\/india\/category\/industrials\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":41715,"url":"https:\/\/alphastreet.com\/india\/wipro-limited-wit-q2-2020-earnings-snapshot\/","url_meta":{"origin":181660,"position":3},"title":"Wipro Limited (WIT): Q2 2020 Earnings Snapshot","author":"Toby","date":"October 15, 2019","format":false,"excerpt":"-- Wipro Limited (NYSE: WIT) reported second-quarter 2020 earnings of $0.06 per share, in line with Wall Street projection -- Revenues grew 4% to $2.14 billion, vs. $2.13 billion expected. -- In Q2, IT Services revenue grew 2.5% to $2.05 billion. -- Wipro expects IT Services revenue to be $2.065\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"Earnings Update by AlphaStreet","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":130726,"url":"https:\/\/alphastreet.com\/india\/aether-industries-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":181660,"position":4},"title":"Aether Industries Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 20, 2022","format":false,"excerpt":"Key highlights from Aether Industries Ltd (AETHER) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Gagan Thareja - ASK Investment Managers - Analyst Would growth get constrained due to lack of capacity for the first 3 quarters of FY23? Rohan Desai - Whole-time Director Currently at 80% of utilization. Constantly debottlenecking\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":142292,"url":"https:\/\/alphastreet.com\/india\/kpr-mill-ltd-kprmill-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":181660,"position":5},"title":"KPR MILL LTD (KPRMILL) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 21, 2023","format":false,"excerpt":"KPR MILL LTD (NSE:KPRMILL) Q3 FY23 Earnings Concall dated Feb. 7, 2023. Corporate Participants: P L Murugappan\u00a0--\u00a0Chief Financial Officer Analysts: Abhishek Nigam\u00a0--\u00a0B&K SECURITIES -- Analyst Kapil Jagasia\u00a0--\u00a0Nuvama -- Analyst Muthu Kumar\u00a0--\u00a0Fidelity Ventures -- Analyst Unidentified Participant\u00a0--\u00a0-- Analyst Presentation: Operator Ladies and gentlemen, good day and welcome to the KPR Mill\u2026","rel":"","context":"In "Consumer"","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=181660"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181660\/revisions"}],"predecessor-version":[{"id":181682,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181660\/revisions\/181682"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=181660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=181660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=181660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}