NSE: SPLPETRO · BSE: 500405
SUPREME PETROCHEM LIMITED
Manufactures polystyrene, expandable polystyrene (EPS), acrylonitrile butadiene styrene (ABS) and compounded grades (Xmold, SPC) at its Amdoshi and Nagothane complexes. Sells into construction (insulation, 3D panels), cold storage, packaging, automotive components and appliances, with EPS also exported to Europe. Capacity utilisation ran above 80% in FY26, with around 14,000 tons consumed internally for compounding and XPS. EPS Phase II was commissioned on April 14, 2026, raising EPS capacity from 85,000 to 115,000 TPA, the Mass ABS plant is running at 65% of its 70,000 TPA design capacity, and the board has approved a new 80,000 TPA polystyrene line for March 2029 completion that will lift total PS capacity to 380,000 TPA. Margins are heavily exposed to styrene monomer prices, which spiked from around $1,000/t to about $1,650/t during the West Asia conflict in March 2026 before easing to roughly $1,500/t; the firm passes through these moves into selling prices. Materials account for 64.2% of revenue, while employee cost is just 1.4% and capex 3.9%. The balance sheet is debt-free with around ₹700 crore in investable surplus funding all capacity additions. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Polystyrene (PS), Expandable Polystyrene (EPS), ABS, Compounding. Cyclical, asset-heavy petrochemicals; raw material pass-through pricing
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 5,406 |
| EBITDA (ex other income) | 511 |
| margin % | 9.5 |
| Owners' profit | 329 |
| EPS, as reported (₹) | 17.54 |
| ROE % · ROCE % | 13.9 · 18.1 |
| Debt / equity (x) | 0.00 |
| Cash from operations | 247 |
| Capex | (209) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 1,402 | 1,118 | 1,281 | 1,606 | 1,715 |
| Profit before tax | 110 | 66 | 41 | 231 | 318 |
| Net profit | 82 | 48 | 31 | 169 | 238 |
| EPS (₹) | 4.35 | 2.57 | 1.63 | 8.97 | 12.62 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME PETROCHEM LIMITED ◆ | 13,605 | 28.1 | 5.72 | 24.0 | 13.9 | 17.6 | — | 20.4 |
| SWAN CORP LIMITED | 7,539 | 36.2 | 0.82 | 15.8 | 3.0 | 3.3 | 68.6 | 3.0 |
| RAIN INDUSTRIES LIMITED | 7,052 | 13.1 | 0.85 | — | 6.0 | 4.3 | — | 19.3 |
| BHANSALI ENG. POLYMERS LT | 2,719 | 13.6 | 2.51 | 9.1 | 16.6 | 22.4 | (0.2) | 19.6 |
| DCW LTD | 1,283 | 18.0 | 1.19 | — | 4.5 | 5.4 | — | 7.6 |
| MANALI PETROCHEMICALS LT | 1,254 | 7.0 | 0.98 | 4.8 | 10.1 | 10.9 | 0.1 | 35.2 |
| TAMILNADU PETROPRODUCTS L | 1,009 | 7.1 | 0.99 | 7.3 | 9.6 | 10.2 | 5.1 | 16.3 |
| KOTHARI PETROCHEM LTD | 642 | 8.9 | 1.73 | — | 19.5 | 24.9 | — | 16.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.1 | 13.4 | 9 of 12 | 27% |
| P/B | 5.7 | 1.0 | 11 of 11 | 0% |
| ROCE | 17.6 | 6.1 | 4 of 14 | 77% |
| ROE | 13.9 | 6.3 | 3 of 11 | 80% |
| Debt / Equity | 0.0 | 0.2 | 4 of 11 | 70% |
| EBITDA margin | 20.4 | 12.0 | 2 of 12 | 91% |
| Revenue growth | 22.3 | 14.6 | 3 of 12 | 82% |
| Profit growth | 189.5 | 42.9 | 4 of 13 | 75% |
| Market cap | 13605 | 826 | 1 of 14 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Supreme Petrochem shares Q2 FY2026-27 earnings call audio | investor communications | low | — | — |
| 26 Oct 2026 · Q2 and first-half FY27 unaudited results published in newspapers | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 revenue up 77.8%, net profit up 96.9%; debt-free with dividend recommended | investor communications | medium | — | — |
| 23 Oct 2026 · Rs 2.50 interim dividend declared; record date October 30, 2026 | corporate actions | high | — | — |
| 23 Oct 2026 · Supreme Petrochem declares Rs 2.50 interim dividend; record date October 30, 2026 | corporate actions | high | — | — |
| 23 Oct 2026 · H1 revenue rises 47%; Rs 2.50 interim dividend declared | results | high | — | — |
| 19 Oct 2026 · Supreme Petrochem Q2 FY27 earnings call scheduled for October 27 2026 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board to consider interim dividend, Q2 FY27 results on Oct 23 | corporate actions | high | — | — |
| 15 Oct 2026 · Board meet on Oct 23 to consider Q2 FY27 results and interim dividend | results | low | — | — |
| 9 Oct 2026 · Special window for physical share dematerialisation advertised | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.