1. Opening Hook
Supreme Petrochem walked into Q3 FY26 with falling styrene prices, rising volumes, and a brand-new ABS plant that promptly decided to take December off.
Revenues fell, margins sulked, and management spent half the call saying, “We can’t share that.”
But before you yawn—this concall wasn’t boring. It had equipment failures, Europe visa delays, recycled plastic from Ghana, and China being blamed without actually being blamed.
Volumes went up while profits went nowhere. ABS was commissioned, marketed, applauded—and then shut. EPS demand woke up late. And the company still sits on ₹463 crore cash, debt-free, watching the cycle turn.
Read on. It gets messier, funnier, and far more revealing once analysts start poking holes in the ABS dream and management starts dodging with style.
2. At a Glance
- Revenue down 10% YoY – Styrene prices fell faster than management’s patience.
- EBITDA margin at 5.5% – Cycles cycled, margins obeyed.
- Net profit ₹30 cr – Profits showed up, but didn’t bring friends.
- Volumes up 7% YoY – Sold more, earned less. Classic polymer life.
- ABS plant commissioned… then stopped – September hero, December villain.
- Debt-free with ₹463 cr cash – Balance sheet flex, operational sigh.
3. Management’s Key Commentary
“Operating income declined mainly due to fall
in styrene prices.”
(Translation: Volumes don’t matter when prices betray you 😏)
“The ABS plant ran very smoothly in October and November.”
(Translation: Long enough for depreciation to kick in.)
“Operations were suspended due to malfunction of critical proprietary equipment.”
(Translation: We’re not allowed to touch it, look at it, or fix it.)
“The team from Europe is now on-site.”
(Translation: Christmas holidays delayed India’s ABS dreams 🎄)
“We do not share segment-wise numbers.”
(Translation: Please stop asking.)
“EPS demand improved by around 6%.”
(Translation: It was bad, now it’s slightly less bad.)
“The company remains debt free.”
(Translation: At least the balance sheet didn’t break.)
4. Numbers Decoded
| Metric | Q3 FY26 | YoY View |
|---|---|---|
| Revenue | ₹1,265 cr | ↓ 10% |
| EBITDA | ₹69 cr | ↓ |
| EBITDA Margin | 5.47% | Compressed |
| Net Profit | ₹30 cr | Flat-ish |
| Volumes | 91,265 MT | ↑ 7% |
| Cash & Investments | ₹463 cr | Very healthy |
Decoded:
Margins collapsed faster than revenues, volumes tried to help, but
