Supreme Petrochem Limited (SPLPETRO)
Large CapChemicals stocks · Large cap · NSE
Supreme Petrochem Limited manufactures polystyrene and other styrenic products. It operates an ABS plant and is expanding its EPS capacity. The company focuses on both OEM and non-OEM segments, maintaining a debt-free balance sheet and funding capex through internal accruals.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +22% YoY · PAT +190% YoY · margin expansion · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,715 Cr | +22.3% | +6.8% |
| EBITDA | ₹332 Cr | +186.2% | +30.2% |
| Operating margin | 19.0% | +1100 bps | +300 bps |
| PAT | ₹238 Cr | +190.2% | +40.8% |
| PAT margin | 13.9% | +803 bps | +336 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 revenue grew 3% YoY to INR 1,587 crores, driven by higher volumes and better spreads. Operating EBITDA surged 75% YoY to INR 253 crores, with margins improving to 15.9%. FY26 revenue declined 11% YoY due to lower styrene monomer prices, but volumes grew 2%.
Q4 FY26 showed strong operational performance with significant EBITDA growth and margin expansion, driven by higher volumes and better spreads. Full-year revenue was impacted by lower raw material prices, but volume growth was maintained. Capacity expansions and new product ramp-ups are key for future growth, though raw material volatility and non-OEM demand softness pose near-term challenges.
ABS Plant Ramp-up
Maas ABS plant restarted with modified arrangements, operating at 65% capacity. Product has been well accepted in the market.
EPS Phase-II Expansion
Successfully commissioned on April 14, 2026, enhancing EPS capacity from 85,000 TPA to 115,000 TPA at Amdoshi complex.
Xmold Division Growth
Expects 50-60% more volume this year, targeting 65-70% utilization. Onboarded two AC manufacturers in Sri City.
Specialized Grades
Value-added grades for refrigerators and ACs provide better profitability, with the company present across various user segments.
EPS Phase-II Expansion
Successfully commissioned on April 14, 2026, enhancing EPS capacity from 85,000 TPA to 115,000 TPA at Amdoshi complex.
Maas ABS Plant Capacity
Original capacity 70,000 TPA, currently operating at 65% of design capacity (effectively 45,000 TPA) due to impacted equipment.
FY27 CAPEX Plan
Company plans around INR 250 crores for FY27, mainly for infrastructure and other related activities, not PS/EPS projects at Panipat yet.
Healthy OEM Demand
Demand from OEM segments remained healthy during Q4 FY26.
Strong EPS Demand Segments
Demand growth for EPS came from packing, construction, and cold storage segments last year.
Domestic Demand Fulfillment
Company was able to meet domestic demand through sufficient inventory, material in transit, and sourcing from alternate geographies.
Raw Material Price Volatility
Styrene monomer prices increased sharply in March 2026 due to West Asia conflict and supply disruption through Strait of Hormuz.
Non-OEM Demand Softness
Non-OEM segments witnessed some softness in Q4 and demand has taken a big beating in April due to high prices, labor, and gas shortages.
Supply Chain Disruption
West Asia conflict impacted Middle East shipments, increasing shipping time and freight rates, making exports challenging.
Inventory Losses
Management is aware that inventory loss might come the moment the situation normalizes and prices drop.
Geopolitical Instability
West Asia conflict directly impacts raw material supply, costs, and global shipping, creating a very dynamic and fluid situation.
OEM Contract Delays
Company is not entering into new contracts with OEMs due to the fluid situation in raw material pricing and freight costs.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 results are compared YoY to assess performance against a typically strong seasonal quarter. Full-year results are also compared YoY to understand the overall trend despite raw material price fluctuations.
Q4 FY26 Sales Volume (manufactured products)
Increased to 100,664 tons in Q4 FY26, reflecting a growth of about 5.4% compared to 95,556 tons in Q4 FY25.
FY26 Sales Volume (manufactured products)
Stood at 363,203 metric tons, reflecting a growth of about 2% compared to 355,967 metric tons in FY25.
FY26 Capacity Utilization
Remained healthy at over 80% for the year.
Q4 FY26 Operating EBITDA Margin
Improved to 15.9% from 9.4% in Q4 FY25.
FY27 Volume Growth Outlook
Expects 8-10% volume growth in FY27 if normalcy returns by June end (Q2 onwards), subject to global situation.
ABS Phase-II Timeline
Still aiming for FY28 commissioning for the second ABS line, irrespective of current Phase-I equipment issues.
Panipat Project Delay
PS and EPS projects at Panipat are delayed, pending more clarity on IOC's styrene monomer plant commissioning date.
Financial Strength
Company remains debt-free with an investable surplus of INR 700 crores as of March 2026, funding all capex through internal accruals.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Styrene Monomer (SM) Prices | Around $1,500/ton, after peaking at $1,650/ton in March. | Stabilization and moderation of SM prices, and easing of supply chain disruptions from West Asia. |
| Maas ABS Plant Utilization | 65% of design capacity (effectively 45,000 TPA) due to impacted equipment. | Restoration of the impacted equipment and ramp-up to 100% of original capacity (70,000 TPA). |
| Non-OEM Demand Recovery | Subdued in April due to high prices, labor unavailability, and gas shortages. | Signs of recovery in non-OEM demand as raw material prices stabilize and other market conditions improve. |
| FY27 Volume Growth | Management expects 8-10% growth if normalcy returns by Q2 FY27. | Actual volume growth achievement, especially given Q1 headwinds and ABS plant operational status. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 -1.2% / mo · MACD +
Technical chart
SPLPETROdaily · 1Y · AUTO+13.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 67. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.2% over last month) — short-term momentum negative.
- RSI(14) at 67 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 21% off 52W high · 67% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 8.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.1%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 33.5%.
- Balance sheet contributes 12/15 to the score.
Main drags
- Quality is weaker at 4/20; verify the latest quarterly trend.
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Growth is weaker at 14/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 70th percentile within Chemicals. Main check: results consistency is weak at 55/100.
High Trust Lite: Promoter holding is 64.2%. Key concern: ROCE trend is -20%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Chemicals: 70th pctile, median 73 · Large: 62nd pctile, median 73
73 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 64.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.4%.
- ▸6 years of positive FCF.
Trust risks
- ▸ROCE trend is -20%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 29.50
- P/B
- 6.12
- EV/EBITDA
- 17.44
- Market Cap
- 14499.00Cr
Profitability
- ROE
- 13.70%
- ROCE
- —
- ROA
- 13.90%
- Dividend Y
- 1.36%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 49.13×
- Altman Z
- 9.52
- Book Value
- 126.00
Cash Flow
- FCF Yield
- 0.39%
- FCF Positive Y
- 6/5
- OCF
- 247.00 Cr
- EPS TTM
- 25.78
Shareholding
- Promoter Hold
- 64.24%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 60%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Chemicals, ranked by similarity
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.