Supreme Petrochem Ltd(SPLPETRO)

NSE: SPLPETROBSE: 500405

₹ 710.4-0.48%refreshed 26 Oct, 02:34 pm ISTMarket cap: ₹ 13,358 crWebsite: WWW.SUPREMEPETROCHEM.COMUpdated: 25 Oct 2026

About

Supreme Petrochem Ltd (SPL) is the largest domestic manufacturer of polystyrene and the largest domestic producer of expandable polystyrene in India, and also sells masterbatches and compounds and extruded polystyrene insulation boards. It became India's first continuous-process mass ABS producer and makes these products mainly at its Amdoshi (Nagothane, Maharashtra) complex. Revenue was 5406.27 Cr in FY26. As of Q2 FY27 it had an investable surplus of INR 886 cr and funds its capex from internal accruals.^[1][2][3][4]

Products and business

Core manufactured products are polystyrene (GPPS and HIPS), expandable polystyrene (EPS), extruded polystyrene (XPS) boards, mass ABS resin and speciality compounds. Trading of petrochemical products was about 17-18% of revenue in Q1 FY27.^[5]
SPL became India's first continuous-process (mass) ABS producer when its 70,000 TPA Phase 1 plant began production in September 2025. The plant was built in technical collaboration with Versalis.^[6]
Compounding is done by the SPC compounding division and subsidiary Xmold Polymers, a Tier-II automotive compounder. The new lines focus mainly on ABS compounds.^[6]
The company reports styrenics as its single segment. Sales were Rs 5450.63 Cr within India and Rs 550.96 Cr outside India in FY25, against Rs 4744.72 Cr and Rs 491.77 Cr in FY24.^[1][7]
BIS and UL certification of its fire-retardant compounds helped it meet customer requirements (FY25).^[1]

Manufacturing capacity

The company has two plants: one at Amdoshi (Nagothane), Maharashtra and one at Manali, Chennai, Tamil Nadu (FY25).^[1]
Installed polystyrene capacity was 300,000 TPA at Amdoshi as of Q1 FY27. PS utilisation was about 80% in Q3 FY26 and above 80% for FY26.^[5]
After the EPS Phase 2 expansion, total EPS capacity is 143,000 TPA at Amdoshi. EPS utilisation was about 87-88% in Q3 FY26.^[5]
The 70,000 TPA ABS Phase 1 plant restarted with modified arrangements after an equipment failure in December 2025. As of Q4 FY26 it was running at 65% of design capacity.^[2]
Total compounding capacity was 60,000 tons as of Q2 FY26: 25,000 existing, 20,000 ABS compounding and 15,000 at Xmold.^[6]
XPS capacity utilisation was about 70% in Q3 FY26. Overall capacity utilisation was 79% in FY25.^[8][1]

Key operating numbers

Sales volume of manufactured products was 95,242 MT in Q2 FY27, up 24.0% YoY and 34.7% QoQ.^[4]
H1 FY27 sales volume was 1,66,085 MT, down 2.8% YoY because export volumes were lower.^[4]
Operating EBITDA margin was 7.59% in Q2 FY27, against 19.53% in Q1 FY27 and 7.05% in Q2 FY26.^[4]
Internal transfers of PS and mABS to compounding and XPS were 7,049 MT in Q2 FY27 vs 1,849 MT in Q2 FY26, and 11,711 MT in H1 FY27 vs 4,354 MT in H1 FY26.^[4]
Manufactured sales volume was 363,203 MT in FY26, up 2.0% from 355,967 MT in FY25.^[2]
At the end of Q1 FY27, the GPPS spread over styrene was about USD 250-275/MT, up from about USD 200/MT. The HIPS spread was about USD 350/MT, up from about USD 275-300/MT.^[5]
Landed styrene monomer prices (CIF India) were about USD 1,300-1,400/MT in Q1 FY27, against about USD 810/MT in Q3 FY26.^[5]

Raw materials

Styrene monomer, the main raw material, is imported under annual procurement contracts, with part of the need bought on the spot market (FY25).^[1]
BIS standards on styrene monomer imports, mandated from 24/10/2025, were named as a risk to raw material supply.^[1]

Customers and distribution

End markets include OEMs (appliances, automotive) and non-OEM processors. In Q1 FY27 about half of non-OEM demand disappeared because styrene prices were high, while OEM demand held stable.^[5]
In FY26, Xmold Polymers onboarded two large AC-maker OEM customers at Sri City.^[2]
In Q1 FY27, exports fell to about 10-12% of a normal quarter. European EPS grades have been approved for export.^[5]

Expansion and capex

A wide-width XPS insulation board line of 150,000 m3 is now targeted for March 2027 (Q2 FY27 schedule).^[4]
Compounding capacity is being expanded from 50,000 TPA to 80,000 TPA, now targeted for September 2027.^[4]
mABS Phase 2, a second 70,000 TPA line, is targeted for December 2028.^[4]
A new 80,000 TPA polystyrene line at Amdoshi is now targeted for March 2029. It will take PS capacity from 300,000 to 380,000 TPA.^[4][5]
Total project capex is about Rs 900 cr, funded from internal accruals (Q2 FY27).^[4]
Capex for the greenfield plant at Munak, Haryana is on hold until IOC confirms the timeline for its styrene monomer plant, now understood to be 2029.^[6]

Recent developments

On 17 April 2025, SPL acquired 80% of Xmold Polymers for Rs 31.42 crore, with the remaining stake due by March 2027.^[1]
The West Asia conflict that began in March 2026 shut Gulf styrene plants. CIF India styrene prices peaked at about USD 1,650/MT before easing to about USD 1,300/MT.^[2]
The EPS Phase 2 expansion to 143,000 TPA was completed; the Q4 FY26 call reported it commissioned in April 2026.^[5]

Market Cap

₹13,358 Cr

High / Low

₹899 / 461

Stock P/E

27.5

Price / Book

5.6

Book Value

₹126

EPS

₹17.5

No. of Shares

18.8 Cr

ROCE

19.0%

ROE

13.9%

OPM

8.7%

Debt / Equity

0.00

Sales

₹5,406 Cr

Net Profit

₹330 Cr

Promoter holding

64.2%

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