Plastic Products - Industrial industry

75 companies · ₹1.5 L cr · 16 with AI deep dives · Q1FY27 report

April PVC destocking wipes pipe volumes; mix-driven margins hold and MIP floor keeps H2 guidance intact

Turning upmargin troughed at 12.4% and has risen for 6 quarters to 14.8%, on positive revenue growth

Revenue YoY: +11.8%
EBITDA margin: 14.8%; +210bps YoY
Price, 1 year: -12.0%; 43% of names up
P/E vs own 5y: +2.3%; 25.4x now

Exhibit 1The quarter in numbers

constant panel of 13 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	9,947 cr	11,721 cr	-15.1%	8,896 cr	+11.8%	11,721 cr	-15.1%
EBITDA margin	14.8%	17.5%	-270bps	12.7%	+210bps	17.5%	-270bps

Revenue

Jun 26: 9,947 cr
Mar 26: 11,721 cr
QoQ: -15.1%
Jun 25: 8,896 cr
YoY: +11.8%
Peak: 11,721 cr
vs peak: -15.1%

EBITDA margin

Jun 26: 14.8%
Mar 26: 17.5%
QoQ: -270bps
Jun 25: 12.7%

Sept 26: 2 of 14 reported so far, so it is not in the trend above.

Breadth: 93% of 14 companies grew revenue year on year (was 92% a quarter earlier) and 71% expanded margin (was 77%).

Exhibit 2What it costs

15.64x - 39.88x across the panel today

The median name trades at 25.4x, +2.3% against this industry's own 5-year median of 24.8x, and -21.5% against its own peak of 32.3x.

Exhibit 3Structure

₹1.5 L cr

Supreme Industries Ltd is 29.2% of this industry by market cap. The top 5 are 79.2% and the top 10 are 94.5%.

mid 4small 6micro 6514 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 25.36x, 5y ROCE above its median of 10.52%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 75)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Supreme Industries Ltd	₹41,347 cr	40.0x	25.9x	21.2%	13.9%	+40.4%	Unlock
Astral Ltd	₹36,178 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindPVC price crash triggers synchronised channel destocking across pipe segment5 managements

A sudden drop in PVC resin prices in April 2026 - attributed to Middle East petrochemical disruption and a temporary import-duty suspension - caused distributors to liquidate…

FINPIPE (Q1 FY27): “prices saw a sharp intra-quarter correction, which triggered a channel destocking and…”

tailwind3 managements tailwind4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 50 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Cdg Petchem Ltd	₹175 cr	17.5x	10.8x	28.8%	22.4%	-	Unlock