Supreme Industries fell 4% to 3,851 rupees, hitting its lowest level since May 23 and heading for a seventh straight session of declines. The drop follows disappointing quarterly earnings.

The piping products manufacturer reported a 20% year-on-year decline in Q2 profit after tax, though revenue from operations grew 5% over the same period.

Brokerages reacted with mixed views:

• Antique Stock Broking maintained its “buy” rating but cut its price target to 4,270 rupees from 4,480 rupees. The firm said the agricultural piping business was disrupted by the early monsoon. It also trimmed its earnings outlook due to lower margins and higher depreciation tied to the company’s Wavin acquisition.

• Ambit Insights kept a “sell” rating, noting that Supreme Industries has struggled to expand beyond plastic pipes. It also reduced earnings estimates, citing the company’s current focus on volume rather than profitability. However, Ambit increased its price target slightly to 3,308 rupees from 3,265 rupees due to expected long-term market share gains.

Overall, the stock holds an average “buy” rating, with a median price target of 4,350 rupees, according to LSEG data.