NSE: INDORAMA · BSE: 500207
INDO RAMA SYNTHETICS LTD
Operates in the textile sector under the Other Textile Products classification, producing synthetic textiles. FY26 consolidated total income stood at ₹4,910.06 crore with net profit of ₹150.21 crore and EBITDA margin of 6.69%. The cost structure is dominated by raw materials at 72% of revenue, consistent with an input-cost-heavy manufacturing model, while employee cost is 2.6% and other operating expenses are 14.4% of revenue. Two wholly-owned subsidiaries, Indorama Sustainable Polymers and Indorama Sustainable Polyester Yarns, are yet to commence operations. In Q1 FY27, consolidated revenue fell 28% year-on-year to ₹940.20 crore on West Asia geopolitical issues hitting volumes, although EBITDA margin expanded to 11.49% from 7.66% and profit after tax grew to ₹63.74 crore. The promoter group, led by Indorama Netherlands B.V. at 38.56%, holds 74.84% of share capital. The Board did not declare any dividend for FY25-26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Synthetic textile products. Materials-intensive, cyclical synthetic textiles manufacturer; capex spend at 0.5% of revenue in FY26.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,038 | 4,085 | 3,873 | 4,259 | 4,910 |
| EBITDA (ex other income) | 306 | 42 | (40) | 178 | 309 |
| margin % | 7.6 | 1.0 | (1.0) | 4.2 | 6.3 |
| Owners' profit | 269 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 10.30 | (0.94) | (7.79) | 0.05 | 5.75 |
| ROE % · ROCE % | 44.8 · 33.6 | (4.3) · 2.9 | (55.3) · (9.0) | 0.4 · 20.3 | 28.9 · 27.5 |
| Debt / equity (x) | 0.54 | 1.51 | 3.58 | 3.06 | 2.18 |
| Cash from operations | 200 | (81) | (219) | 234 | 13 |
| Capex | (80) | (365) | (260) | (39) | (24) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 951 | 1,166 | 1,198 | 1,306 | 1,221 | 1,182 | 1,202 | 937 |
| Profit before tax | (44) | 14 | 51 | 53 | 25 | 9 | 64 | 64 |
| Net profit | (44) | 14 | 51 | 53 | 25 | 9 | 64 | 64 |
| EPS (₹) | (1.69) | 0.53 | 1.96 | 2.02 | 0.94 | 0.34 | 2.46 | 2.44 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.1 | 16.8 | 69 of 179 | 61% |
| P/B | 3.8 | 1.1 | 161 of 185 | 13% |
| ROCE | 14.7 | 4.3 | 27 of 215 | 88% |
| ROE | 28.9 | 4.7 | 6 of 188 | 97% |
| Debt / Equity | 2.2 | 0.4 | 176 of 188 | 6% |
| EBITDA margin | 11.2 | 9.8 | 88 of 198 | 56% |
| Revenue growth | (28.3) | 6.9 | 168 of 192 | 13% |
| Profit growth | 20.8 | 20.0 | 101 of 203 | 51% |
| Market cap | 1956 | 61 | 18 of 223 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 FY27 earnings call audio recording now available | investor communications | low | — | — |
| 23 Oct 2026 · Q2 profit jumps 202%; Rs 200 crore specialty fibre expansion planned | investor communications | medium | — | — |
| 21 Oct 2026 · Indo Rama Synthetics schedules Q2 and H1 FY27 earnings call on 26 Oct 2026 | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Newspaper publication of Q2 and H1 FY27 financial results | compliance | minimal | — | — |
| 16 Oct 2026 · Q2FY27: PAT up 202% YoY, EBITDA Margin Expands to 8.8% | compliance | low | — | — |
| 16 Oct 2026 · Indo Rama Synthetics Q2 FY27: PAT up 202% YoY, revenue up 10% | compliance | low | — | — |
| 16 Oct 2026 · Board approves INR 200 Cr capex for speciality fibres at Butibori Plant | capex operations | high | — | — |
| 16 Oct 2026 · Q2 FY27 results: PAT surges but H1 revenue dips YoY | results | high | — | — |
| 9 Oct 2026 · Board meeting on 16 Oct 2026 to approve Q2 FY27 results | results | low | — | — |
| 5 Oct 2026 · Routine compliance filing - Regulation 74(5) certificate for Q2 FY2027 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.