Indo Rama Synthetics (India) Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,938 Cr
- P/E
- 9.07
- ROE
- 34.45%
- PEG
- 0.08
- Price to sales
- 0.42
- Debt to equity
- 1.31
- 52W high / low
- ₹107 / ₹30.1
- Sales growth (5Y)
- 19.17%
- EBITDA margin
- 7.85%
- Net profit margin
- 3.11%
- Promoter holding
- 75.00%
- Sales (last year)
- ₹4,661 Cr
Guidance scorecard · Q2 FY27 call
What Indo Rama Synthetics (India)'s management guided
RevenueQ2 FY27 call
10–20%- Expect around 15% growth in top line (revenue) based on current capex and market conditions.
- Volume growth anticipated due to improved domestic PTA availability and export opportunities via India-EU and India-US FTAs.
- Current capacity utilization improving, with plans to ramp up PET chip production from 60% to higher levels, supporting volume growth.
- No major new polyester capacity in pipeline until at least 2030; expansion timelines for new greenfield plants are 3-4 years.
2 more points from Indo Rama Synthetics (India)'s call on revenue
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MarginsQ2 FY27 call
FlatSee what Indo Rama Synthetics (India) said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Indo Rama Synthetics has approved a specialty expansion capex of approximately INR 200 crores focused on specialty filament and specialty fiber production at Butibori, expected to be operational within Calendar Year 2027.
- This is a fresh investment, separate from previous capex, funded through term loans and internal accruals.
- The project is expected to deliver around 15% top-line growth and 20% EBITDA growth, with a payback period of less than 2 years, subject to execution and market conditions.
- No major new greenfield polyester capacity is in the pipeline until at least 2030 due to current margin and regulatory challenges.
2 more points from Indo Rama Synthetics (India)'s call on capex
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FundraisingQ2 FY27 call
See what Indo Rama Synthetics (India) said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Ask what Indo Rama Synthetics (India) said on the order book →
Full Q2 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
This quarter's potential multibaggers
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Financials of Indo Rama Synthetics (India)
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Indo Rama Synthetics (India)
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 74.85% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 75.00% |
| FIIs + | 0.16% | 0.03% | 0.00% | 0.01% | 0.00% | 0.01% | 0.50% | 0.37% | 0.21% | 0.24% | 0.13% | 0.11% |
| DIIs + | 3.07% | 2.89% | 2.89% | 2.57% | 2.56% | 2.56% | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% | 0.80% |
| Public + | 21.92% | 22.24% | 22.27% | 22.56% | 22.59% | 22.58% | 23.73% | 23.86% | 24.03% | 24.00% | 24.12% | 24.09% |
| No. of Shareholders | 25,878 | 28,572 | 28,279 | 29,840 | 30,271 | 29,697 | 28,721 | 26,651 | 26,947 | 26,677 | 26,804 | 31,064 |
Financials of Indo Rama Synthetics (India)
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,259 | 940 | 904 | 944 | 951 | 1,166 | 1,198 | 1,306 | 1,221 | 1,182 | 1,202 | 937 | 1,341 |
| Expenses + | 1,228 | 997 | 895 | 915 | 948 | 1,102 | 1,116 | 1,215 | 1,152 | 1,132 | 1,099 | 835 | 1,229 |
| Operating Profit | 31 | -56 | 10 | 29 | 3 | 63 | 82 | 91 | 68 | 50 | 102 | 102 | 112 |
| OPM % | 2.5% | -6% | 1.1% | 3.1% | 0.3% | 5% | 7% | 7% | 6% | 4.3% | 9% | 11% | 8% |
| Other Income + | 1 | 4 | 1 | 1 | 3 | 2 | 23 | 3 | 2 | 6 | 5 | 4 | 3 |
| Interest | 31 | 37 | 41 | 38 | 38 | 40 | 42 | 29 | 34 | 36 | 32 | 29 | 29 |
| Depreciation | 10 | 10 | 11 | 12 | 12 | 13 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| Profit before tax | -9 | -99 | -40 | -19 | -44 | 14 | 51 | 53 | 25 | 9 | 64 | 64 | 74 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0% |
| Net Profit + | -9 | -99 | -40 | -19 | -44 | 14 | 51 | 53 | 25 | 9 | 64 | 64 | 74 |
| EPS in Rs | -0.34 | -3.79 | -1.55 | -0.73 | -1.69 | 0.52 | 1.96 | 2.02 | 0.94 | 0.34 | 2.46 | 2.44 | 2.84 |
Financials of Indo Rama Synthetics (India)
Profit & Loss
Annual income statement trend
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,908 | 2,656 | 2,758 | 2,525 | 2,459 | 2,106 | 2,043 | 4,038 | 4,085 | 3,873 | 4,259 | 4,910 | 4,661 |
| Expenses + | 2,867 | 2,629 | 2,635 | 2,464 | 2,479 | 2,128 | 1,950 | 3,734 | 4,041 | 3,910 | 4,080 | 4,598 | 4,295 |
| Operating Profit | 41 | 27 | 122 | 61 | -20 | -22 | 93 | 304 | 44 | -37 | 179 | 312 | 366 |
| OPM % | 1.4% | 1.0% | 4.4% | 2.4% | -0.8% | -1.1% | 4.6% | 8% | 1.1% | -0.9% | 4.2% | 6% | 8% |
| Other Income + | 202 | 136 | 5 | -24 | 55 | 20 | 10 | 9 | 22 | 4 | 28 | 16 | 19 |
| Interest | 45 | 50 | 43 | 54 | 91 | 92 | 66 | 62 | 60 | 132 | 157 | 130 | 126 |
| Depreciation | 158 | 143 | 117 | 78 | 79 | 86 | 34 | 31 | 31 | 39 | 48 | 48 | 48 |
| Profit before tax | 40 | -31 | -33 | -94 | -135 | -180 | 3 | 219 | -25 | -203 | 1 | 150 | 211 |
| Tax % | -1% | -56% | -38% | -140% | -40% | 75% | -3,245% | -23% | -1% | 0% | 0% | 0% | |
| Net Profit + | 40 | -14 | -21 | 38 | -81 | -317 | 113 | 269 | -25 | -203 | 1 | 150 | 211 |
| EPS in Rs | 2.65 | -0.89 | -1.36 | 2.48 | -5.36 | -12.12 | 4.34 | 10.30 | -0.94 | -7.79 | 0.05 | 5.75 | 8.08 |
| Dividend Payout % | 38% | -112% | -73% | 40% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Indo Rama Synthetics (India)
Balance Sheet
Capital structure and asset base
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 152 | 152 | 152 | 152 | 152 | 261 | 261 | 261 | 261 | 261 | 261 | 261 | 261 |
| Reserves | 476 | 436 | 397 | 450 | 350 | -39 | 72 | 339 | 312 | 107 | 107 | 258 | 396 |
| Borrowings + | 713 | 658 | 517 | 321 | 307 | 471 | 395 | 354 | 890 | 1,339 | 1,136 | 1,140 | 861 |
| Other Liabilities + | 846 | 823 | 820 | 1,006 | 799 | 790 | 983 | 1,152 | 1,250 | 1,199 | 1,431 | 1,585 | 1,614 |
| Total Liabilities | 2,187 | 2,069 | 1,886 | 1,929 | 1,608 | 1,483 | 1,711 | 2,105 | 2,713 | 2,907 | 2,936 | 3,244 | 3,132 |
| Fixed Assets + | 1,176 | 1,270 | 1,134 | 935 | 898 | 703 | 691 | 702 | 783 | 1,217 | 1,264 | 1,232 | 1,221 |
| CWIP | 206 | 3 | 6 | 16 | 11 | 7 | 9 | 35 | 324 | 105 | 36 | 42 | 38 |
| Investments | 10 | 4 | 16 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 795 | 791 | 730 | 977 | 698 | 773 | 1,012 | 1,368 | 1,605 | 1,584 | 1,636 | 1,970 | 1,873 |
| Total Assets | 2,187 | 2,069 | 1,886 | 1,929 | 1,608 | 1,483 | 1,711 | 2,105 | 2,713 | 2,907 | 2,936 | 3,244 | 3,132 |
Financials of Indo Rama Synthetics (India)
Cash Flows
Operating, investing and financing cash movement
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -28 | -89 | 221 | 127 | 39 | -119 | 182 | 200 | -81 | -97 | 391 | 134 |
| Cash from Investing Activity + | -34 | 207 | -3 | -33 | 53 | 40 | -18 | -75 | -348 | -258 | -36 | -14 |
| Cash from Financing Activity + | 65 | -115 | -208 | -111 | -93 | 87 | -174 | -123 | 479 | 322 | -354 | -127 |
| Net Cash Flow | 3 | 3 | 10 | -17 | -1 | 8 | -9 | 2 | 50 | -32 | 1 | -7 |
| Free Cash Flow | -299 | -124 | 219 | 84 | -38 | -130 | 156 | 120 | -441 | -357 | 352 | 111 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -53% | -325% | 181% | 210% | -201% | 540% | 179% | 65% | -176% | 258% | 219% | 43% |
Financials of Indo Rama Synthetics (India)
Ratios
Working capital efficiency and return ratios
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 11 | 16 | 16 | 29 | 20 | 16 | 19 | 17 | 14 | 16 | 14 | 18 |
| Inventory Days | 46 | 48 | 46 | 48 | 36 | 57 | 102 | 67 | 73 | 67 | 65 | 65 |
| Days Payable | 80 | 87 | 92 | 136 | 132 | 126 | 221 | 126 | 125 | 120 | 142 | 141 |
| Cash Conversion Cycle | -24 | -23 | -30 | -60 | -76 | -53 | -100 | -43 | -38 | -38 | -63 | -58 |
| Working Capital Days | -50 | -42 | -43 | -50 | -69 | -52 | -62 | -22 | -25 | -81 | -73 | -42 |
| ROCE % | -8% | 1% | -1% | -8% | 11% | 33% | 3% | -4% | 10% | 18% |
Momentum score · price trend
41 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +7.8% | 66% |
| Last 6 months | +94.7% | 96% |
| Last 3 months | +16.8% | 87% |
The price is 30.4% below its all-time high of ₹106.55 (21 Sept 2026). Stocks more than 20% below their peak have their score halved, so 82 became 41.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Indo Rama Synthetics (India): 0.4 × 66 + 0.4 × 96 + 0.2 × 87 = 82, halved to 41 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.