INDORAMA

Indo Rama Synthetics (India) Limited

Polyester fibre and yarn manufacturer with integrated manufacturing complex

Consumer Discretionary›Textiles›Textiles & Apparels›Other Textile Products

indoramaindia.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹97.56
Market cap
2,547 Cr
Stock P/E
12.1
P/B
3.88
Dividend yield
0.1%
ROE (FY26)
28.9%
ROCE (FY26)
17.0%
Operating margin (FY26)
5.4%
Debt / equity (FY26)
2.18
OCF / EBITDA (FY26)
4.1%
OCF / EBITDA (3Y)
6.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Indo Rama Synthetics makes polyester products, including staple fibre, filament yarns, textile-grade chips and PET resin, at an integrated manufacturing complex near Nagpur in Maharashtra.

Company snapshot

17thBy market cap

Ranked among 100 companies in Other Textile Products.

What we see

Positives
  • ✓Return on equity of 28.9% — the company generates strong returns on shareholders' money.
Concerns
  • ✗Only 6% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales940 Cr904 Cr944 Cr951 Cr1,166 Cr1,198 Cr1,306 Cr1,221 Cr1,182 Cr1,202 Cr937 Cr1,341 Cr
Operating expenses (approx.)997 Cr895 Cr915 Cr948 Cr1,102 Cr1,116 Cr1,215 Cr1,152 Cr1,132 Cr1,099 Cr835 Cr1,229 Cr
EBITDA-56 Cr10 Cr29 Cr3 Cr63 Cr82 Cr91 Cr68 Cr50 Cr102 Cr102 Cr112 Cr
OPM %-6.0%1.1%3.1%0.3%5.4%6.9%7.0%5.6%4.3%8.5%10.8%8.3%
Other income4 Cr1 Cr1 Cr3 Cr2 Cr23 Cr3 Cr2 Cr9 Cr5 Cr4 Cr3 Cr
Interest37 Cr41 Cr38 Cr38 Cr40 Cr42 Cr29 Cr34 Cr36 Cr32 Cr29 Cr29 Cr
Depreciation10 Cr11 Cr12 Cr12 Cr13 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr
Profit before tax-99 Cr-40 Cr-19 Cr-44 Cr14 Cr51 Cr53 Cr25 Cr9 Cr64 Cr64 Cr74 Cr
Tax %0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%-0.3%
Net profit-99 Cr-40 Cr-19 Cr-44 Cr14 Cr51 Cr53 Cr25 Cr9 Cr64 Cr64 Cr74 Cr
EPS (₹)₹-3.79₹-1.55₹-0.73₹-1.69₹0.53₹1.96₹2.02₹0.94₹0.34₹2.46₹2.44₹2.84

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,122 Cr2,043 Cr4,038 Cr4,085 Cr3,873 Cr4,259 Cr4,910 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,130 Cr1,949 Cr3,732 Cr4,043 Cr3,913 Cr4,081 Cr4,598 CrSign in free for the trailing twelve months
EBITDA-8 Cr94 Cr306 Cr42 Cr-39 Cr178 Cr312 CrSign in free for the trailing twelve months
OPM %-0.4%4.6%7.6%1.0%-1.0%4.2%6.4%Sign in free for the trailing twelve months
Other income6 Cr21 Cr6 Cr24 Cr7 Cr29 Cr19 CrSign in free for the trailing twelve months
Interest92 Cr66 Cr62 Cr60 Cr132 Cr157 Cr130 CrSign in free for the trailing twelve months
Depreciation86 Cr34 Cr31 Cr31 Cr39 Cr48 Cr48 CrSign in free for the trailing twelve months
Profit before tax-180 Cr3 Cr219 Cr-25 Cr-203 Cr1 Cr150 CrSign in free for the trailing twelve months
Tax %-75.4%-3244.5%-22.6%0.6%0.0%0.0%0.0%Sign in free for the trailing twelve months
Net profit-317 Cr113 Cr269 Cr-25 Cr-203 Cr1 Cr150 CrSign in free for the trailing twelve months
EPS (₹)₹-12.14₹4.34₹10.30₹-0.94₹-7.79₹0.05₹5.75Sign in free for the trailing twelve months
Dividend payout %—0.1%0.0%——311.4%2.1%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital261 Cr261 Cr261 Cr261 Cr261 Cr261 Cr261 Cr
Reserves-39 Cr72 Cr339 Cr312 Cr107 Cr107 Cr258 Cr
Borrowings399 Cr304 Cr322 Cr866 Cr1,317 Cr1,126 Cr1,132 Cr
Other liabilities862 Cr1,074 Cr1,184 Cr1,274 Cr1,222 Cr1,442 Cr1,593 Cr
Total liabilities1,483 Cr1,711 Cr2,105 Cr2,713 Cr2,907 Cr2,936 Cr3,244 Cr
Fixed assets (net)703 Cr691 Cr673 Cr761 Cr1,197 Cr1,254 Cr1,225 Cr
CWIP7 Cr9 Cr35 Cr346 Cr125 Cr36 Cr42 Cr
Investments0.06 Cr0.07 Cr0.05 Cr0 Cr0 Cr9 Cr0 Cr
Loans & advances5 Cr0 Cr1 Cr1 Cr0.89 Cr0.96 Cr1 Cr
Inventories251 Cr403 Cr543 Cr644 Cr591 Cr594 Cr667 Cr
Trade receivables91 Cr105 Cr183 Cr162 Cr165 Cr166 Cr243 Cr
Cash & bank13 Cr4 Cr6 Cr56 Cr24 Cr24 Cr17 Cr
Other assets413 Cr500 Cr664 Cr743 Cr805 Cr850 Cr1,049 Cr
Total assets1,483 Cr1,711 Cr2,105 Cr2,713 Cr2,907 Cr2,936 Cr3,244 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-119 Cr182 Cr200 Cr-81 Cr-219 Cr234 Cr13 Cr
Cash from investing40 Cr-17 Cr-75 Cr-348 Cr-260 Cr-39 Cr-23 Cr
Cash from financing87 Cr-174 Cr-123 Cr479 Cr447 Cr-195 Cr3 Cr
Net cash flow8 Cr-9 Cr2 Cr50 Cr-32 Cr0.55 Cr-7 Cr
Free cash flow (OCF − Capex)-130 Cr156 Cr120 Cr-446 Cr-479 Cr196 Cr-11 Cr

Ratios

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %-14.2%10.9%30.5%2.4%-4.3%10.6%17.0%
ROE %-142.6%34.0%44.8%-4.3%-55.3%0.4%28.9%
Debtor days16191614161418
Inventory days561036977766769
Days payable124222130133135148149
Cash conversion cycle-52-100-45-41-44-67-63
OCF / EBITDA %—194.0%65.4%n.m.—131.8%4.1%
OCF / EBITDA % (3 years)——67.2%68.2%n.m.n.m.6.3%
Debt / equity1.800.910.541.513.583.062.18
Current ratio0.690.700.820.850.610.620.75
Net debt / EBITDA—3.201.0319.38—6.203.57