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Indo Rama Synthetics (India) Limited (INDORAMA)

₹93.41 -4.25% on 19 Oct, as of 12:25 IST · NSE

📊 NSE: INDORAMA 🏢 Textiles - Manmade 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

Indo Rama Synthetics (India) Limited reported Q2 FY27 results on 19 Oct 2026: revenue ₹1,341 Cr (+9.8% year on year, +43.1% on the previous quarter), and net profit ₹74.1 Cr (+201.8% year on year); the operating margin was 8.3%.

Q2 FY27 (₹ Cr)	Value	YoY vs Q2 FY26	QoQ
Revenue	₹1,341	+9.8%	+43.1%
Operating profit	₹112	+63.4%	+10.0%
Net profit	₹74.1	+201.8%	+16.2%
EPS (₹)	2.84	+202.1%	+16.4%
Operating margin	8.3%	—	—

Profit +150% above its own trend
Operating margin expanded 273 bps YoY

Quality of profit: of pre-tax profit of ₹73.9 Cr, ₹70.5 Cr (95%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +208.5% year on year.

Against its own trend: net profit of ₹74.1 Cr was +149.7% against the ₹29.7 Cr its recent growth pointed to (above trend). This is a statistical baseline, not an analyst estimate.

Share price since the results: -1.6% (close before the filing to the latest close).

Full quarterly financials → Margins & quality of profit → All Q2 FY27 results → Results calendar →

INDORAMA delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 27.94% of the INDORAMA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 34.46%. That is close to its usual level. It closed at a price band (circuit) on 2 sessions in about the last 20.

27.94%Delivery, 16 Oct

34.46%Own 20-session average

0.9×Volume vs its average

₹97.56NSE close · +3.17%

Delivery in the last 5 sessions: 40.7% · 49.0% · 47.3% · 49.7% · 27.9%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Indo Rama Q2 PAT Jumps 202% YoY to ₹74.1 Cr; Plans ₹200 Cr Specialty Capex

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 16 Oct 2026, 09:54 PM

Indo Rama Synthetics reported a strong performance for Q2 FY27, with consolidated total income rising 10.0% YoY to ₹1,344.0 crore and PAT surging 201.8% YoY to ₹74.1 crore (up from ₹24.6 crore in Q2 FY26). EBITDA expanded 46.4% YoY to ₹117.7 crore, with EBITDA margin improving by 220 bps to 8.8%. For H1 FY27, PAT reached ₹137.8 crore (up 78.3% YoY) despite revenue contracting 9.7% YoY due to Middle East supply chain disruptions. Management also announced plans to invest approximately ₹200 crore over the next 12–18 months into specialty fibre and filament products.

Q2 FY27 net profit surged 201.8% YoY to ₹74.1 crore vs ₹24.6 crore in Q2 FY26
Consolidated total income increased 10.0% YoY to ₹1,344.0 crore (up 43.0% QoQ)
EBITDA grew 46.4% YoY to ₹117.7 crore, expanding margins to 8.8% from 6.6% in Q2 FY26
Announced planned capex of approximately ₹200 crore over 12-18 months for specialty fibre and filament products
H1 FY27 PAT stood at ₹137.8 crore, an increase of 78.3% YoY

💡 Track the execution and commissioning timeline of the ₹200 crore specialty capex over the next 12-18 months, as well as the impact of Middle East supply chain volatility and crude oil prices on raw material costs.

Q2 PAT Jumps 202% YoY to ₹74.1 Cr; Plans ₹200 Cr Specialty Capex

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 16 Oct 2026, 07:20 PM

Indo Rama Synthetics reported a strong performance for Q2 FY27, with total income growing 10.0% YoY to ₹1,344.0 crore. Consolidated Profit After Tax (PAT) surged 201.8% YoY to ₹74.1 crore from ₹24.6 crore in Q2 FY26, driven by EBITDA margin expansion to 8.8% from 6.6%. For H1 FY27, PAT reached ₹137.8 crore (up 78.3% YoY) despite a 9.7% revenue decline caused by Middle East geopolitical supply chain issues. Additionally, the company announced plans to invest approximately ₹200 crore over the next 12–18 months in specialty fibre and filament products.

Q2 FY27 PAT increased by 201.8% YoY to ₹74.1 crore, with PAT margin rising to 5.5% from 2.0%
Total income rose 10.0% YoY and 43.0% QoQ to ₹1,344.0 crore
EBITDA grew 46.4% YoY to ₹117.7 crore, expanding margins by 220 bps to 8.8%
Announced ₹200 crore capex plan over 12–18 months to enter specialty fibre and filament products
H1 FY27 total income declined 9.7% YoY to ₹2,284.2 crore citing geopolitical supply disruptions

💡 Track margin sustainability against volatile crude oil prices and monitor the deployment and commissioning timeline of the ₹200 crore specialty fibre capex over the next 12–18 months.

Indo Rama Synthetics Approves ₹200 Cr Capex for Speciality Filament and Fibre

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 16 Oct 2026, 03:01 PM

Indo Rama Synthetics' Board has approved an expansion capex of approximately ₹200 crore for the company and its wholly owned material subsidiary, Indorama Ventures Yarns Private Limited (IVYPL). The investment will be deployed at the Butibori plant in Nagpur, Maharashtra, to expand speciality filament and speciality fibre production. The estimated commercial operation date is within the next 12 to 18 months, funded via a mix of term loans and internal accruals. The capex represents approximately 35.5% of the company's net worth (₹564 crore) and about 4.4% of TTM revenue (₹4,541 crore).

Board approved capex expansion of approx. INR 200 Crores across the company and wholly owned subsidiary IVYPL
Targeted towards speciality filament and speciality fibre production at the Butibori Plant in Nagpur, Maharashtra
Estimated commercial operation date (COD) scheduled within the next 12-18 months
Project will be funded via a combination of term loans and internal accruals

💡 Track the debt additions in upcoming quarterly balance sheets and monitor execution milestones toward the 12-18 month commercial operation timeline.

Q2 FY27 Net Profit Rises 139% YoY to ₹55.05 Cr; Standalone Revenue Up 7% to ₹1,248.33 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 16 Oct 2026, 02:55 PM

Indo Rama Synthetics reported standalone revenue from operations of ₹1,248.33 Cr for Q2 FY27 (ended September 30, 2026), marking a 7.0% increase YoY compared to ₹1,166.29 Cr in Q2 FY26. Standalone net profit for the quarter rose sharply by 138.9% YoY to ₹55.05 Cr from ₹23.04 Cr. Operating cash flow improved significantly on a consolidated basis, generating ₹328.46 Cr for H1 FY27 compared to ₹91.46 Cr in H1 FY26, driven by working capital efficiencies. The company deployed this cash to pare down borrowings, reducing current borrowings by ₹206.98 Cr in H1.

Standalone Q2 FY27 revenue grew 7.0% YoY to ₹1,248.33 Cr vs ₹1,166.29 Cr
Standalone Q2 FY27 net profit surged 138.9% YoY to ₹55.05 Cr from ₹23.04 Cr
Basic and diluted EPS for Q2 FY27 improved to ₹2.11 vs ₹0.88 in Q2 FY26
Consolidated H1 cash generated from operations grew to ₹328.46 Cr vs ₹91.46 Cr YoY
Net reduction in consolidated current borrowings stood at ₹206.98 Cr during H1 FY27

💡 Track whether margin expansion can be sustained amidst volatile crude/PTA input prices, and monitor continued debt reduction in the second half of FY27.

Indo Rama Clarifies on Price Movement; States No Undisclosed Material Information

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Sep 2026, 06:10 PM

Indo Rama Synthetics (India) Limited responded to a price movement clarification sought by the BSE on September 10, 2026. The company confirmed compliance with SEBI (LODR) Regulations, 2015, affirming that all material information has been promptly disclosed. Indo Rama stated that there is no pending undisclosed price-sensitive information or corporate action. The recent trading activity and price/volume movement are described as purely market-driven.

Clarification submitted to BSE on September 10, 2026, referencing query LISURV/ONL/PV/SJ/ 2026-2027/4241.
Company confirmed compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Management explicitly stated there are no undisclosed or impending price-sensitive corporate announcements.
Attributed recent volume and price behaviour strictly to prevailing market conditions.

💡 Investors should monitor official company disclosures and upcoming quarterly financial results rather than reacting to unverified market speculation.

Promoter Urmila Lohia Acquires 4,14,796 Equity Shares of Indo Rama Synthetics from Open Market

🟢 POSITIVE ⭐ 4/10

OTHER 📅 10 Sep 2026, 03:23 PM

Indo Rama Synthetics disclosed under SEBI PIT Regulations that promoter Urmila Lohia purchased 4,14,796 equity shares via open market transactions on September 9, 2026. Prior to the transaction, she held 5,42,09,930 equity shares (20.76%), which increased post-acquisition to 5,46,24,726 shares (20.91%). The acquisition represents approximately 0.16% of total equity share capital.

Promoter Urmila Lohia acquired 4,14,796 equity shares from the open market on 09-09-2026
Pre-transaction holding stood at 5,42,09,930 shares (20.76%)
Post-transaction holding increased to 5,46,24,726 shares (20.91%)
Total transaction value reported under Form C was approximately Rs 3,71,31,070

💡 Track subsequent shareholding pattern updates to assess broader promoter group buying trends and overall alignment.

Indo Rama Synthetics AGM: All 8 Resolutions Passed Including RPT with TPT Petrochemicals

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Sep 2026, 11:47 AM

Indo Rama Synthetics (India) Limited announced that all 8 resolutions presented at its 40th Annual General Meeting held on September 8, 2026, were passed with requisite majority. Key approvals included the re-appointment of Om Prakash Lohia as Chairman & Managing Director and an ordinary resolution approving material Related Party Transactions with raw material supplier TPT Petrochemicals Public Co. Limited, Thailand, approved by 99.9940% of votes polled. The meeting had a total voting turnout of 81.34% across 21.24 crore polled shares out of 26.11 crore total shares.

All 8 resolutions approved with requisite majority at the 40th AGM held on September 08, 2026
Material Related Party Transactions with TPT Petrochemicals Public Co. Limited passed with 99.9940% assent (1,73,66,357 votes in favour)
Re-appointment of Om Prakash Lohia as Chairman and Managing Director approved as a Special Resolution with 99.9999% votes in favour
Overall voter turnout stood at 81.3363% with 21,23,79,686 shares polled out of 26,11,13,151 total shares

💡 Track the upcoming Q2 FY27 operational and financial results to monitor raw material costs and margin trends in the polyester business.

Indo Rama Synthetics Concludes 40th AGM; Votes on Key RPTs and Board Reappointments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Sep 2026, 05:39 PM

Indo Rama Synthetics (India) Limited held its 40th Annual General Meeting on September 8, 2026, through video conferencing. Key agenda items put to vote included the adoption of FY26 financial statements and the re-appointment of Om Prakash Lohia as Chairman and Managing Director for three years. Shareholders also voted on material Related Party Transactions with TPT Petrochemicals Public Co. Limited, Thailand, which is critical for PTA raw material supplies. Voting results along with the scrutinizer report are slated to be disclosed within statutory timelines.

40th Annual General Meeting held on September 8, 2026, from 11:30 AM to 12:27 PM IST
Special resolution proposed to re-appoint Om Prakash Lohia as CMD for a period of 3 years
Ordinary resolution proposed to approve material Related Party Transactions with TPT Petrochemicals Public Co. Limited, Thailand
Remote e-voting was conducted from September 5, 2026 (9:00 AM IST) to September 7, 2026 (5:00 PM IST)

💡 Track the upcoming disclosure of voting results and Scrutinizer's Report to confirm approval of the material related-party transactions and director appointments.

Indo Rama Synthetics Announces Book Closure for 40th AGM from Sept 2 to Sept 8, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 08:08 PM

Indo Rama Synthetics (India) Limited has announced the closure of its Register of Members and Share Transfer Books from September 2, 2026, to September 8, 2026. This administrative action is taken to determine the list of shareholders eligible for the 40th Annual General Meeting (AGM). The AGM is scheduled to be held on Tuesday, September 8, 2026. This is a standard regulatory requirement and does not indicate any immediate financial change.

40th Annual General Meeting scheduled for September 8, 2026
Book closure period spans 7 days from September 2 to September 8, 2026
Company maintains a high promoter holding of 74.84% as of March 2026
TTM revenue stands at Rs 4,910 Cr with a PAT of Rs 150 Cr

💡 Investors should look out for the AGM notice and annual report to understand management's progress on the new sustainable polymer subsidiaries and debt reduction plans.

Indo Rama Synthetics sets Sept 1, 2026 as Record Date for 40th AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 08:02 PM

Indo Rama Synthetics (India) Limited has announced its 40th Annual General Meeting (AGM) will be held on September 8, 2026. The company has fixed September 1, 2026, as the cut-off date to determine shareholder eligibility for electronic voting. This is a standard procedural filing required by SEBI regulations for listed companies. The meeting will be conducted virtually via video conferencing at 11:30 AM IST.

40th Annual General Meeting scheduled for September 8, 2026
Cut-off date for e-voting eligibility fixed as September 1, 2026
Meeting to be conducted via Video Conferencing (VC) at 11:30 AM IST
Company reported TTM revenue of ₹4,910 Cr and PAT of ₹150 Cr for FY26

💡 Shareholders should review the AGM notice once circulated to understand proposed resolutions and management's commentary on the operationalization of new sustainable polymer subsidiaries.

Indo Rama Q1 PAT at ₹33.75 Cr; Revenue Declines 31% YoY

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 29 Jul 2026, 05:57 PM

Indo Rama Synthetics reported a standalone revenue of ₹817.51 Cr for Q1 FY27, a significant 31% decline compared to ₹1,184.54 Cr in Q1 FY26. Despite the revenue drop, Net Profit (PAT) remained stable at ₹33.75 Cr versus ₹32.31 Cr in the same quarter last year, primarily due to a sharp reduction in raw material costs which fell from ₹878.68 Cr to ₹588.21 Cr. The Board also approved the re-appointment of Mr. Om Prakash Lohia as Chairman and Managing Director for a three-year term starting December 2026.

Standalone Revenue from operations decreased by 31% YoY to ₹817.51 Cr.
Net Profit (PAT) for the quarter stood at ₹33.75 Cr, up 4.5% from ₹32.31 Cr in the previous year.
Cost of materials consumed dropped significantly to ₹588.21 Cr from ₹878.68 Cr YoY.
Finance costs increased to ₹25.79 Cr compared to ₹23.42 Cr in the year-ago period.
Promoter Om Prakash Lohia re-appointed as CMD for a 3-year term effective December 26, 2026.

💡 Investors should monitor the volume growth trends to understand if the revenue decline is due to lower sales volumes or falling realization prices linked to crude oil. Watch for updates on the operationalization of the new sustainable polymer subsidiaries which are key to long-term growth.

Indo Rama Q1 PAT at ‡33.75 Cr; Revenue Drops 31% YoY to ‡817.51 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 29 Jul 2026, 05:16 PM

Indo Rama Synthetics reported a standalone Net Profit of ‡33.75 Cr for Q1 FY27, a marginal 4.5% increase from ‡32.31 Cr in the same quarter last year. However, revenue from operations saw a sharp decline of 31% YoY, falling to ‡817.51 Cr from ‡1184.54 Cr. The company maintained profitability primarily through a 33% reduction in raw material costs, which fell to ‡588.21 Cr. The board also approved the re-appointment of Mr. Om Prakash Lohia as Chairman and MD for a three-year term starting December 2026.

Standalone Revenue from operations decreased 31% YoY to ‡817.51 Cr from ‡1184.54 Cr
Net Profit (PAT) stood at ‡33.75 Cr, up 4.5% compared to ‡32.31 Cr in Q1 FY26
Cost of materials consumed dropped significantly by 33% to ‡588.21 Cr
Finance costs increased to ‡25.79 Cr from ‡23.42 Cr in the year-ago period
Re-appointment of CMD Om Prakash Lohia for a 3-year term (Dec 2026 - Dec 2029) approved

💡 Investors should monitor the upcoming AGM on September 8, 2026, for management commentary on the 31% revenue contraction and the progress of new sustainable polymer subsidiaries.

Indo Rama Appoints 2 New Independent Directors and Reconstitutes Board Committees

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 27 Jul 2026, 09:57 PM

Indo Rama Synthetics has appointed Mrs. Ambika Sharma and Mr. Atim Kabra as Additional Directors in the Non-Executive Independent category for a five-year term effective July 27, 2026. Mrs. Sharma brings 37 years of experience in public affairs and international relations, having served as Director General at FICCI. Mr. Kabra has over 30 years of experience in financial markets and currently serves as an Executive Director at Astra Microwave Products. Consequently, the company has reconstituted its Audit, Nomination & Remuneration, and Stakeholders Relationship committees to include the new appointees.

Appointment of 2 Additional Directors for a consecutive first term of 5 years (July 2026 to July 2031)
Mrs. Ambika Sharma brings 37 years of experience in building international economic networks and policy advocacy
Mr. Atim Kabra brings over 30 years of exposure to global financial markets, equity research, and portfolio management
Reconstitution of the Audit Committee which now consists of 6 members, including 4 Independent Directors
Shareholder approval for these appointments will be sought at the ensuing Annual General Meeting

💡 Investors should monitor the upcoming Annual General Meeting for the formal ratification of these appointments by shareholders.

Indo Rama Synthetics Submits Quarterly Share Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jul 2026, 01:01 PM

Indo Rama Synthetics (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended June 30, 2026, all share certificates received for dematerialization were processed within the mandated 15-day period. This process includes the listing of securities on stock exchanges and the mutilation/cancellation of physical certificates. This is a standard administrative filing and does not impact the company's financial or operational status.

Compliance certificate issued for the quarter ended June 30, 2026
Confirmation that dematerialization requests were processed within 15 days of receipt
Registrar and Transfer Agent (RTA) identified as MCS Share Transfer Agent Limited
Physical certificates were mutilated and cancelled after due verification by the RTA

💡 No action is required as this is a routine regulatory filing concerning the administrative handling of share certificates.

Indo Rama Synthetics Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 05:19 PM

Indo Rama Synthetics (India) Limited has notified the exchanges that its trading window will be closed starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q1 financial results for the period ending June 30, 2026. The window will remain closed for designated persons and their relatives until 48 hours after the results are publicly announced. The specific date for the board meeting to approve these results is yet to be determined.

Trading window closure effective from Wednesday, July 1, 2026
Closure relates to the un-audited financial results for the first quarter ending June 30, 2026
Window to reopen 48 hours after the declaration of Q1 results
Restriction applies to all Designated Persons and their immediate relatives under the Company's Internal Code

💡 This is a standard regulatory procedure and does not impact the company's fundamentals. Investors should monitor for the future announcement of the board meeting date to review Q1 performance.

View All INDORAMA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated total income from operations for H1 FY26 reached INR 854.13 Cr, representing a 2.07% increase from INR 836.77 Cr in H1 FY25. Segment-specific revenue percentages were not disclosed in the available documents.

Profitability Margins

Standalone EPS for Q2 FY26 was INR 0.55, a 27.9% increase from INR 0.43 in Q2 FY25. H1 FY26 standalone EPS was INR 0.98, compared to INR 1.67 in H1 FY25, a decrease of 41.3% due to higher base effects in the previous year.

Capital Expenditure

Subsidiary BLS E-Services raised INR 309.29 Cr through a fresh issue of equity shares in February 2024. As of September 30, 2025, INR 13.84 Cr has been utilized for technology infrastructure and INR 0.05 Cr for organic growth initiatives.

Credit Rating & Borrowing

The company's credit rating is constrained by liquidity issues and volatility in crude oil prices, which impact debt servicing capabilities. Specific interest rate percentages were not disclosed.

⚙️ Operational Drivers

Raw Materials

Purified Terephthalic Acid (PTA) is the primary raw material, with a proposed procurement value of up to INR 800 Cr for FY 2025-26, representing approximately 10% of the company's consolidated turnover.

Import Sources

Thailand (sourced from TPT Petrochemicals Public Co. Limited).

Key Suppliers

TPT Petrochemicals Public Co. Limited, a group company of Indorama Ventures Public Company Limited.

Raw Material Costs

Raw material costs for polyester production are highly sensitive to crude oil price fluctuations. The company has proposed a material related party transaction of up to INR 800 Cr for PTA to ensure supply consistency.

📈 Strategic Growth

Growth Strategy

Growth is driven by the expansion of the BLS E-Services subsidiary (utilizing INR 309.29 Cr IPO proceeds for tech and BLS Stores) and the operationalization of two new wholly-owned subsidiaries: Indorama Sustainable Polymers and Indorama Sustainable Polyester Yarns, incorporated in December 2022.

Products & Services

Polyester chips, polyester yarns, Purified Terephthalic Acid (PTA), and E-Governance/Business Correspondent services through its subsidiary BLS E-Services.

Brand Portfolio

Indo Rama, BLS E-Services.

New Products/Services

Sustainable polymers and sustainable polyester yarns through newly incorporated subsidiaries currently preparing for operations.

Market Expansion

Expansion into the sustainable materials market and global footprint growth through the BLS E-Services subsidiary.

Market Share & Ranking

Indo Rama is one of the largest Indian polyester manufacturers with an established track record.

Strategic Alliances

Strategic partnership with Indorama Ventures Public Company Limited (Promoter Group) for raw material supply and technical support.

🌍 External Factors

Industry Trends

The industry is shifting toward sustainability and recycled materials. Indo Rama is positioning itself for this shift through its new sustainable polymer subsidiaries.

Competitive Landscape

Operates in a highly competitive global polyester market sensitive to commodity price cycles.

Competitive Moat

The company's moat is based on its massive scale of operations and the established track record of the Lohia family promoters, which provides competitive procurement and market access.

Macro Economic Sensitivity

High sensitivity to global crude oil prices and domestic economic conditions affecting the textile and polyester sectors.

Consumer Behavior

Increasing consumer demand for sustainable and eco-friendly textile products.

Geopolitical Risks

Exposure to trade and supply chain risks between India and Thailand due to heavy reliance on PTA imports from TPT Petrochemicals.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with pollution control norms and manufacturing standards for polyester production as per the Companies Act 2013 and SEBI LODR.

⚠️ Risk Analysis

Key Uncertainties

Crude oil price volatility (high impact on margins), liquidity constraints (medium impact on debt servicing), and the successful launch of new sustainable subsidiaries.