Indo Rama Synthetics (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2016 • Polyester Division: 98.7% • Power Division: 1.3%
AI Sector View
AI GENERATEDTextiles
This sector relies on indirect export proxies rather than direct textile production data. Exports of goods rose 15.0% YoY (2026-06), the currency is weak at 95.23 (Sep/26), and export prices are 163.50, all of which can help exporters, though terms of trade at 102.30 are below the prior 114 in the snapshot context. FPI flows are modestly positive at INR 256 crore over 3 months to 2026-08-31, so the stance is mildly constructive but confidence is capped due to proxy reliance.
PROS
- Company has delivered good sales growth of 17.4% CAGR over last 5 years
- Company generates healthy free cash flow
- Company converts assets efficiently - asset turnover of 1.9x
CONS
- Company has a high debt-to-equity of 1.67x
- Recent results are weak - TTM profit is down 32.5% versus prior year
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -18.75x)
- A large part of profit comes from other income (37.8% of PBT)
- Company has a low return on equity of -0.6% over last 3 years
- Company has a low return on capital employed of 8.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GANECOS | 1040.85 | 49.37 | 2789.06 | 0.34 | 29.04 | 169.99 | 423.67 | 25.67 | 5.42 | 14.09 |
| INDORAMA | 74.95 | 12.14 | 1957.04 | 0.00 | 63.74 | 20.83 | 936.64 | -28.27 | 17.84 | 10.84 |
| SUNRAKSHAK | 374.15 | 26.67 | 1160.12 | 0.00 | 15.04 | 130.71 | 276.33 | 120.64 | 22.15 | 8.18 |
| SARLAPOLY | 101.30 | 415.57 | 805.37 | 1.97 | 37.28 | 66.90 | 113.26 | 10.62 | -0.93 | 24.27 |
| BANSWRAS | 114.30 | 10.52 | 391.27 | 0.87 | 4.61 | 436.89 | 315.83 | 3.22 | 8.15 | 7.31 |
| PARASPETRO | 2.15 | 0.00 | 71.86 | 0.00 | 0.13 | -33.50 | 0.00 | — | 0.46 | — |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 815 | 1,196 | 832 | 864 | 869 | 904 | 1,070 | 1,114 | 1,185 | 1,166 | 1,071 | 1,097 | 818 | |
| 839 | 1,159 | 879 | 842 | 844 | 906 | 1,011 | 1,042 | 1,124 | 1,109 | 1,027 | 1,024 | 791 | |
| Operating Profit | -25 | 37 | -47 | 22 | 25 | -2 | 60 | 72 | 61 | 58 | 44 | 72 | 27 |
| OPM % | -3.01% | 3.08% | -5.64% | 2.59% | 2.86% | -0.24% | 5.58% | 6.42% | 5.11% | 4.95% | 4.10% | 6.60% | 3.29% |
| 2 | 1 | 6 | 2 | 2 | 4 | 4 | 23 | 5 | 4 | 8 | 8 | 7 | |
| Interest | 22 | 25 | 29 | 31 | 30 | 31 | 32 | 35 | 23 | 29 | 32 | 27 | 26 |
| Depreciation | 8 | 8 | 9 | 9 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 9 | 10 |
| Profit before Tax | -52 | 5 | -79 | -16 | -12 | -38 | 21 | 50 | 32 | 23 | 11 | 44 | 34 |
| Tax % | -0.00% | 0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Profit | -52 | 5 | -79 | -16 | -12 | -38 | 21 | 50 | 32 | 23 | 11 | 44 | 34 |
| -1.99 | 0.19 | -3.02 | -0.60 | -0.47 | -1.47 | 0.81 | 1.90 | 1.24 | 0.88 | 0.42 | 1.68 | 1.29 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,468 | 2,256 | 1,695 | 2,108 | 2,023 | 3,901 | 3,906 | 3,707 | 3,957 | 4,519 | 4,152 | |
| 2,548 | 2,230 | 1,794 | 2,141 | 1,941 | 3,614 | 3,874 | 3,726 | 3,812 | 4,298 | 3,951 | |
| Operating Profit | -80 | 25 | -100 | -33 | 82 | 287 | 32 | -20 | 145 | 221 | 201 |
| OPM % | -3.26% | 1.12% | -5.87% | -1.59% | 4.05% | 7.35% | 0.83% | -0.53% | 3.67% | 4.88% | 4.84% |
| 113 | 28 | -108 | 32 | 20 | 24 | 38 | 19 | 42 | 39 | 27 | |
| Interest | 91 | 94 | 131 | 92 | 66 | 62 | 59 | 107 | 128 | 111 | 114 |
| Depreciation | 79 | 83 | 83 | 86 | 34 | 31 | 31 | 34 | 39 | 38 | 38 |
| Profit before Tax | -138 | -125 | -422 | -180 | 3 | 218 | -19 | -142 | 20 | 110 | 111 |
| Tax % | 39.11% | 33.77% | 35.72% | -75.61% | -4031.14% | -22.96% | -0.00% | -0.00% | 0.00% | 0.00% | 0.00% |
| Net Profit | -84 | -83 | -271 | -316 | 113 | 268 | -19 | -142 | 20 | 110 | 111 |
| EPS | -5.53 | -5.45 | -17.01 | -12.13 | 4.32 | 10.27 | -0.74 | -5.43 | 0.77 | 4.21 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 17%
- 3 Years:
- 5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 12%
- 5 Years:
- 0%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 10%
- 5 Years:
- 9%
- 3 Years:
- 18%
- 1 Year:
- 65%
RETURN ON EQUITY
- 10 Years:
- -16%
- 5 Years:
- 10%
- 3 Years:
- -1%
- Last Year:
- 22%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 152 | 152 | 178 | 261 | 261 | 261 | 261 | 261 | 261 | 261 |
| 350 | 268 | 63 | -39 | 72 | 338 | 316 | 173 | 192 | 303 | |
| 307 | 366 | 574 | 488 | 394 | 325 | 686 | 797 | 672 | 906 | |
| Trade Payables | 704 | 624 | 579 | 552 | 854 | 1,000 | 1,088 | 988 | 1,231 | 1,381 |
| 147 | 98 | 57 | 217 | -47 | -90 | -86 | 137 | 91 | -98 | |
| Total Liabilities | 1,660 | 1,508 | 1,451 | 1,480 | 1,534 | 1,835 | 2,266 | 2,356 | 2,447 | 2,752 |
| 898 | 840 | 759 | 703 | 688 | 697 | 782 | 876 | 898 | 874 | |
| Capital Work in Progress | 11 | 3 | 2 | 7 | 9 | 32 | 110 | 70 | 31 | 37 |
| 1 | 1 | 0 | 1 | 3 | 6 | 16 | 16 | 16 | 16 | |
| 195 | 116 | 184 | 251 | 387 | 525 | 638 | 512 | 517 | 597 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 291 | 310 | 380 | |
| Cash & Bank | 70 | 83 | 59 | 22 | 8 | 9 | 59 | 19 | 25 | 12 |
| 485 | 466 | 446 | 496 | 439 | 565 | 661 | 572 | 650 | 837 | |
| Total Assets | 1,660 | 1,508 | 1,451 | 1,480 | 1,534 | 1,835 | 2,266 | 2,356 | 2,447 | 2,752 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 39 | 28 | -212 | -119 | 166 | 195 | -62 | -165 | 336 | 46 | |
| Cash from Investing | 53 | -6 | 17 | 39 | -17 | -49 | -188 | -110 | -52 | -25 |
| Cash from Financing | -93 | -14 | 185 | 87 | -174 | -149 | 305 | 236 | -278 | -30 |
| -1 | 8 | -9 | 8 | -10 | -0 | 51 | -39 | 6 | -9 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Indo Rama Synthetics (India) Limited has informed the Exchange regarding Proceedings of 40th Annual General Meeting held on September 08, 2026 at 11.30 a.m.
2026-08-18 - Indo Rama Synthetics (India) Limited has informed the Exchange about Copy of Newspaper Publication in respect of dispatch of Notice of 40th AGM along with Annual Report 2025-26.
2026-08-12 - Indo Rama Synthetics (India) Limited has informed the Exchange about Copy of Newspaper Publication in respect of holding 40th AGM of the Company through VC/OAVM.
2026-08-11 - Indo Rama Synthetics (India) Limited has informed the Exchange about Book Closure for the purpose of Annual General Meeting
2026-08-11 - Indo Rama Synthetics (India) Limited has informed the Exchange that Record date for the purpose of Annual General Meeting is 01-Sep-2026.
2026-07-30 - Indo Rama Synthetics (India) Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-29 - Indo Rama Synthetics (India) Limited has informed the Exchange regarding Outcome of Board Meeting held on July 29, 2026.
2026-07-29 - Indo Rama Synthetics (India) Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-27 - Appointment of Additional Directors in the category of Non-executive Independent Directors and re-constitution of various Committees of the Board.
News
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