Indo Rama Synthetics (India) Limited (INDORAMA)

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Indo Rama Synthetics (India) Limited (INDORAMA) · mywealthgrid

About

Indo Rama Synthetics manufactures synthetic textiles and other textile products in the Consumer Discretionary sector. With a market cap of ₹1,464.51 Cr and standalone quarterly revenues of ₹800–1,200 Cr, it operates at mid-cap scale. Operating margins show significant volatility, swinging from 4.1% to 10.84% in recent quarters.

Face value: ₹10

Market cap

₹2,502 Cr

P/E

15.5×

P/B

4.8×

Dividend yield

ROE

33.9%

ROCE

31.4%

Debt / equity

2.18

OPM

6.4%

EPS (TTM)

₹6.2

Book value

₹19.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin volatility: OPM ranged from 4.1% (Dec 2025) to 10.84% (Jun 2026); verify what drives this cyclicality and whether it can stabilize.
High leverage: D/E ratio of 2.18 limits financial flexibility in downturns. Verify debt-service capacity across margin cycles.
Stock price volatility: 52-week range of ₹30.09–₹73.88 (2.5x) reflects investor uncertainty. Understand underlying causes.
Thin baseline margins: 6.35% OPM leaves minimal cushion for cost inflation or demand weakness in a competitive industry.

Generated analysis · source review pending

Growth drivers

Margin recovery: Q1 FY27 OPM of 10.84% vs Dec 2025's 4.1% shows cyclical improvement; sustaining this would drive significant EPS growth.
Volume expansion potential: Verify if synthetic textiles demand can support revenue growth above recent ₹800–1,200 Cr quarterly range.
Product mix improvement: At 6.35% baseline OPM, verify if company can shift toward higher-margin segments to improve profitability.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹95.8-7.4%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 19.2% over the last 5 years
+High promoter holding of 74.8% with no pledge

Cons

−Low return on equity of -3% (3-yr avg)
−Thin operating margin of 6.4%
−Heavily leveraged (debt/equity 2.2)

Research score

Structured signal from quality, growth, valuation and momentum.

49/100

Business quality: 40
Growth: 33
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
K.p.r. Mill LimitedKPRMILLKPRMILL	₹36,607 Cr	₹37,203 Cr	₹6,820 Cr	₹1,332 Cr	19.1%	₹912 Cr	13%	21.4%	16.2%	181
Welspun Living LimitedWELSPUNLIVWELSPUNLIV	₹22,941 Cr	₹24,744 Cr	₹9,934 Cr	₹884 Cr	8.4%	₹278 Cr	2.3%	6.6%	4.2%	108
Vardhman Textiles LimitedVTLVTL	₹15,322 Cr	₹17,177 Cr	₹10,186 Cr	₹1,387 Cr	12.6%	₹848 Cr	7.6%	8.6%	7.3%	259
Trident LimitedTRIDENTTRIDENT	₹11,293 Cr	₹13,061 Cr	₹6,781 Cr	₹877 Cr	13%	₹395 Cr	5.6%	10.6%	8%	103
Indo Count Industries LimitedICILICIL	₹8,789 Cr	₹9,862 Cr	₹4,390 Cr	₹424 Cr	9.5%	₹151 Cr	3.1%	10%	5.5%	215
Garware Technical Fibres LimitedGARFIBRESGARFIBRES	₹7,630 Cr	₹7,671 Cr	₹1,644 Cr	₹306 Cr	18.6%	₹190 Cr	13%	21.6%	15.3%	172
Kusumgar LimitedKUSUMGARKUSUMGAR	₹6,222 Cr	₹6,445 Cr	₹692 Cr	₹188 Cr	27.2%	₹98 Cr	14.2%	43.8%	35.2%	—
Filatex India LimitedFILATEXFILATEX	₹4,712 Cr	₹4,840 Cr	₹4,256 Cr	₹346 Cr	8.3%	₹191 Cr	4.4%	17.4%	12.9%	-4
Jindal Worldwide LimitedJINDWORLDJINDWORLD	₹4,594 Cr	₹5,152 Cr	₹2,300 Cr	₹124 Cr	5.9%	₹80 Cr	3.1%	13.5%	7.9%	112
Sanathan Textiles LimitedSANATHANSANATHAN	₹4,257 Cr	₹5,744 Cr	₹4,401 Cr	₹323 Cr	7.5%	₹61 Cr	2%	6.9%	4.2%	-25
Raymond Lifestyle LimitedRAYMONDLSLRAYMONDLSL	₹3,823 Cr	₹5,023 Cr	₹6,973 Cr	₹671 Cr	9.6%	₹43 Cr	0.7%	4%	0.5%	102
Alok Industries LimitedALOKINDSALOKINDS	₹3,505 Cr	₹29,610 Cr	₹3,775 Cr	₹66 Cr	0.8%	₹-711 Cr	-20%	-4%	—	93

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,122	2,043	4,038	4,085	3,873	4,259	4,910
COGS	1,604	1,438	2,968	3,224	3,202	3,356	3,767
Gross profit	518	605	1,070	860	672	903	1,143
	527	511	764	819	711	725	831
	-8	94	306	42	-40	178	312
OPM %	-0.4%	4.6%	7.6%	1%	-1%	4.2%	6.4%
Depreciation	86	34	31	31	39	48	48
Interest	92	66	62	60	132	157	130
	6	9	6	24	7	29	16
Profit before tax	-180	3	219	-25	-203	1	150
Tax	136	-110	-50	-0	0	0	0
Tax %	75.4%	-3,244.5%	-22.6%	-0.7%	0%	0%	0%
	-317	113	269	-25	-203	1	150
PAT margin %	-14.9%	5.6%	6.7%	-0.6%	-5.3%	0%	3.1%
EPS (₹)	-12.1	4.3	10.3	-0.9	-7.8	0.1	5.8
EPS adjusted (₹)	-12.1	4.3	10.3	-0.9	-7.8	0.1	5.8
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	152	152	261	261	261	261	261	261	261
Reserves	429	450	-39	72	339	312	107	107	258
	445	276	399	378	322	866	1,317	1,126	1,132
	831	1,051	862	1,000	1,184	1,274	1,222	1,442	1,593
Total equity & liabilities	1,858	1,929	1,483	1,711	2,105	2,713	2,907	2,936	3,244
	1,129	940	703	691	702	761	1,198	1,255	1,225
CWIP	6	17	7	9	35	346	125	36	42
Investments	51	1	0	0	0	0	0	9	0
	672	972	773	1,012	1,368	1,605	1,584	1,636	1,977
Total assets	1,858	1,929	1,483	1,711	2,105	2,713	2,907	2,936	3,244

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	24.4%	29.6%	26.5%	21.1%	17.3%	21.2%	23.3%
EBITDA margin %	-0.4%	4.6%	7.6%	1%	-1%	4.2%	6.4%
EBIT margin %	-4.4%	2.9%	6.8%	0.3%	-2%	3%	5.4%
PAT margin %	-14.9%	5.6%	6.7%	-0.6%	-5.3%	0%	3.1%
Working capital
Receivable days	16	19	17	14	16	14	18
Inventory days	57	102	67	73	67	65	65
Payable days	126	221	126	125	120	142	141
NWC days	-53	-100	-43	-38	-38	-63	-58
Leverage
Current ratio	0.69	0.7	0.82	0.85	0.61	0.62	0.75
Debt to EBITDA	—	4.02	1.05	20.72	—	6.33	3.63
Debt to equity	1.8	1.13	0.54	1.51	3.58	3.06	2.18
Interest coverage	-1	1.2	4.5	0.6	-0.5	1	2.2
Asset turnover	1.43	1.19	1.92	1.51	1.33	1.45	1.51
Return ratios
Return on assets %	-21.3%	6.6%	12.8%	-0.9%	-7%	0%	4.6%
Return on capital employed %	-15.4%	13.7%	38.9%	3.4%	-7.2%	20.1%	31.4%
Return on equity %	-142.6%	34%	44.8%	-4.3%	-55.3%	0.4%	28.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.84%	74.84%	74.84%	74.84%	74.84%	74.84%	74.84%	74.84%	74.84%	74.84%	74.84%	74.84%
	0.16%	0.17%	0.03%	0%	0.02%	0.01%	0.01%	0.5%	0.37%	0.22%	0.25%	0.13%
	3.07%	3.07%	2.89%	2.89%	2.58%	2.56%	2.56%	0.92%	0.92%	0.92%	0.92%	0.92%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	21.93%	21.92%	22.24%	22.27%	22.56%	22.59%	22.59%	23.74%	23.87%	24.02%	23.99%	24.11%
No. of shareholders	—	—	—	—	—	—	—	—	26,651	26,947	26,677	26,804

Promoter holding up 0 percentage points since Sep 2023.

Mr. Om Prakash LohiaExecutive Director-Chairperson-MD
Mr. Vishal LohiaExecutive Director
Mr. Dharmpal AgarwalNon-Executive - Independent Director
Mr. Umesh AgrawalChief Commercial & Financial Officer
Mr. Ravi CapoorNon-Executive - Independent Director
Ms. Neeru AbrolNon-Executive - Independent Director
Mr. Vipin KumarNon-Executive - Non Independent Director
Mr. Sanjay GuptaExecutive Director
Mrs. Ambika SharmaNon - Executive Independent Director
Mr. Atim KabraNon - Executive Independent Director
Mr. Ashok YadavCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Indo Rama Synthetics (India) Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Trading Window Closure28 Sept 2026 · Closure of Trading Window
Please find reply letter on clarification on price movement.10 Sept 2026 · General
The Exchange has sought clarification from Indo Rama Synthetics (India) Ltd on September 10, 2026 with reference to significant movement in price, in order to ensure that investors have ....10 Sept 2026 · Clarification
Disclosure under Regulations 7(2) of SEBI (PIT) Regulations, 2015

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

17 announcementsExport CSV

28 Sept 2026, 12:47 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	24.4%	29.6%	26.5%	21.1%	17.3%	21.2%	23.3%
EBITDA margin %	-0.4%	4.6%	7.6%	1%	-1%	4.2%	6.4%
EBIT margin %	-4.4%	2.9%	6.8%	0.3%	-2%	3%	5.4%
PAT margin %	-14.9%	5.6%	6.7%	-0.6%	-5.3%	0%	3.1%
Working capital
Receivable days	16	19	17	14	16	14	18
Inventory days	57	102	67	73	67	65	65
Payable days	126	221	126	125	120	142	141
NWC days	-53	-100	-43	-38	-38	-63	-58
Leverage
Current ratio	0.69	0.7	0.82	0.85	0.61	0.62	0.75
Debt to EBITDA	—	4.02	1.05	20.72	—	6.33	3.63
Debt to equity	1.8	1.13	0.54	1.51	3.58	3.06	2.18
Interest coverage	-1	1.2	4.5	0.6	-0.5	1	2.2
Asset turnover	1.43	1.19	1.92	1.51	1.33	1.45	1.51
Return ratios
Return on assets %	-21.3%	6.6%	12.8%	-0.9%	-7%	0%	4.6%
Return on capital employed %	-15.4%	13.7%	38.9%	3.4%	-7.2%	20.1%	31.4%
Return on equity %	-142.6%	34%	44.8%	-4.3%	-55.3%	0.4%	28.9%

Date	Category	Subject	Filing
28 Sept 2026, 12:47 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
10 Sept 2026, 6:23 pm	Company Update General	Clarification On Price Movement	PDF
10 Sept 2026, 5:39 pm	Company Update Clarification	Clarification sought from Indo Rama Synthetics (India) Ltd	—
10 Sept 2026, 3:19 pm	Company Update General	Disclosure Under Regulation 7(2) Of SEBI (PIT) Regulations, 2015	PDF
10 Sept 2026, 11:34 am	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
8 Sept 2026, 5:38 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
18 Aug 2026, 4:54 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
17 Aug 2026, 5:10 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	127	39	-119	182	200	-81	-219	234	13
	-33	53	40	-18	-75	-348	-260	-39	-23
	-111	-93	87	-174	-123	479	447	-195	3
Net cash flow	-17	-1	8	-9	2	50	-32	1	-7
Free cash flow	83	-38	-119	156	120	-446	-479	196	-11
CFO / Operating profit %	—	—	—	194%	65.4%	-193.9%	—	131.8%	4.1%

Indo Rama Synthetics (India) Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

9

1

Compounded sales growth

Compounded profit growth

Return on equity

Indo Rama Synthetics (India) Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Board and management

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Dividends9

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

9

1