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Indo Rama Synthetics (India) Limited
(INDORAMA)
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Rating:61Neutral
Price Target:
₹112.00
▲(131.45% Upside)
Action:Reiterated
Date:09/22/26
The score is driven primarily by improving financial performance in FY2026 (strong growth, return to profitability, and positive free cash flow), tempered by ongoing balance-sheet leverage risk. Technicals remain supportive with a strong uptrend, but overbought indicators raise near-term volatility risk. Valuation appears moderate based on the provided P/E, with no dividend data to add support.
Positive Factors
FY2026 Revenue and Profitability Rebound
The sharp FY2026 revenue acceleration and return to profitability indicate meaningful recovery in demand, utilization, or pricing across the polyester portfolio. Positive operating and net margins improve internal funding capacity and provide a stronger base for sustaining operations over the next several quarters.
Negative Factors
Elevated Leverage
Although leverage improved in FY2026, debt-to-equity of approximately 2.20x still leaves the capital structure debt-heavy. This can constrain financial flexibility, increase sensitivity to weaker polyester demand or pricing, and limit the company’s ability to fund growth without additional balance-sheet pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
FY2026 Revenue and Profitability Rebound
The sharp FY2026 revenue acceleration and return to profitability indicate meaningful recovery in demand, utilization, or pricing across the polyester portfolio. Positive operating and net margins improve internal funding capacity and provide a stronger base for sustaining operations over the next several quarters.
Read all positive factors
Indo Rama Synthetics (India) Limited (INDORAMA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹25.01B
Dividend Yield3.08%
Average Volume (3M)140.47K
Price to Earnings (P/E)15.2
Beta (1Y)1.38
Revenue Growth-1.72%
EPS Growth119.83%
CountryIN
Employees1,443
SectorGeneral
Sector StrengthN/A
IndustryManufacturing - Textiles
Share Statistics
EPS (TTM)6.18
Shares Outstanding261,113,160
10 Day Avg. Volume211,808
30 Day Avg. Volume140,474
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.64
Price to Sales (P/S)0.17
P/FCF Ratio7.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Indo Rama Synthetics (India) Limited Business Overview & Revenue Model
Company Description
Indo Rama Synthetics (India) Limited, founded in 1986 and headquartered in Gurugram, India, specializes in the production and distribution of polyester materials. The company provides a diverse portfolio of polyester products, encompassing polyest...
How the Company Makes Money
INDORAMA makes money primarily by manufacturing and selling polyester-based products, with revenues driven by volumes sold and realized selling prices across its product portfolio. Key revenue streams include: (1) Polyester staple fibre (PSF): sal...
Indo Rama Synthetics (India) Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
45
Neutral
Cash Flow
54
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 45.41B | 49.10B | 42.59B | 36.96B | 39.33B | 40.38B |
| Gross Profit | 10.06B | 11.43B | 9.03B | 3.95B | 493.60M | 5.08B |
| EBITDA | 3.40B | 3.28B | 1.79B | -327.10M | 662.00M | 3.02B |
| Net Income | 1.61B | 1.50B | 14.00M | -2.03B | -245.60M | 2.69B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 32.44B | 29.36B | 29.07B | 27.13B | 21.05B |
| Cash, Cash Equivalents and Short-Term Investments | 182.60M | 6.77B | 300.40M | 293.70M | 614.00M | 123.20M |
| Total Debt | 0.00 | 11.40B | 11.36B | 13.39B | 8.90B | 3.58B |
| Total Liabilities | -5.19B | 27.25B | 25.67B | 25.39B | 21.40B | 15.06B |
| Stockholders Equity | 5.19B | 5.19B | 3.68B | 3.68B | 5.73B | 5.99B |
Cash Flow | ||||||
| Free Cash Flow | 814.70M | 1.10B | 3.52B | -3.57B | -4.46B | 1.20B |
| Operating Cash Flow | 914.60M | 1.34B | 3.91B | -967.30M | -809.90M | 2.00B |
| Investing Cash Flow | -53.30M | -140.50M | -363.40M | -2.58B | -3.48B | -754.40M |
| Financing Cash Flow | -1.06B | -1.27B | -3.54B | 3.22B | 4.79B | -1.23B |
Indo Rama Synthetics (India) Limited Technical Analysis
Positive
48.39
Price Trends
72.26
Positive
58.41
Positive
48.96
Positive
Market Momentum
8.35
Positive
58.24
Neutral
30.41
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDORAMA, the sentiment is Positive. The current price of 48.39 is below the 20-day moving average (MA) of 91.59, below the 50-day MA of 72.26, and below the 200-day MA of 48.96, indicating a bullish trend. The MACD of 8.35 indicates Positive momentum. The RSI at 58.24 is Neutral, neither overbought nor oversold. The STOCH value of 30.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:INDORAMA.
Indo Rama Synthetics (India) Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹11.72B | 8.11 | ― | 2.02% | -0.91% | 155.80% | |
72 Outperform | ₹6.20B | 6.30 | ― | ― | 51.22% | 269.24% | |
66 Neutral | ₹3.49B | 9.57 | ― | ― | -6.94% | 140.06% | |
61 Neutral | ₹25.01B | 15.16 | ― | 3.08% | -1.72% | 119.83% | |
61 Neutral | ₹47.27B | 24.41 | ― | 0.29% | 0.22% | 34.33% | |
56 Neutral | ₹9.56B | 15.11 | ― | 2.38% | -5.08% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:INDORAMA
Indo Rama Synthetics (India) Limited
93.70
32.76
53.76%
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IN:FILATEX
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104.92%
IN:GINNIFILA
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-4.36
-9.94%
IN:PASUPTAC
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47.72%
IN:RSWM
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38.65%
Indo Rama Synthetics (India) Limited Corporate Events
Indo Rama Synthetics Secures Shareholder Backing for All Resolutions at 40th AGM
Sep 10, 2026
Indo Rama Synthetics (India) Limited has reported that shareholders at its 40th Annual General Meeting, held on 8 September 2026, approved all resolutions in the AGM notice with the requisite majority. The meeting ran from 11:30 a.m. to 12:27 p.m....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.