Indo Rama Synthetics (India) share price today

Indo Rama Synthetics (India) Ltd's share price was ₹76.57 at the close on 6 November 2026. It has been rising for 16 weeks. That is 25.9% above its average price over the last 200 trading days. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 30 weeks in a row.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Indo Rama Synthetics (India) Ltd is in stage 2. The phase helps read everything below.

In the last 52 weeks it traded between ₹31 and ₹101, and at that close it sat 65% of the way up from that low.

Over the last 11 years the share price moved +166% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Two changes stood out: highest quarterly profit in 16 quarters and highest quarterly revenue in 16 quarters.

1. Highest quarterly profit in 16 quarters

   Profit of ₹74 crore in the September 2026 quarter is the highest of the last 16 quarters.

   Why: Profit rose because the company passed on a big jump in raw material costs to customers and still made a better margin on each sale.

   From the earnings call on 26 Oct 2026.

2. Highest quarterly revenue in 16 quarters

   Revenue of ₹1,341 crore in the September 2026 quarter is the highest of the last 16 quarters.

   Why: Revenue rose because the company's plants ran more steadily and closer to full capacity, and its PET resin and DTY products added sales.

   Next results: check whether full-year sales beat ₹5,000 crore, as management expects.

   From the earnings call on 26 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), Indo Rama Synthetics (India) reported revenue of ₹1,341 crore, up 9.8% from ₹1,221 crore a year earlier, and a profit of ₹74.0 crore, up 196.0% from ₹25.0 crore.

Indo Rama Synthetics (India) results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Indo Rama Synthetics (India)'s management discussed these results on a call held on 26 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Indo Rama Synthetics (India) closed at ₹76.57 on 6 November 2026, up 11.6% from ₹68.63 a year earlier (7 November 2025) and up 54.7% over five years. Its highest weekly close since March 2016 was ₹101.11 on 28 September 2026.

Indo Rama Synthetics (India) share price: then and now

Weekly closing prices. Each change is the move from that price to the 6 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

561 weekly closes from 11 March 2016 to 6 November 2026.

6 Nov 2026: Indo Rama Synthetics (India) closed at ₹76.57, up 4.6% on the week and down 17.1% on the month. 26 Oct 2026: Indo Rama Synthetics (India) held its results call for July to September 2026. Management guided: FY27 turnover to exceed the stated FY26 base of ₹5,000 crore; operating profit above ₹400 crore; floor for operating profit.

Earlier

• Results for July to September 2026: Revenue up 9.8% and profit up 196.0% on a year earlier.
• Our read, 22 Aug 2026: Operating profit reached 312 Cr in FY26 from negative 37 Cr in FY24 as margin expanded from 0.3% in Sep 2024 to 11% in Jun 2026. However, Jun 2026 revenue declined 28.3% on a year earlier to 937 Cr, indicating volume contraction alongside margin expansion.

Our read of the business

Operating profit reached 312 Cr in FY26 from negative 37 Cr in FY24 as margin expanded from 0.3% in Sep 2024 to 11% in Jun 2026. However, Jun 2026 revenue declined 28.3% on a year earlier to 937 Cr, indicating volume contraction alongside margin expansion.

April to June 2026: Operating margin touched 11% yielding 64 Cr net profit despite 28.3% on a year earlier revenue decline.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Indo Rama Synthetics (India) has paid no dividend on the NSE since 1 April 2021, the start of the period we checked.

Not in its latest year. Indo Rama Synthetics (India) Ltd paid out 0% of its profit as dividends in FY26. It did pay a dividend in 2 of its last 12 reported years, so there is a history but no current dividend.

From the NSE corporate-actions record, read 7 November 2026.

On the call for July to September 2026, held on 26 October 2026, Indo Rama Synthetics (India)'s management guided: FY27 turnover to exceed the stated FY26 base of ₹5,000 crore; operating profit above ₹400 crore; floor for operating profit.

“EBITDA margins for the last 6 months were 9.9%. We hope that it will be maintained in the next 2 quarters. We do not see any major change.”Umesh Kumar Agrawal, on the call for July to September 2026

What management guided

• FY27 volume around 400,000 tonnes; FY28 volume at least 475,000 tonnes; floor for FY28.
• Management hopes to maintain H1 operating margin of 9.9% over the next 2 quarters; longer-term goal is double-digit, without a dated path; floor longer term.
• ₹200 crore specialty capital spending at Butibori, funded by term loans and internal accruals, with commercial operations within CY2027; estimates of ~15% top-line and 20% operating profit growth, payback below 2 years.
• Project converts 120 tonnes/day of semi-dull filament plus adds an approximately 70 tonnes/day specialty line; ₹100 crore operating profit contribution expected in 2028-29.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 26 October 2026.

Operating margin remaining above 9% across four consecutive quarters alongside revenue growth exceeding 10% on a year earlier and net debt reduction of at least 200 Cr would invalidate the peak-margin thesis and indicate structural cost transformation.

Each change stops working if

• : Raw material costs for purified terephthalic acid (PTA) and monoethylene glycol (MEG) rise faster than polyester yarn realizations.
• : Capacity utilization drops below economic thresholds due to industry oversupply.
• : Suppliers shorten credit terms, reducing payable days below 120 days.
• : Operating cash flow compresses below annual interest obligations of 120-130 Cr.

The main risks

• : Borrowings of 1,140 Cr require 131 Cr in annual interest payments, consuming 42% of FY26 operating profit. ⚠ estimate
• : Jun 2026 revenue declined 28.3% on a year earlier to 937 Cr, indicating volume slowdown despite reported profit growth. ⚠ estimate
• : 3-year cumulative operating cash flow was negative 8.23x net profit, with cumulative 5-year free cash flow of negative 224 Cr. ⚠ estimate
• : Earnings are exposed to crude-linked input cost swings in purified terephthalic acid and monoethylene glycol. ⚠ estimate

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When Indo Rama Synthetics (India) reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Quarterly operating margin - test whether pricing continues to offset feedstock volatility at management's stated near-term level.

Indo Rama Synthetics (India) is on one of our India lists: Penny stocks.

Indo Rama Synthetics (India) Ltd earned ₹74.0 Cr of net profit in the Sep 2026 quarter, +196.0% on the same quarter a year earlier. That is the 3rd quarter in a row of profit growth. Full-year FY26 profit was ₹150 Cr. That is 5.5% of the quarter's revenue. The same quarter a year earlier earned ₹25.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

4 of the last 12 reported quarters were loss-making.

For the full year, FY26 profit was ₹150 Cr (+14,900.0% on the year before).

Why profit moved: revenue changed +9.8% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +51.6% and revenue −4.2%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY27-Q1. revenue ₹937 Cr and profit ₹64 Cr as reported.

FY27-Q2. revenue ₹1,341 Cr and profit ₹74 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Indo Rama Synthetics (India) Ltd reported ₹1,341 Cr of revenue in the Sep 2026 quarter, +9.8% on the same quarter a year earlier. Over 12 years it has grown 5.3% a year on average. The last full year, FY26, came in at ₹4,910 Cr. The last four reported quarters add to ₹4,662 Cr.

Revenue is everything the company billed its customers in the period.

FY26 revenue was ₹4,910 Cr, +15.3% on the year before.

Recent pace: the last four quarters grew −4.2% on average, against 5.3% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew −4.7%, against +11.7% a year over the last 8 quarters (rolling over).

FY27-Q1. revenue ₹937 Cr and profit ₹64 Cr as reported.

FY27-Q2. revenue ₹1,341 Cr and profit ₹74 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Indo Rama Synthetics (India) Ltd's operating margin was 8.0% in the Sep 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Across 12 years it has been between −1.1% and 8.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. Indo Rama experienced an operating margin improvement from 0.3% in Sep 2024 to 7% in Jun 2025, 9% in Mar 2026, and 11% in Jun 2026. This 1,070 bps recovery from Sep 2024 to Jun 2026 represents the margin inflection model, converting quarterly operating profit from 3 Cr in Sep 2024 to 102 Cr in Jun 2026.

Why the margin moved: operating margin changed +2.7 percentage points on the year while gross margin changed −0.4 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

FY27-Q1. revenue ₹937 Cr and profit ₹64 Cr as reported.

FY27-Q2. revenue ₹1,341 Cr and profit ₹74 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Over the last 3 years, 173% of Indo Rama Synthetics (India) Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹134 Cr of operating cash against ₹150 Cr of profit. After ₹22.0 Cr of spending on assets, ₹112 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Why this happened. Working capital management showed debtor days at 18 and inventory days at 65 in Mar 2026, while payable days stood at 141, yielding a negative 58 day cash conversion cycle. This structure enabled FY26 operating cash flow to reach 134 Cr.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 173% of profit came in as cash: the cash cycle got 42 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: the bigger use of cash is spending on new assets, at 2.2× depreciation over three years. The next section checks what that spending is building.

Indo Rama Synthetics (India) Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −58 days in FY26, up from −100 days in FY21. It spent ₹302 Cr on assets over the last 3 years. Customers take 18 days to pay, and stock sits for 65 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. Annual revenue scaled from 3,873 Cr in FY24 to 4,910 Cr in FY26 as modernization and debottlenecking capex of 771 Cr between FY22 and FY26 came onstream. Annual operating profit rebounded from negative 37 Cr in FY24 to positive 312 Cr in FY26.

At FY26 sales of ₹4,910 Cr, each day of that cycle ties up about ₹13.5 Cr, so roughly −₹780 Cr is tied up in the business at any time.

FY26: customers took 18 days to pay and stock sat for 65 days, about 2.1 months of sales sitting as stock, for a full cycle of −58 days, longer than FY21's −100.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 65 days. Customers pay about 18 days after that. Suppliers are paid at 141 days. Together that makes the −58-day cycle.

Spending on assets: ₹302 Cr over the last 3 years, against ₹135 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹42.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Indo Rama Synthetics (India) Ltd's P/E is 9.4×, near the high end of its own history: higher than 78% of past readings. Its usual P/E (the middle reading) is 7.0×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹8.08.