# Indo Rama Synthetics (India) share price today (Indo Rama Synthetics (India) Ltd, NSE: INDORAMA)

> Indo Rama Synthetics (India) share price today: ₹77.92 at the NSE close on 4 November 2026, up 13.5% in a year. Indo Rama Synthetics (India) (NSE: INDORAMA) is worth ₹2,035 crore, trades at a P/E of 9.5 and has closed between ₹31.03 and ₹101.11 over the past 52 weeks. > Indo Rama Synthetics (India) Ltd's earnings have grown faster than its share price. Earnings per share grew +11,400.0% in a year while the price moved +13.5%. INDORAMA · Textiles - Spinning · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/indo-rama-synthetics-indialtd

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## Key numbers

- Price: ₹77.92 (+13.5% in a year)
- P/E: 9.5× (higher than 79% of the last 10 years)
- Revenue (Sep 2026): ₹1,341 Cr (+9.8% on a year ago)
- Profit (Sep 2026): ₹74.0 Cr (+196.0% on a year ago)
- Operating margin: 8.0% (+2.0 points on a year ago)
- ROCE: 18%, FY26
- ROIC: 21.6%, against a 12.0% cost of capital: +9.6 points
- Profit that came in as cash: 173%, last 3 years

The main question: yearly earnings per share moved +11,400.0% while the share price moved +13.5%. ## What is the Indo Rama Synthetics (India) share price today? Indo Rama Synthetics (India) Ltd's share price was ₹77.92 at the close on 4 November 2026. It has been rising for 16 weeks. That is 28.1% 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. In the last 52 weeks it traded between ₹31 and ₹101, and at that close it sat 67% of the way up from that low. Over the last 11 years the share price moved +171% 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. ## What changed at Indo Rama Synthetics (India) this quarter? 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. ## What are Indo Rama Synthetics (India)'s latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹1,341 crore | ₹1,221 crore | +9.8% |
| Profit | ₹74.0 crore | ₹25.0 crore | +196.0% |
| Earnings per share | ₹2.84 | ₹0.94 | +202.1% |
| Operating margin | 8.0% | 6.0% | +2.0 points |

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.)

## What is the Indo Rama Synthetics (India) share price history? Indo Rama Synthetics (India) closed at ₹77.92 on 4 November 2026, up 13.5% from ₹68.63 a year earlier (7 November 2025) and up 57.4% 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

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹73.20 | +6.4% |
| 1 month ago · 1 Oct 2026 | ₹95.80 | −18.7% |
| 6 months ago · 8 May 2026 | ₹39.29 | +98.3% |
| 1 year ago · 7 Nov 2025 | ₹68.63 | +13.5% |
| 3 years ago · 3 Nov 2023 | ₹55.40 | +40.6% |
| 5 years ago · 4 Nov 2021 | ₹49.50 | +57.4% |
| 10 years ago · 4 Nov 2016 | ₹34.50 | +125.9% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹28.75 | +171.0% |
| Highest weekly close since March 2016, also the 52-week high · 28 Sep 2026 | ₹101.11 | −22.9% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹9.55 | +715.9% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹31.03 | +151.1% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (561 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on Indo Rama Synthetics (India)? 4 Nov 2026: Indo Rama Synthetics (India) closed at ₹77.92, up 6.4% on the week and down 18.7% 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.)

## What dividend does Indo Rama Synthetics (India) pay? 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 5 November 2026.)

## What did Indo Rama Synthetics (India) management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/147-26-Oct-2026.pdf). (From the call for July to September 2026, 26 October 2026.)

## What could change the Indo Rama Synthetics (India) story? What are the risks? 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.)

## What to watch in Indo Rama Synthetics (India)'s next results? 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. - What to check (from the call)
- Quarterly operating margin - test whether pricing continues to offset feedstock volatility at management's stated near-term level. - Full-year turnover, operating profit and volume against management's current-year outlook. - Domestic PTA commissioning and delivered-cost advantage at Butibori - check sourcing, freight and price competitiveness. - Specialty line installation, financing mix and ramp-up; track customer sales and progress toward the planned commercial schedule. ## Which stock lists is Indo Rama Synthetics (India) on? Indo Rama Synthetics (India) is on one of our India lists: Penny stocks. [Penny stocks Earnings growth, 12 months (%): 48.53](https://www.sectoralpha.in/penny-stocks-india)

## Is Indo Rama Synthetics (India) profitable? 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. 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. ## How much revenue does Indo Rama Synthetics (India) make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Indo Rama Synthetics (India) keep? 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. 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. ## Is Indo Rama Synthetics (India)'s profit turning into cash? 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. 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. ## Where does Indo Rama Synthetics (India)'s cash go? 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. 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. ## What is Indo Rama Synthetics (India)'s P/E ratio, and how does it compare with its own history? Indo Rama Synthetics (India) Ltd's P/E is 9.5×, near the high end of its own history: higher than 79% 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. 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. Why the multiple is where it is: over the past year earnings per share moved +11,400.0% while the price moved +13.5%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +9.5% a year; about −5.0% a year came from earnings growth and about +14.5 percentage points from the multiple (the market paying more); over 10 years the price moved +8.5% a year; about +6.0% a year came from earnings growth and about +2.5 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Indo Rama Synthetics (India) share price assume? Worked out from its price on 27 August 2026, Indo Rama Synthetics (India) Ltd's share price assumed profit growth of about 2.9% a year. Today its P/E is 9.5×, higher than 79% of its own last 10 years. This is a one-day reading, taken on 27 August 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Indo Rama Synthetics (India) business getting better or worse? Indo Rama Synthetics (India) Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 12 quarters of 2 measures, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## What is the Indo Rama Synthetics (India) story, and has it been checked? Indo Rama Synthetics (India) Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: MID EXPANSION. Our read, 22 August 2026. What is proven. What is not proven yet. Operating margin remaining above 9% across four consecutive quarters alongside revenue growth exceeding 10% YoY and net debt reduction of at least 200 Cr would invalidate the peak-margin thesis and indicate structural cost transformation. What would change our mind. Operating margin remaining above 9% across four consecutive quarters alongside revenue growth exceeding 10% YoY and net debt reduction of at least 200 Cr would invalidate the peak-margin thesis and indicate structural cost transformation. The test written in advance. Operating margin remaining above 9% across four consecutive quarters alongside revenue growth exceeding 10% YoY and net debt reduction of at least 200 Cr would invalidate the peak-margin thesis and indicate structural cost transformation. Measured by: the thesis as written as stated by the next result. The test written in advance. Peak Operating Margin Mean-Reversion. Measured by: Peak Operating Margin Mean-Reversion Quarterly operating profit margin declining below 7.0%. by the next result. The test written in advance. Elevated Debt Load and Interest Burden. Measured by: Elevated Debt Load and Interest Burden Total borrowings exceeding 1,200 Cr or quarterly interest coverage ratio falling below 2.0x. by the next result. What the company does. 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% YoY to 937 Cr, indicating volume contraction alongside margin expansion. What the surface reading misses. What the surface reading misses. Sources: our stock research file (22 August 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## How much does Indo Rama Synthetics (India) earn on its capital? Indo Rama Synthetics (India) Ltd earned a ROCE of 18% in FY26. That is up from a low of −8% in FY14. Its return on capital used (ROIC) is 9.6 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 3.1% net margin and 1.51× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 3.1% net margin × 1.51× asset turnover × 6.25× leverage (assets divided by equity) ≈ 29.3% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 21.6% − 12.0% = +9.6 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. ## Does Indo Rama Synthetics (India) have too much debt? Indo Rama Synthetics (India) Ltd has total debt of ₹867 Cr against shareholder equity of ₹657 Cr as of Sep 2026, so its debt is 1.32× its equity. Year by year, that ratio went from 0.60 in FY22 to 2.20 in FY26. Keep that borrowing in mind when reading the returns on this page. Why this happened. With capex tapering to 22 Cr in FY26 from 254 Cr in FY24 and 401 Cr in FY23, free cash flow turned positive to 112 Cr in FY26. Allocating operating cash toward debt repayment would lower the 131 Cr annual interest burden. ## What is the Indo Rama Synthetics (India) shareholding pattern? Domestic institutions cut their stake in Indo Rama Synthetics (India) Ltd by 1.8 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 0.8% of the company. Promoters moved +0.2 points over the same period, to 75.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: −1.8 points over 8 quarters, to 0.8%; Promoters: +0.2 points over 8 quarters, to 75.0%; Foreign institutions: +0.1 points over 8 quarters, to 0.1%. Why the owners changed: domestic institutions drove it (−1.8 points). They reduced their stake. ## How far is Indo Rama Synthetics (India) from balance-sheet trouble? For Indo Rama Synthetics (India) Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Indo Rama Synthetics (India) rank in its industry? 57.7 out of 100, rank 5 of 13 in Textiles - Spinning, with 85% of the evidence available. Indo Rama Synthetics (India) Ltd scores 57.7 out of 100 against the 13 companies it is compared with in Textiles - Spinning, ranking 5. The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. The four parts add up to the total exactly: 14.9 + 15.7 + 15.2 + 11.9 = 57.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Indo Rama Synthetics (India) compared with? Indo Rama Synthetics (India) ranks 5 of 13 Textiles - Spinning companies on the 4-Factor Sector Score, with 57.7 out of 100. 1. [Sportking India Ltd](https://www.sectoralpha.in/stocks/sportking-india-ltd) SPORTKING · losing its lead · Most evidence points up · 100% evidence 71.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.2/35 · Revenue 12.9% · Profit 100% · Operating margin change 10 points · 100% evidence Capital efficiency 17.9/25 · ROCE 13.2% · Operating margin 20% · 100% evidence Valuation 11.4/20 · P/E 10.4× · PEG 0.43 · 100% evidence Relative strength 11.7/20 · Lead over its industry 7.7% · Lead over NIFTY 500 30.2% · 1 year 89.3% · 100% evidence · 10 of 12 weeks ahead Exact sum: 30.2 + 17.9 + 11.4 + 11.7 = 71.2 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Nitin Spinners Ltd](https://www.sectoralpha.in/stocks/nitin-spinners-ltd) NITINSPIN · leader · Most evidence points up · 100% evidence 65.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.0/35 · Revenue 8.9% · Profit 58.7% · Operating margin change 5 points · 100% evidence Capital efficiency 13.4/25 · ROCE 12.2% · Operating margin 18% · 100% evidence Valuation 10.6/20 · P/E 13.8× · PEG 0.74 · 100% evidence Relative strength 18.5/20 · Lead over its industry 20.6% · Lead over NIFTY 500 47.2% · 1 year 96% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23 + 13.4 + 10.6 + 18.5 = 65.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Sangam (India) Ltd](https://www.sectoralpha.in/stocks/sangam-indialtd) SANGAMIND · turning · Evidence leans up · 89% evidence 61.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.1/35 · Revenue 11.9% · Profit 100% · Operating margin change 5 points · 88% evidence Capital efficiency 11.5/25 · ROCE 10.4% · Operating margin 12% · 100% evidence Valuation 12.8/20 · P/E 24.2× · PEG 0.52 · 65% evidence Relative strength 10.3/20 · Lead over its industry -0.4% · Lead over NIFTY 500 23.9% · 1 year 35.1% · 100% evidence · 10 of 12 weeks ahead Exact sum: 27.1 + 11.5 + 12.8 + 10.3 = 61.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Swaraj Suiting Ltd](https://www.sectoralpha.in/stocks/swaraj-suiting-ltd) SWARAJ · turning · Evidence leans up · 78% evidence 58.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.4/35 · Revenue 38.1% · Profit 45.2% · Operating margin change -13 points · 83% evidence Capital efficiency 18.4/25 · ROCE 17.5% · Operating margin 19% · 76% evidence Valuation 11.7/20 · P/E 15.4× · PEG n/a · 50% evidence Relative strength 11.1/20 · Lead over its industry 2% · Lead over NIFTY 500 26.9% · 1 year 82% · 100% evidence · 10 of 12 weeks ahead Exact sum: 17.4 + 18.4 + 11.7 + 11.1 = 58.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. Indo Rama Synthetics (India) Ltd this page INDORAMA · leader · Evidence leans up · 85% evidence 57.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.9/35 · Revenue -4.7% · Profit 47.5% · Operating margin change 2 points · 100% evidence Capital efficiency 15.7/25 · ROCE 17.9% · Operating margin 8% · 100% evidence Valuation 15.2/20 · P/E 8.9× · PEG 0.12 · 100% evidence Relative strength 11.9/20 · Lead over its industry n/a · Lead over NIFTY 500 46.7% · 1 year 6.3% · 25% evidence · 12 of 12 weeks ahead Exact sum: 14.9 + 15.7 + 15.2 + 11.9 = 57.7 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 6. [Rajapalayam Mills Ltd](https://www.sectoralpha.in/stocks/rajapalayam-mills-ltd) RAJPALAYAM · quiet · Evidence leans up · 74% evidence 55.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.5/35 · Revenue 16.7% · Profit 100% · Operating margin change 2 points · 88% evidence Capital efficiency 8.7/25 · ROCE 1.8% · Operating margin 14% · 100% evidence Valuation 16.0/20 · P/E 5.2× · PEG 0.2 · 65% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -8% · 1 year -18.8% · 25% evidence · 0 of 12 weeks ahead Exact sum: 23.5 + 8.7 + 16 + 7.5 = 55.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [K P R Mill Ltd](https://www.sectoralpha.in/stocks/k-p-r-mill-ltd) KPRMILL · turning · Evidence leans up · 100% evidence 54.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.6/35 · Revenue 6.5% · Profit 24.1% · Operating margin change 7 points · 100% evidence Capital efficiency 21.6/25 · ROCE 19.6% · Operating margin 26% · 100% evidence Valuation 2.2/20 · P/E 36.7× · PEG 3.89 · 100% evidence Relative strength 10.4/20 · Lead over its industry -7.1% · Lead over NIFTY 500 16.3% · 1 year 4.3% · 100% evidence · 7 of 12 weeks ahead Exact sum: 20.6 + 21.6 + 2.2 + 10.4 = 54.8 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 8. [Ambika Cotton Mills Ltd](https://www.sectoralpha.in/stocks/ambika-cotton-mills-ltd) AMBIKCO · quiet · Evidence leans up · 96% evidence 53.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Revenue 23.8% · Profit 36.7% · Operating margin change 1 points · 88% evidence Capital efficiency 14.4/25 · ROCE 11.6% · Operating margin 15% · 100% evidence Valuation 12.9/20 · P/E 10.1× · PEG 1.56 · 100% evidence Relative strength 4.6/20 · Lead over its industry -17.8% · Lead over NIFTY 500 2.5% · 1 year 6.5% · 100% evidence · 0 of 12 weeks ahead Exact sum: 21.6 + 14.4 + 12.9 + 4.6 = 53.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Pashupati Cotspin Ltd](https://www.sectoralpha.in/stocks/pashupati-cotspin-ltd) PASHUPATI · turning · Evidence leans down · 96% evidence 49.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.6/35 · Revenue -7.5% · Profit 2.4% · Operating margin change 5.6 points · 88% evidence Capital efficiency 10.6/25 · ROCE 10% · Operating margin 9.5% · 100% evidence Valuation 9.6/20 · P/E 136× · PEG 1.51 · 100% evidence Relative strength 20.0/20 · Lead over its industry 26.7% · Lead over NIFTY 500 59.9% · 1 year 66.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 9.6 + 10.6 + 9.6 + 20 = 49.8 · What this means: Relative strength against the index is 59.9%, and revenue and profit growth are weak. 10. [RSWM Ltd](https://www.sectoralpha.in/stocks/rswm-ltd) RSWM · losing its lead · Evidence leans down · 79% evidence 38.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.6/35 · Revenue -5.1% · Profit 100% · Operating margin change 2 points · 88% evidence Capital efficiency 4.1/25 · ROCE 5.6% · Operating margin 8% · 100% evidence Valuation 10.4/20 · P/E 11.7× · PEG n/a · 15% evidence Relative strength 4.6/20 · Lead over its industry -12.6% · Lead over NIFTY 500 8.3% · 1 year 16.5% · 100% evidence · 8 of 12 weeks ahead Exact sum: 19.6 + 4.1 + 10.4 + 4.6 = 38.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Sanathan Textiles Ltd](https://www.sectoralpha.in/stocks/sanathan-textiles-ltd) SANATHAN · leader · Evidence leans down · 64% evidence 37.2 out of 100 Growth Capital Valuation Relative
12. [Vardhman Textiles Ltd](https://www.sectoralpha.in/stocks/vardhman-textiles-ltd) VTL · quiet · Most evidence points down · 96% evidence 30.3 out of 100 Growth Capital Valuation Relative
13. [Jaybharat Textiles & Real Estate Ltd](https://www.sectoralpha.in/stocks/jaybharat-textiles-real-estate-ltd) Too little evidence to rank firmly · 19% evidence 41.6 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Textiles - Spinning](https://www.sectoralpha.in/sectors/textiles-spinning), all 13 compared on one page. ## Which companies are close to Indo Rama Synthetics (India) in size? Indo Rama Synthetics (India) is the 8th largest of 13 Textiles - Spinning companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Sangam (India), Sportking India and Pashupati Cotspin. Just below it: Swaraj Suiting, RSWM and Ambika Cotton Mills. ### Textiles - Spinning companies close in size

1. [Sangam (India) Ltd](https://www.sectoralpha.in/stocks/sangam-indialtd) ₹3,059 crore
2. [Sportking India Ltd](https://www.sectoralpha.in/stocks/sportking-india-ltd) ₹2,383 crore
3. [Pashupati Cotspin Ltd](https://www.sectoralpha.in/stocks/pashupati-cotspin-ltd) ₹2,125 crore
4. Indo Rama Synthetics (India) Ltd ₹1,909 crore
5. [Swaraj Suiting Ltd](https://www.sectoralpha.in/stocks/swaraj-suiting-ltd) ₹940 crore
6. [RSWM Ltd](https://www.sectoralpha.in/stocks/rswm-ltd) ₹843 crore
7. [Ambika Cotton Mills Ltd](https://www.sectoralpha.in/stocks/ambika-cotton-mills-ltd) ₹823 crore

[All 13 Textiles - Spinning companies, largest first](https://www.sectoralpha.in/sectors/textiles-spinning#all-companies)

### Companies close in size in other industries

1. [Aayush Art and Bullion Ltd](https://www.sectoralpha.in/stocks/aayush-art-and-bullion-ltd) ₹1,915 crore · Trading
2. [GHV Infra Projects Ltd](https://www.sectoralpha.in/stocks/ghv-infra-projects-ltd) ₹1,911 crore · Construction - Civil/Turnkey
3. Indo Rama Synthetics (India) Ltd ₹1,909 crore
4. [One Point One Solutions Ltd](https://www.sectoralpha.in/stocks/one-point-one-solutions-ltd) ₹1,909 crore · IT Enabled Services
5. [Ramco Systems Ltd](https://www.sectoralpha.in/stocks/ramco-systems-ltd) ₹1,905 crore · IT Product Companies

## What else do people ask about Indo Rama Synthetics (India)? ### What is Indo Rama Synthetics (India)'s share price today? Indo Rama Synthetics (India) Ltd's share price is ₹77.92, +13.5% over the past year. The whole company is worth ₹2,035 Cr on the market. In the last 52 weeks it traded between ₹31 to ₹101; today it is 67% of the way up from the low, 28.1% above its 200-day average (as of 4 November 2026). ### What were Indo Rama Synthetics (India)'s latest quarterly results? Indo Rama Synthetics (India) Ltd reported revenue of ₹1,341 Cr and net profit of ₹74.0 Cr for the Sep 2026 quarter. Revenue rose 9.8% and profit rose 196.0% compared with a year earlier. Earnings per share were ₹2.84 (as of 4 November 2026). ### What is Indo Rama Synthetics (India)'s market cap? Indo Rama Synthetics (India) Ltd's market capitalisation is ₹2,035 Cr at a share price of ₹77.92. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Indo Rama Synthetics (India) performing? Indo Rama Synthetics (India) Ltd's share price has been rising for 16 weeks. In its latest quarter, revenue rose 9.8% and profit rose 196.0% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 30 weeks running (as of 4 November 2026). ### Will Indo Rama Synthetics (India)'s share price go up? This page does not forecast Indo Rama Synthetics (India) Ltd's share price. What it shows instead: the share price is ₹77.92, and it has been rising for 16 weeks. Its P/E of 9.5× is higher than 79% of its own last 10 years (as of 4 November 2026). ### Does Indo Rama Synthetics (India) have too much debt? Yes, Indo Rama Synthetics (India) Ltd has a lot of debt: its debt is 2.20× its equity, and its operating profit is 2 times its interest bill. FY26 borrowings were ₹1,140 Cr against equity of ₹519 Cr. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Where is Indo Rama Synthetics (India) in its business cycle? Indo Rama Synthetics (India) Ltd's FY26 operating margin was 6.0%, against a 12-year range of −1.1% to 8.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 8.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Indo Rama Synthetics (India) story? The main question: yearly earnings per share moved +11,400.0% while the share price moved +13.5%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Indo Rama Synthetics (India) a stock worth studying right now? What the numbers show: Indo Rama Synthetics (India) Ltd's earnings have grown faster than its share price. Earnings per share grew +11,400.0% in a year while the price moved +13.5%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Indo Rama Synthetics (India) share price forecast for 2026? What management itself guided: FY27 turnover to exceed the stated FY26 base of ₹5,000 crore; operating profit above ₹400 crore; floor for operating profit. What would change the story: 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. ## Lists

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