Indo Rama Synthetics (India) LimitedQ2 FY27 Results & Financial Update
Indo Rama Synthetics (India) Limited: Q2 FY27 consolidated results and company financials – revenue ₹1,340.64 Cr, PAT ₹74.08 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Indo Rama Synthetics (India) Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Indo Rama Synthetics (India) Limited registered consolidated revenue from operations of INR 1,340.64 crore for the second quarter ended September 30, 2026, marking a robust sequential expansion of 43.13% compared to INR 936.64 crore reported in the first quarter of fiscal 2027.
Total consolidated income for Q2 FY27 stood at INR 1,344.04 crore, incorporating INR 3.40 crore of other income, which moved up from INR 940.20 crore in the preceding quarter.
Profit before tax (PBT) for the quarter advanced to INR 73.86 crore, compared to INR 63.74 crore in Q1 FY27, representing a sequential growth of approximately 15.88%.
Consolidated net profit (PAT) for the period reached INR 74.08 crore, supported by a minor tax credit of INR 0.22 crore, registering a 16.22% increase over the INR 63.74 crore recorded in the June 2026 quarter.
Basic and diluted earnings per share (EPS) for the quarter stood at INR 2.84 each, compared to INR 2.44 reported in the preceding quarter. The shares have a face value of INR 10 each and quarterly numbers are unannualised.
Total expenses before finance costs, depreciation, and foreign exchange fluctuations rose sequentially to INR 1,226.38 crore, driven by higher cost of materials consumed at INR 944.32 crore and stock-in-trade purchases of INR 116.22 crore.
Finance costs remained steady at INR 28.99 crore, while depreciation and amortisation expenses were recorded at INR 12.30 crore for the quarter.
01 · Business model
What does Indo Rama Synthetics (India) do?
Indo Rama Synthetics (India) Limited operates primarily in the manufacturing and trading of polyester goods, encompassing polyester staple fibre (PSF), polyester filament yarn (PFY), texturised yarn, chips, and related polymer products.
The company's primary manufacturing facility and registered operational hub is located at Butibori near Nagpur in Maharashtra, supported by a corporate office footprint in Gurugram, Haryana.
The consolidated reporting structure includes specialized subsidiaries such as Indorama Ventures Yarns Private Limited, Indorama Yarns Private Limited, Indorama Sustainable Polymers (India) Private Limited, and Indorama Sustainable Polyester Yarns Private Limited.
The economic model relies heavily on large-scale chemical processing of petrochemical intermediates into polyester products consumed across textile spinning, weaving, and industrial applications.
02 · Historical context
What shaped the business before this quarter
The company established its core manufacturing presence at Butibori, Nagpur, in Maharashtra, which continues to anchor its primary production operations.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹1,340.64 Cr | ₹936.64 Cr |
| Total income | ₹1,344.04 Cr | ₹940.20 Cr |
| Profit before tax | ₹73.86 Cr | ₹63.74 Cr |
| Profit after tax | ₹74.08 Cr | ₹63.74 Cr |
| EPS | ₹2.84 | ₹2.44 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 5.5% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 5.5% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹3.40 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations surged by 43.13% QoQ to reach INR 1,340.64 crore in Q2 FY27 from INR 936.64 crore in Q1 FY27, reflecting stronger delivery volumes or realization rates during the monsoon quarter.
Other income contributed INR 3.40 crore to the total consolidated top-line of INR 1,344.04 crore for the quarter.
What drove margins
Cost of materials consumed formed the largest expense block at INR 944.32 crore alongside purchase of stock-in-trade of INR 116.22 crore, reflecting direct petrochemical feedstock linkages.
Profit from operations before depreciation, finance costs, and foreign exchange fluctuations expanded to INR 117.66 crore for Q2 FY27 compared to INR 108.04 crore in Q1 FY27.
The consolidated profit after tax margin for the current quarter stood at 5.53% compared to 6.81% in the preceding quarter due to a steeper rise in total revenue relative to bottom-line expansion.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
In accordance with Ind AS 108 Operating Segments, the group operates in a single primary business segment: the manufacturing and trading of polyester goods.
06 · Reported developments
What changed operationally
Consolidated operating revenue expanded significantly by over 43% sequentially to INR 1,340.64 crore in Q2 FY27.
Consolidated net profit grew by 16.22% sequentially to reach INR 74.08 crore for the quarter.
07 · Items worth noticing
The line items that can distort a quick read
The company recognized a deferred tax credit of INR 0.22 crore during Q2 FY27, contributing to the bottom-line tally.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
For the six months ended September 30, 2026, net cash generated from operating activities stood at INR 328.46 crore, aided by a profit before tax of INR 137.60 crore and movements in trade receivables and payables.
Net cash used in investing activities for the half-year was INR 6.24 crore, while net cash used in financing activities reached INR 332.22 crore, driven by a net reduction in current borrowings of INR 206.98 crore and repayment of non-current borrowings of INR 64.49 crore.
Capital allocation & funding
As at September 30, 2026, consolidated non-current borrowings stood at INR 332.18 crore (compared to INR 444.58 crore as at March 31, 2026) and current borrowings were recorded at INR 527.95 crore (compared to INR 687.02 crore as at March 31, 2026).
Consolidated finance costs for Q2 FY27 were reported at INR 28.99 crore, showing minimal variation compared to INR 29.38 crore in Q1 FY27.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Board Approval and Review
The unaudited consolidated and standalone financial results for the second quarter and half-year ended September 30, 2026, were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on October 16, 2026. Statutory auditors S S Kothari Mehta & Co. LLP carried out a limited review.
10 · Previous-quarter changes
What changed since the previous quarter
Operating revenue increased from INR 936.64 crore in Q1 FY27 to INR 1,340.64 crore in Q2 FY27.
Current borrowings on a consolidated basis decreased from INR 687.02 crore as of March 31, 2026, to INR 527.95 crore as of September 30, 2026.
11 · Key Q&A
The quarter, answered directly
What does Indo Rama Synthetics (India) do?
Indo Rama Synthetics (India) Limited operates primarily in the manufacturing and trading of polyester goods, encompassing polyester staple fibre (PSF), polyester filament yarn (PFY), texturised yarn, chips, and related polymer products.
What is the clearest takeaway from Q2 FY27?
Indo Rama Synthetics (India) Limited registered consolidated revenue from operations of INR 1,340.64 crore for the second quarter ended September 30, 2026, marking a robust sequential expansion of 43.13% compared to INR 936.64 crore reported in the first quarter of fiscal 2027.
What drove revenue or demand?
Revenue from operations surged by 43.13% QoQ to reach INR 1,340.64 crore in Q2 FY27 from INR 936.64 crore in Q1 FY27, reflecting stronger delivery volumes or realization rates during the monsoon quarter.
What mattered most for margins or profitability?
Cost of materials consumed formed the largest expense block at INR 944.32 crore alongside purchase of stock-in-trade of INR 116.22 crore, reflecting direct petrochemical feedstock linkages.
What changed operationally beyond the headline numbers?
The unaudited consolidated and standalone financial results for the second quarter and half-year ended September 30, 2026, were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on October 16, 2026. Statutory auditors S S Kothari Mehta & Co. LLP carried out a limited review.
What should the next disclosure help confirm?
Monitor trends in petrochemical feedstock prices and their pass-through impact on polyester realization margins.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
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Profit change vs base₹0 cr (0%)
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Raw Material Price Trends: Monitor trends in petrochemical feedstock prices and their pass-through impact on polyester realization margins.
- 02
Debt Servicing and Borrowing Levels: Track further movements in short-term and long-term borrowings alongside interest cost burdens in subsequent quarters.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.