INDO RAMA SYNTHETICS (INDIA) LTD. Q1 FY27 Results

Indo Rama Synthetics' consolidated Q1 FY27 (quarter ended June 30, 2026) revenue fell sharply to ₹936.6 Cr, down 28.3% YoY from ₹1,305.7 Cr and down 22.1% QoQ from ₹1,201.7 Cr (on a total-income basis the company's own press release cites -28.15%/-22.10%, matching closely). Despite the steep topline drop, consolidated PAT rose 20.8% YoY to ₹63.7 Cr (from ₹52.75 Cr) though it was essentially flat QoQ (-0.6%) against ₹64.13 Cr. Standalone PAT was ₹33.75 Cr on standalone revenue of ₹817.5 Cr. Consolidated is the primary basis, capturing the parent plus four subsidiaries, and standalone tells a materially softer story: standalone PAT rose only 4.5% YoY (₹33.75 Cr vs ₹32.31 Cr) on a steeper 31.0% revenue decline (₹817.5 Cr vs ₹1,184.9 Cr) — the subsidiaries are doing the heavy lifting on profit this quarter.

The expansion is entirely margin-driven. EBITDA margin rose to 11.49% from 7.66% a year ago and 10.08% last quarter (~383bps YoY, ~141bps QoQ), which management attributes to "improved margins, product mix and volatile market sentiments." NPM expanded similarly to 6.78% from 4.03% YoY (5.31% in Q4 FY26). The revenue decline itself is framed by the company as a volume impact tied to "West Asia geo-political issues" rather than a pricing or cost problem — cost of materials and total expenses fell roughly in step with revenue, which is why the margin line still improved. No exceptional items were booked this quarter (FY26's full year carried a ₹2.70 Cr one-off employee-benefit exceptional cost, not present in this comparable quarter), so the YoY PAT growth is on a clean, like-for-like base. Tax expense was nil in both periods, as in prior quarters.

The stock went into the print at ₹53.24, up 20.7% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records.

No formal analyst consensus estimates or management guidance for this quarter were found in our records or a web search, so vsStreet and vsGuidance are both unknown — this is a small/mid-cap polyester name without dense sell-side coverage, and management gives no formal forward guidance on record. The result was declared alongside unrelated governance actions on the same board date (29 July 2026): reappointment of Chairman & Managing Director Om Prakash Lohia for a further 3 years and independent director Dharmpal Agarwal for a further 5 years, plus reconstitution of the Stakeholders Relationship Committee — none of which bear on the quarter's numbers. Within the quarter itself the company also lost independent director Dhanendra Kumar to death (29 May 2026).