Indo Rama Synthetics (India) Limited (INDORAMA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-129.9%

-₹22.24

vs ₹74.37 price

Levered DCF

-₹100.97

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.12

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	5.67×	694.8×	-5.55×	-41.81×	6.41×	8.88×	-0.93×	-2.09×
P/B	1.64×	2.64×	3.07×	1.79×	2.88×	3.02×	1.32×	2.35×
P/S	0.17×	0.23×	0.31×	0.26×	0.43×	0.49×	0.14×	0.36×
EV / EBITDA	6.02×	11.65×	-74.75×	28.1×	6.89×	13.57×	-56.92×	-5.48×
Gross margin	23.3%	21.2%	10.7%	1.3%	12.6%	28.6%	17.0%	12.5%
Operating margin	6.1%	18.4%	-2.0%	-3.4%	6.7%	2.8%	-5.3%	-11.2%
Net margin	3.1%	0.0%	-5.5%	-0.6%	6.7%	5.5%	-15.4%	-17.0%
Current ratio	0.75×	0.62×	0.61×	0.85×	0.82×	0.7×	0.69×	0.5×
Debt / equity	2.2×	3.09×	3.64×	1.55×	0.6×	1.19×	2.22×	2.38×
Interest coverage	2.31×	4.99×	-0.57×	-2.27×	4.37×	0.87×	-1.17×	-1.36×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	-0.0%	-0.3%	0.0%	0.1%	-0.0%	-0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	28.9%	0.4%	-55.3%	-4.3%	44.9%	34.0%	-142.6%	-112.4%
Return on invested capital	17.6%	50.5%	-4.3%	-8.9%	27.2%	7.6%	-14.5%	-13.8%
Return on assets	4.6%	0.0%	-7.0%	-0.9%	12.8%	6.6%	-21.3%	-17.0%
Free cash flow yield	12.9%	36.2%	-31.6%	-43.5%	7.0%	15.5%	-44.2%	-38.1%
Earnings yield	17.6%	0.1%	-18.0%	-2.4%	15.6%	11.3%	-107.9%	-47.8%
Enterprise value	₹19.8B	₹20.8B	₹24.4B	₹18.6B	₹20.8B	₹14B	₹7.7B	₹11.4B
Net debt / EBITDA	3.42×	6.21×	-40.22×	12.6×	1.18×	3.81×	-35.35×	-2.75×
Cash conversion cycle (days)	-9	-63	-35	-38	-19	-54	-6	-41