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INDO RAMA SYNTHETICS (INDIA) L (INDORAMA)

Process Industries

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.40 / 100
Profitability 62Growth 53Balance sheet 4
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.74 / 100
Price 95Earnings 89FII/DII 38
Compare withVARDHMAN TEXTILES LIMTEDARVIND LIMITEDTRIDENT LTD
Share Price
₹73.11
P/E
11.8x
ROCE
18.0%
Market Cap
₹1909 cr
Revenue (TTM)
₹4542 cr
P/S
0.4x
P/B
3.7x
ROE
31.1%
Operating Margin
11.0%
Debt / Equity
2.2x
Promoter Holding
74.8%
12M Momentum
6.2%
P/E vs its own history66th percentilesince Jan '19
P/E vs Process Industries0.7xthe sector median

52-week range

₹29.00₹112.30
53% of the way from its 52-week low to its high

Price risk

1Y volatility
59.3%
Beta vs sector
1-year daily
1.63

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.2x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.54x
Share count, 1Y
unchanged

Was the rally earned?

+6%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 81 points, but investors now pay less per rupee of profit (P/E 24.5x to 11.8x), which took 75 points back.
  • The share count barely moved.
1 year Net profit growth: +80 pts. Points of the price return explained by net profit growing (or shrinking).+80 ptsP/E change: -75 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-75 ptsShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price. +6% 1 year Net profit growth: +80 pts. Points of the price return explained by net profit growing (or shrinking).+80 ptsP/E change: -75 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-75 ptsShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price. +6%
Net profit growth+80 ptsNet profit rose about 118%, which lifts the price.
P/E change-75 ptsThe P/E fell from 24.5x to 11.8x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+45%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 43 points to the rise, while the multiple moved less (P/E 11.6x to 11.8x).
  • The share count barely moved.
5 years Net profit growth: +43 pts. Points of the price return explained by net profit growing (or shrinking).+43 ptsP/E change: +2 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.Share count change: -0 pts. Points of the price return explained by the share count changing. More shares count against the price. +45% 5 years Net profit growth: +43 pts. Points of the price return explained by net profit growing (or shrinking).+43 ptsP/E change: +2 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.Share count change: -0 pts. Points of the price return explained by the share count changing. More shares count against the price. +45%
Net profit growth+43 ptsNet profit rose about 43%, which lifts the price.
P/E change+2 ptsThe P/E rose from 11.6x to 11.8x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with VARDHMAN TEXTILES LIMTED

Is it expensive against its own past and its peers?

11.8xP/E todayWithin its usual range
Against its own history66th percentileMedian 11.1x; usual range 5.3x to 21.5x since 2019-01.
Against Process Industries11.8x vs 18.0xBelow the Process Industries median.
3.8x293.4x582.9x872.5xJan '19Aug '20Mar '22Oct '23May '25Oct '263.8x293.4x582.9x872.5xJan '19Aug '21Mar '24Oct '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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P/B (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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P/S (this company)10th to 90th percentile of its own historyIts medianProcess Industries median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dashed line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Process Industries is valued

What is the price implying?

~26%annual earnings growth implied by the price

At a P/E of 49.9x, the price would imply about 26.3%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Process Industries The market-wide Expectations lists

What changed?

  1. Oct '26Fell 31% from the Sep 2026 peak to the Oct 2026 low.
  2. Sep '26Regained the 2022-01 peak, 6 months after the low.
  3. Jul '26Volume reached 33.3x its 50-day median on 2026-07-03; price +10.2% that day.
  4. Jun '26Moved into the top quartile of Process Industries on ROCE (from the 3rd quartile).
  5. May '26Volume reached 25.6x its 50-day median on 2026-05-27; price -5.6% that day.
  6. Mar '26Fell 64% from the Jan 2022 peak to the Mar 2026 low.
  7. Mar '26Slipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).
  8. Mar '26Volume reached 9.8x its 50-day median on 2026-03-23; price +0.5% that day.
Show 22 earlier events
  1. Oct '25Volume reached 41.5x its 50-day median on 2025-10-20; price +14.2% that day.
  2. Sep '25Volume reached 13.2x its 50-day median on 2025-09-30; price +5.0% that day.
  3. Jun '25EPS (TTM) turned positive.
  4. Jun '25P/E crossed above the 90th percentile of its own history to date (801.5x).
  5. Jun '25Moved into the 3rd quartile of Process Industries on ROCE (from the bottom quartile).
  6. May '25Volume reached 58.3x its 50-day median on 2025-05-23; price +6.5% that day.
  7. Mar '25Moved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).
  8. Jan '25Volume reached 12.0x its 50-day median on 2025-01-15; price +9.0% that day.
  9. Dec '24Volume reached 5.2x its 50-day median on 2024-12-09; price +5.8% that day.
  10. Sep '24Volume reached 59.5x its 50-day median on 2024-09-12; price +14.2% that day.
  11. Jun '24Volume reached 6.0x its 50-day median on 2024-06-20; price +9.2% that day.
  12. Jan '24Volume reached 9.4x its 50-day median on 2024-01-05; price +6.8% that day.
  13. Oct '23Volume reached 28.8x its 50-day median on 2023-10-20; price +8.9% that day.
  14. Aug '23Volume reached 17.3x its 50-day median on 2023-08-29; price +10.0% that day.
  15. Jun '23EPS (TTM) turned negative.
  16. Jun '23Slipped to the bottom quartile of Process Industries on ROCE (from the top quartile).
  17. Jun '23Debt / equity rose above 1.0x (1.55x).
  18. Jun '23Volume reached 35.6x its 50-day median on 2023-06-05; price +16.0% that day.
  19. Feb '23Debt / equity halved over 12 months to 0.59x.
  20. Dec '22Volume reached 38.4x its 50-day median on 2022-12-14; price +16.1% that day.
  21. Jul '22Debt / equity halved over 12 months to 0.59x.
  22. Jul '22Volume reached 9.9x its 50-day median on 2022-07-22; price -3.5% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Are profits backed by cash?

4 of 6 checks are within range, 1 near a threshold, 1 beyond a threshold.
Tap a check to see how it is measured.

Other income reliance10%Within range

Other income as a share of pre-tax profit (trailing twelve months): 10.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate0%Beyond threshold

Median quarterly effective tax rate over about 2.5 years: 0.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+4 daysWithin range

Debtor days are above the median of the previous three fiscal years by 4 days (18 vs 14). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress3% of fixed assetsWithin range

Capital work-in-progress is 3% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+21 days / 2 yrsWithin range

Days payable changed by +21 over two years. Bands: rise of up to 30 days; more than 30 days.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, DIIs trimmed 2.1 pts.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters74.8%74.8%0.0 pts
FIIs0.2%0.1%0.0 pts
DIIs3.1%0.9%-2.1 pts
Public and others21.9%24.1%+2.2 pts

Number of shareholders

26,804shareholders+4% since Dec '23
26k27k29k30k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 25,878
Mar '24: 28,572
Jun '24: 28,279
Sep '24: 29,840
Dec '24: 30,271
Mar '25: 29,697
Jun '25: 28,721
Sep '25: 26,651
Dec '25: 26,947
Mar '26: 26,677
Jun '26: 26,804
 26k27k29k30k Dec '23Dec '24Dec '25Jun '26
Dec '23: 25,878
Mar '24: 28,572
Jun '24: 28,279
Sep '24: 29,840
Dec '24: 30,271
Mar '25: 29,697
Jun '25: 28,721
Sep '25: 26,651
Dec '25: 26,947
Mar '26: 26,677
Jun '26: 26,804

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

How rough has the ride been?

Maximum drawdown-76.6%recovered 2020-12
1-year volatility59.3%annualised
Beta vs sector index1.433-year daily, correlation 0.46
Volume spikes21last 90 sessions, 5x the 50-day median

Monthly share price

₹11₹41₹71₹100 Jan '19Aug '20Mar '22Oct '23May '25Oct '26
2019-01: ₹29.90
2019-02: ₹34.55
2019-03: ₹35.00
2019-04: ₹35.15
2019-05: ₹30.95
2019-06: ₹26.60
2019-07: ₹33.35
2019-08: ₹26.00
2019-09: ₹30.15
2019-10: ₹31.20
2019-11: ₹29.05
2019-12: ₹26.35
2020-01: ₹23.70
2020-02: ₹20.10
2020-03: ₹11.25
2020-04: ₹12.75
2020-05: ₹12.40
2020-06: ₹17.25
2020-07: ₹14.65
2020-08: ₹19.55
2020-09: ₹23.20
2020-10: ₹21.50
2020-11: ₹24.25
2020-12: ₹42.05
2021-01: ₹34.65
2021-02: ₹35.95
2021-03: ₹38.55
2021-04: ₹37.10
2021-05: ₹49.30
2021-06: ₹49.05
2021-07: ₹52.15
2021-08: ₹48.05
2021-09: ₹49.60
2021-10: ₹50.40
2021-11: ₹48.10
2021-12: ₹58.60
2022-01: ₹80.85
2022-02: ₹67.00
2022-03: ₹66.00
2022-04: ₹79.70
2022-05: ₹68.60
2022-06: ₹61.85
2022-07: ₹62.75
2022-08: ₹62.75
2022-09: ₹56.95
2022-10: ₹59.70
2022-11: ₹54.50
2022-12: ₹59.55
2023-01: ₹54.20
2023-02: ₹47.20
2023-03: ₹39.30
2023-04: ₹45.65
2023-05: ₹41.05
2023-06: ₹48.60
2023-07: ₹44.45
2023-08: ₹51.15
2023-09: ₹48.85
2023-10: ₹55.40
2023-11: ₹50.20
2023-12: ₹52.10
2024-01: ₹64.65
2024-02: ₹51.85
2024-03: ₹38.85
2024-04: ₹45.40
2024-05: ₹40.25
2024-06: ₹44.61
2024-07: ₹49.42
2024-08: ₹47.61
2024-09: ₹49.70
2024-10: ₹42.14
2024-11: ₹41.09
2024-12: ₹40.49
2025-01: ₹39.98
2025-02: ₹33.80
2025-03: ₹34.08
2025-04: ₹34.95
2025-05: ₹45.49
2025-06: ₹48.09
2025-07: ₹52.35
2025-08: ₹50.49
2025-09: ₹60.44
2025-10: ₹68.83
2025-11: ₹51.24
2025-12: ₹48.57
2026-01: ₹43.56
2026-02: ₹35.43
2026-03: ₹30.09
2026-04: ₹38.36
2026-05: ₹41.10
2026-06: ₹44.32
2026-07: ₹56.25
2026-08: ₹65.92
2026-09: ₹100.36
2026-10: ₹73.11
 ₹11₹41₹71₹100 Jan '19Aug '21Mar '24Oct '26
2019-01: ₹29.90
2019-02: ₹34.55
2019-03: ₹35.00
2019-04: ₹35.15
2019-05: ₹30.95
2019-06: ₹26.60
2019-07: ₹33.35
2019-08: ₹26.00
2019-09: ₹30.15
2019-10: ₹31.20
2019-11: ₹29.05
2019-12: ₹26.35
2020-01: ₹23.70
2020-02: ₹20.10
2020-03: ₹11.25
2020-04: ₹12.75
2020-05: ₹12.40
2020-06: ₹17.25
2020-07: ₹14.65
2020-08: ₹19.55
2020-09: ₹23.20
2020-10: ₹21.50
2020-11: ₹24.25
2020-12: ₹42.05
2021-01: ₹34.65
2021-02: ₹35.95
2021-03: ₹38.55
2021-04: ₹37.10
2021-05: ₹49.30
2021-06: ₹49.05
2021-07: ₹52.15
2021-08: ₹48.05
2021-09: ₹49.60
2021-10: ₹50.40
2021-11: ₹48.10
2021-12: ₹58.60
2022-01: ₹80.85
2022-02: ₹67.00
2022-03: ₹66.00
2022-04: ₹79.70
2022-05: ₹68.60
2022-06: ₹61.85
2022-07: ₹62.75
2022-08: ₹62.75
2022-09: ₹56.95
2022-10: ₹59.70
2022-11: ₹54.50
2022-12: ₹59.55
2023-01: ₹54.20
2023-02: ₹47.20
2023-03: ₹39.30
2023-04: ₹45.65
2023-05: ₹41.05
2023-06: ₹48.60
2023-07: ₹44.45
2023-08: ₹51.15
2023-09: ₹48.85
2023-10: ₹55.40
2023-11: ₹50.20
2023-12: ₹52.10
2024-01: ₹64.65
2024-02: ₹51.85
2024-03: ₹38.85
2024-04: ₹45.40
2024-05: ₹40.25
2024-06: ₹44.61
2024-07: ₹49.42
2024-08: ₹47.61
2024-09: ₹49.70
2024-10: ₹42.14
2024-11: ₹41.09
2024-12: ₹40.49
2025-01: ₹39.98
2025-02: ₹33.80
2025-03: ₹34.08
2025-04: ₹34.95
2025-05: ₹45.49
2025-06: ₹48.09
2025-07: ₹52.35
2025-08: ₹50.49
2025-09: ₹60.44
2025-10: ₹68.83
2025-11: ₹51.24
2025-12: ₹48.57
2026-01: ₹43.56
2026-02: ₹35.43
2026-03: ₹30.09
2026-04: ₹38.36
2026-05: ₹41.10
2026-06: ₹44.32
2026-07: ₹56.25
2026-08: ₹65.92
2026-09: ₹100.36
2026-10: ₹73.11

Last 90 trading days

₹44₹65₹86₹107 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹45.12
2026-06-25: ₹45.63
2026-06-30: ₹44.32
2026-07-02: ₹45.72
2026-07-06: ₹49.55
2026-07-08: ₹45.56
2026-07-10: ₹48.07
2026-07-14: ₹47.15
2026-07-16: ₹51.14
2026-07-20: ₹49.21
2026-07-22: ₹48.67
2026-07-24: ₹48.43
2026-07-28: ₹49.42
2026-07-30: ₹55.02
2026-08-03: ₹63.49
2026-08-05: ₹62.84
2026-08-07: ₹59.45
2026-08-11: ₹58.05
2026-08-13: ₹57.07
2026-08-17: ₹54.76
2026-08-19: ₹56.29
2026-08-21: ₹62.69
2026-08-25: ₹60.53
2026-08-27: ₹63.87
2026-08-31: ₹65.92
2026-09-02: ₹66.77
2026-09-04: ₹72.96
2026-09-08: ₹74.98
2026-09-10: ₹82.93
2026-09-15: ₹82.81
2026-09-17: ₹89.19
2026-09-21: ₹106.55
2026-09-23: ₹100.00
2026-09-25: ₹99.36
2026-09-29: ₹103.44
2026-10-01: ₹95.81
2026-10-06: ₹95.10
2026-10-08: ₹88.10
2026-10-12: ₹91.41
2026-10-14: ₹96.34
2026-10-16: ₹97.56
2026-10-21: ₹83.02
2026-10-23: ₹74.49
2026-10-27: ₹76.96
2026-10-29: ₹74.19
2026-10-30: ₹73.11
 ₹44₹65₹86₹107 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹45.12
2026-06-25: ₹45.63
2026-06-30: ₹44.32
2026-07-02: ₹45.72
2026-07-06: ₹49.55
2026-07-08: ₹45.56
2026-07-10: ₹48.07
2026-07-14: ₹47.15
2026-07-16: ₹51.14
2026-07-20: ₹49.21
2026-07-22: ₹48.67
2026-07-24: ₹48.43
2026-07-28: ₹49.42
2026-07-30: ₹55.02
2026-08-03: ₹63.49
2026-08-05: ₹62.84
2026-08-07: ₹59.45
2026-08-11: ₹58.05
2026-08-13: ₹57.07
2026-08-17: ₹54.76
2026-08-19: ₹56.29
2026-08-21: ₹62.69
2026-08-25: ₹60.53
2026-08-27: ₹63.87
2026-08-31: ₹65.92
2026-09-02: ₹66.77
2026-09-04: ₹72.96
2026-09-08: ₹74.98
2026-09-10: ₹82.93
2026-09-15: ₹82.81
2026-09-17: ₹89.19
2026-09-21: ₹106.55
2026-09-23: ₹100.00
2026-09-25: ₹99.36
2026-09-29: ₹103.44
2026-10-01: ₹95.81
2026-10-06: ₹95.10
2026-10-08: ₹88.10
2026-10-12: ₹91.41
2026-10-14: ₹96.34
2026-10-16: ₹97.56
2026-10-21: ₹83.02
2026-10-23: ₹74.49
2026-10-27: ₹76.96
2026-10-29: ₹74.19
2026-10-30: ₹73.11

Drawdown from peak

0% -37% -73% Jan '19Dec '22Oct '26 0% -37% -73% Jan '19Dec '22Oct '26
Largest drawdowns

-76.6% (2019-04 peak to 2020-03 low, recovered 2020-12)

-64.1% (2022-01 peak to 2026-03 low, recovered 2026-09)

-31.9% (2021-01 peak to 2021-02 low, recovered 2021-05)

Most recent volume spikes

2026-09-22: 10.4x the 50-day median, price -2.8% that day

2026-09-21: 33.1x the 50-day median, price +17.0% that day

2026-09-17: 5.7x the 50-day median, price +4.2% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Process Industries sector page Watch it move against Process Industries in the Observatory

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

CompanySectorSimilarityClosest on
JAY BHARAT MARUTI (JAYBARMARU)Distribution Services57%revenue growth, volatility
MANOJ VAIBHAV GEMS JEW (MVGJL)Retail Trade48%promoter holding, ROCE
HPL ELECTRIC & POWER (HPL)Electronic Technology44%operating margin, market cap
MUNJAL AUTO INDUSTRIES (MUNJALAU)Producer Manufacturing44%promoter holding, debt/equity
P N GADGIL JEWELLERS (PNGJL)Retail Trade44%promoter holding, ROCE
MADRAS FERTILIZERS (MADRASFERT)Process Industries53%P/E, debt/equity
SANGAM (INDIA) (SANGAMIND)Process Industries47%operating margin, debt/equity
SPORTKING INDIA (SPORTKING)Process Industries45%promoter holding, revenue growth

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What happened next to similar setups

−8.7%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like INDO RAMA SYNTHETICS (INDIA) L today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −25% to +39% vs the market, against −5% for all non-financial companies in the same months.
  • The gap against the base rate (−3.5%, 80% range −11.6% to +7.6%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
HIMATSEIDE · May 2025: −49.7% vs market
HCC · Nov 2024: −46.1% vs market
KESORAMIND · Jul 2021: −46.1% vs market
AUTOIND · Jul 2024: −44.7% vs market
RELCHEMQ · Dec 2023: −39.3% vs market
FILATEX · Mar 2024: −37.8% vs market
ASHOKA · Jul 2021: −35.0% vs market
DHAMPURSUG · Jan 2020: −34.1% vs market
MALUPAPER · Feb 2020: −29.4% vs market
BALPHARMA · Apr 2025: −29.4% vs market
TBZ · Nov 2024: −26.8% vs market
MADRASFERT · Nov 2024: −26.5% vs market
EMAMIPAP · May 2022: −25.9% vs market
DONEAR · Mar 2025: −22.1% vs market
RANEHOLDIN · Oct 2024: −19.5% vs market
INDSWFTLAB · Mar 2024: −19.1% vs market
DCMSRIND · Jul 2024: −18.3% vs market
SANGAMIND · Dec 2023: −17.0% vs market
MANOMAY · Dec 2024: −16.8% vs market
BCLIND · Oct 2023: −15.9% vs market
PTC · Mar 2024: −15.1% vs market
JKTYRE · Apr 2021: −14.5% vs market
A2ZINFRA · Oct 2025: −12.8% vs market
MUNJALAU · Aug 2024: −11.6% vs market
AVADHSUGAR · Jul 2022: −9.2% vs market
INSPIRISYS · Jun 2025: −8.2% vs market
PENIND · Jan 2025: −2.2% vs market
TVSHLTD · Apr 2021: −1.4% vs market
COSMOFIRST · Feb 2025: +0.6% vs market
MUKANDLTD · Aug 2025: +2.1% vs market
RAIN · Mar 2021: +10.0% vs market
BANSWRAS · May 2020: +12.5% vs market
EDELWEISS · Oct 2023: +26.8% vs market
TRIVENI · Mar 2020: +29.3% vs market
DYNAMATECH · May 2021: +31.4% vs market
MAGADSUGAR · Feb 2023: +32.6% vs market
PRECOT · Aug 2025: +38.3% vs market
INDIANHUME · Apr 2024: +38.8% vs market
GOODLUCK · Jun 2023: +48.2% vs market
JAYBARMARU · Jul 2020: +63.2% vs market
ASHAPURMIN · May 2023: +92.8% vs market
HITECH · Dec 2020: +95.6% vs market
SPIC · Mar 2021: +97.6% vs market
DPABHUSHAN · Nov 2023: +103.3% vs market
LTFOODS · Apr 2020: +107.9% vs market
UGARSUGAR · Jun 2022: +111.6% vs market
SPORTKING · Oct 2025: +130.1% vs market
GPTINFRA · May 2023: +183.7% vs market
STEELXIND · Apr 2020: +210.7% vs market
VISHNU · Nov 2020: +251.6% vs market
Similar setups −8.7%All companies −5.2%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 7 beyond the range shown, drawn at the edge

Similar setups' median
−8.7%
All companies' median
−5.2%
Beat the market
44% vs 44%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DONEAR
Process Industries		 Mar 2025 12x— +8%−41% −22%
VISHNU
Process Industries		 Nov 2020 9x14% +43%−13% +252%
HCC
Industrial Services		 Nov 2024 21x21% +49%−23% −46%
AVADHSUGAR
Process Industries		 Jul 2022 9x13% +14%−35% −9%
PRECOT
Process Industries		 Aug 2025 17x13% 0%−30% +38%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
RANEHOLDIN
Producer Manufacturing		 Oct 2024 21x13% +56%−24% −20%
MANOMAY
Process Industries		 Dec 2024 23x10% +50%−25% −17%
RAIN
Process Industries		 Mar 2021 9x10% +156%−15% +10%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: P/S, drawdown from 12-month high and P/E. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to INDO RAMA SYNTHETICS (INDIA) L. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-10-30. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.
Monthly history (94 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1011.8x₹4542 cr31.1%18.0%2.2x
2026-0916.2x₹4542 cr31.2%18.0%2.2x
2026-0811.4x₹4911 cr29.1%18.0%2.2x
2026-079.8x₹4911 cr29.1%18.0%2.2x
2026-067.7x₹4911 cr29.1%18.0%2.2x
2026-057.8x₹4907 cr37.5%10.0%3.1x
2026-047.3x₹4907 cr37.5%10.0%3.1x
2026-035.7x₹4907 cr37.5%10.0%3.1x
2026-026.5x₹4891 cr38.9%10.0%3.1x
2026-018.0x₹4891 cr38.9%10.0%3.1x
2025-128.9x₹4891 cr38.9%10.0%3.1x
2025-1118.2x₹4621 cr20.1%10.0%3.1x
2025-1024.5x₹4621 cr20.1%10.0%3.1x
2025-0921.5x₹4621 cr20.1%10.0%3.1x
2025-08841.5x₹4259 cr0.4%10.0%3.1x
2025-07872.5x₹4259 cr0.4%10.0%3.1x
2025-06801.5x₹4259 cr0.4%10.0%3.1x
2025-05—₹3965 cr-24.2%-4.0%3.6x
2025-04—₹3965 cr-24.2%-4.0%3.6x
2025-03—₹3965 cr-24.2%-4.0%3.6x
2025-02—₹3739 cr-54.9%-4.0%3.6x
2025-01—₹3739 cr-54.9%-4.0%3.6x
2024-12—₹3739 cr-54.9%-4.0%3.6x
2024-11—₹4047 cr-45.4%-4.0%3.6x
2024-10—₹4047 cr-45.4%-4.0%3.6x
2024-09—₹4047 cr-45.4%-4.0%3.6x
2024-08—₹3873 cr-55.2%-4.0%3.6x
2024-07—₹3873 cr-55.2%-4.0%3.6x
2024-06—₹3873 cr-55.2%-4.0%3.6x
2024-05—₹4085 cr-4.4%3.0%1.6x
2024-04—₹4085 cr-4.4%3.0%1.6x
2024-03—₹4085 cr-4.4%3.0%1.6x
2024-02—₹4085 cr-4.4%3.0%1.6x
2024-01—₹4085 cr-4.4%3.0%1.6x
2023-12—₹4085 cr-4.4%3.0%1.6x
2023-11—₹4085 cr-4.4%3.0%1.6x
2023-10—₹4085 cr-4.4%3.0%1.6x
2023-09—₹4085 cr-4.4%3.0%1.6x
2023-08—₹4085 cr-4.4%3.0%1.6x
2023-07—₹4085 cr-4.4%3.0%1.6x
2023-06—₹4085 cr-4.4%3.0%1.6x
2023-054.0x₹4038 cr44.8%33.0%0.6x
2023-044.4x₹4038 cr44.8%33.0%0.6x
2023-033.8x₹4038 cr44.8%33.0%0.6x
2023-024.6x₹4038 cr44.8%33.0%0.6x
2023-015.3x₹4038 cr44.8%33.0%0.6x
2022-125.8x₹4038 cr44.8%33.0%0.6x
2022-115.3x₹4038 cr44.8%33.0%0.6x
2022-105.8x₹4038 cr44.8%33.0%0.6x
2022-095.5x₹4038 cr44.8%33.0%0.6x
2022-086.1x₹4038 cr44.8%33.0%0.6x
2022-076.1x₹4038 cr44.8%33.0%0.6x
2022-066.0x₹4038 cr44.8%33.0%0.6x
2022-0515.8x₹2043 cr33.9%11.0%1.2x
2022-0418.4x₹2043 cr33.9%11.0%1.2x
2022-0315.2x₹2043 cr33.9%11.0%1.2x
2022-0215.4x₹2043 cr33.9%11.0%1.2x
2022-0118.6x₹2043 cr33.9%11.0%1.2x
2021-1213.5x₹2043 cr33.9%11.0%1.2x
2021-1111.1x₹2043 cr33.9%11.0%1.2x
2021-1011.6x₹2043 cr33.9%11.0%1.2x
2021-0911.4x₹2043 cr33.9%11.0%1.2x
2021-0811.1x₹2043 cr33.9%11.0%1.2x
2021-0712.0x₹2043 cr33.9%11.0%1.2x
2021-0611.3x₹2043 cr33.9%11.0%1.2x
2021-05—₹2106 cr-142.8%—2.1x
2021-04—₹2106 cr-142.8%—2.1x
2021-03—₹2106 cr-142.8%—2.1x
2021-02—₹2106 cr-142.8%—2.1x
2021-01—₹2106 cr-142.8%—2.1x
2020-12—₹2106 cr-142.8%—2.1x
2020-11—₹2106 cr-142.8%—2.1x
2020-10—₹2106 cr-142.8%—2.1x
2020-09—₹2106 cr-142.8%—2.1x
2020-08—₹2106 cr-142.8%—2.1x
2020-07—₹2106 cr-142.8%—2.1x
2020-06—₹2106 cr-142.8%—2.1x
2020-05—₹2459 cr-16.1%-8.0%0.6x
2020-04—₹2459 cr-16.1%-8.0%0.6x
2020-03—₹2459 cr-16.1%-8.0%0.6x
2020-02—₹2459 cr-16.1%-8.0%0.6x
2020-01—₹2459 cr-16.1%-8.0%0.6x
2019-12—₹2459 cr-16.1%-8.0%0.6x
2019-11—₹2459 cr-16.1%-8.0%0.6x
2019-10—₹2459 cr-16.1%-8.0%0.6x
2019-09—₹2459 cr-16.1%-8.0%0.6x
2019-08—₹2459 cr-16.1%-8.0%0.6x
2019-07—₹2459 cr-16.1%-8.0%0.6x
2019-06—₹2459 cr-16.1%-8.0%0.6x
2019-05—₹2459 cr-16.1%-8.0%0.6x
2019-04—₹2459 cr-16.1%-8.0%0.6x
2019-03—₹2459 cr-16.1%-8.0%0.6x
2019-02—₹2459 cr-16.1%-8.0%0.6x
2019-01—₹2459 cr-16.1%-8.0%0.6x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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