Indorama Ventures Public Company Limited

SET:IVL Stock Report

Market Cap: ฿130.3b

Indorama Ventures Future Growth

Future criteria checks 3/6

Indorama Ventures is forecast to grow earnings and revenue by 79.9% and 4.6% per annum respectively. EPS is expected to grow by 77.3% per annum. Return on equity is forecast to be 6.1% in 3 years.

Key information

79.9%

Earnings growth rate

77.28%

EPS growth rate

Chemicals earnings growth62.2%
Revenue growth rate4.6%
Future return on equity6.09%
Analyst coverage

Good

Last updated03 Jul 2026

Recent future growth updates

Recent updates

Narrative Update • Jun 29

IVL: Higher Profitability Outlook Will Support A More Upbeat 2026 Prospective

Analysts have lifted their fair value estimate for Indorama Ventures from THB23.07 to THB26.71, citing updated assumptions for revenue growth, profit margins and a lower discount rate, along with a revised future P/E outlook. What's in the News for Indorama Ventures Indorama Ventures has scheduled a board meeting for May 15, 2026, to consider granting financial assistance of up to US$70 million by way of a guarantee or Standby Letter of Credit to Indo Rama Synthetics (India) Limited and/or its subsidiaries, which are connected persons of the company.
Narrative Update • Jun 15

IVL: Related Party Support And Margin Assumptions Will Guide Fairly Valued Shares

Analysts have lifted their price target for Indorama Ventures to THB21.34, reflecting slightly firmer profit margin expectations and a modestly higher assumed discount rate and future P/E multiple in their models. What's in the News A board meeting is scheduled for May 15, 2026, to consider granting financial assistance by way of a guarantee or Standby Letter of Credit of up to US$70 million to Indo Rama Synthetics (India) Limited and/or its subsidiaries, which are connected persons of Indorama Ventures (source: company event filing).
Narrative Update • Jun 01

IVL: Financial Support Plans And Margin Outlook Will Shape Fairly Valued Shares

Analysts have lifted their price target on Indorama Ventures slightly to THB21.34 from THB21.00. This reflects updated views on a modestly smaller revenue decline, a slightly higher profit margin, a slightly lower discount rate, and a marginally lower assumed future P/E multiple.
Narrative Update • May 09

IVL: Lower Discount Rate And Higher Future P/E Will Support Upside

Analysts have raised their price target on Indorama Ventures from THB 28.0 to THB 31.1 as they update their views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Board meeting scheduled for February 27, 2026 to consider convening the Annual General Meeting of Shareholders, which can shape upcoming decisions on dividends, capital allocation, and governance (Key Developments).
Narrative Update • Apr 23

IVL: Higher Future P/E Assumptions Will Constrain Share Price Upside

Analysts have raised their price target for Indorama Ventures from THB17.54 to THB21.00, citing updated assumptions on the discount rate, revenue trajectory, profit margin, and future P/E multiples as key drivers of the change. What's in the News Board meeting scheduled for Feb 27, 2026, to consider convening the Annual General Meeting of Shareholders, which may shed light on upcoming resolutions and corporate priorities (Key Developments).
Narrative Update • Apr 08

IVL: Higher Assumed P/E And Softer Margins Will Restrain Future Returns

Analysts now set their price target for Indorama Ventures at about THB17.54, compared with the prior fair value estimate of about THB14.82. This reflects updated views on a lower discount rate, a smaller expected revenue decline, slightly softer profit margins, and a higher assumed future P/E multiple.
Narrative Update • Mar 25

IVL: Green Chemistry And AI Will Shape Balanced Prospects Into 2026

Indorama Ventures' analyst price target has been adjusted slightly to THB 23.07 from THB 23.03, with analysts pointing to updated assumptions that include a different discount rate, higher modeled revenue growth, a lower profit margin, and a higher future P/E multiple. What's in the News Board meeting scheduled for Feb 27, 2026, with the agenda to consider convening the Annual General Meeting of Shareholders (Key Developments).
Narrative Update • Mar 10

IVL: Lower Discount Rate And Higher Future P/E Will Support Upside

Analysts have nudged their fair value estimate for Indorama Ventures slightly lower from THB 28.10 to THB 28.00, reflecting updated views around a reduced discount rate, higher assumed revenue growth, a slimmer profit margin, and a higher future P/E multiple. What's in the News Board meeting scheduled for Feb 27, 2026 to consider convening the Annual General Meeting of Shareholders, which can set the timetable for key shareholder decisions (Key Developments).
Narrative Update • Feb 23

IVL: Green Chemistry And AI Will Support Measured Future Return Potential

Analysts have trimmed their 12 month price target for Indorama Ventures slightly to THB23.03 from THB23.39, reflecting refreshed assumptions around the discount rate, revenue growth, profit margin and future P/E that point to only modest tweaks in their valuation views. What's in the News Indorama Ventures held an Analyst/Investor Day, which gave the market an opportunity to hear updated views and priorities directly from management (Key Developments).
Narrative Update • Feb 08

IVL: Lower Future P/E Multiple Will Limit Share Price Upside

Analysts have trimmed their price target for Indorama Ventures to approximately US$14.82 from about US$15.30, citing updated assumptions around discount rates, slightly different revenue expectations, improved profit margin forecasts, and a lower future P/E multiple. Valuation Changes Fair Value: Trimmed slightly from US$15.30 to about US$14.82 per share.
Narrative Update • Jan 25

IVL: Green Chemistry And AI Will Support Future Upside Potential

Analysts have slightly reduced their price target for Indorama Ventures to US$23.39 from about US$23.54, reflecting updated assumptions for more moderate revenue growth, a marginally lower profit margin outlook, and a slightly higher future P/E multiple, while keeping the discount rate unchanged. Valuation Changes Fair Value: reduced slightly from US$23.54 to US$23.39 per share.
Narrative Update • Jan 10

IVL: Stronger Margins And Lower P/E Will Support Upside Potential

Analysts have trimmed their price target for Indorama Ventures to $28.10, reflecting slightly softer revenue growth assumptions, together with a modestly higher profit margin outlook and a lower forward P/E multiple. Valuation Changes Fair Value: Unchanged at THB 28.10 per share, indicating no adjustment to the overall valuation anchor.
Narrative Update • Dec 26

IVL: Sustainability Breakthroughs In Fragrance Solubilization Will Support Stronger Profit Margins

Analysts have modestly reduced their price target for Indorama Ventures from THB 29.0 to THB 28.1, citing a higher required discount rate despite stronger expectations for revenue growth and profit margins in the future. What's in the News Indorama Ventures unit Indovinya launched an Open Innovation Challenge targeting sustainable fragrance solubilization solutions for the personal care market, in partnership with AEVO (Key Developments).
Narrative Update • Dec 12

IVL: Higher Required Returns And Lower Margins Will Temper Future Upside

Analysts have trimmed their fair value estimate for Indorama Ventures from about $18.00 to roughly $15.30 per share. They cite a higher required discount rate, weaker expected profit margins, and a richer future earnings multiple that together temper the upside case despite slightly improved revenue trends.
Narrative Update • Nov 27

IVL: Green Chemistry and AI Solutions Will Accelerate Market Leadership

Analysts have revised their price target for Indorama Ventures slightly downward from $24.18 to $23.54. This change is based on updated expectations for revenue growth and profit margins.
Narrative Update • Nov 11

IVL: Sustainable Solutions Drive Renewed Confidence Amid Market Opportunity

Analysts have lowered their price target for Indorama Ventures from $24.64 to $24.18. They cited revised growth assumptions and a slightly higher discount rate in their updated models.
User avatar
New Narrative • Dec 16

Indovinya And Indovida IPOs Plus PET Recycling Expansion To Boost Profits And Margins

Asset rationalization and restructuring initiatives aim to improve profitability by reducing costs and boosting operational efficiency.

Earnings and Revenue Growth Forecasts

SET:IVL - Analysts future estimates and past financials data (THB Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/2028497,9389,00825,22034,8869
12/31/2027505,4317,95221,37229,25314
12/31/2026486,5205,91014,36431,84610
3/31/2026441,801-9,76828,35743,997N/A
12/31/2025451,196-8,26328,23548,046N/A
9/30/2025469,758-2,66016,29835,190N/A
6/30/2025496,880-51612,44331,382N/A
3/31/2025526,014-22,94722,75842,703N/A
12/31/2024544,095-20,46517,52235,112N/A
9/30/2024551,098-33,75828,82447,683N/A
6/30/2024552,450-34,84731,90754,007N/A
3/31/2024543,155-11,43828,84052,918N/A
12/31/2023543,627-11,54826,97053,134N/A
9/30/2023561,228-10,59928,42756,106N/A
6/30/2023600,913-2,65724,57552,706N/A
3/31/2023650,88717,21037,10866,620N/A
12/31/2022660,37830,25649,51077,981N/A
9/30/2022648,36047,12638,99067,417N/A
6/30/2022596,11745,53739,30365,946N/A
3/31/2022519,40833,59521,62545,814N/A
12/31/2021470,55525,53810,58933,772N/A
9/30/2021421,68221,60316,86938,343N/A
6/30/2021375,85415,43520,59239,927N/A
3/31/2021339,5317,10222,50538,883N/A
12/31/2020333,6021,66525,31543,436N/A
9/30/2020327,950-1,31022,81639,281N/A
6/30/2020331,111-97324,17441,042N/A
3/31/2020350,9291,21325,15143,221N/A
12/31/2019354,6724,275N/A40,845N/A
9/30/2019368,0478,072N/A41,097N/A
6/30/2019379,66517,334N/A37,301N/A
3/31/2019368,17423,309N/A32,646N/A
12/31/2018348,25525,415N/A31,981N/A
9/30/2018327,38233,064N/A30,879N/A
6/30/2018303,90726,526N/A27,640N/A
3/31/2018291,91921,220N/A28,770N/A
12/31/2017287,33519,833N/A28,907N/A
9/30/2017281,31512,790N/A27,651N/A
6/30/2017274,50812,458N/A32,237N/A
3/31/2017269,50815,472N/A27,708N/A
12/31/2016255,13015,147N/A24,946N/A
9/30/2016247,35012,332N/A25,902N/A
6/30/2016243,9959,680N/A18,198N/A
3/31/2016238,8399,199N/A20,759N/A
12/31/2015235,2845,559N/A24,806N/A
9/30/2015232,8224,772N/A21,335N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: IVL is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2.2%).

Earnings vs Market: IVL is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: IVL is expected to become profitable in the next 3 years.

Revenue vs Market: IVL's revenue (4.6% per year) is forecast to grow slower than the TH market (9.7% per year).

High Growth Revenue: IVL's revenue (4.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: IVL's Return on Equity is forecast to be low in 3 years time (6.1%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/06 16:53
End of Day Share Price 2026/07/06 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Indorama Ventures Public Company Limited is covered by 22 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Komsun SuksumrunBofA Global Research
Suppata SrisukBualuang Securities PCL
Amornrat CheevavichawalkulCGS International