Bangkok – Synthetic fibre specialist Indorama Ventures has reported a strong recovery in first-quarter 2026 results, with EBITDA rising 89% quarter-on-quarter to THB 8.0 billion, supported by improved market conditions and execution of its IVL 2.0 strategy.
The Thailand-based producer, a major global supplier of polyester fibres used across apparel, hosiery and technical textiles, recorded revenue of THB 109.3 billion for the quarter, up 7% sequentially. The improvement reflects higher volumes, better spreads and a more favourable product mix across its portfolio.
Within its Fibres segment, EBITDA increased 70% quarter-on-quarter to THB 879 million. The company attributed the gain to tighter production control, with output aligned more closely to demand in key end-use sectors including apparel and mobility textiles.
For knitting and hosiery manufacturers, Indorama’s fibre business remains a key upstream supplier of polyester filament and staple fibres used in circular knitting, warp knitting and sock production. The recent performance suggests stabilising input conditions following a prolonged downturn between 2023 and 2025.
The company indicated it has prioritised cash flow and inventory discipline over volume growth in the fibre segment. This approach reflects softer demand in lifestyle and automotive-related textile applications, while avoiding excess stock build-up across global supply chains.
Across the wider group, the Combined PET segment delivered the strongest improvement, with EBITDA up 134% to THB 5.5 billion. While primarily focused on packaging, PET integration also underpins polyester fibre production, particularly through feedstock security and cost positioning.
Indorama highlighted its shale-to-PET integration in the Americas as a structural advantage, supporting competitive raw material sourcing for downstream fibre production. This is particularly relevant for textile manufacturers facing ongoing volatility in polymer pricing.
Commenting on the results, Aloke Lohia, Group CEO of Indorama Ventures, said the company is “entering the upcycle in a stronger position” following operational and strategic adjustments under its IVL 2.0 programme.
Indorama operates globally with a “local-for-local” manufacturing model, supplying fibres and intermediates to regional textile markets across Asia, Europe and the Americas. Its customer base includes yarn spinners, knitting mills and major apparel brands.
Market conditions for polyester and related value chains are showing signs of structural improvement, with slower capacity additions and rationalisation across upstream chemicals. This is contributing to firmer pricing and more balanced supply-demand dynamics.
Looking ahead, the company expects further earnings improvement in the second quarter, supported by higher utilisation rates and margin expansion – factors that could help stabilise fibre input costs for knitting and hosiery producers in the near term.
