Indorama Ventures Public Company Limited (IVL) outlined its 2026-2028 business plan on the Annual Capital Markets Day (CMD). The global sustainable chemical producer will prioritise disciplined execution and operational excellence as the company builds on the reset achieved under IVL 2.0.
Indorama Ventures
Indorama Ventures outlines its 2026-2028 business plan
Addressing analysts and investors in Bangkok, Group CEO Aloke Lohia said that IVL 2.0 was guided by a VUCA (vision, understanding, clarity, and agility) framework to optimise the company’s cost base, strengthening its balance sheet flexibility, and building a more resilient asset base. Now, IVL is stronger and more competitive as the global chemicals industry faces a prolonged period of unprecedented change and disruption.
The business plan will see management adopting a complementary SOAR (strengths, opportunities, aspirations, and results) approach to help guide the next phase of value creation.
“The difference between SOAR and VUCA lies in their psychological orientation,” said Lohia. “SOAR is a mindset of possibility and internal aspiration, while VUCA reflects preparedness and external awareness. We must adopt both, and the level of satisfaction will be equally rewarding.”
Earlier this year, Indorama Ventures’ senior leadership structure was reorganised to act as a lean execution partner to its federated business segments. This is a commitment to enhanced clarity, driving improved decision-making, accountability, and capital management. The 2026-2028 business plan centres on five enterprise priorities:
- Structural cost leadership.
- Commercial and manufacturing excellence.
- Portfolio reorganisation.
- Inventory optimisation.
- Cash and capital management.
Lohia insists the roadmap doesn’t rely on assumptions of a cyclical recovery; instead, it assumes industry spreads remain at 2025 trough levels. Self-help measures (e.g., cost optimisation, inventory discipline, and portfolio sharpening) will drive the targeted doubling of EBITDA by 2028.
The Indovida packaging business is a key growth engine, with a stable demand growth in the food & beverages and personal care markets.
“Since our 30th anniversary in 2020, we have navigated a landscape of profound change—from the maturation of our core polyester business and persistent crude oil volatility to global pandemics, geopolitical conflicts, and unprecedented interest rate hikes,” said Lohia, regarding the plan. “This complex environment demanded a fundamental strategic refresh, which we kicked off in 2023 under IVL 2.0. Aligned with our Board and the Indorama Management Council, we are executing a clear roadmap to unlock significant value. A robust Sales & Operations Execution (S&OE) rhythm is maximising our advantaged ‘local for local’ model by optimising inventory management and enhancing our responsiveness to market volatility and supply chain disruptions. We remain focused on growth by reinforcing higher-EBITDA businesses like Indovinya, Indovida, and our strengthened shale-to-PET platform, capitalising on strategic opportunities to deliver superior shareholder value.”