Ester Industries Limited (ESTER)
₹91.25 -1.07% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ester Industries' revenue was ₹432 Cr (+27.8% year on year, +25.7% on the previous quarter), and net profit ₹18.6 Cr (against a loss a year earlier); the operating margin was 11.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹432 | +27.8% | +25.7% |
| Operating profit | ₹49.6 | +141.7% | +18.0% |
| Net profit | ₹18.6 | from loss | +136.6% |
| EPS (₹) | 1.84 | from loss | +127.2% |
| Operating margin | 11.5% | — | — |
ESTER delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.98% of the ESTER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.09%. That is close to its usual level. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 52.6% · 52.6% · 51.7% · 53.2% · 55.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
CRISIL Ratings has renewed and reaffirmed Ester Industries Limited's credit ratings across ₹523.90 crore of total bank facilities. The long-term rating stands reaffirmed at 'CRISIL A-/Stable', while the short-term rating was reaffirmed at 'CRISIL A2+'. Total rated bank facilities of ₹523.9 crore compare against the company's balance-sheet debt of ₹334 crore and net worth of ₹950 crore. The reaffirmation indicates credit stability despite recent annual losses (FY26 net loss of ₹30.91 crore).
- CRISIL reaffirmed long-term bank facilities rating at 'CRISIL A-/Stable'
- Short-term rating reaffirmed at 'CRISIL A2+'
- Total bank loan facilities rated stand at ₹523.9 crore
- Cash credit and working capital limits include ₹54.15 crore from Bank of India and ₹46.28 crore from HDFC Bank
Ester Industries Limited has submitted its monthly certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for August 2026. As confirmed by its Registrar and Share Transfer Agent, Mas Services Limited, a total of 200 shares were dematerialised via NSDL, with zero shares rematerialised or processed under CDSL. The RTA confirmed that all corresponding physical share certificates were mutilated, cancelled, and processed within the required 15-day window. This is a standard statutory compliance filing with no operational or financial impact.
- 200 shares dematerialised under NSDL during August 2026
- 0 shares dematerialised under CDSL during the period
- 0 shares rematerialised during the month across NSDL and CDSL
- Certificates confirmed mutilated and processed within 15 days of receipt
Ester Industries Limited has dispatched the Notice of its 40th Annual General Meeting (AGM) and Annual Report for FY 2025-26. The AGM is scheduled for September 24, 2026, via Video Conferencing. The Board has recommended a final dividend of ₹0.25 per equity share (face value ₹5/- each), subject to shareholder approval, with a record date of September 17, 2026. If approved, dividend payment will be completed on or before October 24, 2026.
- Recommended final dividend of ₹0.25 per equity share (face value ₹5 each) for FY 2025-26
- Record date for dividend eligibility and cut-off date for e-voting set for September 17, 2026
- 40th AGM scheduled for September 24, 2026, via Video Conferencing / OAVM
- Remote e-voting window runs from September 21, 2026 (9:00 AM) to September 23, 2026 (5:00 PM)
- Dividend payment scheduled on or before October 24, 2026, post approval
Ester Industries Limited has issued the notice for its 40th Annual General Meeting (AGM) scheduled for September 24, 2026, alongside its FY26 Annual Report. The Board has recommended a dividend of ₹0.25 per share for FY 2025-26. The annual report highlighted that consolidated total income grew 7.2% to ₹1,392.7 crores in FY26, with total recycling capacity expanding to 28,000 MT/annum following the commissioning of its 20,000 MT/annum Hyderabad facility. Additionally, the company secured ₹165.25 crores against a ₹175 crore warrant issue to fund its ELITe joint venture project.
- 40th Annual General Meeting scheduled for September 24, 2026, via Video Conferencing.
- Board recommended a dividend of ₹0.25 per share for FY 2025-26.
- Consolidated total income reached ₹1,392.7 crores in FY26, up 7.2% YoY.
- Secured ₹165.25 crores from a ₹175 crores share warrant issue, earmarked for the ELITe JV project.
- Total recycling capacity expanded to 28,000 MT/annum following the commissioning of the 20,000 MT/annum Hyderabad rPET facility.
Ester Industries released the transcript of its Q1 FY27 earnings call, highlighting an improving operating environment for the BOPET film industry following the moderation of US punitive tariffs. Consolidated film revenues grew ~38% YoY to INR 399.5 Cr on 22,120 MT volume, with capacity utilization rising to 84%. Value-Added Specialty (VAS) films grew 23% YoY to 6,368 MT, representing 29% of total film volume. Specialty Polymers revenue dropped to INR 32.7 Cr due to demand pressure in one product, but EBIT margins expanded sharply to 45.3% from 31.7% YoY due to an improved product mix.
- Consolidated film segment revenue rose ~38% YoY to INR 399.5 Cr with EBIT margin around 10%
- VAS film volume increased 23% YoY to 6,368 MT, contributing 29% to total film volumes (targeting 50-60% in 2-3 years)
- Specialty Polymers EBIT margin expanded to 45.3% (from 31.7% in Q1 FY26) despite revenue declining to INR 32.7 Cr
- Consolidated capacity utilization reached 84% in Q1 FY27, with management indicating Q2 utilization is tracking higher
- Created 30,000 TPA recycled PET capacity to capitalize on Indian plastic waste management mandates
Ester Industries Limited has informed the exchanges regarding the cancellation of a proposed inter-se transfer of shares within the promoter group. Under the earlier intimation dated August 14, 2026, Ayush Vardhan Singhania was slated to acquire 37,97,468 equity shares (representing a 3.64% stake) from promoter Arvind Singhania. The proposed transaction stands cancelled due to unforeseen circumstances. Overall promoter group holding remains unchanged at 62.32%.
- Cancellation of proposed acquisition of 37,97,468 equity shares (3.64% voting rights)
- Transfer was planned between promoter Arvind Singhania and promoter group member Ayush Vardhan Singhania
- Earlier disclosure submitted under Regulation 10(5) on August 14, 2026, is now withdrawn
- Overall aggregate promoter holding remains unaffected at approximately 62.32%
Ester Industries has submitted the audio recording link for its analyst and investor earnings call held on August 18, 2026. The call reviewed the company's financial performance for the quarter ended June 30, 2026. This submission represents standard regulatory compliance under SEBI LODR Regulation 30 following its prior intimation on August 12, 2026.
- Audio recording link released for the earnings call conducted on August 18, 2026.
- Call covered performance for the quarter ended June 30, 2026.
- Submission made pursuant to Regulation 30 following prior notice on August 12, 2026.
Ester Industries has received an advance intimation regarding a proposed acquisition of equity shares by Mr. Ayush Vardhan Singhania, a member of the promoter group. The acquisition will be conducted through an inter-se transfer under Regulation 10(1)(a) of SEBI (SAST) Regulations, 2011. As of May 2026, the total promoter holding in the company stands at 62.32%. Such transfers are typically internal restructurings within the promoter group and do not result in a change in the aggregate promoter stake or management control.
- Intimation received on 14th August 2026 regarding proposed share acquisition.
- Acquisition to be executed by Mr. Ayush Vardhan Singhania, part of the promoter group.
- Transaction categorized as an inter-se transfer under SEBI (SAST) Regulation 10(1)(a).
- Current promoter holding is 62.32% as per May 2026 filings.
- Company market capitalization stands at approximately Rs 989 Cr.
Ester Industries reported a significant financial turnaround in Q1 FY27, with consolidated revenue growing 27.4% YoY to ₹441.9 crore. EBITDA more than doubled to ₹58.9 crore, driven by a 500 bps margin expansion to 13.3% as predatory pricing from China eased. The company returned to profitability with a PAT of ₹18.6 crore compared to a loss of ₹7.2 crore in the previous year. Notably, the ELITe JV project secured a multi-year offtake Letter of Intent (LoI) for 15,000 MTPA from a global sports brand, providing strong revenue visibility.
- Consolidated Total Income rose 27.4% YoY to ₹441.9 crore, representing ~34% of TTM revenue in a single quarter.
- EBITDA surged 103.4% YoY to ₹58.9 crore with margins expanding from 8.3% to 13.3%.
- PAT turned positive at ₹18.6 crore against a loss of ₹7.2 crore in Q1 FY26.
- ELITe JV secured a multi-year LoI for 15,000 MTPA offtake from a leading global sports and athletic brand.
- Polyester Films revenue grew 37.7% YoY to ₹399.5 crore, while Specialty Polymer EBIT margins improved to 45.3%.
Ester Industries reported a sharp financial turnaround in Q1 FY27, with consolidated revenue growing 27.4% YoY to ₹441.9 Cr and PAT turning positive at ₹18.6 Cr (vs. a loss of ₹7.2 Cr). EBITDA more than doubled to ₹58.9 Cr as margins expanded by 500 bps to 13.3%, aided by reduced predatory pricing from China and a better product mix. Significantly, the ELITe JV (50:50 with Loop Industries) secured a multi-year Letter of Intent (LOI) from a global sports brand for up to 15,000 MT per year of recycled PET resin. This LOI provides high revenue visibility for the upcoming Gujarat facility ahead of its commercial start-up.
- Consolidated EBITDA surged 103.4% YoY to ₹58.9 Cr with margins improving to 13.3%.
- PAT turned positive at ₹18.6 Cr for Q1 FY27, compared to a loss of ₹7.2 Cr in Q1 FY26.
- ELITe JV secured a multi-year LOI for up to 15,000 MT per year of Loop™ PET Fiber Grade resin.
- Polyester Film revenue grew 37% YoY to ₹399.5 Cr, supported by 84% capacity utilization.
- Value-Added & Specialty (VAS) volumes in the film segment grew 23% YoY to 6,368 MT.
Ester Industries reported a strong financial turnaround in Q1 FY27, posting a consolidated PAT of ₹18.6 Cr against a loss of ₹7.2 Cr in Q1 FY26. Revenue grew 27.4% YoY to ₹441.9 Cr, primarily driven by a 37% surge in Polyester Film revenue. EBITDA margins expanded significantly by 500 bps to 13.3%, supported by a better product mix and reduced predatory pricing from China. Notably, the ELITe JV project secured a multi-year offtake Letter of Intent (LoI) for 15,000 MTPA from a global sports brand, providing high revenue visibility for upcoming capacity.
- Consolidated EBITDA surged 103.4% YoY to ₹58.9 Cr, with margins improving from 8.3% to 13.3%.
- Polyester Film revenue grew 37% YoY to ₹399.5 Cr, supported by a 23% growth in Value-Added & Specialty (VAS) volumes.
- ELITe project secured a multi-year LoI for up to 15,000 MT per annum of Loop™ PET Fiber Grade resin.
- Consolidated capacity utilization increased to 84% in Q1 FY27 from 82% in the previous year.
- Specialty Polymers segment EBIT margin improved to 45.3% despite a 32% decline in segment revenue.
Ester Industries (Market Cap: Rs 1,016 Cr) has scheduled its Q1 FY27 earnings call for August 18, 2026, to discuss financial performance for the quarter ended June 30, 2026. The company is navigating a recovery phase after reporting a TTM loss of Rs 31 Cr on revenue of Rs 1,287 Cr, though the March 2026 quarter showed a return to profitability with a PAT of Rs 4.44 Cr. Investors will likely seek updates on the Specialty Polymers segment, which recently saw 39% YoY growth, and the progress of the ELITe JV project with Loop Industries.
- Earnings call scheduled for August 18, 2026, at 3:00 PM IST via virtual mode.
- Discussion to focus on Q1 FY27 results following a TTM revenue of Rs 1,287 Cr.
- Management to provide updates on the Specialty Polymers segment which grew 39% YoY in recent periods.
- Company reported a turnaround in the most recent quarter (Mar 2026) with a PAT of Rs 4.44 Cr.
- Updates expected on the ELITe JV project targeting 100% exports to international markets.
Ester Industries has fixed September 17, 2026, as the record date for a final dividend of Rs 0.25 per share for FY26. The company also approved Q1 FY27 results and confirmed its 40th AGM for September 24, 2026. Notably, the company completed a warrant conversion during the quarter, raising Rs 105.99 crore by issuing 67.08 lakh shares at Rs 158 each. This capital infusion represents approximately 10.4% of the current market capitalization, providing liquidity despite a TTM net loss of Rs 31 crore.
- Final dividend of Rs 0.25 per equity share recommended for the financial year 2025-26.
- Record date for dividend eligibility and AGM voting fixed as September 17, 2026.
- Raised Rs 105.99 crore through the conversion of 67,08,851 warrants at a price of Rs 158 per share.
- Paid-up equity share capital increased to Rs 52.15 crore, comprising 10.43 crore shares as of June 30, 2026.
- Dividend payment, if approved at the AGM, will be completed by October 24, 2026.
Ester Industries reported a turnaround in its Specialty Polymers segment for Q1 FY27, contributing Rs 23.53 Cr to segment profits compared to a loss in the same quarter last year. The company successfully converted 67.08 lakh warrants into equity at Rs 158 per share, a significant premium to the current market price of Rs 104.5, raising Rs 105.99 Cr. A final dividend of Rs 0.25 per share has been confirmed with a record date of September 17, 2026. The equity infusion strengthens the balance sheet, representing approximately 10.4% of the current market capitalization.
- Allotted 67,08,851 equity shares at Rs 158 per share, totaling Rs 105.99 Cr via warrant conversion
- Specialty Polymers segment profit rose to Rs 23.53 Cr in Q1 FY27 from a loss of Rs 3.81 Cr YoY
- Polyester chips and film segment contributed Rs 13.33 Cr to segment results for the quarter
- Paid-up equity capital increased to Rs 52.15 Cr following the warrant conversion
- Record date for Rs 0.25 per share dividend fixed for September 17, 2026
Ester Industries Limited has submitted its monthly compliance report for July 2026 under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. A total of 650 shares were converted from physical to electronic form during the month, with 450 shares processed via CDSL and 200 via NSDL. The company's Registrar and Share Transfer Agent (RTA), Mas Services Limited, confirmed that all physical certificates were mutilated and cancelled within the required 15-day window. No shares were rematerialized during this period.
- Total of 650 shares dematerialized during the month of July 2026
- 450 shares processed through Central Depository Services (India) Ltd (CDSL)
- 200 shares processed through National Securities Depository Limited (NSDL)
- Zero (0) shares were rematerialized during the reporting period
- Share certificates were mutilated and processed within 15 days of receipt
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 7% YoY to INR 357.24 Cr in Q2 FY26. Specialty Polymers revenue grew 39% YoY to INR 57.36 Cr. Ester Filmtech Limited (EFL) revenue grew 20.5% YoY to INR 119.73 Cr. rPET revenue grew 271% from INR 3.27 Cr to INR 12.15 Cr.
Geographic Revenue Split
Not disclosed in percentage terms, but overseas margins were significantly impacted by US trade tariffs, while domestic margins were affected by heavy imports at predatory pricing.
Profitability Margins
Consolidated EBITDA margin was 4.85% in Q2 FY26, down from 12.8% in Q2 FY25. Net loss for the quarter was INR 15.78 Cr. Adjusted EBITDA margin (excluding forex/MTM losses) would have been 7.70% (INR 28 Cr).
EBITDA Margin
Consolidated EBITDA margin stood at 4.85% in Q2 FY26, representing a 59.2% YoY decrease from INR 42.47 Cr to INR 17.33 Cr. Standalone EBITDA margin was 5.33% (INR 14 Cr).
Capital Expenditure
INR 85 Cr was invested in a new extruder in Hyderabad which commenced production in late September 2025. The ELITe project involves a share warrant raise of INR 175 Cr, with INR 85 Cr already received.
Credit Rating & Borrowing
CRISIL A-/Negative/CRISIL A2+ (downgraded from CRISIL A/Negative/CRISIL A1 in Dec 2023). Yearly debt obligations are INR 80-90 Cr over the medium term.
Operational Drivers
Raw Materials
PTA (Purified Terephthalic Acid) and MEG (Monoethylene Glycol) are primary virgin materials. The ELITe project will utilize cheap textile waste as raw material.
Import Sources
Not specifically disclosed by country, but PTA and MEG are benchmarked to international pricing, and heavy imports of finished films are noted from overseas.
Capacity Expansion
Current capacity includes a 48,000 MTPA plant in Telangana (EFL). A new extruder in Hyderabad was commissioned in September 2025. The ELITe project is a major upcoming expansion in JV with Loop Industries.
Raw Material Costs
Raw material costs for PTA and MEG are benchmarked to international prices. ELITe project aims to reduce costs by using textile waste instead of virgin materials.
Manufacturing Efficiency
EFL reported a 39.7% YoY growth in sales volume, reaching 10,374 MT in Q2 FY26. Capacity utilization ramping up at the Telangana plant is a key monitorable.
Strategic Growth
Growth Strategy
Strategy focuses on strengthening the Specialty Polymer portfolio (39% YoY revenue growth), improving operational efficiency, and advancing the circular economy vision through the ELITe JV project with Loop Industries.
Products & Services
BOPET Thin Films, Specialty Polymers, rPET (recycled Polyester), Polyester Chips, and Polyester Films for packaging, industrial, and consumer applications.
Brand Portfolio
Ester Industries, Ester Filmtech Limited (EFL), Ester Loop Infinite Technology Limited (ELITe).
New Products/Services
rPET revenue grew to INR 12.15 Cr. New extruder in Hyderabad started production in Q2 FY26. ELITe project will produce sustainable polyester from textile waste.
Market Expansion
ELITe project targets 100% exports to international markets. Specialty Polymers segment grew 39% YoY despite trade barriers.
Market Share & Ranking
Established market position in packaging films. India's BOPET Thin Film market is estimated at 1350 KT for 2025.
Strategic Alliances
Joint Venture with Loop Industries for the ELITe project (Ester Loop Infinite Technology Limited) with a 50:50 equity contribution stage-wise.
External Factors
Industry Trends
Shift toward circular economy and sustainability (PWMR rules). Industry currently faces a demand-supply imbalance leading to margin pressure (EBITDA down 59.2% YoY).
Competitive Landscape
Intense competition from domestic players and heavy imports at predatory pricing levels.
Competitive Moat
Moat built on a diversified product profile (Specialty Polymers + Films) and long track record. Sustainability-led ELITe project using textile waste is intended to create a long-term cost advantage.
Macro Economic Sensitivity
Highly sensitive to global demand-supply scenarios in flexible packaging and international crude-linked raw material prices (PTA/MEG).
Consumer Behavior
Increasing demand for sustainable packaging solutions, evidenced by rPET revenue growing from INR 3.27 Cr to INR 12.15 Cr.
Geopolitical Risks
US Trade Tariffs are a major risk, currently impacting overseas margins in the Specialty Polymers and Film segments.
Regulatory & Governance
Industry Regulations
Operations are subject to Plastic Waste Management Rules (PWMR) and international trade regulations like US Trade Tariffs.
Environmental Compliance
Focus on Plastic Waste Management Rules (PWMR) and circular economy through the ELITe project.
Risk Analysis
Key Uncertainties
Adverse demand-supply scenario in flexible packaging (margins down to 4.85%). Volatility in PTA/MEG prices. Successful ramp-up of new Telangana and Hyderabad capacities.
Geographic Concentration Risk
Significant exposure to US market (impacted by tariffs) and domestic Indian market (impacted by imports).
Third Party Dependencies
Dependency on Loop Industries for the ELITe JV technology and 50% equity funding.
Technology Obsolescence Risk
Mitigated by transitioning to sustainability-driven and innovation-led product solutions.
Credit & Counterparty Risk
Not disclosed, but liquidity is 'Adequate' with INR 114 Cr cash and INR 75 Cr unutilized bank lines.
