Ester Industries Ltd

ESTER

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Market Cap

₹ 1,027 Cr

P/E

269.74

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bearish

Risk

HIGH RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Ester Industries Limited is a leading manufacturer of polyester films and specialty polymers with over four decades of experience in the industry.

The company is moving towards sustainability by advancing its chemical recycling capabilities through a joint venture with Loop Industries for a significant project set to reduce carbon emissions by up to 81%.

Ester reported a 7% YoY increase in consolidated revenue supported by higher sales volumes, although margins are impacted by US trade tariffs and foreign exchange losses.

The specialty polymers segment shows strong performance with 39% revenue growth, largely due to IP protection and consistent demand for marquee products.

Despite challenges, Ester's expansion plans and strategic partnerships are driven by its commitment to innovation, sustainability, and achieving a circular economy.

Sector

Packaging

Industry

Packaging - Polyester Film

Market Cap

1,027 Cr

Volatility

High Risk

P/E Ratio

269.7

Industry P/E

31.0

PEG Ratio

2.4

P/B Ratio

1.3

52W High

174.90

52W Low

100.00

Sales CAGR

20.56%

-1.21%

0.60%

10Y

2.72%

Profit CAGR

111.32%

-22.72%

-16.44%

10Y

27.47%

ROE

TTM

0.49%

6.31%

12.02%

10Y

10.88%

ROCE

TTM

5.22%

4.78%

10.83%

10Y

12.46%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
EKC	115.65	1,318 Cr	13.43	1.02	0.60	7.51	9.81	5.64
ESTER	105.75	1,027 Cr	269.74	1.30	0.00	0.49	5.22	0.23
ORICONENT	58.05	935 Cr	38.90	0.88	0.84	1.91	2.45	1.77
SHREERAMA	61.67	793 Cr	14.07	4.73	0.00	33.67	17.62	26.44
TIRUPATI	719.00	728 Cr	50.78	7.91	0.00	9.64	10.98	4.53
NAHARPOLY	248.00	625 Cr	10.29	0.73	0.40	7.12	8.44	5.04
PYRAMID	165.50	621 Cr	22.62	2.38	0.30	10.50	10.28	5.63

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	258	261	268	277	286	331	346	319	338	354
Expenses	257	272	287	271	275	291	286	283	318	339
Operating Profit	0.11	-10	-19	5.98	11	40	60	37	21	15
OPM %	0.04	-3.91	-7.28	2.16	3.91	12.02	17.22	11.49	6.06	4.24
Other Income	9.40	9.78	4.62	3.22	6.21	2.62	5.41	2.46	8.45	2.31
Interest	17	18	18	18	17	18	16	16	15	17
Depreciation	16	17	17	18	17	17	17	17	17	17
Profit Before Tax	-24	-35	-50	-27	-17	6.74	31	6.37	-3.81	-17
Tax %	6.24	12.93	10.32	10.56	3.36	55.19	20.86	69.23	-87.93	8.42
Net Profit	-22	-30	-45	-24	-16	3.02	25	1.96	-7.16	-16
EPS in Rs	-2.26	-3.12	-4.59	-2.72	-1.65	0.31	2.54	0.20	-0.74	-1.62

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	959	1,015	983	841	992	1,110	1,114	1,063	—	1,334
Expenses	845	854	825	700	761	939	1,022	1,087	0.00	1,178
Operating Profit	114	161	158	140	231	171	92	-24	0.00	157
OPM %	11.90	15.82	16.07	16.67	23.31	15.39	8.24	-2.22	—	11.73
Other Income	5.79	4.93	2.94	4.82	7.98	8.80	12	27	0.00	19
Interest	26	35	37	36	19	25	36	70	—	66
Depreciation	29	30	32	32	35	37	44	68	—	69
Profit Before Tax	-7.82	14	4.88	6.83	185	118	24	-135	—	41
Tax %	32.47	40.57	21.27	33.25	25.84	27.39	51.17	10.34	—	44.31
Net Profit	-5.28	8.41	3.84	4.56	137	86	12	-121	—	23
EPS in Rs	—	—	—	—	—	14.01	14.18	-12.70	1.41	0.39
Dividend Payout %	0.00	37.31	0.00	0.00	20.62	20.13	3.05	0.00	—	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	31	31	31	31	42	42	42	42	47	—
Reserves	232	226	232	241	250	470	580	702	671	—
Borrowings	279	309	332	332	279	208	639	816	773	0.00
Other Liabilities	85	86	103	110	117	142	168	155	153	0.00
Total Liabilities	627	652	698	714	688	862	1,428	1,715	1,643	—
Fixed Assets	350	376	390	399	385	377	390	979	989	0.00
CWIP	17	5.11	18	12	23	76	435	79	83	0.00
Investments	0.80	0.02	0.12	0.02	0.41	1.33	0.00	154	69	0.00
Other Assets	258	272	290	303	280	407	604	503	502	0.00
Total Assets	627	652	698	714	688	862	1,428	1,715	1,643	—

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	47	23	52	68	81	146	62	58	44	112
Cash from Investing Activity	-35	-27	-57	-36	-20	-147	-392	-199	42	-56
Cash from Financing Activity	-8.65	4.37	-2.06	-18	-75	3.33	384	114	-14	-133
Net Cash Flow	3.39	-0.32	-7.25	14	-14	1.58	54	-28	72	-77

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Apr 2025	Jun 2025	Sep 2025
Promoters	64.04%	64.04%	64.04%	64.04%	62.46%	62.46%	62.40%	62.40%	62.40%	62.73%	62.73%	62.73%
FIIs	0.32%	0.16%	0.04%	0.03%	0.04%	0.03%	0.10%	0.04%	0.08%	0.05%	0.17%	0.03%
DIIs	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.44%	0.01%	0.01%	0.01%	0.01%	0.05%
Public	35.62%	35.78%	35.90%	35.91%	37.49%	37.50%	37.06%	37.55%	37.51%	37.20%	37.09%	37.19%
Total Shareholders	40,802	40,445	41,564	41,447	41,428	37,803	38,291	38,640	37,772	38,092	37,681	38,337

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 21, 2025	Movi limited	Insider - Promoter Group	Acquisition	112.20	21.05 Cr	18,76,000	1.92
Nov 21, 2025	Arvind singhania	Insider - Promoter	Disposal	112.20	21.05 Cr	18,76,000	1.92
May 02, 2025	Movi limited	Insider - Promoter Group	Acquisition	158.00	40.00 Cr	25,31,645	2.69
Sep 17, 2024	Girish behal	Insider - Designated Person	Acquisition	105.00	0.92 Cr	87,880	—
Jul 30, 2024	Graviton research capital llp	Bulk	Sell	145.44	7.08 Cr	4,86,578	0.49
Jul 30, 2024	Graviton research capital llp	Bulk	Buy	145.29	7.09 Cr	4,87,651	0.49
Jun 04, 2024	Atul aggarwal	Insider - Director	Acquisition	112.80	0.25 Cr	22,000	—
Apr 02, 2024	Mr. arvind singhania	Insider - Promoter	Acquisition	94.60	24.90 Cr	26,32,135	—
Apr 02, 2024	Modi rubber ltd	Insider - Promoter Group	Acquisition	94.60	25.00 Cr	26,42,705	—
Dec 13, 2023	Movi limited	Insider - Promoter Group	Disposal	96.00	2.52 Cr	2,63,000	0.31

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Investor Meet

1 day ago

Ester Industries Schedules Investor Plant Visit

Ester Industries Limited has scheduled a plant visit for investors on December 19, 2025, at their Hyderabad plant, following SEBI regulations.

Regulatory Filing

5 days ago

Compliance Certificate under SEBI Regulations

Ester Industries Limited submits a compliance certificate under Regulation 74(5) of SEBI (DP) Regulations, detailing dematerialised shares for November 2025.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Investor Presentation

Q2 FY24

Showing 1 - 8 of 37

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