Overview

Detailed Summary

Ester Industries Limited manufactures polyester films, specialty polymers and rPET from three manufacturing facilities in India, exporting to 50+ countries and operating product lines spanning commodity BOPET films to high‑margin specialty polymers and recycled content products.
The company is executing a transformative strategic pivot to circularity through a 50:50 JV with Loop Industries (ELITe) to build a chemical recycling plant (~US$180–193 million capex), targeting 70,000 MT/yr of recycled chips and commercial operations in H2 CY2027, with Nike as an anchor offtaker.
Q3 & 9M FY26 results were impacted by US tariffs and Chinese dumping, producing mark‑to‑market forex hits and a consolidated 9M EBITDA of Rs.67.3 crore (6.4% margin); adjusted EBITDA would have been materially higher absent FX MTM and labour code provisioning.
Specialty Polymers is the company’s profit anchor: 46% volume growth in Q3 and 31.8% in 9M with high EBIT margins (~30%+), while rPET volumes surged ~287% YoY in Q3, signaling accelerated adoption of recycled feedstocks and product diversification benefits for Ester Industries.

Sector: Packaging
Industry: Packaging - Polyester Film
Market Cap: 936 Cr
Volatility: High Risk
P/E Ratio: -28.0
Industry P/E: 35.6
PEG Ratio: —
P/B Ratio: 1.2
52W High: 155.55
52W Low: 90.10

Sales CAGR

1Y: 20.56%
3Y: -1.21%
5Y: 0.60%
10Y: 2.72%

Profit CAGR

1Y: 111.32%
3Y: -22.72%
5Y: -16.44%
10Y: 27.47%

ROE

TTM: 0.49%
3Y: 6.31%
5Y: 12.02%
10Y: 10.88%

ROCE

TTM: 5.22%
3Y: 4.78%
5Y: 10.83%
10Y: 12.46%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
HUHTAMAKI	173.50	1,314 Cr	15.49	1.10	0.00	6.06	8.10	5.99
EKC	105.15	1,180 Cr	10.32	0.92	0.67	7.51	9.81	6.68
ORICONENT	66.55	1,046 Cr	34.84	0.98	0.75	1.91	2.46	2.18
ESTER	96.10	936 Cr	-28.04	1.18	0.00	0.49	5.22	-1.96
SHREERAMA	49.45	653 Cr	11.89	3.90	0.00	33.67	17.62	26.57
COMSYN	155.00	619 Cr	22.86	3.81	0.26	15.74	14.65	8.89
NAHARPOLY	235.05	578 Cr	7.98	0.68	0.44	7.12	8.44	6.00

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	261	268	277	286	331	346	319	338	354	339
Expenses	272	287	271	275	291	286	283	318	339	322
Operating Profit	-10	-19	5.98	11	40	60	37	21	15	17
OPM %	-3.91	-7.28	2.16	3.91	12.02	17.22	11.49	6.06	4.24	4.93
Other Income	9.78	4.62	3.22	6.21	2.62	5.41	2.46	8.45	2.31	4.24
Interest	18	18	18	17	18	16	16	15	17	16
Depreciation	17	17	18	17	17	17	17	17	17	18
Profit Before Tax	-35	-50	-27	-17	6.74	31	6.37	-3.81	-17	-13
Tax %	12.93	10.32	10.56	3.36	55.19	20.86	69.23	-87.93	8.42	2.05
Net Profit	-30	-45	-24	-16	3.02	25	1.96	-7.16	-16	-12
EPS in Rs	-3.12	-4.59	-2.72	-1.65	0.31	2.54	0.20	-0.74	-1.62	-1.27

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	-3.43
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

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Apr 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	64.04%	64.04%	64.04%	62.46%	62.46%	62.40%	62.40%	62.40%	62.73%	62.73%	62.73%	62.71%
FIIs	0.16%	0.04%	0.03%	0.04%	0.03%	0.10%	0.04%	0.08%	0.05%	0.17%	0.03%	0.06%
DIIs	0.02%	0.02%	0.02%	0.01%	0.01%	0.44%	0.01%	0.01%	0.01%	0.01%	0.05%	0.13%
Public	35.78%	35.90%	35.91%	37.49%	37.50%	37.06%	37.55%	37.51%	37.20%	37.09%	37.19%	37.09%
Total Shareholders	40,445	41,564	41,447	41,428	37,803	38,291	38,640	37,772	38,092	37,681	38,337	37,694

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