NSE: ESTER · BSE: 500136
ESTER INDUSTRIES LTD
Manufactures polyester (BOPET) films, polyester chips, specialty polymers and recycled PET (rPET) for packaging and industrial buyers. The business reports two segments: Polyester chips and film, which contributed 82.2% of segment revenue at Rs. 859.16 crore in the period, and Speciality polymers at 17.8% and Rs. 185.97 crore. In Q4 FY26, the Films segment sold 19,656 MT of BOPET film with EBIT margin of 13%; value-added (VAS) films were 25% of film sales, targeted to reach 60%+ within 2-3 years. Specialty Polymers delivered FY26 revenue of Rs. 179.3 crore (+16% YoY) with 32.7% EBIT margins on volumes of 3,836 MT, while rPET volumes surged 258% YoY to 5,325 MT following commissioning of a 20,000 MTPA extruder in Hyderabad. FY26 consolidated revenue stood at Rs. 1,375.19 crore with an EBITDA margin of 8.04%, and materials were the dominant cost at 65.7% of revenue. Management guides to INR200 crore of specialty polymer revenue and Rs. 70 crore of capex in FY27, alongside debt reduction, and points to a Q4 CY28 chemical-recycling joint venture targeting ~USD 150 million revenue at 40-45% EBITDA margins. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Polyester chips and film (82%), Speciality polymers (18%). Cyclical, asset-heavy petrochemicals and packaging
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,406 | 1,114 | 1,063 | 1,282 | 1,375 |
| EBITDA (ex other income) | 241 | 92 | (24) | 147 | 93 |
| margin % | 17.1 | 8.2 | (2.2) | 11.5 | 6.8 |
| Owners' profit | 137 | 137 | (121) | 0 | 0 |
| EPS, as reported (₹) | 16.39 | 16.41 | (14.49) | 1.46 | (2.82) |
| ROE % · ROCE % | 22.0 · 18.2 | 18.4 · 4.4 | (16.9) · (5.3) | 1.8 · 7.7 | (3.5) · 3.2 |
| Debt / equity (x) | 1.03 | 1.10 | 1.08 | 0.85 | 0.93 |
| Cash from operations | 62 | 58 | 44 | 112 | 89 |
| Capex | (414) | (257) | (73) | (31) | (61) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 331 | 346 | 319 | 338 | 354 | 339 | 344 | 432 |
| Profit before tax | 7 | 31 | 6 | (4) | (17) | (13) | 9 | 24 |
| Net profit | 3 | 25 | 2 | (7) | (16) | (12) | 8 | 19 |
| EPS (₹) | 0.32 | 2.64 | 0.21 | (0.74) | (1.62) | (1.27) | 0.81 | 1.84 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Polyester chips and film | 1,196 | 87.0 |
| Speciality polymers | 179 | 13.0 |
| Total, before eliminations | 1,375 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.2 | 1.3 | 27 of 61 | 55% |
| ROCE | (1.9) | 6.9 | 62 of 68 | 9% |
| ROE | (3.5) | 6.8 | 59 of 61 | 3% |
| Debt / Equity | 0.9 | 0.4 | 49 of 61 | 20% |
| EBITDA margin | 13.6 | 12.1 | 26 of 62 | 59% |
| Revenue growth | 27.8 | 14.0 | 16 of 61 | 75% |
| Profit growth | 360.2 | 23.4 | 10 of 60 | 85% |
| Market cap | 907 | 118 | 13 of 73 | 83% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Newspaper notice for physical share transfer window | compliance | minimal | — | — |
| 7 Oct 2026 · Ester Industries submits demat share details for September 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Clarification on significant increase in share trading volume | general | low | — | — |
| 30 Sept 2026 · NSE seeks clarification from Ester Industries on unusual trading volume | regulatory legal | medium | — | — |
| 25 Sept 2026 · Trading Window closed from Oct 1 till 48 hours after Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · CRISIL reaffirms A-/Stable rating; outlook revised from Negative to Stable | credit debt | medium | — | — |
| 24 Sept 2026 · Ester Industries 40th AGM: All 4 resolutions passed, Rs 0.25 dividend declared | compliance | minimal | — | — |
| 24 Sept 2026 · Ester Industries 40th AGM held; final dividend of Rs 0.25 per share tabled | board shareholder meetings | medium | — | — |
| 9 Sept 2026 · Ester Industries files August 2026 dematerialization report with exchanges | compliance | minimal | — | — |
| 3 Sept 2026 · Ester Industries files newspaper publication of 40th AGM notice and e-voting info | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.