ESTER
Ester Industries financials
- Market cap
- ₹1.0k Cr
- Sector
- Capital Goods
- Calls analysed
- 7
Ester Industries Limited Q1 FY27
What went well
- Consolidated total income increased 27.4% YoY to INR441.9 crores, reflecting strong performance across segments.
- Consolidated EBITDA surged 103.4% YoY to INR58.9 crores, with EBITDA margin expanding significantly to 13.3% from 8.3% in Q1 FY26.
- Consolidated PAT turned positive at INR18.6 crores, a substantial improvement from a loss of INR7.2 crores in the prior year.
What to watch
- Specialty Polymers sales volume declined to 725 metric tons in Q1 FY27 from 954 metric tons in Q1 FY26, primarily due to demand pressure on one high-margin product.
- rPET volumes declined sequentially due to a temporary slowdown in external sales, although internal consumption for packaging films increased.
What Ester Industries Limited does
Ester Industries manufactures Biaxially-oriented Polyethylene Terephthalate (BOPET) polyester films and specialty polyester polymers (including PBT) at facilities in Uttarakhand (Sitarganj, Khatima) and Hyderabad, Telangana. Its film range spans plain, metallized, holographic, window-metallized and coated/barrier films sold into food and beverage packaging, home and personal care, industrial packaging and identification/security applications, alongside recycled PET (rPET) made from post-consumer waste. Its Specialty Polymers business develops and supplies customized polyester and co-polymer grades, including PBT, to carpet, textile, consumer electronics and rigid packaging customers. The company sells both domestically and exports to 50+ countries, and has a 50:50 joint venture with Loop Industries (Ester Loop Infinite Technologies) to chemically recycle polyester textile waste into recycled DMT/MEG and rPET chips.
Segments
- Polyester Films
- Specialty Polymers
- Manufacturing facilities
- 3 (Sitarganj & Khatima, Uttarakhand; Hyderabad, Telangana)
- Installed capacity - Polyester Films
- 108 KTPA
- Installed capacity - Polyester Chips
- 67 KTPA
- Installed capacity - rPET
- 28 KTPA
- Installed capacity - Specialty Polymers
- 30 KTPA
- BOPET film SKUs
- 300+
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 0 delivered 5 missed 16 open- Specialty Polymers FY25 Revenue went quiet said Q3 FY25 Promised: ₹200 crore top line Q1 FY27: Historical promise, not mentioned.
- Value-Added & Specialty (VAS) Films Volume Share diluted said Q4 FY26 Promised: 60% plus in next 2 to 3 years Q1 FY27: VAS share increased to 29% from 24% YoY. However, long-term guidance was revised down from '60% plus' to '50% to 60%' over the next 2-3 years.
- ELITe JV Commercial Operations Start on track said Q3 FY25 Promised: Second quarter of calendar year 2027 Q1 FY27: Management reiterated that the facility is targeted to become operational in CY 2028.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 21.5%, net profit up 50.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 298 | 275 | 258 | 279 | 260 −13% | 250 −9% | 256 −1% | 339 +22% |
| EBITDA | 32 | 42 | 33 | 26 | 11 −66% | 10 −76% | 24 −27% | 32 +23% |
| Net profit | 12 | 19 | 12 | 10 | -5 −142% | -5 −126% | 4 −67% | 15 +50% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −20.5% 1Y
1Y: ₹113.08 on 10 Sept 2025 → ₹89.89. High ₹120.03 (7 Oct 2025), low ₹70.67 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.4%
- 18 Aug
- Q4 FY26
- −1.5%
- 15 May
- Q3 FY26
- +0.6%
- 9 Feb
- Q2 FY26
- −1.8%
- 17 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 2.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.1k Cr | ₹856 Cr | ₹1.1k Cr | ₹1.0k Cr |
| Operating profit | ₹91 Cr | ₹-4 Cr | ₹120 Cr | ₹71 Cr |
| Operating margin | 8.2% | -0.5% | 11.2% | 6.8% |
| Interest | ₹36 Cr | ₹37 Cr | ₹36 Cr | ₹36 Cr |
| Depreciation | ₹44 Cr | ₹42 Cr | ₹44 Cr | ₹44 Cr |
| Net profit | ₹139 Cr | ₹-43 Cr | ₹41 Cr | ₹4 Cr |
| Net margin | 12.5% | -5.0% | 3.8% | 0.4% |
| Cash from operations | ₹138 Cr | ₹66 Cr | ₹80 Cr | ₹53 Cr |
| Free cash flow | ₹12 Cr | ₹9 Cr | ₹65 Cr | ₹34 Cr |
| ROCE | 7.0% | -3.0% | 7.0% | 3.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹42 Cr | ₹42 Cr | ₹42 Cr | ₹47 Cr | ₹49 Cr | ₹49 Cr |
| Reserves | ₹475 Cr | ₹587 Cr | ₹733 Cr | ₹779 Cr | ₹743 Cr | ₹901 Cr |
| Borrowings | ₹208 Cr | ₹320 Cr | ₹386 Cr | ₹367 Cr | ₹738 Cr | ₹334 Cr |
| Other liabilities | ₹139 Cr | ₹153 Cr | ₹116 Cr | ₹99 Cr | ₹171 Cr | ₹121 Cr |
| Total liabilities | ₹864 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.7k Cr | ₹1.4k Cr |
| Fixed assets | ₹377 Cr | ₹388 Cr | ₹371 Cr | ₹397 Cr | ₹947 Cr | ₹388 Cr |
| Capital work in progress | ₹22 Cr | ₹19 Cr | ₹78 Cr | ₹82 Cr | ₹85 Cr | ₹34 Cr |
| Investments | ₹98 Cr | ₹181 Cr | ₹424 Cr | ₹442 Cr | ₹75 Cr | ₹545 Cr |
| Other assets | ₹367 Cr | ₹513 Cr | ₹403 Cr | ₹371 Cr | ₹594 Cr | ₹438 Cr |
| Total assets | ₹864 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.7k Cr | ₹1.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −0.41 pp while the public added +0.40 pp. The shareholder count shrank 2% to 37,110.
- Promoters
- 62.3%
- FIIs
- 0.0%
- DIIs
- 0.1%
- Public
- 37.5%
Since Jun 2025
- Promoters −0.41 pp
- Public +0.40 pp
- FIIs −0.14 pp
How it drifted, 12 quarters
Over this window promoters fell from 64.0% to 62.3% — −1.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 64.0%, FIIs 0.0%, DIIs 0.0%, Public 35.9%.Dec '23: Promoters 64.0%, FIIs 0.0%, DIIs 0.0%, Public 35.9%.Mar '24: Promoters 62.5%, FIIs 0.0%, DIIs 0.0%, Public 37.5%.Jun '24: Promoters 62.5%, FIIs 0.0%, DIIs 0.0%, Public 37.5%.Sep '24: Promoters 62.4%, FIIs 0.1%, DIIs 0.4%, Public 37.1%.Dec '24: Promoters 62.4%, FIIs 0.0%, DIIs 0.0%, Public 37.5%.Mar '25: Promoters 62.4%, FIIs 0.1%, DIIs 0.0%, Public 37.5%.Jun '25: Promoters 62.7%, FIIs 0.2%, DIIs 0.0%, Public 37.1%.Sep '25: Promoters 62.7%, FIIs 0.0%, DIIs 0.0%, Public 37.2%.Dec '25: Promoters 62.7%, FIIs 0.1%, DIIs 0.1%, Public 37.1%.Mar '26: Promoters 62.7%, FIIs 0.1%, DIIs 0.2%, Public 37.1%.Jun '26: Promoters 62.3%, FIIs 0.0%, DIIs 0.1%, Public 37.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Arvind Singhania +3.64 pp 3.64% held
- Krishang Vaibhav Shah newly disclosed 1.52% held
The same filing shows 7 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Ester Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Wilemina Finance Corp. | 47.29% | −3.25 pp |
| Vettel International Ltd | 7.75% | −0.54 pp |
| Movi Ltd | 7.39% | −0.51 pp |
| Arvind Singhania | 3.64% | +3.64 pp |
| Rj Corp Limited | 2.53% | −0.18 pp |
| Modi Rubber Ltd | 2.52% | −0.17 pp |
| Kamalesh Jayant Shah | 2.12% | −0.59 pp |
| Krishang Vaibhav Shah | 1.52% | newly disclosed |
| Ayush Vardhan Singhania | 0.90% | −0.06 pp |
| Fenton Investments Pvt Ltd | 0.47% | unchanged |
| Jai Vardhan Singhania | 0.12% | unchanged |
| Uma Devi Singhania | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Ester Industries Limited
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