Ester Industries Ltd(ESTER)

NSE: ESTERBSE: 500136

₹ 85.05-4.38%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 887 crWebsite: www.esterindustries.comUpdated: 24 Oct 2026

About

Ester Industries Ltd is an Indian manufacturer of BOPET polyester films, specialty polymers and recycled PET (rPET), operating plants at Khatima and Sitarganj (Uttarakhand) and Hyderabad. It holds 20+ granted global patents and is building a chemical-recycling joint venture (ELITe) with Canada's Loop Industries targeting commercial production in H2 CY2028.^[1][2][3]

Business segments

Polyester chips and film: ₹1,195.89 cr revenue (87% of consolidated) with EBIT margin of 3.9% in FY26, covering BOPET films, metallized films, coated films and polyester chips.^[2]
Specialty Polymers: ₹179.3 cr revenue (13% of consolidated) with EBIT margin of 32.7% in FY26, spanning BOPET film resins, consumer electronics (PBT), carpets and technical textiles.^[2][3]
rPET is reported within the Polyester Films segment; standalone rPET revenue reached ₹59.3 cr in FY26, up 3.7x YoY from ₹16.2 cr in FY25.^[4]

Manufacturing facilities and capacity

Standalone manufacturing plants at Khatima and Sitarganj, Udham Singh Nagar, Uttarakhand, producing Polyester Chips, BOPET Films, Specialty Polymers and rPET.^[3]
Wholly owned subsidiary Ester Filmtech Limited (EFTL) operates a BOPET film plant in Telangana (Hyderabad); the 20,000 MT/year rPET extruder at Hyderabad was commissioned September 2025 at a capex of ₹50 crores.^[3][5]
Total recycling capacity across Hyderabad and Sitarganj stands at 28,000 MT per annum; rated capacity expected to be exceeded by Q4 FY27 exit quarter.^[3][6]
India's total installed BOPET capacity is approximately 1.35 mn tonnes as of Q1 FY27.^[6]

Key operating numbers

Consolidated film sales volume: 22,120 MT in Q1 FY27 (+2.7% YoY); full-year FY26 was 80,517 MT (+5.1% YoY). Consolidated capacity utilisation: 84% in Q1 FY27 vs 82% in Q1 FY26.^[6][4]
12-micron commodity BOPET film value-add spread: INR28 - 30/kg in Q1 FY27, compared with INR32 - 33/kg in Q4 FY26.^[6][4]
Specialty Polymer volumes: 725 MT in Q1 FY27 (-24% YoY vs 954 MT) on demand pressure in one product; EBIT margin expanded to 45.3% from 31.7% in Q1 FY26.^[6]
Ester Filmtech achieved record 83% capacity utilisation and highest-ever total income of ₹159.6 cr (+62.7% YoY) in Q1 FY27.^[6]

Products and R&D

Specialty Polymers portfolio covers four end-use domains: BOPET film resins, consumer electronics (PBT and allied co-polymers), carpets, and technical textiles.^[3]
Ester holds 20+ granted global patents and maintains a pipeline of 30+ specialty products at various stages of development and commercialisation.^[3]
R&D investment in FY26 was approximately 1% of total company revenue; 2 new patent applications in flexible packaging materials and manufacturing technologies were filed.^[3]
Value-added product volumes in Polyester Films grew to 19,779 MT in FY26 from 17,481 MT in FY25 (+13% YoY), despite loss of the US market.^[3]

Customers and distribution

Single largest customer in polyester chips and film contributed 14.47% of revenue in FY25 (vs 8.92% in FY24); single largest Specialty Polymer customer contributed 22.79% (vs 24.55% in FY24).^[7]
Ester has established itself as a preferred supplier of bottle-grade rPET chips to leading consumer brands in India.^[3]
Standalone exports were 35% of total standalone turnover in FY25, serving 48 countries; export book was proactively redirected in FY26 to absorb US tariff impact.^[7][3]

Expansion and capex

ELITe JV (50:50 with Loop Industries, Canada) will produce chemically recycled rDMT and rMEG from polyester waste at a Gujarat (Surat PCPIR zone) facility; total project cost ~USD 180 mn, commercial production targeted H2 CY2028.^[4][3]
FEED study by Tata Consulting Engineers completed; Toyo Engineering India appointed for detailed engineering; land acquisition expected within 2 months of Q1 FY27 call.^[6]
ELITe Phase 1 capacity: 70,000 tonnes of recycled material; peak revenue ~USD 150 mn at 100% utilisation; EBITDA margin expected 40 - 45% at stabilised operations.^[4]
FY27 standalone capex plan: approximately ₹70 crores total, of which ₹15 cr for new projects with IRR >20% and balance for sustenance/maintenance; no major new standalone capex beyond this.^[4]
Gross debt repayment of ₹100 crores targeted in FY27; closing gross debt expected at ₹620 crores by March 2027 vs ₹722 crores as of 30 June 2026.^[6]

Recent developments

DGTR imposed antidumping duties on BOPET film imports from China and other countries (announced Q4 FY26), relieving domestic pricing pressure.^[4]
US Supreme Court rejection of reciprocal tariffs (effective Q1 FY27) restored India's favourable tariff position for US exports; management confirmed lost US market share was regained in Q1 FY27.^[6]
₹165.25 crores secured against ₹175 crores share warrant issue (subsequent to 31 March 2026 balance sheet); proceeds earmarked for ELITe JV equity contribution.^[4][3]
CRISIL downgraded Ester's long-term fund-based rating to A-/Negative (from A/Negative) and short-term to A2+ (from A1) in FY25.^[7]

Market Cap

₹887 Cr

High / Low

₹122 / 69

Stock P/E

-283.5

Price / Book

1.1

Book Value

₹80

EPS

₹-2.8

No. of Shares

9.76 Cr

ROCE

2.9%

ROE

-3.5%

OPM

3.0%

Debt / Equity

0.93

Sales

₹1,375 Cr

Net Profit

₹-27 Cr

Promoter holding

62.3%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Ester Industries Ltd(ESTER)

About

Business segments

Manufacturing facilities and capacity

Key operating numbers

Products and R&D

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions