ESTER

Ester Industries Limited

BOPET films and specialty polymers manufacturer expanding into rPET and chemical recycling

Industrials›Capital Goods›Industrial Products›Packaging

esterindustries.com(opens the company website in a new tab)
Ask AI

Key metrics

Price as of 2026-10-16

Stock price
₹91.25
Market cap
952 Cr
Stock P/E
Loss (TTM EPS ₹-0.11)
P/B
1.13
Dividend yield
0.6%
ROE (FY26)
-3.5%
ROCE (FY26)
2.7%
Operating margin (FY26)
1.8%
Debt / equity (FY26)
0.93
OCF / EBITDA (FY26)
93.7%
OCF / EBITDA (3Y)
112.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

Loading price history…

Compare with peers

Loading peers…

What you need to know

Ester Industries makes BOPET polyester films (a packaging film), specialty polymers and recycled PET (rPET), and sells to customers in India and in more than 50 countries abroad.

Company snapshot

15thBy market cap

Ranked among 33 companies in Packaging.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 90.3% of revenue

SegmentRevenue shareRevenuePBTAssets
Polyester chips and film
90.3%
312 Cr53 Cr1,167 Cr
Speciality polymers
9.7%
34 Cr10 Cr134 Cr

What we see

Positives
  • ✓112% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales261 Cr268 Cr277 Cr286 Cr331 Cr346 Cr319 Cr338 Cr354 Cr339 Cr344 Cr432 Cr
Operating expenses (approx.)272 Cr287 Cr271 Cr275 Cr291 Cr286 Cr283 Cr318 Cr339 Cr322 Cr302 Cr383 Cr
EBITDA-10 Cr-19 Cr6 Cr11 Cr40 Cr60 Cr37 Cr21 Cr15 Cr17 Cr42 Cr50 Cr
OPM %-3.9%-7.3%2.2%3.9%12.0%17.2%11.5%6.1%4.2%4.9%12.3%11.5%
Other income10 Cr5 Cr3 Cr6 Cr3 Cr5 Cr3 Cr9 Cr3 Cr5 Cr1 Cr10 Cr
Interest18 Cr18 Cr18 Cr17 Cr18 Cr16 Cr16 Cr15 Cr17 Cr16 Cr16 Cr17 Cr
Depreciation17 Cr17 Cr18 Cr17 Cr17 Cr17 Cr17 Cr17 Cr17 Cr18 Cr18 Cr18 Cr
Profit before tax-35 Cr-50 Cr-27 Cr-17 Cr7 Cr31 Cr6 Cr-4 Cr-17 Cr-13 Cr9 Cr24 Cr
Tax %12.9%10.3%10.6%3.4%55.2%20.9%69.2%-87.8%8.4%2.1%16.6%20.9%
Net profit-30 Cr-45 Cr-24 Cr-16 Cr3 Cr25 Cr2 Cr-7 Cr-16 Cr-12 Cr8 Cr19 Cr
EPS (₹)₹-3.65₹-5.37₹-2.83₹-1.71₹0.32₹2.64₹0.21₹-0.74₹-1.62₹-1.27₹0.81₹1.84

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales992 Cr1,406 Cr1,114 Cr1,063 Cr1,282 Cr1,375 CrSign in free for the trailing twelve months
Operating expenses (approx.)761 Cr1,165 Cr1,022 Cr1,087 Cr1,135 Cr1,281 CrSign in free for the trailing twelve months
EBITDA231 Cr241 Cr92 Cr-24 Cr147 Cr95 CrSign in free for the trailing twelve months
OPM %23.3%17.1%8.2%-2.2%11.5%6.9%Sign in free for the trailing twelve months
Other income8 Cr9 Cr12 Cr27 Cr17 Cr18 CrSign in free for the trailing twelve months
Interest19 Cr25 Cr36 Cr70 Cr67 Cr65 CrSign in free for the trailing twelve months
Depreciation35 Cr39 Cr44 Cr68 Cr69 Cr70 CrSign in free for the trailing twelve months
Profit before tax185 Cr186 Cr187 Cr-135 Cr28 Cr-24 CrSign in free for the trailing twelve months
Tax %25.8%26.6%26.9%10.3%50.7%-13.1%Sign in free for the trailing twelve months
Net profit137 Cr137 Cr137 Cr-121 Cr14 Cr-27 CrSign in free for the trailing twelve months
EPS (₹)₹16.49₹16.39₹16.41₹-14.49₹1.46₹-2.82Sign in free for the trailing twelve months
Dividend payout %24.3%20.1%11.6%—0.0%—Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital42 Cr42 Cr42 Cr47 Cr47 Cr49 Cr
Reserves470 Cr580 Cr702 Cr671 Cr725 Cr734 Cr
Borrowings173 Cr639 Cr816 Cr773 Cr660 Cr729 Cr
Other liabilities177 Cr168 Cr155 Cr153 Cr140 Cr162 Cr
Total liabilities862 Cr1,428 Cr1,715 Cr1,643 Cr1,573 Cr1,674 Cr
Fixed assets (net)376 Cr389 Cr977 Cr988 Cr977 Cr978 Cr
CWIP76 Cr435 Cr79 Cr83 Cr39 Cr36 Cr
Investments1 Cr0 Cr154 Cr69 Cr58 Cr78 Cr
Loans & advances0.96 Cr0.77 Cr0.59 Cr0.36 Cr0.64 Cr0.66 Cr
Inventories137 Cr203 Cr172 Cr145 Cr161 Cr209 Cr
Trade receivables151 Cr193 Cr152 Cr147 Cr170 Cr185 Cr
Cash & bank2 Cr56 Cr28 Cr100 Cr23 Cr1 Cr
Other assets117 Cr150 Cr152 Cr111 Cr144 Cr186 Cr
Total assets862 Cr1,428 Cr1,715 Cr1,643 Cr1,573 Cr1,674 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity146 Cr62 Cr58 Cr44 Cr112 Cr89 Cr
Cash from investing-147 Cr-392 Cr-199 Cr42 Cr-56 Cr-116 Cr
Cash from financing3 Cr384 Cr114 Cr-14 Cr-133 Cr6 Cr
Net cash flow2 Cr54 Cr-28 Cr72 Cr-77 Cr-21 Cr
Free cash flow (OCF − Capex)10 Cr-352 Cr-199 Cr-30 Cr81 Cr27 Cr

Ratios

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %29.8%16.7%14.3%-4.3%6.6%2.7%
ROE %26.9%22.0%18.4%-16.9%1.8%-3.5%
Debtor days555050514849
Inventory days968187697484
Days payable272516312227
Cash conversion cycle12510612189101106
OCF / EBITDA %62.9%25.7%62.9%—76.2%93.7%
OCF / EBITDA % (3 years)——47.0%52.9%99.2%112.1%
Debt / equity0.341.031.101.080.850.93
Current ratio1.911.951.691.271.521.44
Net debt / EBITDA0.742.428.58—4.337.70