ESTER - Ester Industries Ltd. Share Price

Industrial Products

₹121.50-1.21(-0.99%)

Market Closed as of May 2, 2025, 15:30 IST

What does Ester Industries Ltd. do?

Packaging•Capital Goods•Small Cap

Ester Industries Limited engages in the manufacture and sale of polyester films in India and internationally. The company offers polyester films comprising special chemical coated, metalized high and ultra-high barrier, transparent high barrier, isotropic, heat seal, retort, shrink sleeve, matte, UV stabilized, white opaque, gold, embossable, high clear, high friction, insulation, twist, antistatic, one side matte one side gloss, anti-fog, anti-fog sealable peelable, antimony-free, bio-degradable, chemical resistance, digital printing, direct UV offset printable polyester, EVA coated, flame retardant, low friction silky matte, low emisivity, milky white, oxo-biodegradable, PVDC coated, post-consumer recycled, pre-primed, release/transfer, retort, sealable peelable, silky matte, straight tear polyethylene terephthalate (PET), thermoformable, velvet touch, and window metalized films, as well as printing, converting, and metallizing films. In addition, the company offers specialty polymers comprising masterbatches; technical yarns; textile grades for textile application; PET for food and packaging applications; and polyester chips. It serves the food packaging, beverage packaging, home and personal care, industrial packaging, construction, identification and security, automotive, electrical and electronics, appliance, consumer and industrial goods, carpet, and textile industry markets. It also exports its products. The company was incorporated in 1985 and is headquartered in Gurugram, India. Ester Industries Limited is a subsidiary of Wilemina Finance Corporation.

Industry Group:Industrial Products

Employees:522

Website:www.esterindustries.com

Description	Share	Value
Polyester chips and film	90.3%	312 Cr
Speciality polymers	9.7%	33.6 Cr
Total		345.6 Cr

Summary of Latest Earnings Report from Ester Industries

Summary of Ester Industries's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Management Outlook and Key Points:

Ester Industries' management expressed optimism for sustained growth across both Strategic Business Units (SBUs).

1. Specialty Polymers Business:

Growth Momentum: Achieved 40% YoY volume growth (785 MT in Q3 FY25 vs. 558 MT in Q3 FY24), driven by strong demand for MB03 and Innovative PBT. Focus on high-margin exports (USA, China) for carpet and electronics sectors.
Margins: EBITDA margins (~30-33%) remain protected by IP safeguards. Pipeline of new products and targeted marketing strategies to drive future growth.

2. Film Business:

Recovery & Value-Added Focus: Improved pricing/margins due to better product mix (27% value-added sales in Q3 vs. 16% YoY) and exports. Demand-supply dynamics stabilizing as capacity additions slow.
Regulatory Tailwinds: Plastic Waste Management Rules (PWMR) mandating 10% recycled content in packaging (effective April 2025) to boost polyester film demand.
Subsidiary (Ester Filmtech): Targeting Rs.450"“500 crore revenue by FY26 at optimal utilization.

3. Strategic Initiatives:

JV with Loop Industries (ELITe): On track for commercial operations by Q2 CY2027. Equity contributions finalized; teams advancing engineering, procurement, and financing.

Financial Performance:

Consolidated Results: Q3 FY25 EBITDA surged to Rs.65 crore vs. -Rs.15 crore YoY; PAT at Rs.25 crore vs. -Rs.45 crore loss YoY.
Outlook: FY25 expected to deliver markedly improved performance vs. FY24, supported by Specialty Polymers' strength and Film business recovery.

Key Risks/Mitigations:

Film Business: Oversupply concerns easing; export/value-added focus to sustain margins.
Loop JV: Execution on track; transformative potential for future growth.

Management reiterated confidence in both SBUs' growth trajectory, driven by operational improvements, regulatory opportunities, and strategic partnerships.

Q&A Session

Last updated: Feb 25

Question 1 (Jatin Damania, Svan Investment Managers LLP): What are the current demand-supply dynamics in the BOPET films market, and how do you foresee the gap narrowing in the next 1"“2 years?
Answer: Oversupply from recent capacity additions led to ~12,000"“15,000 tons/month surplus. Slower capacity growth (1"“2 lines/year) and regulatory tailwinds (Plastic Waste Management Rules from April 2025) will improve demand-supply balance, stabilizing margins.

Question 2 (Jatin Damania): What were Q3 gross spreads for films, and how do value-added products impact margins?
Answer: Q3 spreads for 12-micron commodity films were ~Rs.43/kg. Value-added products (27% of sales) contributed Rs.45"“65/kg incremental margins. Exports and stable raw material costs further boosted profitability.

Question 3 (Krushna Parekh, Dolat Capital Market): Is Specialty Polymers on track for Rs.200 crore FY25 revenue?
Answer: Likely to miss by 10"“15% due to slower-than-expected progress, though volumes grew 55% YoY (9M FY25). Focus remains on product pipeline and approvals for future growth.

Question 4 (Krushna Parekh): What is the BOPET demand outlook for 2025?
Answer: Demand growth expected at 1.5x GDP (~9"“10%), boosted by regulatory shifts to polyester under PWMR. Supply-demand gap narrowing supports stable/margin expansion.

Question 5 (Aditya Vora, Share India Securities Ltd): What are Q3 gross spreads, and how does the current BOPET cycle compare to past peaks?
Answer: Q3 spreads at Rs.43/kg vs. peak COVID-era Rs.55"“60/kg. Cycle upturn expected to last 3"“4 years due to limited capacity additions and regulatory-driven demand.

Question 6 (Aditya Vora): What drives Specialty Polymers' strategic growth, and why the QoQ margin dip?
Answer: Focus on high-margin products (e.g., MB03, PBT) with stable ~30% EBITDA margins. QoQ decline due to lower-margin rPET sales; growth hinges on new approvals and pipeline conversion.

Question 7 (Saket Kapoor, Kapoor & Company): How will the extruder installation at Ester Filmtech impact operations?
Answer: Enables recycled PET processing to meet PCR content mandates. Commissioned by June 2025, it aligns with PWMR compliance and backward integration.

Question 8 (Saket Kapoor): What is the consolidated net debt and Loop JV funding plan?
Answer: Net debt at Rs.600 crore (Rs.400 crore long-term). Loop JV's Rs.1,500 crore CAPEX funded via 60% debt (to be tied up in 6 months) and 40% equity (Rs.280 crore each from Ester/Loop).

Question 9 (Jatin Damania): How do standalone margins break down between films and chips?
Answer: Standalone margins driven by films; chips (mostly captive) contribute minimally (~Rs.2"“3/kg). Specialty Polymers' EBITDA remains 30%+ but diluted by rPET sales.

Question 10 (Jatin Damania): What is Filmtech's utilization and margin outlook?
Answer: Current utilization at 55"“60%, targeting 10%+ increase. EBITDA margins (~16"“17%) sustainable via fixed-cost leverage and value-added/exports focus.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Category	ESTER	Industrial
PE	-95.57	22.01
PS	0.91	0.79
Growth	13.9 %	9.1 %

Shareholder Name	Holding %
WILEMINA FINANCE CORP.	52.44%
VETTEL INTERNATIONAL LTD	8.6%
MOVI LTD	3.51%
RJ CORP LIMITED	2.81%
MODI RUBBER LTD	2.81%
KAMALESH JAYANT SHAH	2.81%
ARVIND SINGHANIA	2.8%
FENTON INVESTMENTS PVT LTD	0.52%
Ayush Vardhan Singhania	0.19%
Jai Vardhan Singhania	0.13%
Uma Devi Singhania	0%

Balance Sheet for Ester Industries

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-85.9%	15	100	0.08	28	88	23
Current investments	-29.4%	49	69	148	154	156	0
Loans, current	-7.6%	0.29	0.34	0.7	0.56	0.74	0.76
Total current financial assets	-25.1%	213	284	294	342	416	223
Inventories	25.9%	142	113	122	138	158	203
Total current assets	-10%	377	419	434	512	608	479
Property, plant and equipment	-4.8%	377	396	389	371	376	388
Capital work-in-progress	2.5%	84	82	93	78	48	19
Non-current investments	13.4%	423	373	290	270	241	181
Loans, non-current	7.3%	0.49	0.45	0.3	0.32	0.25	0.14
Total non-current financial assets	13.4%	433	382	299	282	252	190
Total non-current assets	3.9%	906	872	800	764	705	623
Total assets	-0.7%	1,283	1,292	1,235	1,276	1,312	1,101
Borrowings, non-current	17.8%	153	130	160	175	161	158
Total non-current financial liabilities	17.8%	153	130	160	175	161	158
Provisions, non-current	16.8%	11	9.56	9.28	9.14	9.05	10
Total non-current liabilities	14.6%	197	172	211	232	220	219
Borrowings, current	-22.5%	184	237	208	211	150	162
Total current financial liabilities	-14.3%	241	281	257	252	268	237
Provisions, current	-12.2%	3.8	4.19	3.53	3.08	2.9	3.05
Current tax liabilities	0%	2.62	2.62	5.45	5.45	33	0.76
Total current liabilities	-13.4%	254	293	271	270	310	253
Total liabilities	-3%	451	465	482	502	530	473
Equity share capital	0%	47	47	42	42	42	42
Total equity	0.7%	832	826	752	774	782	628
Total equity and liabilities	-0.7%	1,283	1,292	1,235	1,276	1,312	1,101

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-85.9%	15	100	1.27	28	108	56
Current investments	-29.4%	49	69	148	154	156	0
Loans, current	1.6%	0.37	0.36	0.72	0.59	0.76	0.77
Total current financial assets	-18.6%	272	334	284	359	437	257
Inventories	23.6%	179	145	162	172	168	203
Current tax assets	-	0	-	-	-	0	69
Total current assets	-7%	505	543	505	607	685	529
Property, plant and equipment	-3.1%	957	988	991	977	377	389
Capital work-in-progress	2.4%	85	83	94	79	566	435
Loans, non-current	8.7%	0.58	0.54	0.3	0.32	0.25	0.14
Total non-current financial assets	0%	16	16	16	16	14	11
Total non-current assets	-2%	1,078	1,100	1,122	1,108	987	899
Total assets	-3.7%	1,582	1,643	1,627	1,715	1,673	1,428
Borrowings, non-current	0.9%	443	439	494	538	507	474
Total non-current financial liabilities	0.9%	443	439	494	538	507	474
Provisions, non-current	11.9%	11	9.94	9.75	9.47	9.34	10
Total non-current liabilities	1%	501	496	561	612	566	535
Borrowings, current	-13.2%	290	334	281	278	160	165
Total current financial liabilities	-11.6%	367	415	363	340	293	255
Provisions, current	-12.1%	3.82	4.21	3.57	3.09	2.91	3.06
Current tax liabilities	0%	2.62	2.62	5.45	5.45	33	0.76
Total current liabilities	-11.2%	381	429	380	359	335	271
Total liabilities	-4.8%	882	926	941	971	901	806
Equity share capital	0%	47	47	42	42	42	42
Total equity	-2.4%	701	718	687	743	772	622
Total equity and liabilities	-3.7%	1,582	1,643	1,627	1,715	1,673	1,428

Cash Flow for Ester Industries

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	26.9%	34	27	20
Change in inventories	-11.5%	24	27	-66.22
Depreciation	7.7%	43	40	39
Unrealised forex losses/gains	-12.6%	-0.25	-0.11	0.16
Adjustments for interest income	-15.5%	3.12	3.51	0.93
Share-based payments	-28.8%	0.33	0.48	0.62
Net Cashflows from Operations	502.4%	67	-15.4	136
Income taxes paid (refund)	-90.8%	1.83	9.99	57
Other inflows (outflows) of cash	-100.6%	0	163	0
Net Cashflows From Operating Activities	-52.6%	66	138	79
Cashflows used in obtaining control of subsidiaries	15.9%	103	89	84
Purchase of property, plant and equipment	-55.6%	57	127	61
Proceeds from sales of investment property	25%	0.73	0.64	0.03
Interest received	269.9%	4.44	1.93	0.93
Income taxes paid (refund)	-103%	0	34	0
Other inflows (outflows) of cash	202.6%	19	-16.54	21
Net Cashflows From Investing Activities	76%	-36.7	-156.07	-121.65
Proceeds from issuing shares	-	100	0	0
Proceeds from borrowings	-52.5%	57	119	183
Repayments of borrowings	44.2%	76	53	69
Payments of lease liabilities	-92.3%	0	0.48	1.2
Dividends paid	-78.9%	4.17	16	28
Interest paid	28%	33	26	20
Other inflows (outflows) of cash	-	-0.14	0	0
Net Cashflows from Financing Activities	82.6%	43	24	65
Net change in cash and cash eq.	1491.9%	72	5.46	23

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	109.7%	66	32	20
Change in inventories	421%	27	-7.1	-66.7
Depreciation	52.3%	68	45	39
Unrealised forex losses/gains	-85.9%	1.44	4.12	0.16
Adjustments for interest income	27.3%	3.75	3.16	0.93
Share-based payments	-28.8%	0.33	0.48	0.62
Net Cashflows from Operations	146.7%	46	-95.41	119
Income taxes paid (refund)	-89.3%	1.96	10	57
Other inflows (outflows) of cash	-100.6%	0	163	0
Net Cashflows From Operating Activities	-24.6%	44	58	62
Purchase of property, plant and equipment	-71.9%	73	257	414
Proceeds from sales of investment property	286.1%	1.67	0.64	0.03
Interest received	614%	5.07	1.57	0.93
Income taxes paid (refund)	-103%	0	34	0
Other inflows (outflows) of cash	141.9%	9.43	-19.11	20
Net Cashflows From Investing Activities	120.5%	42	-199.33	-391.6
Proceeds from issuing shares	-	100	0	0
Proceeds from borrowings	-65.9%	73	212	501
Repayments of borrowings	130.8%	121	53	69
Payments of lease liabilities	-92.3%	0	0.48	1.2
Dividends paid	-78.9%	4.17	16	28
Interest paid	114.3%	61	29	20
Other inflows (outflows) of cash	-	-0.14	0	0
Net Cashflows from Financing Activities	-113.2%	-13.88	114	384
Net change in cash and cash eq.	346.6%	72	-27.79	54

Income Statement for Ester Industries

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-20.6%	855	1,077	1,406	992	1,039	1,028
Other Income	56.2%	26	17	8.8	7.98	8.89	5.72
Total Income	-19.5%	882	1,095	1,414	1,000	1,048	1,034
Cost of Materials	-9.3%	605	667	915	517	614	705
Employee Expense	8%	55	51	67	68	54	47
Finance costs	24.1%	37	30	25	19	24	34
Depreciation and Amortization	10.5%	43	39	39	35	35	32
Other expenses	-13.3%	209	241	215	177	172	171
Total Expenses	-10.3%	939	1,047	1,226	810	909	987
Profit Before exceptional items and Tax	-224%	-57.29	48	188	190	139	47
Total profit before tax	-224%	-57.29	48	188	190	139	47
Current tax	-110%	0	11	49	49	30	11
Deferred tax	-149400%	-13.95	0.99	0.64	-0.91	8.95	5.35
Total tax	-235.9%	-13.95	12	49	48	39	16
Total profit (loss) for period	-127.7%	-43.33	161	139	142	100	31
Other comp. income net of taxes	-142.5%	-0.77	0.27	-0.11	-0.25	-0.76	0.05
Total Comprehensive Income	-128.2%	-44.1	161	139	142	99	31
Earnings Per Share, Basic	-133.8%	-5.19	19.31	16.65	17.04	11.93	3.73
Earnings Per Share, Diluted	-133.8%	-5.19	19.31	16.65	17.04	11.93	3.73

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-7.7%	275	298	240	216	204	238
Other Income	-51.5%	2.63	4.36	4.14	4.41	7.1	6.39
Total Income	-8.3%	277	302	244	220	211	244
Cost of Materials	-19.7%	168	209	159	149	156	145
Employee Expense	7.1%	16	15	14	14	15	14
Finance costs	-17.9%	8.39	10	8.53	9.31	9.23	9.56
Depreciation and Amortization	0%	11	11	11	11	11	10
Other expenses	2%	52	51	52	49	50	56
Total Expenses	-12.2%	252	287	246	232	232	261
Profit Before exceptional items and Tax	71.4%	25	15	-2.6	-11.96	-21.3	-17.28
Total profit before tax	71.4%	25	15	-2.6	-11.96	-21.3	-17.28
Current tax	8.2%	0.55	0.51	0	0	0	0
Deferred tax	125.8%	5.99	3.21	-0.56	-2.8	-5.16	-4.52
Total tax	103.7%	6.54	3.72	-0.56	-2.8	-5.16	-4.52
Total profit (loss) for period	63.6%	19	12	-2.04	-9.16	-16.13	-12.76
Other comp. income net of taxes	108.6%	1.5	-4.79	-0.04	-0.72	-0.01	-0.01
Total Comprehensive Income	224.8%	20	6.85	-2.08	-9.89	-16.15	-12.78
Earnings Per Share, Basic	308.3%	1.98	1.24	-0.22	-1.09	-1.93	-1.53
Earnings Per Share, Diluted	308.3%	1.98	1.24	-0.22	-1.09	-1.93	-1.53

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-4.6%	1,063	1,114	1,406	992	-	-
Other Income	136.4%	27	12	8.8	7.98	-	-
Total Income	-3.3%	1,090	1,127	1,414	1,000	-	-
Cost of Materials	6.1%	761	717	915	517	-	-
Purchases of stock-in-trade	-	0	0	-33.91	0	-	-
Employee Expense	16.7%	64	55	67	68	-	-
Finance costs	97.1%	70	36	25	19	-	-
Depreciation and Amortization	55.8%	68	44	39	35	-	-
Other expenses	5.9%	269	254	216	182	-	-
Total Expenses	11.1%	1,225	1,103	1,228	814	-	-
Profit Before exceptional items and Tax	-691.3%	-135	24	186	185	-	-
Total profit before tax	-691.3%	-135	24	186	185	-	-
Current tax	-110%	0	11	49	49	-	-
Deferred tax	-149400%	-13.95	0.99	0.64	-0.91	-	-
Total tax	-235.9%	-13.95	12	49	48	-	-
Total profit (loss) for period	-189.7%	-121.05	137	137	137	-	-
Other comp. income net of taxes	-117.3%	-0.76	0.19	-0.13	-0.25	-	-
Total Comprehensive Income	-190.3%	-121.81	137	137	137	-	-
Earnings Per Share, Basic	-200.5%	-14.49	16.41	16.39	16.49	-	-
Earnings Per Share, Diluted	-200.5%	-14.49	16.41	16.39	16.49	-	-

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	4.5%	346	331	286	277	268	261
Other Income	172.2%	5.41	2.62	6.21	3.22	4.62	9.78
Total Income	5.1%	351	334	292	280	272	271
Cost of Materials	-4.7%	203	213	182	199	206	154
Employee Expense	12.5%	19	17	17	16	17	16
Finance costs	-11.8%	16	18	17	18	18	18
Depreciation and Amortization	0%	17	17	17	18	17	17
Other expenses	-11.4%	63	71	66	61	71	70
Total Expenses	-2.1%	320	327	309	306	322	306
Profit Before exceptional items and Tax	422.6%	31	6.74	-16.66	-26.52	-49.98	-34.96
Total profit before tax	422.6%	31	6.74	-16.66	-26.52	-49.98	-34.96
Current tax	8.2%	0.55	0.51	0	0	0	0
Deferred tax	125.8%	5.99	3.21	-0.56	-2.8	-5.16	-4.52
Total tax	103.7%	6.54	3.72	-0.56	-2.8	-5.16	-4.52
Total profit (loss) for period	1088.1%	25	3.02	-16.1	-23.72	-44.82	-30.44
Other comp. income net of taxes	108.9%	1.52	-4.82	-0.04	-0.59	-0.06	-0.06
Total Comprehensive Income	989.7%	26	-1.81	-16.14	-24.31	-44.88	-30.5
Earnings Per Share, Basic	341.2%	2.64	0.32	-1.71	-2.83	-5.37	-3.65
Earnings Per Share, Diluted	341.2%	2.64	0.32	-1.71	-2.83	-5.37	-3.65

Valuation
Market Cap	1.14 kCr
Price/Earnings (Trailing)	-95.33
Price/Sales (Trailing)	0.91
EV/EBITDA	8.53
Price/Free Cashflow	-46.19
MarketCap/EBT	-224.57

Fundamentals
Revenue (TTM)	1.26 kCr
Rev. Growth (Yr)	28.86%
Rev. Growth (Qtr)	5.15%
Earnings (TTM)	-11.99 Cr
Earnings Growth (Yr)	155.37%
Earnings Growth (Qtr)	722.23%

Profitability
Operating Margin	-0.40%
EBT Margin	-0.40%
Return on Equity	-1.71%
Return on Assets	-0.76%
Free Cashflow Yield	-2.16%

Investor Care
Dividend Yield	0.34%
Shares Dilution (1Y)	12.77%
Diluted EPS (TTM)	-1.58

Financial Health
Current Ratio	1.33
Debt/Equity	1.05

ESTER - Ester Industries Ltd. Share Price

What does Ester Industries Ltd. do?

Revenue Breakdown

Summary of Latest Earnings Report from Ester Industries

Sector Comparison: ESTER vs Industrial Products

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Balance Sheet for Ester Industries

Cash Flow for Ester Industries

Income Statement for Ester Industries

Valuation

Fundamentals

Profitability

Investor Care

Financial Health

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)