Industrial Products
Valuation | |
|---|---|
| Market Cap | 981.33 Cr |
| Price/Earnings (Trailing) | 205.22 |
| Price/Sales (Trailing) | 0.71 |
| EV/EBITDA | 11.2 |
| Price/Free Cashflow | 13.95 |
| MarketCap/EBT | 58.82 |
| Enterprise Value | 1.68 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | 5.7% |
| Price Change 1M | 1.4% |
| Price Change 6M | -4.7% |
| Price Change 1Y | -40% |
| 3Y Cumulative Return | -6.8% |
| 5Y Cumulative Return | -1.1% |
| 7Y Cumulative Return | 18.7% |
| 10Y Cumulative Return | 5.5% |
| Revenue (TTM) |
| 1.38 kCr |
| Rev. Growth (Yr) | 7% |
| Earnings (TTM) | 3.84 Cr |
| Earnings Growth (Yr) | -622.8% |
Profitability | |
|---|---|
| Operating Margin | 1% |
| EBT Margin | 1% |
| Return on Equity | 0.49% |
| Return on Assets | 0.23% |
| Free Cashflow Yield | 7.17% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | -56.48 Cr |
| Cash Flow from Operations (TTM) | 112.19 Cr |
| Cash Flow from Financing (TTM) | -133.11 Cr |
| Cash & Equivalents | 36.21 Cr |
| Free Cash Flow (TTM) | 81.19 Cr |
| Free Cash Flow/Share (TTM) | 8.32 |
Balance Sheet | |
|---|---|
| Total Assets | 1.7 kCr |
| Total Liabilities | 909.58 Cr |
| Shareholder Equity | 792.06 Cr |
| Current Assets | 617.17 Cr |
| Current Liabilities | 412.58 Cr |
| Net PPE | 946.7 Cr |
| Inventory | 201.31 Cr |
| Goodwill | 0.00 |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.43 |
| Debt/Equity | 0.93 |
| Interest Coverage | -0.74 |
| Interest/Cashflow Ops | 2.7 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 0.6 |
| Dividend Yield | 0.60% |
| Shares Dilution (1Y) | 3.8% |
| Shares Dilution (3Y) | 17% |
Balance Sheet: Strong Balance Sheet.
Smart Money: Smart money has been increasing their position in the stock.
Technicals: Bullish SharesGuru indicator.
Dilution: Company has a tendency to dilute it's stock investors.
Size: It is a small market cap company and can be volatile.
Past Returns: Underperforming stock! In past three years, the stock has provided -6.8% return compared to 12.8% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
Smart Money: Smart money has been increasing their position in the stock.
Technicals: Bullish SharesGuru indicator.
Dilution: Company has a tendency to dilute it's stock investors.
Size: It is a small market cap company and can be volatile.
Past Returns: Underperforming stock! In past three years, the stock has provided -6.8% return compared to 12.8% by NIFTY 50.
Investor Care | |
|---|---|
| Dividend Yield | 0.60% |
| Dividend/Share (TTM) | 0.6 |
| Shares Dilution (1Y) | 3.8% |
| Earnings/Share (TTM) | 0.49 |
Financial Health | |
|---|---|
| Current Ratio | 1.5 |
| Debt/Equity | 0.93 |
Technical Indicators | |
|---|---|
| RSI (14d) | 86.31 |
| RSI (5d) | 94.17 |
| RSI (21d) | 47.69 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Sell |
| RSI5 Signal | Sell |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
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.
Ester Industries Limited's management provided an optimistic outlook during the Q2 FY '26 earnings call held on November 17, 2025. The company reported consolidated revenues of INR 357 crores, reflecting a 7% year-on-year growth attributed to increased volumes in both Polyester Films and Specialty Polymers segments. The management highlighted that while domestic margins were pressured by high imports at competitive prices and U.S. trade tariffs, performance in overseas markets faced similar challenges.
Forward-looking points included:
Specialty Polymers segment sales surged by 51%, with EBIT increasing 45% year-on-year to INR 21.24 crores, illustrating strong demand driven by IP-protected products despite external tariffs impacting the Polyester Films segment.
Capacity utilization improved significantly, averaging 79% across the company, with notable figures of 75% for Khatima and 85% for Hyderabad.
The rPET segment recorded a staggering 219% growth in sales volume, underscoring the company's pivot towards sustainability, with a 20,000 metric tons per annum rPET capacity commissioned in September 2025 at the Hyderabad facility.
A joint venture, Ester Loop Infinite Technologies, aims to significantly reduce carbon emissions through innovative recycling technology, with expectations of achieving 81% reduction compared to virgin PET by December 2027. Early offtake agreements with major international clients like Nike underscore market confidence in this initiative.
The government's recent GST reforms to reduce tax rates from 18% to 5% on various essential goods are anticipated to boost demand for flexible packaging.
The ongoing investigation for antidumping duties on imports reflects their commitment to safeguarding domestic margins amid competition from low-priced imports.
Overall, the management expressed confidence in maintaining operational efficiency and advancing their sustainability vision, positioning Ester Industries for sustainable growth while navigating external market challenges.
Understand Ester Industries ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| WILEMINA FINANCE CORP. | 50.54% |
| VETTEL INTERNATIONAL LTD | 8.29% |
| MOVI LTD | 7.9% |
| RJ CORP LIMITED | 2.71% |
| KAMALESH JAYANT SHAH | 2.71% |
| MODI RUBBER LTD | 2.69% |
| Arvind Singhania | 0.77% |
Detailed comparison of Ester Industries against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Comprehensive comparison against sector averages
ESTER metrics compared to Industrial
| Category | ESTER | Industrial |
|---|---|---|
| PE | 202.73 | 18.90 |
| PS | 0.70 | 0.69 |
| Growth | 16.8 % | 3.1 % |
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.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
ESTER vs Industrial (2021 - 2026)
1. Question: "What was the total import in Q2, which has led to a sharp decline in the spread? And post the exit of Q2, how is the import situation and the current spread?"
Answer: Approximately 25,000 tonnes of polyester films were imported in Q2, creating significant pricing pressure. Since then, imports have reduced due to us maintaining our pricing at import parity, though this isn't sufficient for our profitability.
2. Question: "What was the exact impact of the U.S. tariff from 25% to 50% on our numbers?"
Answer: The tariffs substantially impacted our high-value film sales to the U.S. Thankfully, Specialty Polymers weren't affected due to our IP protection. We absorbed part of the 25% tariff, affecting our overall sales.
3. Question: "What sort of foreign currency loans are on the books? What are their rescheduled payments?"
Answer: We have about INR 10 crores in foreign currency loans, with mark-to-market losses primarily from euro loans due to euro appreciation. This affects mainly Ester Filmtech, which takes the bulk of euro loans.
4. Question: "Can you explain the investment structure for the Loop JV? How are we going to fund the same?"
Answer: The Loop project, costing about INR 1,600 crores, consists of 50% equity and 50% debt funding. Ester will contribute about INR 250-270 crores, primarily from warrants and future equity raises, with the remainder from debt.
5. Question: "What is the sustainable EBIT margin range expected for Specialty Polymers?"
Answer: We expect the EBIT margin for Specialty Polymers to remain stable in the range of 35% to 40%, thanks to strong demand and IP protection supporting our pricing power.
6. Question: "Amid ongoing margin pressures in the Films segment, what is your margin outlook for H2 FY '26 and FY '27?"
Answer: The margin outlook will depend on the timeliness of antidumping duties and tariff resolutions. We are hopeful for a positive impact once the government acts on antidumping investigations.
7. Question: "What capital allocation strategies do you plan concerning USD 180 million chemical recycling project funding?"
Answer: Currently, we have minimal deployment in capital expenditure, focusing on land acquisition. Most financial projections are based without expected subsidies, but we remain open to any government incentives after proper approval.
| FENTON INVESTMENTS PVT LTD |
| 0.5% |
| Ayush Vardhan Singhania | 0.18% |
| Jai Vardhan Singhania | 0.13% |
| Archana Singhania | 0% |
| Anjali Jaipuria | 0% |
| Sarita Saraf | 0% |
| Chander Bala Modi | 0% |
| Vinay Kumar Modi | 0% |
| Alok Kumar Modi | 0% |
| Goldring Investments Corporation | 0% |
| Vigyan Yoga Private Limited | 0% |
| Rekha Finance and Investment Private Limited | 0% |
| Citrus & Honey Apparels Private Limited | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| -279.6% |
| -16.5 |
| -3.61 |
| 6.58 |
| 31 |
| 6.74 |
| -16.66 |
| Exceptional items before tax | -45% | -0.74 | -0.2 | -0.2 | 0 | 0 | 0 |
| Total profit before tax | -279% | -17.23 | -3.81 | 6.37 | 31 | 6.74 | -16.66 |
| Current tax | -205.4% | -1.36 | 3.24 | 3.37 | 0.55 | 0.51 | 0 |
| Deferred tax | -21.1% | -0.09 | 0.1 | 1.04 | 5.99 | 3.21 | -0.56 |
| Total tax | -204.3% | -1.45 | 3.35 | 4.41 | 6.54 | 3.72 | -0.56 |
| Total profit (loss) for period | -105.6% | -15.78 | -7.16 | 1.96 | 25 | 3.02 | -16.1 |
| Other comp. income net of taxes | 38.6% | 0.11 | -0.45 | -0.26 | 1.52 | -4.82 | -0.04 |
| Total Comprehensive Income | -93.6% | -15.67 | -7.61 | 1.7 | 26 | -1.81 | -16.14 |
| Earnings Per Share, Basic | -50.6% | -1.62 | -0.74 | 0.21 | 2.64 | 0.32 | -1.71 |
| Earnings Per Share, Diluted | -50.6% | -1.62 | -0.74 | 0.21 | 2.64 | 0.32 | -1.71 |
| -2.8% |
| 36 |
| 37 |
| 30 |
| 25 |
| 19 |
| 24 |
| Depreciation and Amortization | 0% | 43 | 43 | 39 | 39 | 35 | 35 |
| Other expenses | -2.9% | 203 | 209 | 241 | 215 | 177 | 172 |
| Total Expenses | 9.7% | 1,030 | 939 | 1,047 | 1,226 | 810 | 909 |
| Profit Before exceptional items and Tax | 192.6% | 55 | -57.29 | 48 | 188 | 190 | 139 |
| Total profit before tax | 192.6% | 55 | -57.29 | 48 | 188 | 190 | 139 |
| Current tax | - | 4.42 | 0 | 11 | 49 | 49 | 30 |
| Deferred tax | 158.1% | 9.69 | -13.95 | 0.99 | 0.64 | -0.91 | 8.95 |
| Total tax | 187% | 14 | -13.95 | 12 | 49 | 48 | 39 |
| Total profit (loss) for period | 190.2% | 41 | -43.33 | 161 | 139 | 142 | 100 |
| Other comp. income net of taxes | -162.7% | -3.65 | -0.77 | 0.27 | -0.11 | -0.25 | -0.76 |
| Total Comprehensive Income | 179.8% | 37 | -44.1 | 161 | 139 | 142 | 99 |
| Earnings Per Share, Basic | 153.5% | 4.31 | -5.19 | 19.31 | 16.65 | 17.04 | 11.93 |
| Earnings Per Share, Diluted | 153.5% | 4.31 | -5.19 | 19.31 | 16.65 | 17.04 | 11.93 |
| 5.3% |
| 41 |
| 39 |
| 84 |
| 82 |
| 93 |
| 78 |
| Non-current investments | 3.3% | 467 | 452 | 423 | 373 | 290 | 270 |
| Loans, non-current | -2.6% | 0.22 | 0.24 | 0.49 | 0.45 | 0.3 | 0.32 |
| Total non-current financial assets | 3.3% | 476 | 461 | 433 | 382 | 299 | 282 |
| Total non-current assets | 0.8% | 924 | 917 | 906 | 872 | 800 | 764 |
| Total assets | 7.1% | 1,409 | 1,316 | 1,283 | 1,292 | 1,235 | 1,276 |
| Borrowings, non-current | 0% | 144 | 144 | 153 | 130 | 160 | 175 |
| Total non-current financial liabilities | 0% | 144 | 144 | 153 | 130 | 160 | 175 |
| Provisions, non-current | 3.1% | 10 | 9.73 | 11 | 9.56 | 9.28 | 9.14 |
| Total non-current liabilities | -0.5% | 192 | 193 | 197 | 172 | 211 | 232 |
| Borrowings, current | 18.7% | 185 | 156 | 184 | 237 | 208 | 211 |
| Total current financial liabilities | 22.7% | 250 | 204 | 241 | 281 | 257 | 252 |
| Provisions, current | 5.1% | 4.69 | 4.51 | 3.8 | 4.19 | 3.53 | 3.08 |
| Current tax liabilities | 205% | 1.61 | 1.2 | 2.62 | 2.62 | 5.45 | 5.45 |
| Total current liabilities | 22% | 262 | 215 | 254 | 293 | 271 | 270 |
| Total liabilities | 11.3% | 454 | 408 | 451 | 465 | 482 | 502 |
| Equity share capital | 4.3% | 49 | 47 | 47 | 47 | 42 | 42 |
| Total equity | 5.2% | 955 | 908 | 832 | 826 | 752 | 774 |
| Total equity and liabilities | 7.1% | 1,409 | 1,316 | 1,283 | 1,292 | 1,235 | 1,276 |
| 121.7% |
| 2.84 |
| 1.83 |
| 9.99 |
| 57 |
| - |
| - |
| Other inflows (outflows) of cash | - | 0 | 0 | 163 | 0 | - | - |
| Net Cashflows From Operating Activities | 21.5% | 80 | 66 | 138 | 79 | - | - |
| Cashflows used in obtaining control of subsidiaries | -40.2% | 62 | 103 | 89 | 84 | - | - |
| Purchase of property, plant and equipment | -73.2% | 16 | 57 | 127 | 61 | - | - |
| Proceeds from sales of investment property | -270.4% | 0 | 0.73 | 0.64 | 0.03 | - | - |
| Interest received | 27% | 5.37 | 4.44 | 1.93 | 0.93 | - | - |
| Income taxes paid (refund) | - | 0 | 0 | 34 | 0 | - | - |
| Other inflows (outflows) of cash | -250.7% | -26.12 | 19 | -16.54 | 21 | - | - |
| Net Cashflows From Investing Activities | -175.5% | -102.88 | -36.7 | -156.07 | -121.65 | - | - |
| Proceeds from issuing shares | -100.1% | 0.92 | 100 | 0 | 0 | - | - |
| Proceeds from issuing other equity instruments | - | 44 | 0 | 0 | 0 | - | - |
| Proceeds from borrowings | 100% | 113 | 57 | 119 | 183 | - | - |
| Repayments of borrowings | 138.7% | 180 | 76 | 53 | 69 | - | - |
| Payments of lease liabilities | - | 0 | 0 | 0.48 | 1.2 | - | - |
| Dividends paid | -131.5% | 0 | 4.17 | 16 | 28 | - | - |
| Interest paid | -6.2% | 31 | 33 | 26 | 20 | - | - |
| Other inflows (outflows) of cash | 12.3% | 0 | -0.14 | 0 | 0 | - | - |
| Net Cashflows from Financing Activities | -231.2% | -54.11 | 43 | 24 | 65 | - | - |
| Net change in cash and cash eq. | -210.5% | -77.42 | 72 | 5.46 | 23 | - | - |
Analysis of Ester Industries's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Sep 30, 2025
| Description | Share | Value |
|---|---|---|
| Polyester chips and film | 83.8% | 296.8 Cr |
| Speciality polymers | 16.2% | 57.4 Cr |
| Total | 354.2 Cr |