Ester Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Polyester Chips: 86.6% • Speciality Polymers: 13.4%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 24.6% CAGR over last 5 years
- Latest quarter profit grew 360.2% YoY, showing strong momentum
- Company has been maintaining a healthy dividend payout of 41.2%
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (60.8% of PBT)
- Company has a low return on equity of -4.3% over last 3 years
- Company has a low return on capital employed of 2.2%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.23x)
- Interest coverage is weak at 1.4x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUPREMEIND | 3509.50 | 43.18 | 44580.08 | 1.03 | 280.72 | 38.76 | 2717.66 | 4.16 | 21.49 | 17.33 |
| ASTRAL | 1471.15 | 68.67 | 39522.47 | 0.27 | 120.20 | 51.77 | 1578.00 | 15.93 | 19.95 | 14.65 |
| SHAILY | 3445.35 | 89.63 | 15846.97 | 0.09 | 48.01 | 16.75 | 280.67 | 13.77 | 29.46 | 29.59 |
| GRWRHITECH | 6755.75 | 40.47 | 15695.22 | 0.18 | 132.65 | 59.78 | 633.08 | 27.90 | 18.08 | 27.17 |
| FINPIPE | 156.70 | 15.80 | 9722.87 | 1.75 | 114.52 | 16.67 | 883.58 | -15.30 | 12.73 | 12.09 |
| TIMETECHNO | 185.95 | 18.74 | 9179.15 | 0.81 | 1178.60 | 1120.71 | 16927.10 | 1151.40 | 17.37 | 13.25 |
| KINGFA | 6167.55 | 37.03 | 8357.88 | 0.00 | 80.21 | 101.58 | 688.57 | 49.06 | 30.70 | 16.12 |
| RESPONIND | 169.65 | 44.65 | 4523.01 | 0.06 | 2.74 | -94.51 | 192.87 | -43.06 | 10.76 | 12.09 |
| POLYPLEX | 1139.35 | 23.03 | 3576.70 | 0.26 | 171.07 | 386.02 | 2253.62 | 29.62 | 1.51 | 13.15 |
| PRINCEPIPE | 280.95 | 30.42 | 3106.21 | 0.36 | 337.49 | 6900.41 | 6094.18 | 949.97 | 6.20 | 12.66 |
| NILKAMAL | 2054.30 | 24.59 | 3065.53 | 0.97 | 24.40 | 59.20 | 819.73 | -7.18 | 10.76 | 9.44 |
| ESTER | 90.84 | 102.52 | 947.42 | 0.28 | 18.62 | 360.21 | 432.16 | 27.78 | 6.51 | 11.37 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 258 | 261 | 268 | 277 | 286 | 331 | 346 | 319 | 338 | 354 | 339 | 344 | 432 | |
| 257 | 272 | 287 | 271 | 275 | 291 | 286 | 283 | 318 | 339 | 322 | 302 | 418 | |
| Operating Profit | 0 | -10 | -20 | 6 | 11 | 40 | 60 | 37 | 21 | 15 | 17 | 42 | 14 |
| OPM % | 0.04% | -3.91% | -7.28% | 2.16% | 3.91% | 12.02% | 17.22% | 11.49% | 6.07% | 4.24% | 4.94% | 12.30% | 3.28% |
| 9 | 10 | 5 | 3 | 6 | 3 | 5 | 3 | 9 | 3 | 5 | 1 | 10 | |
| Interest | 17 | 18 | 18 | 18 | 17 | 18 | 16 | 16 | 15 | 17 | 16 | 16 | 17 |
| Depreciation | 16 | 17 | 17 | 18 | 17 | 17 | 17 | 17 | 17 | 17 | 18 | 18 | 18 |
| Profit before Tax | -24 | -35 | -50 | -27 | -17 | 7 | 31 | 7 | -4 | -16 | -12 | 10 | 24 |
| Tax % | 6.24% | 12.93% | 10.32% | 10.56% | 3.36% | 55.19% | 20.86% | 67.02% | -92.80% | 8.79% | 2.10% | 16.15% | 20.89% |
| Net Profit | 0 | 0 | 0 | 0 | -16 | 3 | 25 | 2 | -7 | -16 | -12 | 8 | 19 |
| -2.65 | -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
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 700 | 886 | 928 | 896 | 771 | 992 | 1,110 | 1,114 | 1,063 | 1,282 | 1,469 | |
| 664 | 845 | 854 | 825 | 700 | 761 | 939 | 1,022 | 1,087 | 1,135 | 1,381 | |
| Operating Profit | 35 | 41 | 74 | 71 | 70 | 231 | 171 | 92 | -24 | 147 | 88 |
| OPM % | 5.04% | 4.68% | 8.01% | 7.94% | 9.13% | 23.31% | 15.39% | 8.24% | -2.22% | 11.48% | 6.00% |
| 6 | 6 | 5 | 3 | 5 | 8 | 9 | 12 | 27 | 17 | 19 | |
| Interest | 35 | 26 | 35 | 37 | 36 | 19 | 25 | 36 | 70 | 67 | 67 |
| Depreciation | 27 | 29 | 30 | 32 | 32 | 35 | 37 | 44 | 68 | 69 | 71 |
| Profit before Tax | -21 | -8 | 14 | 5 | 7 | 185 | 118 | 24 | -135 | 28 | 4 |
| Tax % | 33.60% | 32.47% | 40.57% | 21.27% | 33.25% | 25.84% | 27.39% | 51.17% | 10.34% | 50.74% | 109.19% |
| Net Profit | -14 | -5 | 8 | 4 | 5 | 137 | 86 | 12 | -121 | 14 | -0 |
| EPS | -2.21 | -0.84 | 1.34 | 0.57 | 0.57 | 16.49 | 16.39 | 16.42 | -12.88 | 1.46 | — |
| Dividend Payout % | 0.00% | 0.00% | 37.57% | 0.00% | 0.00% | 20.62% | 20.13% | 3.05% | 0.00% | 41.19% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 11%
- 3 Years:
- 5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -20%
- 5 Years:
- 25%
- 3 Years:
- -54%
STOCK PRICE CAGR
- 10 Years:
- 8%
- 5 Years:
- -8%
- 3 Years:
- -1%
- 1 Year:
- -20%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 7%
- 3 Years:
- -4%
- Last Year:
- 2%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 31 | 31 | 31 | 31 | 42 | 42 | 42 | 42 | 47 | 47 |
| 232 | 226 | 232 | 235 | 250 | 470 | 579 | 701 | 669 | 681 | |
| 304 | 335 | 363 | 376 | 316 | 195 | 612 | 747 | 690 | 605 | |
| Trade Payables | 19 | 19 | 20 | 19 | 23 | 38 | 63 | 32 | 64 | 47 |
| 41 | 41 | 52 | 53 | 57 | 117 | 346 | 453 | 438 | 467 | |
| Total Liabilities | 627 | 652 | 698 | 714 | 688 | 862 | 1,642 | 1,974 | 1,908 | 1,847 |
| 350 | 376 | 390 | 399 | 385 | 377 | 390 | 979 | 989 | 977 | |
| Capital Work in Progress | 17 | 5 | 18 | 12 | 23 | 76 | 435 | 79 | 83 | 39 |
| 1 | 0 | 0 | 0 | 0 | 1 | 0 | 154 | 69 | 75 | |
| 104 | 123 | 124 | 128 | 128 | 137 | 203 | 172 | 145 | 161 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 147 | 170 | |
| Cash & Bank | 21 | 14 | 8 | 23 | 8 | 28 | 61 | 52 | 117 | 68 |
| 133 | 135 | 158 | 152 | 143 | 243 | 553 | 539 | 359 | 356 | |
| Total Assets | 627 | 652 | 698 | 714 | 688 | 862 | 1,642 | 1,974 | 1,908 | 1,847 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 51 | 23 | 52 | 69 | 83 | 191 | 119 | 68 | 44 | 112 | |
| Cash from Investing | -35 | -27 | -58 | -36 | -20 | -147 | -392 | -199 | 42 | -56 |
| Cash from Financing | -9 | 4 | -2 | -18 | -75 | 3 | 384 | 114 | -14 | -133 |
| 3 | -0 | -8 | 14 | -14 | 2 | 54 | -28 | 72 | -77 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Ester Industries Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-09-03 - Ester Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-02 - Ester Industries Limited has informed the Exchange regarding 'weblink of the Notice of Annual General Meeting along with Annual Report for the Financial Year 2025-26'.
2026-09-02 - Ester Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026
2026-08-24 - Ester Industries Limited has informed the Exchange about Transcript
2026-08-20 - Ayush Vardhan Singhania has submitted to the Exchange a copy of Cancellation of proposed Inter-se-Transfer of shares between the promoter and Promoter group.
2026-08-20 - Ester Industries Limited has informed the Exchange regarding 'Cancellation of proposed Inter-se Transfer of shares amongst Promoter and Promoter Group'.
2026-08-18 - Ester Industries Limited has informed the Exchange about Link of Recording
2026-08-14 - Ester Industries Limited has informed the Exchange regarding 'Intimation under Regulation 10(1)(a) of SEBI (SAST) Regulations, 2011''.
News
Recent coverage and analyst commentary for ESTER
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Ester Industries Ltd.
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