Ester Industries Ltd.

•

esterindustries.comBSE: 500136NSE: ESTER

Market Cap₹ 947 Cr.

Current Price

High / Low₹ 132 / 69

Stock P/E—

Book Value₹ 87

Price to Book1.56

Dividend Yield0.28 %

ROCE6.5 %

ROE1.9 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Polyester Chips: 86.6% • Speciality Polymers: 13.4%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

View full sector analysis →

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

Capital GoodsPlastic ProductsPlastic Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SUPREMEIND	3509.50	43.18	44580.08	1.03	280.72	38.76	2717.66	4.16	21.49	17.33
2.	ASTRAL	1471.15	68.67	39522.47	0.27	120.20	51.77	1578.00	15.93	19.95	14.65
3.	SHAILY	3445.35	89.63	15846.97	0.09	48.01	16.75	280.67	13.77	29.46	29.59
4.	GRWRHITECH	6755.75	40.47	15695.22	0.18	132.65	59.78	633.08	27.90	18.08	27.17
5.	FINPIPE	156.70	15.80	9722.87	1.75	114.52	16.67	883.58	-15.30	12.73	12.09
6.	TIMETECHNO	185.95	18.74	9179.15	0.81	1178.60	1120.71	16927.10	1151.40	17.37	13.25
7.	KINGFA	6167.55	37.03	8357.88	0.00	80.21	101.58	688.57	49.06	30.70	16.12
8.	RESPONIND	169.65	44.65	4523.01	0.06	2.74	-94.51	192.87	-43.06	10.76	12.09
9.	POLYPLEX	1139.35	23.03	3576.70	0.26	171.07	386.02	2253.62	29.62	1.51	13.15
10.	PRINCEPIPE	280.95	30.42	3106.21	0.36	337.49	6900.41	6094.18	949.97	6.20	12.66
11.	NILKAMAL	2054.30	24.59	3065.53	0.97	24.40	59.20	819.73	-7.18	10.76	9.44
12.	ESTER	90.84	102.52	947.42	0.28	18.62	360.21	432.16	27.78	6.51	11.37

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.46	62.40	62.40	62.40	62.73	62.73	62.71	62.71	62.32
	0.03	0.10	0.04	0.08	0.17	0.03	0.06	0.05	0.03
	0.01	0.44	0.01	0.01	0.01	0.04	0.13	0.16	0.15
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	37.50	37.06	37.55	37.51	37.09	37.19	37.09	37.06	37.49

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-09-09 - Ester Industries Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Ester Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

Updates

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

Shareholders meeting

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-24 - Ester Industries Limited has informed the Exchange about Transcript

2026-08-20

Disclosure under SEBI Takeover Regulations

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

Updates

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-18 - Ester Industries Limited has informed the Exchange about Link of Recording

2026-08-14

Updates

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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Free 5nance Account

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

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

-10

-20

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%

Interest

Depreciation

Profit before Tax

-24

-35

-50

-27

-17

-4

-16

-12

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

-16

-7

-16

-12

-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

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

231

171

-24

147

OPM %

5.04%

4.68%

8.01%

7.94%

9.13%

23.31%

15.39%

8.24%

-2.22%

11.48%

6.00%

Interest

Depreciation

Profit before Tax

-21

-8

185

118

-135

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

137

-121

-0

EPS

-2.21

-0.84

1.34

0.57

16.49

16.39

16.42

-12.88

1.46

—

Dividend Payout %

0.00%

37.57%

0.00%

20.62%

20.13%

3.05%

0.00%

41.19%

—

Mar 2012

Mar 2013

Mar 2014

Mar 2015

Mar 2016

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

232

226

232

235

250

470

579

701

669

681

304

335

363

376

316

195

612

747

690

605

Trade Payables

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

435

154

104

123

124

128

137

203

172

145

161

147

170

Cash & Bank

117

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

Mar 2012

Mar 2013

Mar 2014

Mar 2015

Mar 2016

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

191

119

112

Cash from Investing

-35

-27

-58

-36

-20

-147

-392

-199

-56

Cash from Financing

-9

-2

-18

-75

384

114

-14

-133

-0

-8

-14

-28

-77

Mar 2012

Mar 2013

Mar 2014

Mar 2015

Mar 2016

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

62.46

62.40

62.73

62.71

62.32

0.03

0.10

0.04

0.08

0.17

0.03

0.06

0.05

0.03

0.01

0.44

0.01

0.04

0.13

0.16

0.15

Government

0.00

37.50

37.06

37.55

37.51

37.09

37.19

37.09

37.06

37.49

Ester Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Ester Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI