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Ester Industries Ltd.

•
esterindustries.comBSE: 500136NSE: ESTER
Market Cap₹ 947 Cr.
Current Price
High / Low₹ 132 / 69
Stock P/E102.5
Book Value₹ 103
Price to Book1.31
Dividend Yield0.28 %
ROCE7.5 %
ROE4.8 %
Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Polyester Chips: 83.6% • Speciality Polymers: 16.4%

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

  • Latest quarter profit grew 50.5% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 8.57x)
  • Company maintains a comfortable, low leverage position

CONS

  • Recent results are weak - TTM profit is down 72.5% versus prior year
  • Company has a low return on equity of 1.5% over last 3 years
  • Company has a low return on capital employed of 4.4%
  • A large part of profit comes from other income (26.5% of PBT)
  • Company has delivered a poor profit growth of -16.4% over past five years
  • Company has delivered a poor sales growth of 0.6% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsPlastic ProductsPlastic Products
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.SUPREMEIND3509.5043.1844580.081.03280.7238.762717.664.1621.4917.33
2.ASTRAL1471.1568.6739522.470.27120.2051.771578.0015.9319.9514.65
3.SHAILY3445.3589.6315846.970.0948.0116.75280.6713.7729.4629.59
4.GRWRHITECH6755.7540.4715695.220.18132.6559.78633.0827.9018.0827.17
5.FINPIPE156.7015.809722.871.75114.5216.67883.58-15.3012.7312.09
6.TIMETECHNO185.9518.749179.150.811178.601120.7116927.101151.4017.3713.25
7.KINGFA6167.5537.038357.880.0080.21101.58688.5749.0630.7016.12
8.RESPONIND169.6544.654523.010.062.74-94.51192.87-43.0610.7612.09
9.POLYPLEX1139.3523.033576.700.26171.07386.022253.6229.621.5113.15
10.PRINCEPIPE280.9530.423106.210.36337.496900.416094.18949.976.2012.66
11.NILKAMAL2054.3024.593065.530.9724.4059.20819.73-7.1810.769.44
12.ESTER90.84102.52947.420.2818.62360.21432.1627.786.5111.37
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
198238204216240298275258279260250256339
194241212211227266233225253249240232328
Operating Profit4-4-84133242332611102411
OPM %2.09%-1.54%-4.07%2.03%5.33%10.73%15.16%12.72%9.31%4.13%4.15%9.51%3.23%
8674443363418
Interest9109991089810999
Depreciation10101111111111111111111111
Profit before Tax-7-17-21-12-315251713-6-5619
Tax %21.78%26.16%24.23%23.41%21.54%24.22%26.00%26.34%25.81%23.13%5.05%26.17%25.31%
Net Profit-5-13-16-9-212191210-5-5415
-0.63-1.53-1.93-1.09-0.221.241.981.311.00-0.50-0.500.451.43

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
7717038071,0281,0399921,1101,0778551,0701,105
7006607419208497569379778599511,049
Operating Profit704366108189236173100-311956
OPM %9.13%6.10%8.13%10.50%18.23%23.77%15.57%9.28%-0.40%11.14%5.10%
566698917261417
Interest3633333424192530373636
Depreciation3232313235353739434344
Profit before Tax7-1674713919012048-575514
Tax %33.25%32.89%29.30%33.88%28.19%25.21%26.90%25.47%24.36%25.82%34.11%
Net Profit5-11531991428836-43419
EPS0.57-1.280.633.7311.9317.0416.6519.31-4.614.31—
Dividend Payout %0.00%0.00%0.00%13.40%20.95%19.96%31.34%11.64%0.00%13.92%—

COMPOUNDED SALES GROWTH

10 Years:
2%
5 Years:
1%
3 Years:
-1%

COMPOUNDED PROFIT GROWTH

10 Years:
27%
5 Years:
-16%
3 Years:
-23%

STOCK PRICE CAGR

10 Years:
8%
5 Years:
-8%
3 Years:
-1%
1 Year:
-20%

RETURN ON EQUITY

10 Years:
9%
5 Years:
10%
3 Years:
1%
Last Year:
5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Sep 17

₹ 0.05

Rs.0.2500 per share(5%)Final Dividend

2023

Sep 20

₹ 0.10

Rs.0.5000 per share(10%)Final Dividend

2022

Sep 20

₹ 0.38

Rs.1.9000 per share(38%)Final Dividend

2021

Nov 22

₹ 0.28

Interim Dividend

2021

Sep 17

₹ 0.38

Rs.1.9000 per share(38%)Final Dividend

2020

Nov 2

₹ 0.30

Interim Dividend

2020

Jun 17

₹ 0.50

Rs.2.5000 per share(50%)Dividend

2025

May 21

₹ 0.12

Rs.0.6000 per share(12%)Final Dividend

2026

Aug 11

₹ 0.05

Rs.0.2500 per share(5%)Final Dividend

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital42424242424242424747
252235242273366475586732778816
316344338277182195297336320282
Trade Payables24193923333862263634
5641445168114328401375410
Total Liabilities6896817046656918641,3151,5361,5571,589
385416399387364377388371397406
Capital Work in Progress23213232219788239
0000098181424442510
128117114125110137203138113129
00000000108133
Cash & Bank87761426285010656
144139183144180204497475309316
Total Assets6896817046656918641,3151,5361,5571,589

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
8350511282051961361486680
Cash from Investing-20-11-15-23-51-154-122-156-37-103
Cash from Financing-75-38-36-94-1203652443-54
-14-0-0-00023572-77

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
62.4662.4062.4062.4062.7362.7362.7162.7162.32
0.030.100.040.080.170.030.060.050.03
0.010.440.010.010.010.040.130.160.15
Government0.000.000.000.000.000.000.000.000.00
37.5037.0637.5537.5137.0937.1937.0937.0637.49

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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