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Revenue
₹345.1 Cr
verified against source
Revenue YoY
7.2%
reported change
EBITDA
₹43.3 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ester Industries reported a decisive inflection point in Q4 FY26, with consolidated revenue of ₹345.1 crore (+7.2% YoY) and EBITDA of ₹43.3 crore (+10.7% YoY). The BOPET film segment saw margin expansion due to moderating Chinese dumping, US tariff relief, and anti-dumping duties. Film segment EBIT margins expanded 440 bps to 13%. The specialty polymer segment grew 21% in volume for the full year, while rPET volumes surged 258% to 5,325 MT. Management guided for sustained margin improvement over the next 18-24 months, targeting 60%+ value-added film mix. The Elite chemical recycling JV is on track for operations by end-CY28. Key risk: demand softness in one marquee specialty product remains under assessment.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects sustained margin improvement in BOPET films for at least 6-8 quarters due to favorable supply-demand dynamics and anti-dumping duties.
- The company aims to increase the share of value-added films from current 25% to over 60% in the next 2-3 years.
- Management expressed confidence in achieving ₹200 crore revenue from specialty polymers in FY27, implying ~12% growth over FY26.
- Planned capex of ₹70 crore (₹15 crore new projects, balance sustenance) with annual debt repayment of ₹85 crore, targeting net debt reduction.
Risks flagged
- One marquee specialty product saw lower demand in Q4; management is still assessing the situation and could not provide clarity on recovery.
- Unprecedented euro appreciation (from ₹88 to ₹112 in 15 months) caused large MTM losses; hedging strategy may not fully offset future volatility.
- The chemical recycling JV is expected to commence operations only by end-CY28, later than some expectations, with no revenue contribution until FY30.
- Elevated crude prices increase raw material costs; while the model is pass-through, sustained volatility could pressure working capital.
Key quotes
- The quarter ended March 31, 2026 marked a meaningful inflection point for the company.
- Our target is to grow this 25% share of wax films to 60% plus in next two to three years.
- We are still assessing the situation with respect to this product. So right now is not the right time to comment on what will it be.
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