Specialty product demand weakness
One marquee specialty product saw lower demand in Q4; management is still assessing the situation and could not provide clarity on recovery.
ESTER / Q4-FY26 / risks
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Ester Industries · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
medium
Euro-denominated loan FX risk
Unprecedented euro appreciation (from ₹88 to ₹112 in 15 months) caused large MTM losses; hedging strategy may not fully offset future volatility.
Elite project delay risk
The chemical recycling JV is expected to commence operations only by end-CY28, later than some expectations, with no revenue contribution until FY30.
Crude oil price volatility
Elevated crude prices increase raw material costs; while the model is pass-through, sustained volatility could pressure working capital.