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Specialty product demand weakness
View Risks →Ester Industries Limited — Q4 FY26
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).
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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.
एस्टर इंडस्ट्रीज ने चौथी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई ₹345.1 करोड़ रही, जो पिछले साल से 7.2% ज़्यादा है। मुनाफा (EBITDA) ₹43.3 करोड़ रहा, जो 10.7% बढ़ा। BOPET फिल्म कारोबार में मुनाफा बढ़ा, क्योंकि चीन से सस्ते आयात पर रोक लगी और अमेरिका ने टैक्स में छूट दी। फिल्म सेगमेंट का मुनाफा 13% हो गया। स्पेशियलिटी पॉलिमर की बिक्री 21% बढ़ी, जबकि rPET की बिक्री 258% बढ़कर 5,325 टन हो गई। कंपनी को अगले 18-24 महीनों में मुनाफा और बढ़ने की उम्मीद है। एक नया केमिकल रीसाइक्लिंग प्लांट 2028 के अंत तक शुरू होगा। जोखिम: एक खास उत्पाद की मांग कम हो सकती है।
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Film segment EBIT margin
13%
+440 bps YoY
Film segment EBIT margin expanded 440 bps YoY to 13% in Q4 FY26, driven by improved spreads and operating leverage.
rPET volume growth
5,325 MT
+258% YoY
rPET volumes surged 258% YoY to 5,325 MT in FY26, driven by regulatory mandates and new capacity.
Specialty polymer volume growth
3,836 MT
+21% YoY
Specialty polymer sales volume grew 21% YoY to 3,836 MT in FY26, with segment revenue up 16%.
BOPET film spread (12 micron)
₹32-33/kg
Stable QoQ
Average spread for 12-micron BOPET film was ₹32-33/kg in Q4 FY26, expected to remain in ₹30-35/kg range in Q1 FY27.
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Management expects sustained margin improvement in BOPET films for at least 6-8 quarters due to favorable supply-demand dynamics and anti-dumping d...
One marquee specialty product saw lower demand in Q4; management is still assessing the situation and could not provide clarity on recovery.
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