Ester Industries, India’s leading manufacturer of Polyester Films and Specialty Polymers, announced its audited financial results (standalone and consolidated) for the fourth quarter and full year ended 31st March 2026. Consolidated revenue up by 7.2% and the performance of Q4 FY26 is significantly better than Q4 FY25 & Q3 FY26.
Total consolidated income was Rs 345.1 crore in Q4 FY26 up from Rs 321.9 crore in Q4 FY25. Consolidated EBITDA (including non-operating income) was Rs 43.3 crore and PAT Rs 7.9 crore in Q4 FY26 compared to Rs 39.1 crore and Rs 2 crore in Q4 FY25.
Commenting on the performance, Arvind Singhania, chairman, Ester Industries said, “The external operating landscape witnessed a significant turnaround during the quarter ended March 31, 2026. The persistent headwinds that pressured the Biaxially-oriented Polyethylene Terephthalate (BOPET) Film segment through most of FY26 are steadily abating, driven by favourable regulatory and trade developments. The reciprocal and punitive trade tariff imposed by the USA has been rejected by the Supreme Court of the USA. However, the US government has now imposed a global tariff of 10%.
The Directorate General of Trade Remedies (DGTR) has imposed anti-dumping duties on BOPET Film imports from China and few other countries. A formal notification from the Ministry of Finance is expected in due course, establishing a level playing field and providing meaningful relief to domestic manufacturers. Domestic BOPET Film industry witnessed margin expansion during Q4 FY26 due to increase in global prices on account of increase in prices by Chinese producers and inflationary geo-political situation as well as depreciation of rupee. Implementation of the Plastic Waste Management Rules (PWMR) triggered strong demand acceleration for BOPET Films featuring Post-Consumer Recycled (PCR) content and recycled PET (rPET)
This trade environment directly accelerated our financial recovery and growth in Q4 FY26. Consolidated income for Q4 FY26 grew by 7.2% year-on-year to ₹345.1 crores. EBITDA increased by 10.7% to ₹43.3 crores, delivering a 12.5% margin. Excluding non-cash mark-to-market losses on foreign currency liabilities, core operational EBITDA margins stood at a healthy 15.5%. Profit After Tax (PAT) surged to ₹7.87 crores, representing a strong recovery from the ₹1.96 crores recorded in Q4 FY25.
For FY 2026, consolidated income rose 7.2% to ₹1,392.7 crores, driven by robust growth in Specialty Polymers and rPET. Capacity utilization of BOPET film improved to 78%. The Board of Directors have proposed a dividend of ₹0.25 per share for FY26 to the shareholders of Ester Industries Limited.
We are pleased to report that the Company has successfully secured ₹165.25 crores against its ₹175 crore share warrant issue. This substantial capital infusion underscores the deep confidence our promoters and investors place in the Company’s long-term value proposition and growth trajectory.
Looking ahead, management remains highly optimistic regarding our medium-to-long-term performance prospects. Sustained regulatory shifts like the PWMR mandate will continue to push brand owners toward sustainable packaging film solutions. The Company is actively collaborating with ecosystem partners to capture this demand. By aggressively focusing on a premium specialty product mix, embedding sustainable innovation, and optimizing operational efficiencies, we are securely positioned to deliver sustainable, profitable growth.”
Business highlights
Polyester Films:
*Consolidated capacity utilization: 78% in FY26 as compared to 74% in FY25.
*BOPET Film industry witnessed margin expansion during Q4 FY26 due to increase in global prices on account of increase in prices by Chinese producers, inflationary geopolitical situation as well as depreciation of rupee.
*Volume of Value-Added & Specialty Products (VAS) stood at 24% of total sales volume in FY26.
*In volumetric terms, the growth in VAS products was 14.5% despite adverse effects on US volumes due to tariffs.
*Sales of rPET in volumetric terms increased from 1,486 MT in FY25 to 5,325 MT in FY26, an increase of 258%.
*rPET revenue increased by ~3.6x Y-o-Y to Rs. 59.3 crores in FY26 from Rs. 16.2 crores in FY25, supported by higher production and demand for sustainable packaging solutions.
*Chips revenue increased by ~2.2x Y-o-Y to Rs. 65.7 crores in FY26 from Rs. 30.5 crores in FY25, primarily due to higher volume of sales to third parties.
Specialty Polymers:
*The quantity of sales of Specialty Polymers increased from 3,165 MT in FY25 to 3,836 MT in FY26, a growth of 21%.
*Revenue grew from Rs. 155.2 crore in FY25 to Rs. 179.3 crore, a growth of 16%.
*Specialty Polymers delivered better performance in FY26 on Y-o-Y basis in volumetric, value and margin terms. However, in Q4 FY26, the performance lagged on a Y-o-Y basis due to uncertainty in a particular segment of specialty polymer.
