Ester Industries Q2 & H1 FY26 results

Specialty polymer volume grows by 51% & EBIT by 45%

November 17, 2025

Ester Industries, a manufacturer of polyester films and specialty polymers, reported a strong performance in its Specialty Polymer business for Q2 and H1 FY26, with volumes rising 51% and EBIT increasing 45%. The results, the company says, underscore the segment’s resilience and its position as a primary growth driver despite external market challenges.

The company announced its unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025. On a consolidated basis, Ester recorded revenue of ₹357 crore in Q2 FY26, a 7% year-on-year increase, supported by higher volumes across both Polyester Film and Specialty Polymer divisions.

Profitability, however, was impacted by continued pressure on margins in the Polyester Film segment, influenced by domestic imports and U.S. trade tariffs. Consolidated EBITDA stood at ₹17 crore, while net loss for the quarter was ₹16 crore.The Specialty Polymer segment continued its robust trajectory, delivering revenue of ₹57 crore, up 39% year-on-year, and EBIT of ₹21 crore, up 45% year-on-year. Growth was driven by healthy demand for marquee products, with volumes and margins protected by strong IP safeguards.

Within the Polyester Chips & Film business, rPET volumes surged 219%, and film volumes grew 9%. Ester Filmtech Limited, the company’s wholly owned subsidiary, achieved a 40% increase in sales volume and 20% revenue growth. While segment revenue rose 2%, margin pressure persisted due to competitive imports and tariff-led challenges abroad.

Ester also reported significant progress on the ELITe recycling project, which is on track for completion by December 2027. The project has secured approximately 90 acres of land in the PCPIR zone in Surat, Gujarat—an ideal location due to its access to polyester textile waste, skilled manpower, and port connectivity. Multiple global customers have already entered long-term offtake agreements ahead of commissioning, including Nike, Taro Plast S.p.A., and Hyosung TNC, reflecting strong demand for the project’s recycled polyester outputs.

With rising demand for specialty polymers, increased emphasis on sustainable product lines, and capacity expansion across businesses, Ester Industries remains confident of delivering long-term value while advancing its circular economy initiatives.

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