Ester Industries, a manufacturer of Polyester Films and Specialty Polymers, announced its unaudited financial results (standalone and consolidated) for the second quarter and half year ended 30th September 2026.
Total standalone income was Rs 365.8 crore in Q2 FY27 compared to Rs 263.3 crore to Q2 FY26. EBITDA (including non-operating income) was Rs 28.6 crore in Q2 FY27 compared to Rs 14.0 crore in Q2 FY26. PAT was Rs 6.1 crore to Rs (–) 4.8 crore in Q2 FY26.
Total consolidated income was Rs 449.0 crore in Q2 FY27 compared to Rs 357.2 crore to Q2 FY26. EBITDA (including non-operating income) was Rs 45.1 crore in Q2 FY27 compared to Rs 17.3 crore in Q2 FY26. PAT was Rs 7.8 crore to Rs (–) 15.8 crore in Q2 FY26.
Commenting on the performance, Arvind Singhania, chairman, Ester Industries said, “Improvement witnessed in Q1FY27 continued during Q2FY27 with improving operating environment, higher realizations, increased throughput and a favorable product mix.
Consolidated total income increased 25.7% Y-o-Y to Rs 449.0 crore, while EBITDA more than doubled, rising 160% Y-o-Y to Rs 45.1 crore. EBITDA margin expanded significantly to 10% from 4.9% in Q2FY26, reflecting improved operating performance and better business mix resulting from higher contribution of valuea added products within the film segment and better realizations across product portfolio. PAT turned positive at Rs 7.80 crore, compared with a loss of Rs 15.8 crore in the corresponding quarter last year.
The operating environment for the BOPET Film industry remained stable during Q2 FY27, with the US tariff-related disruptions witnessed in FY26, largely behind us. However, disruptions in crude oil supply and price fluctuations caused by war in West Asia are resulting into higher shipping costs and longer transit time which is adversely impacting working capital cycle.
In Specialty Polymers, sales volume was 711 MT in Q2FY27 against 1,161 MT in Q2 FY26, however segment EBIT margin remained healthy at 33.9%. Though one of the marquee products in Specialty Polymers SBU has seen demand erosion but basis the strong product pipeline, and expected customer approval for a new product post marginal capital expenditure in near future is expected to partially make good the lost sales volume & margins.
Our performance reflects the strength of our strategy, the resilience of our business and our relentless focus. However, the global geopolitical environment remains uncertain, creating challenges for raw material costs and pricing visibility.
Looking ahead, we remain confident about Ester’s medium to long-term growth prospects, supported by improving industry conditions, favorable regulatory tailwinds and its continued focus on premium and Value-Added products. The increasing focus on differentiated products is expected to provide greater resilience across industry cycles and support sustainable margin improvement over the medium to long term. By focusing on operational efficiency, capacity utilization and advanced Specialty products, the company remains committed to driving profitability growth and reducing its environmental footprints.
As regard to ELITe project, we are glad to inform that various aspects related to implementation of the project by last quarter of CY 2028 are progressing well with acquisition of land expected to be completed by Q4FY27. Marketing & Off Take agreement with an anchor customer coupled with a Letter of Intent secured from a leading global sports and athletic brand for Loop™ PET Fiber Grade resin, under a multi-year framework for offtake from its upcoming Gujarat facility would ensure that a significant portion of the planned capacity gets committed ahead of commercial production.
This early customer validation provides strong visibility for the JV’s recycled platform and underscores the growing demand for its Value-Added, sustainable product offerings.”
Business Highlights
Polyester Films:
- Consolidated capacity utilisation stood at 92% in Q2FY27 as compared to 80% in Q2FY26, supported by higher Film production at both Ester Industries & Ester Filmtech.
- Film sales volume increased by 13.9% from 21,329 MT to 24,291 MT while Film revenue increased by 39.6% to Rs414.5 crore compared to Rs296.8 crore in the corresponding quarter last year, supported by improved per unit realisations consequent to increase in feedstock prices, being petrochemical products.
- The company continues to focus on Value-Added & Specialty products (VAS), with VAS volumes at 6,200 MT, representing 25.3% of total Film sales volume.
- Volume of VAS products increased from 4,927 MT (Q2FY26) to 6,200 MT (Q2FY27), registering a significant growth of 25.8%
- rPET sales volume increased by 37.4% to 1,437 MT, while revenue grew by 51% to Rs18.4 crore.
Specialty Polymers:
- Specialty Polymer sales volume decreased by 38.8% to 711 MT in Q2 FY27 compared to 1,161 MT in Q2 FY26
- Despite lower revenue, EBIT margin remained almost stable at 33.9% in Q2FY27 as improved to 37.0% in Q2FY26
- One of the marquee products in Specialty Polymers SBU has seen demand erosion.
- Basis the strong product pipeline, and expected customer approval for a new product post marginal capital expenditure in near future is expected to partially make good the lost sales volume & margins.
Incorporated in 1985, Ester Industries is a leading manufacturer of Polyester Film, Specialty Polymers and rPET in India with over 40 years of industry expertise. It has a track record of continually developing new and innovative products for meeting varied needs of customers across the globe.
Serving key sectors such as flexible and rigid packaging, textiles, technical textiles, carpets and consumer electronics, Ester is head quartered in Gurgaon, India, with three state-of-the-art manufacturing facilities across India. The company has global presence, supplying its innovative products to customers in over 50 countries across Europe, the Americas, Africa, Asia Pacific, and the Middle East with strong customer relationships.
