Ester Industries, the Gurugrak-headquartered manufacturer of polyester films and specialty polymers, announced its financial results (standalone and consolidated) for the quarter and financial year ended 31 March 2025.
In the standalone results, the total income was Rs 261 crore in Q4 FY25 compared to Rs 220 crore in Q4 FY24 which is an 19% increase. Total income in FY25 was Rs 1085 crore, a 23% rise from FY24, when it recorded Rs 882 crore. EBITDA in FY25 was Rs 134 crore, up from Rs 23 crore in FY 24, a 485% rise.
Commenting on the performance, Arvind Singhania, chairman, Ester Industries said: “On a consolidated basis, total income grew by 19% in FY25, and profitability improved from a loss of Rs. 121 crore to a profit of Rs 14 crore, despite a weaker Q4 compared to Q3. Both our businesses performed significantly better this year. The film business saw a turnaround, with positive EBIT and a 15% increase in operational revenue. A higher share of value-added products and better margins in commodity films boosted overall profitability, supported by improved demand-supply dynamics.”
With the Plastic Waste Management Rules mandating 10% recycled content in flexible packaging from 1st April 2025, demand for BOPET Film is set to rise, he said, adding they are equipped with the technology and certifications to supply BOPET Films with varied PCR content and are well positioned to meet growing demand.
“Our transformation from commodity to specialty Film player is progressing well, with an expected improvement in profitability through a better product mix and improved operational efficiency.”
Specialty Polymers saw strong growth, with a 72% rise in revenue and 164% jump in EBIT, led by robust demand for products such as MB03 and Innovative PBT. Recycled PET performance also improved significantly, he said. “We remain confident about the growth prospects of this segment, backed by a strong product pipeline and minimal competition.”
Business Highlights
Polyester Films:
*Continuous growth in demand helps improve demand supply imbalance
*Increased contribution from value-added products boosts overall margin profile.
*Margins improve in commodity films, although volume offtake remains stable.
*Application of PWMR with effect from 1st April 2025 expected to stimulate demand for Polyester Film with varied PCR content
Specialty Polymers: Strong performance on a Y-o-Y basis – expect growth momentum to sustain in FY26
*MB03 sales increased from 948 MT to 1323 MT in FY25
*Innovative PBT sales grew from 772 MT to 1484 MT in FY25
*Sales of rPET increased in both volumetric and value terms
*EBIT significantly higher in absolute & percentage terms on a yearly basis
* In comparison to Q4FY24, EBIT margin lower in percentage terms due to lower margins in rPET compared to other specialty polymer products
Ester Industries, a listed company promoted by the Singhania family, is a manufacturer of Polyester Film, Specialty Polymers and rPET in India with over 35 years of industry expertise. It serves sectors such as flexible and rigid packaging, textiles, technical textiles, carpets and consumer electronics. Ester has three manufacturing facilities across India.
