Ester Industries Ltd
NSE: ESTER · Packaging · sector
₹84.62NSE close 2026-10-26
Key numbers
Market cap₹883 cr
Price₹84.62
52w high / low₹120 / ₹69
P/E–Sector median 16.2x
P/B1.1xSector median 1.4x
Book value₹75.0
Dividend yield0.66%Sector median 0.58%
ROE-0.2%Sector median 9.8%
ROCE4.6%Sector median 11.6%
OPM8.3%Sector median 9.2%
Debt / equity0.93xSector median 0.39x
EV/EBITDA11.9xSector median 7.7x
Interest cover1.1x
Current ratio1.44x
Sales growth 3y+7.3%Sector median +4.7%
Profit growth 3y–Sector median +0.8%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 63 companies in Packaging (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹159 cr vs borrowings ₹729 cr (FY26): borrowings are higher by ₹570 cr.
- Operating profit covered interest 1.1x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 2 of the last 5 years (FY23, FY22).
- Net loss in 3 of the last 8 quarters.
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Dividend paid in 4 of the last 5 financial years.
- Price ₹84.62 on 2026-10-26: -29.5% from the 52-week high, +23.4% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹170.35 · low ₹82.22
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 331 | 346 | 319 | 338 | 354 | 339 | 344 | 432 |
| EBITDA | 40 | 60 | 36 | 20 | 14 | 16 | 42 | 49 |
| OPM % | 12.0% | 17.2% | 11.4% | 6.0% | 4.0% | 4.8% | 12.2% | 11.4% |
| Other income | 3 | 5 | 3 | 9 | 3 | 5 | 1 | 10 |
| Net profit | 3 | 25 | 2 | -7 | -16 | -12 | 8 | 19 |
| EPS (₹) | 0.32 | 2.64 | 0.21 | -0.74 | -1.62 | -1.27 | 0.81 | 1.84 |
| Revenue YoY | +7.0% | -1.9% | +7.7% | +27.8% | ||||
| Profit YoY | -622.5% | -150.0% | +301.5% | – |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,406 | 1,114 | 1,063 | 1,282 | 1,375 | 1,469 |
| EBITDA | 241 | 92 | -24 | 147 | 93 | 122 |
| Net profit | 137 | 137 | -121 | 14 | -27 | -2 |
| EPS (₹) | 16.39 | 16.41 | -14.49 | 1.46 | -2.82 | -0.24 |
| Revenue growth | -20.7% | -4.5% | +20.6% | +7.3% | +10.1% | |
| Profit growth | +0.1% | -188.4% | – | -300.5% | -107.5% | |
| Dividend / share (₹) | 3.30 | 1.90 | 0.50 | – | 0.60 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +7.3% | +6.8% | +10.1% |
| Net profit | – | – | -107.5% |
| EPS | – | – | – |
| Share price | – | -20.4% (2y) | -20.4% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 743 | 718 | 773 | 783 |
| Borrowings | – | 816 | 773 | 660 | 729 |
| Cash & equivalents | – | 206 | 186 | 126 | 159 |
| Total assets | – | 1,715 | 1,643 | 1,573 | 1,674 |
| Fixed assets | – | 977 | 988 | 977 | 978 |
| Capital work in progress | – | 79 | 83 | 39 | 36 |
| Investments | – | 0 | 0 | 0 | 24 |
| Receivables | – | 152 | 147 | 170 | 185 |
| Inventory | – | 172 | 145 | 161 | 209 |
| Payables | – | 32 | 64 | 47 | 67 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 62 | 58 | 44 | 112 | 89 |
| Cash from investing | -392 | -199 | 42 | -56 | -116 |
| Cash from financing | 384 | 114 | -14 | -133 | 6 |
| Capex | 414 | 257 | 73 | 31 | 61 |
| Free cash flow | -352 | -199 | -30 | 81 | 27 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 18.4% | -16.9% | 1.8% | -3.5% |
| ROCE % | – | 3.9% | -4.3% | 6.6% | 2.7% |
| Debtor days | – | 50 | 51 | 48 | 49 |
| Inventory days | – | 88 | 70 | 74 | 86 |
| Payable days | – | 17 | 31 | 22 | 27 |
| Cash conversion cycle (days) | – | 121 | 90 | 100 | 108 |
| Working capital days | – | 81 | 39 | 49 | 49 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 62.31% |
| FIIs | 0.12% |
| DIIs | 0.16% |
| of which Mutual funds | 0.01% |
| Government | 0.00% |
| Public (non-institutions) | 37.42% |
| Quarter | Apr 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | May 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 62.73% | 62.73% | 62.73% | 62.71% | 62.71% | 62.32% | 62.32% | 62.31% |
| Promoter group | % |
|---|---|
| Wilemina Finance Corp. | 47.29% |
| Movi Ltd | 7.39% |
| Arvind Singhania | 3.64% |
| Modi Rubber Ltd | 2.50% |
| Ayush Vardhan Singhania | 0.90% |
| Fenton Investments PVT Ltd | 0.47% |
| Jai Vardhan Singhania | 0.12% |
| Uma Devi Singhania | 0.00% |
| Archana Singhania | 0.00% |
| Anjali Jaipuria | 0.00% |
| Sarita Saraf | 0.00% |
| Chander Bala Modi | 0.00% |
| Vigyan Yoga Private Limited | 0.00% |
| Rekha Finance and Investment Private Limited | 0.00% |
| Citrus & Honey Apparels Private Limited | 0.00% |
| Public holders above 1% | % |
|---|---|
| Vettel International Ltd | 7.75% |
| RJ Corp Limited | 2.53% |
| Kamalesh Jayant Shah | 2.12% |
| Krishang Vaibhav Shah | 1.52% |
36,857 shareholders. Pledged: 0.00% of promoter shares.
Peers in Packaging
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| EPL | ₹7,100 cr | 18.3x | 2.5x | 14.9% | 17.0% | 19.3% | +8.8% | 2.25% |
| AGI | ₹4,590 cr | 12.7x | 1.9x | 16.1% | 19.6% | 22.5% | +5.3% | 0.98% |
| UFLEX | ₹4,111 cr | 6.0x | 0.5x | 8.8% | 8.9% | 13.5% | +1.6% | 0.53% |
| TCPLPACK | ₹3,649 cr | 31.6x | 5.1x | 16.9% | 17.8% | 15.3% | +7.9% | 0.75% |
| JINDALPOLY | ₹2,976 cr | – | 1.0x | -27.6% | -17.5% | -78.1% | -14.4% | 0.87% |
| POLYPLEX | ₹2,943 cr | 18.9x | 0.7x | 3.9% | 6.9% | 7.8% | -2.5% | 1.55% |
| XPROINDIA | ₹2,278 cr | 69.0x | 3.0x | 4.8% | 5.2% | 9.3% | -0.4% | 0.20% |
| KNACK | ₹2,038 cr | – | – | – | – | – | – | – |
| MOLDTKPAC | ₹1,928 cr | 25.3x | 2.8x | 11.4% | 13.4% | 19.1% | +6.7% | 0.69% |
| ESTER | ₹883 cr | – | 1.1x | -0.2% | 4.6% | 8.3% | +7.3% | 0.66% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Polyester chips and film | ₹1,196 cr | 87.0% | ₹47 cr | 3.9% |
| Speciality polymers | ₹179 cr | 13.0% | ₹59 cr | 32.7% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-17 | Dividend | Dividend - Re 0.25 Per Share |
| 2025-09-19 | Dividend | Dividend - Rs 0.60 Per Share |
| 2023-09-20 | Dividend | Annual General Meeting/Dividend - Re 0.50 Per Share |
| 2022-09-20 | Dividend | Annual General Meeting/Dividend - Rs 1.90 Per Share |
| 2021-11-22 | Dividend | Interim Dividend - Rs 1.40 Per Share |
| 2021-09-17 | Dividend | Annual General Meeting/Dividend - Rs 1.90 Per Share |
| 2020-11-02 | Dividend | Interim Dividend - Rs 1.50 Per Share |
| 2020-08-20 | Dividend | Annual General Meeting/Dividend - Rs 2.50 Per Share |
| 2019-09-06 | Dividend | Dividend - Rs 0.50 Per Share |
| 2018-09-14 | Other | Annual General Meeting |
| 2017-08-24 | Other | Annual General Meeting |
| 2016-09-15 | Other | Annual General Meeting |
| 2015-09-18 | Other | Annual General Meeting |
| 2014-09-11 | Dividend | Annual General Meeting / Final Dividend - Re 0.50/- Per Share |
| 2013-09-19 | Other | Annual General Meeting |
| 2012-09-14 | Other | Annual General Meeting |
| 2011-07-13 | Dividend | Dividend-Rs.2/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Industrials |
| Industry | Packaging |
| Sub-industry | Packaging |
| Symbol | ESTER |
| BSE code | 500136 |
| ISIN | INE778B01029 |
| Face value | ₹5.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.