The document is a regulatory filing containing the full transcript of the Q2 FY27 Earnings Conference Call held on 5th November 2026, submitted pursuant to SEBI LODR Regulations.
The event was an earnings call to discuss the operational and financial performance for the quarter and half year ended 30th September 2026.
The call was held on 05/11/2026 at 15:00 Hrs (IST) and had a duration of 1 hour, 14 minutes, and 8 seconds.
The stated purpose was to provide an industry environment update, review key business developments, and walk through the financial performance.
The management participants were Mr. Vaibhav Jha (Chief Executive Officer) and Mr. Pradeep Kumar Rustagi (Executive Director- Corporate Affairs). The call was moderated and included a Q&A session with analysts and investors.
The transcript was made available on the company's website at https://www.esterindustries.com/institutional-and-analyst-meeting/.
The conference contained forward-looking statements and was based on the company's beliefs, opinions, and expectations as of the call date. Standard compliance language regarding risks and uncertainties was included.
Financial Highlights Discussed (As Disclosed)
Consolidated Q2 FY27 Performance: Total Income increased 25.7% YoY to INR 449 crores. EBITDA surged 160% YoY to INR 45.1 crores with a margin of 10%. PAT was INR 7.8 crores vs. a loss of INR 15.8 crores in Q2 FY26.
Consolidated H1 FY27 Performance: Total Income grew 26.5% to INR 891 crores. EBITDA was INR 104 crores, up 124.6% YoY. PAT was INR 26.5 crores vs. a loss of INR 22.9 crores in H1 FY26.
Polyester Film Segment (Q2 FY27): Sales volume grew 13.9% YoY to 24,291 MT. Revenue grew 39.6% YoY to INR 414.5 crores. EBIT was INR 34.5 crores (8.3% margin) vs. an EBIT loss of INR 6.2 crores in Q2 FY26. Value-Added & Specialty (VAS) film sales were 6,200 MT (26% of volume), up 25.8% YoY.
Specialty Polymers Segment (Q2 FY27): Revenue declined 49% YoY to INR 29.3 crores due to demand erosion. EBIT was INR 9.9 crores (33.9% margin).
rPET Business (Q2 FY27): Sales volume grew 37.4% YoY to 1,437 MT. Revenue grew 51% to INR 18.4 crores.
Ester Filmtech (Subsidiary) Q2 FY27: Total Income grew 40.5% YoY to INR 168.2 crores. PAT was INR 2.2 crores vs. a loss of INR 10.3 crores in Q2 FY26.
Balance Sheet (as of 30th Sept 2026): Shareholders' equity stood at INR 887.6 crores. Combined liquidity (cash + investments) was INR 228.3 crores. Total borrowings were INR 748.8 crores. Working capital increased due to higher raw material costs and receivables.
Guidance & Outlook: The company targets increasing the share of VAS films to ~35% by Q4 FY27 and 50-60% over 2-3 years. It targets a sustainable 15% EBITDA margin profile. For Specialty Polymers, a 25% CAGR over the next 3-5 years (FY27 base) is targeted.
Additional Notes Section
The document is an enclosure to a letter dated 12th November 2026, submitted to the stock exchanges.
The document contains the full transcript of the earnings call, including the management presentation and the complete Q&A session with analysts.
No new unpublished price sensitive information (UPSI) was indicated to have been shared in this transcript disclosure; it is a record of the already-held call.
The transcript includes detailed financial data and strategic updates that were discussed during the call.
