Date: 4th November 2026

Financial Performance Summary

Consolidated Results (Rs. crore)

| Particulars | Q2 FY27 | Q2 FY26 | Growth | H1 FY27 | H1 FY26 | Growth |

| Total Income | 449.0 | 357.2 | 25.7% | 891.0 | 704.1 | 26.5% |

| EBITDA | 45.1 | 17.3 | 160.0% | 104.0 | 46.3 | 124.6% |

| EBITDA Margin | 10.0% | 4.9% | +510 bps | 11.7% | 6.6% | +510 bps |

| PAT | 7.8 | (15.8) | - | 26.5 | (22.9) | - |

Standalone Results (Rs. crore)

| Particulars | Q2 FY27 | Q2 FY26 | Growth | H1 FY27 | H1 FY26 | Growth |

| Total Income | 365.8 | 263.3 | 38.9% | 713.5 | 548.3 | 30.1% |

| EBITDA | 28.6 | 14.0 | 103.8% | 68.6 | 46.0 | 49.2% |

| EBITDA Margin | 7.8% | 5.3% | +250 bps | 9.6% | 8.4% | +120 bps |

| PAT | 6.1 | (4.8) | - | 20.6 | 4.8 | 326.9% |

Segment Performance Analysis

Polyester Films Business

  • Consolidated capacity utilization: 92% in Q2FY27 (vs 80% in Q2FY26)
  • Film sales volume: Increased 13.9% from 21,329 MT to 24,291 MT
  • Film revenue: Increased 39.6% to ₹414.5 crore (from ₹296.8 crore in Q2FY26)
  • Value-Added & Specialty products (VAS): 6,200 MT volume, representing 25.3% of total Film sales
  • VAS volume growth: 25.8% increase from 4,927 MT (Q2FY26) to 6,200 MT (Q2FY27)
  • rPET sales volume: Increased 37.4% to 1,437 MT
  • rPET revenue: Grew 51% to ₹18.4 crore

Specialty Polymers Business

  • Sales volume: Decreased 38.8% to 711 MT (from 1,161 MT in Q2FY26)
  • EBIT margin: Remained healthy at 33.9% in Q2FY27 (37.0% in Q2FY26)
  • One marquee product experienced demand erosion
  • Expected customer approval for new product post marginal capital expenditure in near future

Management Commentary

Mr. Arvind Singhania, Chairman, commented that Q2 performance continued the improvement trend from Q1FY27, driven by:

  • Improving operating environment
  • Higher realizations
  • Increased throughput
  • Favorable product mix

The US tariff-related disruptions witnessed in FY26 are largely behind, but disruptions in crude oil supply and price fluctuations caused by war in West Asia are resulting in:

  • Higher shipping costs
  • Longer transit times
  • Adverse impact on working capital cycle

Strategic Initiatives and Outlook

ELITe Project Update

  • Project implementation expected by last quarter of CY 2028
  • Land acquisition expected to be completed by Q4FY27
  • Marketing & Off Take agreement secured with an anchor customer
  • Letter of Intent from leading global sports and athletic brand for Loop™ PET Fiber Grade resin
  • Multi-year framework for offtake from upcoming Gujarat facility

Medium to Long-term Prospects

  • Improving industry conditions
  • Favorable regulatory tailwinds
  • Continued focus on premium and Value-Added products
  • Focus on differentiated products for greater resilience across industry cycles
  • Commitment to operational efficiency, capacity utilization, and advanced Specialty products

Company Background

Ester Industries Limited is an ISO certified manufacturer of Polyester Film, Specialty Polymers and rPET in India with:

  • Over 40 years of industry expertise
  • Three state-of-the-art manufacturing facilities across India
  • Global presence in over 50 countries
  • 729+ employees
  • 20+ granted patents
  • Current credit rating: CRISIL A- for long-term, A2+ for short-term (July 2025)
  • Joint venture with Loop Industries Inc. to promote circular economy