| Metric | Value (₹ Cr) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 338.98 | 4.3% | 1.9% |
| Total Income | 343.51 | 3.8% | 2.1% |
| Expenditure | 355.89 | 4.8% | 11.3% |
| PBT | -12.68 | 26.4% | 140.4% |
| Net Profit | -12.41 | 21.3% | 150.0% |
| OPM | 4.85% | 0.82pp | 7.06pp |
| NPM | -3.61% | 0.81pp | 10.68pp |
| EPS | 1.27 | 21.6% | 51.9% |
Ester Industries Reports 46.4% Growth in Specialty Polymers Volume & 61.8% EBIT in Q3 & 9M FY26 December 2025
07 Feb 2026 · 7 Feb, 4:32 pm
Summary
Ester Industries, a leading manufacturer of Polyester Films and Specialty Polymers, announced its unaudited financial results for the third quarter and nine months ended 31 December 2025. Despite significant margin pressure within the BOPET Film segment and macroeconomic volatility, the company's consolidated income rose 7.2% year-on-year to Rs. 1,074.6 crores.
Key Highlights
- 1
Specialty Polymer volume grows by 46.4%
- 2
EBIT grows by 61.8%
- 3
rPET volume grows by 286.7%
- 4
Consolidated income rises 7.2% year-on-year
- 5
Value Added & Specialty Films proportion maintained at 25%
- 6
Company is optimistic about medium-to-long-term prospects of BOPET Films & other products
- 7
India's position as a fast-growing economy is expected to boost demand for BOPET Films
- 8
Regulatory shifts like the Plastic Waste Management Rules (PWMR) are driving Brand Owners toward BOPET Films with varied degrees of recycled content
- 9
Consolidated capacity utilization at 71%
- 10
Sales of rPET increased from 370 MT to 1,431 MT
- 11
rPET revenue surged ~ 4x Y-o-Y to Rs. 15.2 crores
- 12
Chips revenue increased 2.5x Y-o-Y to Rs. 30.2 crores
- 13
Sales of Specialty Polymers in volumetric terms increased by 46.4%
- 14
Revenue of Specialty Polymers grew 72.9% Y-o-Y
Management Comments
Mr. Arvind Singhania
Chairman, Ester Industries
During the quarter ending December 2025, the company navigated a demanding external landscape characterized by significant margin pressure within the BOPET Film segment. However, the outlook is improving following the finalization of a trade deal between the US and India, which is expected to be formally signed by mid-March 2026. This agreement will reduce tariffs from 50% to 18%, a shift expected to boost margins and thereby performance in upcoming quarters. Furthermore, the Directorate General of Trade Remedies (DGTR) has initiated an anti-dumping investigation into BOPET Film imports from China and other nations. We expect an early resolution for the domestic industry. Despite these headwinds, the business remained resilient, with consolidated income for the nine months ending December 2025 rising 7.2% year-on-year to Rs. 1,074.6 crores. This growth was fuelled by steady demand for Specialty Polymers and rPET. Looking ahead, the company is optimistic about the medium-to-long-term prospects of the BOPET Films & other products offered by the company. India’s position as a fast-growing economy, combined with new free trade agreements with the EU and UK, is expected to boost demand for BOPET Films. Additionally, regulatory shifts like the Plastic Waste Management Rules (PWMR) are driving Brand Owners toward BOPET Films with varied degrees of recycled content. The company is actively collaborating with Brand Owners, Converters, and other eco-system partners to develop sustainable, techno-commercially viable solutions. By focusing on operational efficiency, capacity utilization, and advanced specialty products, the company remains committed to driving profitable growth and reducing its environmental footprint. Management thanks all stakeholders for their continued trust as the organization navigates this cycle to build a more resilient future.
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