ESTER INDUSTRIES LTD. Q4 FY26 Results

The external operating landscape witnessed a significant turnaround during the quarter ended March 31, 2026. The persistent headwinds that pressured the Biaxially-oriented Polyethylene Terephthalate (BOPET) Film segment through most of FY26 are steadily abating, driven by favourable regulatory and trade developments. The reciprocal and punitive trade tariff imposed by USA has been rejected by Supreme Court of USA. However, USA government has now imposed global tariff of 10%. The Directorate General of Trade Remedies (DGTR) has imposed anti-dumping duties on BOPET Film imports from China and few other countries. A formal notification from the Ministry of Finance is expected in due course, establishing a level playing field and providing meaningful relief to domestic manufacturers. Domestic BOPET Film industry witnessed margin expansion during Q4 FY26 due to increase in global prices on account of increase in prices by Chinese producers and inflationary geo-political situation as well as depreciation of rupee. Implementation of the Plastic Waste Management Rules (PWMR) triggered strong demand acceleration for BOPET Films featuring Post-Consumer Recycled (PCR) content and recycled PET (rPET). This trade environment directly accelerated our financial recovery and growth in Q4 FY26. Consolidated income for Q4 FY26 grew by 7.2% year-on-year to ₹345.1 crores. EBITDA increased by 10.7% to ₹43.3 crores, delivering a 12.5% margin. Excluding non-cash mark-to-market losses on foreign currency liabilities, core operational EBITDA margins stood at a healthy 15.5%. Profit After Tax (PAT) surged to ₹7.87 crores, representing a strong recovery from the ₹1.96 crores recorded in Q4 FY25. For the FY 2026, consolidated income rose 7.2% to ₹1,392.7 crores, driven by robust growth in Specialty Polymers and rPET. Capacity utilization of BOPET film improved to 78%. The Board of Directors have proposed a dividend of ₹0.25 per share for FY26 to the shareholders of Ester Industries Limited. We are pleased to report that the Company has successfully secured ₹165.25 crores against its ₹175 crore share warrant issue. This substantial capital infusion underscores the deep confidence our promoters and investors place in the Company’s long-term value proposition and growth trajectory. Looking ahead, management remains highly optimistic regarding our medium-to-long-term performance prospects. Sustained regulatory shifts like the PWMR mandate will continue to push brand owners toward sustainable packaging film solutions. The Company is actively collaborating with ecosystem partners to capture this demand. By aggressively focusing on a premium specialty product mix, embedding sustainable innovation, and optimizing operational efficiencies, we are securely positioned to deliver sustainable, profitable growth. The Management of the Company thanks all stakeholders for their continued trust and support.