ESTER INDUSTRIES LTD. Q1 FY27 Results

Ester Industries' consolidated business swung to a net profit of Rs18.62 Cr in Q1 FY27 (quarter ended 30 June 2026) against a net loss of Rs7.16 Cr a year earlier, as consolidated revenue rose 27.8% YoY to Rs432.16 Cr from Rs338.20 Cr. Sequentially, revenue grew 25.7% and PAT rose ~136% from Rs7.87 Cr in Q4 FY26, though the QoQ jump is partly a low-base effect off a soft March quarter rather than a fresh step-up in run-rate. Consolidated EPS came in at Rs1.84 versus a loss per share of Rs0.74 a year ago.

The turnaround was driven almost entirely by the Polyester Chips and Film segment, whose profit before interest and tax jumped to Rs39.14 Cr from just Rs6.95 Cr a year ago, while Specialty Polymers PBIT was roughly flat YoY at Rs14.81 Cr (versus Rs15.21 Cr) even as its revenue fell YoY. Consolidated operating margin expanded to ~11.5% from ~6.0% a year ago, though it eased from ~12.2% in the March quarter −a modest sequential give-back even as the YoY trend remains one of clear margin expansion. Specialty Polymers still contributes only ~7.6% of consolidated revenue (Rs32.71 Cr of Rs432.16 Cr), well short of management's 20-25% medium-term target.

The stock went into the print at ₹104.5, up 15.5% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.

Management's FY26 concall guidance had flagged meaningful margin improvement for FY27 on the expected imposition of anti-dumping duty on BOPET film imports; this filing does not confirm whether that duty has been formally notified, but the sharp YoY improvement in the Polyester Chips and Film segment's profitability is directionally consistent with that guidance being on track. No management press release was available with this filing to cross-check against the numbers, and a web search turned up no analyst consensus estimates for this quarter for this small-cap name, so the print cannot be benchmarked against street expectations. Standalone PAT of Rs14.51 Cr (EPS Rs1.43) grew a smaller 50.5% YoY from Rs9.64 Cr −a materially different trajectory from the consolidated loss-to-profit swing, reflecting the continued drag/recovery at subsidiary Ester Filmtech and the Ester Loop Infinite JV, which posted a Rs0.46 Cr share-of-loss this quarter (similar to the year-ago quarter). Separately, the company converted 67.09 lakh warrants into equity during the quarter, raising Rs105.99 Cr (Rs79.50 Cr received in-quarter) and lifting paid-up capital to Rs52.15 Cr from Rs48.79 Cr; the board also fixed 17 September 2026 as the record date for the previously recommended FY26 final dividend of Rs0.25/share, with the AGM set for 24 September 2026.