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Ester Industries Limited
(ESTER)
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Rating:46Neutral
Price Target:
₹99.00
▼(-1.39% Downside)
Action:Reiterated
Date:10/01/26
The score is primarily held down by weak financial performance—loss-making results, compressed margins, and especially inconsistent/negative free cash flow that reduces flexibility. Technicals are mixed (price above major averages but negative MACD and high RSI), offering only moderate support. Valuation is also pressured by negative earnings and a low dividend yield.
Positive Factors
Revenue rebound
The sharp FY2026 revenue rebound demonstrates that the business can recover top-line activity after a downturn. Sustained demand across its polyester products would improve plant utilization, support operating leverage, and provide a base for rebuilding profitability over the coming quarters.
Negative Factors
Profitability deterioration
The move from modest profit to a net loss, alongside materially lower EBITDA margins, shows that revenue recovery has not translated into earnings strength. Continued margin pressure would weaken reinvestment capacity and make profits more sensitive to pricing and cost changes.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
The sharp FY2026 revenue rebound demonstrates that the business can recover top-line activity after a downturn. Sustained demand across its polyester products would improve plant utilization, support operating leverage, and provide a base for rebuilding profitability over the coming quarters.
Read all positive factors
Ester Industries Limited (ESTER) vs. iShares MSCI India ETF (INDA)
Market Cap
₹9.97B
Dividend Yield0.26%
Average Volume (3M)14.48K
Price to Earnings (P/E)―
Beta (1Y)1.54
Revenue Growth10.11%
EPS Growth-109.93%
CountryIN
Employees446
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)-0.24
Shares Outstanding104,295,044
10 Day Avg. Volume33,658
30 Day Avg. Volume14,483
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)0.88
Price to Sales (P/S)0.50
P/FCF Ratio-31.01
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Ester Industries Limited Business Overview & Revenue Model
Company Description
Ester Industries Ltd. engages in the production and sale of polyester, polymers, and other plastic compounds. It operates through the following segments: Polyester Film and Engineering Plastics. The Polyester Film segment is involved in the manufa...
How the Company Makes Money
Ester Industries Limited primarily makes money by manufacturing and selling polyester-based products to business customers. Its key revenue streams generally include: (1) BOPET (polyester) films: revenue from the sale of biaxially oriented polyest...
Ester Industries Limited Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
56
Neutral
Cash Flow
37
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.69B | 13.75B | 12.82B | 10.57B | 11.08B | 11.08B |
| Gross Profit | 3.99B | 3.38B | 4.87B | 1.41B | 2.61B | 2.99B |
| EBITDA | 1.31B | 1.11B | 1.47B | 33.88M | 1.04B | 1.80B |
| Net Income | -16.98M | -274.71M | 136.98M | -1.21B | 1.37B | 1.37B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 16.74B | 15.73B | 16.43B | 17.15B | 14.28B |
| Cash, Cash Equivalents and Short-Term Investments | 1.59B | 1.59B | 1.26B | 1.84B | 2.05B | 604.02M |
| Total Debt | 0.00 | 7.29B | 6.60B | 7.73B | 8.16B | 6.39B |
| Total Liabilities | -7.83B | 8.91B | 8.00B | 9.26B | 9.71B | 8.06B |
| Stockholders Equity | 7.83B | 7.83B | 7.73B | 7.18B | 7.43B | 6.22B |
Cash Flow | ||||||
| Free Cash Flow | -242.84M | -222.01M | 811.91M | -296.84M | -1.99B | -3.52B |
| Operating Cash Flow | 256.77M | 392.40M | 1.12B | 437.81M | 577.38M | 618.74M |
| Investing Cash Flow | -774.70M | -1.24B | -564.84M | 417.14M | -1.99B | -3.92B |
| Financing Cash Flow | 654.35M | 631.24M | -1.33B | -138.83M | 1.14B | 3.84B |
Ester Industries Limited Technical Analysis
Positive
100.40
Price Trends
91.57
Positive
91.51
Positive
93.60
Positive
Market Momentum
-0.10
Negative
58.06
Neutral
66.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ESTER, the sentiment is Positive. The current price of 100.4 is above the 20-day moving average (MA) of 89.50, above the 50-day MA of 91.57, and above the 200-day MA of 93.60, indicating a bullish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 58.06 is Neutral, neither overbought nor oversold. The STOCH value of 66.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ESTER.
Ester Industries Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Neutral | ₹157.22B | 36.55 | ― | 0.21% | 7.26% | 5.73% | |
68 Neutral | ₹84.36B | 23.67 | ― | 0.92% | 27.05% | 16.13% | |
62 Neutral | ₹35.44B | 0.56 | ― | 0.10% | 10.71% | 2756.39% | |
57 Neutral | ₹23.70B | 15.61 | ― | 0.12% | 19.47% | 11.49% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | ₹9.97B | -396.25 | ― | 0.26% | 10.11% | -109.93% | |
42 Neutral | ₹17.51B | 350.00 | ― | 0.47% | 8.40% | ― |
* General Sector Average
IN:ESTER
Ester Industries Limited
95.55
-15.53
-13.98%
IN:CAMLINFINE
Camlin Fine Sciences Limited
91.13
-102.32
-52.89%
IN:FINEORG
Fine Organic Industries Ltd.
5,127.90
505.29
10.93%
IN:GALAXYSURF
Galaxy Surfactants Ltd.
2,379.35
160.35
7.23%
IN:KIRIINDUS
Kiri Industries Limited
543.90
-57.25
-9.52%
IN:ROSSARI
Rossari Biotech Ltd
427.85
-214.73
-33.42%
Ester Industries Limited Corporate Events
Ester Industries Publishes AGM and E-Voting Notice for Shareholders
Sep 3, 2026
Ester Industries Limited has notified the stock exchanges that it has published a newspaper notice regarding its 40th Annual General Meeting and related e-voting arrangements, in line with Regulation 47 of SEBI’s Listing Obligations and Disc...
Ester Industries publishes Q1 FY27 earnings call transcript for investors
Aug 24, 2026
Ester Industries Limited has released the official transcript of its Q1 FY27 earnings conference call, held on 18 August 2026, and made it available to investors and analysts on the company’s website. The disclosure, filed with both BSE and ...
Ester Industries Clears Q1 FY26 Results, Sets Key AGM and Dividend Dates
Aug 11, 2026
Ester Industries Limited has approved its unaudited quarterly standalone and consolidated financial results for the period ended June 30, 2026, which have undergone a limited review by its statutory auditors in line with SEBI listing obligations. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.