Ester Industries Reports Q2 FY26 Results with 7% Revenue Growth
Filing Summary
Ester Industries Limited announced its unaudited financial results for Q2 and H1 FY26, reporting a 7% year-on-year growth in consolidated total income to ₹357 crore. The company faced a decline in EBITDA by 59% to ₹17 crore and a net loss of ₹16 crore, attributed to softer margins in the Polyester Films segment. Specialty Polymers showed strong performance with a 39% revenue increase. Ester’s recycling project, ELITe, is progressing with strategic land acquisition and offtake agreements. The company continues to focus on Specialty Polymers and sustainability initiatives.
Ester Industries Limited released its unaudited financial results for the second quarter and half-year ending 30th September 2025. The company reported a consolidated total income of ₹357 crore for Q2 FY26, marking a 7% increase compared to the previous year. The results reflect higher volumes in both the Polyester Film and Specialty Polymer segments. However, the company recorded a consolidated EBITDA of ₹17 crore, a 59% decrease year-on-year, and a net loss of ₹16 crore, primarily due to reduced margins in the Polyester Films segment.
On a standalone basis, Ester Industries reported a total income of ₹263 crore for Q2 FY26, down 13% from the same period last year. The standalone EBITDA, including non-operating income, was ₹14 crore, a 61% decline. The standalone net profit after tax was a loss of ₹5 crore. For the half-year, the consolidated total income was ₹704 crore, a 12% increase from H1 FY25, while the EBITDA decreased by 23% to ₹46 crore.
The Specialty Polymer segment demonstrated robust performance with a 39% increase in revenue to ₹57 crore and a 45% rise in EBIT to ₹21 crore. This growth was supported by a 51% increase in sales volumes, despite the impact of US Trade Tariffs. The Polyester Chips & Film segment, including rPET, reported a significant rise in rPET sales volume by 219% and a 9% increase in Film sales volume.
Ester Industries is progressing with its recycling project, ELITe, aiming for completion by December 2027. The company has acquired approximately 90 acres of project land in the PCPIR zone in Surat, Gujarat. This strategic location provides access to polyester textile waste and a skilled workforce. Ester has secured multiple offtake agreements, including a multi-year agreement with Nike, positioning it as the anchor customer for the Infinite Loop™ India facility.
The company has formed a strategic alliance with Hyosung TNC to convert high-purity, fully traceable Twist™ polyester into premium Regen™ performance yarns. Ester’s wholly-owned subsidiary, Ester Filmtech Limited, achieved a 40% year-on-year growth in sales volume and a 20% increase in revenue. The Directorate General of Trade Remedies (DGTR) has initiated an investigation for the imposition of Anti-Dumping Duty against imports from Bangladesh, China PR, Thailand, and the USA.
Ester Industries continues to focus on strengthening its Specialty Polymer portfolio and advancing its circular economy vision through the ELITe project. The company aims to improve operational efficiency and maintain its commitment to sustainability. Ester’s strategic initiatives are aligned with its goal to create value for shareholders and sustain growth in the coming years.
Ester Industries Limited is a leading manufacturer of Polyester Films, Specialty Polymers, and rPET in India. The company is committed to delivering customer-centric solutions driven by innovation and sustainability. Ester has a global presence, supplying products to over 50 countries, and focuses on developing high-quality, technology-driven products while maintaining environmental stewardship.