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Ester Industries Limited
(ESTER)
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Rating:47Neutral
Price Target:
₹85.00
▼(-15.34% Downside)
Action:Reiterated
Date:05/19/26
The score is held back primarily by weak financial performance—loss-making FY2026 results with compressed margins and especially poor, inconsistent free cash flow—despite a strong revenue rebound. Technicals are slightly supportive in the near term (positive MACD and price above short-term averages) but the longer-term trend is still negative versus the 200DMA. Valuation is constrained by negative earnings (negative P/E) and a low dividend yield.
Positive Factors
Revenue Rebound / Demand Recovery
A sharp FY2026 revenue rebound (~132% YoY) signals regained end-market demand and higher plant utilization. Sustained top-line recovery can enable better fixed-cost absorption and scale benefits if the company maintains volume momentum and captures value-added sales.
Negative Factors
Weak Cash Generation
Recurring negative or inconsistent free cash flow, including FY2026's ~-0.22B, constrains internal funding for maintenance and growth capex, reduces buffer for debt repayments, and forces reliance on external financing, weakening long-term financial resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Rebound / Demand Recovery
A sharp FY2026 revenue rebound (~132% YoY) signals regained end-market demand and higher plant utilization. Sustained top-line recovery can enable better fixed-cost absorption and scale benefits if the company maintains volume momentum and captures value-added sales.
Read all positive factors
Ester Industries Limited (ESTER) vs. iShares MSCI India ETF (INDA)
Market Cap
₹9.17B
Dividend Yield0.68%
Average Volume (3M)23.75K
Price to Earnings (P/E)―
Beta (1Y)1.65
Revenue Growth7.26%
EPS Growth-293.26%
CountryIN
Employees891
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)-2.82
Shares Outstanding104,295,044
10 Day Avg. Volume53,727
30 Day Avg. Volume23,747
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 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 13.75B | 12.82B | 10.57B | 11.08B | 11.08B |
| Gross Profit | 3.38B | 4.87B | 1.41B | 2.61B | 2.99B |
| EBITDA | 1.11B | 1.47B | 33.88M | 1.04B | 1.80B |
| Net Income | -274.71M | 136.98M | -1.21B | 1.37B | 1.37B |
Balance Sheet | |||||
| Total Assets | 16.74B | 15.73B | 16.43B | 17.15B | 14.28B |
| Cash, Cash Equivalents and Short-Term Investments | 1.59B | 1.26B | 1.84B | 2.05B | 604.02M |
| Total Debt | 7.29B | 6.60B | 7.73B | 8.16B | 6.39B |
| Total Liabilities | 8.91B | 8.00B | 9.26B | 9.71B | 8.06B |
| Stockholders Equity | 7.83B | 7.73B | 7.18B | 7.43B | 6.22B |
Cash Flow | |||||
| Free Cash Flow | -222.01M | 811.91M | -296.84M | -1.99B | -3.52B |
| Operating Cash Flow | 392.40M | 1.12B | 437.81M | 577.38M | 618.74M |
| Investing Cash Flow | -1.24B | -564.84M | 417.14M | -1.99B | -3.92B |
| Financing Cash Flow | 631.24M | -1.33B | -138.83M | 1.14B | 3.84B |
Ester Industries Limited Technical Analysis
Negative
100.40
Price Trends
90.26
Negative
90.96
Negative
97.49
Negative
Market Momentum
-0.79
Positive
44.01
Neutral
16.97
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ESTER, the sentiment is Negative. The current price of 100.4 is above the 20-day moving average (MA) of 88.72, above the 50-day MA of 90.26, and above the 200-day MA of 97.49, indicating a bearish trend. The MACD of -0.79 indicates Positive momentum. The RSI at 44.01 is Neutral, neither overbought nor oversold. The STOCH value of 16.97 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
64 Neutral | ₹147.75B | 35.94 | ― | 0.26% | 4.43% | 1.60% | |
64 Neutral | ₹27.99B | 18.53 | ― | 0.09% | 19.47% | 11.49% | |
62 Neutral | ₹68.96B | 25.79 | ― | 1.14% | 24.26% | -12.31% | |
56 Neutral | ₹26.99B | 0.45 | ― | ― | -8.84% | 1863.82% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | ₹24.53B | 92.57 | ― | ― | 4.47% | ― | |
47 Neutral | ₹9.17B | -31.17 | ― | 0.56% | 7.26% | -293.26% |
* General Sector Average
IN:ESTER
Ester Industries Limited
87.41
-20.38
-18.91%
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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.