Ester Industries Limited (IN:ESTER)
:ESTER
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Ester Industries Limited
(ESTER)
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Rating:47Neutral
Price Target:
₹84.00
▼(-16.33% 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 Recovery
A sharp FY2026 revenue rebound (~132% YoY) signals restored end-market demand and better capacity utilization. Sustained top-line recovery can support fixed-cost absorption, improve scale economics, and provide the base needed to rebuild margins if cost control and product mix improvements persist.
Negative Factors
Compressed Profitability
Margins materially compressed in FY2026 with a negative net margin and sharply lower EBITDA margin versus FY2025. Persistent margin weakness undermines internal cash generation and signals limited pricing power or higher input/operating costs, making sustainable profit recovery uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery
A sharp FY2026 revenue rebound (~132% YoY) signals restored end-market demand and better capacity utilization. Sustained top-line recovery can support fixed-cost absorption, improve scale economics, and provide the base needed to rebuild margins if cost control and product mix improvements persist.
Read all positive factors
Ester Industries Limited (ESTER) vs. iShares MSCI India ETF (INDA)
Market Cap
₹8.30B
Dividend Yield0.56%
Average Volume (3M)23.75K
Price to Earnings (P/E)―
Beta (1Y)1.69
Revenue Growth7.26%
EPS Growth-293.26%
CountryIN
Employees522
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)0.49
Shares Outstanding97,586,190
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 Limited is an international and Indian manufacturer and distributor of polyester films, engineering plastics, and specialty polymers. The company's extensive array of polyester films includes advanced chemical-coated, high and ult...
How the Company Makes Money
Ester makes money primarily by manufacturing and selling polyester (BOPET) films to customers that convert these films into end-use products such as flexible packaging laminates and a variety of industrial applications. Revenue is generated from (...
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 | 13.57B | 13.75B | 12.82B | 10.57B | 11.08B | 11.08B |
| Gross Profit | 5.02B | 3.38B | 4.87B | 1.41B | 2.61B | 2.99B |
| EBITDA | 1.48B | 945.42M | 1.47B | 33.88M | 1.04B | 1.80B |
| Net Income | 38.45M | -274.71M | 136.98M | -1.21B | 1.37B | 1.37B |
Balance Sheet | ||||||
| Total Assets | 17.02B | 16.74B | 15.73B | 16.43B | 17.15B | 14.28B |
| Cash, Cash Equivalents and Short-Term Investments | 1.75B | 1.59B | 1.26B | 1.84B | 2.05B | 604.02M |
| Total Debt | 7.38B | 7.29B | 6.60B | 7.73B | 8.16B | 6.39B |
| Total Liabilities | 9.10B | 8.91B | 8.00B | 9.26B | 9.71B | 8.06B |
| Stockholders Equity | 7.92B | 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
Negative
100.40
Price Trends
91.58
Negative
93.70
Negative
101.61
Negative
Market Momentum
-1.82
Positive
40.55
Neutral
11.37
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 92.80, above the 50-day MA of 91.58, and below the 200-day MA of 101.61, indicating a bearish trend. The MACD of -1.82 indicates Positive momentum. The RSI at 40.55 is Neutral, neither overbought nor oversold. The STOCH value of 11.37 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹10.17B | 8.62 | ― | 0.82% | 13.96% | 343.65% | |
65 Neutral | ₹9.19B | 12.40 | ― | 0.38% | 7.53% | 36.87% | |
65 Neutral | ₹6.53B | 13.45 | ― | 1.23% | -4.84% | -8.30% | |
65 Neutral | ₹11.42B | 16.49 | ― | 0.52% | 21.13% | 18.86% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | ₹5.65B | -162.88 | ― | 0.28% | -6.98% | 50.79% | |
47 Neutral | ₹8.30B | -31.32 | ― | 0.56% | 7.26% | -293.26% |
* Basic Materials Sector Average
IN:ESTER
Ester Industries Limited
88.05
-41.43
-32.00%
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IN:INDOAMIN
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-13.82%
IN:JAYAGROGN
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224.95
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IN:MANALIPETC
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64.96
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2.04%
IN:SHREEPUSHK
Shree Pushkar Chemicals & Fertilisers Ltd.
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12.61%
Ester Industries Limited Corporate Events
Ester Industries Launches 100-Day Drive to Help Investors Claim Unpaid Dividends
Apr 30, 2026
Ester Industries Limited has launched the “Saksham Niveshak” Second 100 Days Campaign, following a request from the Investor Education and Protection Fund Authority under the Ministry of Corporate Affairs. The initiative, running from ...
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.