Ester Industries Reports 27.4% Growth in Q1 FY27 Consolidated Revenue; EBITDA Rises 103.4%
Company posts positive PAT of ₹18.6 crore as higher realizations, value-added products and improved operating performance support quarterly results
Ester Industries posts higher revenue and profitability in Q1 FY27
For the quarter ended 30th June 2026, consolidated total income increased 27.4% year-on-year to ₹441.9 crore, compared with ₹346.9 crore in Q1 FY26.
Consolidated EBITDA (including non-operating income) rose 103.4% to ₹58.9 crore, from ₹28.9 crore a year earlier, while the EBITDA margin improved to 13.3%, compared with 8.3% in Q1 FY26, representing an improvement of 500 basis points.
The company reported a profit after tax (PAT) of ₹18.6 crore, compared with a loss of ₹7.2 crore in the corresponding quarter last year.
Standalone Financial Performance (₹ crore)
Particulars | Q1 FY27 | Q1 FY26 | Change |
|---|---|---|---|
Total Income | 347.7 | 284.9 | 22.0% |
EBITDA (including Non-operating income) | 40.0 | 31.9 | 25.2% |
EBITDA Margin | 11.5% | 11.2% | 30 bps |
PAT | 14.5 | 9.6 | 50.5% |
Consolidated Financial Performance (₹ crore)
Particulars | Q1 FY27 | Q1 FY26 | Change |
|---|---|---|---|
Total Income | 441.9 | 346.9 | 27.4% |
EBITDA (including Non-operating income) | 58.9 | 28.9 | 103.4% |
EBITDA Margin | 13.3% | 8.3% | 500 bps |
PAT | 18.6 | (7.2) | — |
Chairman comments on quarterly performance
Mr. Arvind Singhania, Chairman, Ester Industries, said:
“Q1 FY27 marked a strong quarter of execution for Ester, with an improving operating environment, higher realizations, increased throughput and a favorable product mix supporting a significant financial turnaround. Consolidated Total Income increased 27.4% Y-o-Y to ₹441.9 crore, while EBITDA more than doubled, rising 103.4% Y-o-Y to ₹58.9 crore. EBITDA margin expanded significantly to 13.3% from 8.35% in Q1 FY26, reflecting improved operating performance and better business mix resulting from higher contribution of Value-Added products within Film segment and better realizations across product portfolio. PAT turned positive at ₹18.6 crore, compared with a loss of ₹7.2 crore in the corresponding quarter last year. Our Q1 FY27 performance reflects the strength of our strategy, the resilience of our business and our relentless focus. The strength and breadth of this performance gives us confidence in the momentum ahead.
China has adopted "anti-involution" policy. This policy is a government campaign to stop destructive price wars, overcapacity, and profitless competition. Key components of this policy include restricting predatory pricing, encouraging industry consolidation, and phasing out outdated production facilities. As a result, surplus at predatory prices coming out of China has significantly reduced leading to improve margin profile.
The operating environment for the BOPET Film industry continued to improve during Q1 FY27, with the US tariff-related disruptions and import from China witnessed in FY26, largely behind us. Simultaneously, the Plastic Waste Management Rules (PWMR) and the increasing requirement for post-consumer recycled (PCR) content continue to provide structural demand opportunities for rPET and recycled-content films.
Against this backdrop, Ester continues to strategically strengthen its Film portfolio by increasing the contribution of Value-Added and Specialty products. This approach is aimed at improving realizations, enhancing product mix and reducing earnings volatility arising from industry-wide cyclicity caused by periodic demand-supply imbalances.
Looking ahead, we remain confident about Ester’s medium to long-term growth prospects, supported by improving industry conditions, favourable regulatory tailwinds and its continued focus on premium and Value-Added products. The increasing focus on differentiated products is expected to provide greater resilience across industry cycles and support sustainable margin improvement over the medium to long term. By focusing on operational efficiency, capacity utilization and advanced Specialty products, the company remains committed to driving profitability growth and reducing its environmental footprints.
As regard to ELITe project, we are glad to inform that ELITe has secured a Letter of Intent from a leading global sports and athletic brand for Loop™ PET Fiber Grade resin, under a multi-year framework for offtake of up to 15,000 MT per annum from its upcoming Gujarat facility. With a significant portion of the planned capacity already committed ahead of commercial start-up, this early customer validation provides strong visibility for the JV’s recycled platform and underscores the growing demand for its Value-Added, sustainable product offerings.”
Business Highlights
Polyester Films
- Consolidated capacity utilisation stood at 84% in Q1 FY27, compared with 82% in Q1 FY26, supported by higher film production at Ester Filmtech.
- Film sales volume increased 2.7%, rising from 21,531 MT to 22,120 MT.
- Film revenue grew 37% year-on-year to ₹399.5 crore, supported by improved realizations and higher sales of value-added films.
- Value-Added & Specialty Products (VAS) accounted for 6,368 MT, representing 29% of total film sales.
- VAS product volume increased from 5,180 MT in Q1 FY26 to 6,368 MT in Q1 FY27, registering 23% growth.
- rPET sales volume increased 19% year-on-year to 1,394 MT, while revenue rose 24% to ₹17.5 crore.
Specialty Polymers
- Sales volume declined from 954 MT in Q1 FY26 to 725 MT in Q1 FY27, a 24% year-on-year decrease.
- Revenue decreased from ₹48.1 crore to ₹32.7 crore, representing a 32.% year-on-year decline.
- EBIT margin improved from 31.7% to 45.3%, supported by a better product mix.