By BullScreen Editorial Team 
Ester Industries Limited reported a sharp recovery in its Q4 results 2026, driven by strong demand for recycled PET (rPET) products, improved BOPET film pricing, and better operating efficiencies.
The company posted consolidated total income of ₹345.1 crore in the March quarter, up 7.2% from ₹321.9 crore a year earlier. EBITDA rose 10.7% year-on-year to ₹43.3 crore, while EBITDA margin improved to 12.6% from 12.2%.
Profit after tax surged 301% to ₹7.9 crore in Q4 FY26 compared to ₹2 crore in the same period last year. Earnings per share climbed to ₹0.81 from ₹0.21 earlier, reflecting the company’s improving operational performance in the second half of the year.
Management said the recovery was supported by favorable industry conditions, including anti-dumping measures on low-cost BOPET imports and the implementation of India’s Plastic Waste Management Rules, which increased demand for recycled packaging materials.
The polyester films business, which contributed nearly 87% of FY26 revenue, saw strong momentum. Segment revenue rose 14.9% year-on-year to ₹321 crore in Q4, while segment EBIT jumped 73.3% to ₹42 crore. rPET sales volume more than doubled during the quarter to 1,677 MT, highlighting growing adoption of sustainable packaging solutions.
Despite the strong quarter, the company reported a full-year net loss of ₹27.5 crore, largely due to foreign exchange mark-to-market losses on overseas loans and one-time statutory charges. However, Ester generated consolidated cash profit of ₹79.8 crore during FY26.
The company also strengthened its balance sheet with ₹165.25 crore raised through share warrants and proposed a dividend of ₹0.25 per share.
Looking ahead, Ester Industries is expanding its circular economy business through its joint venture with Loop Industries Inc. to build a US$180 million recycling facility targeting 70,000 MT annual rPET output by 2028, with Nike signed as an anchor customer.
| Metric | Q4 FY26 | Q4 FY25 | YoY Change |
|---|---|---|---|
| Total Income | ₹345.1 Cr | ₹321.9 Cr | ↑ 7.2% |
| EBITDA | ₹43.3 Cr | ₹39.1 Cr | ↑ 10.7% |
| EBITDA Margin | 12.6% | 12.2% | ↑ 40 bps |
| Profit After Tax (PAT) | ₹7.9 Cr | ₹2.0 Cr | ↑ 301% |
| EPS | ₹0.81 | ₹0.21 | ↑ 285.7% |
| Core EBITDA* | ₹53.5 Cr | — | Margin at 15.5% |
| Segment / Metric | Q4 FY26 Performance | Key Insight |
|---|---|---|
| Polyester Films Revenue | ₹321 Cr | ↑ 14.9% YoY |
| Polyester Films EBIT | ₹42 Cr | ↑ 73.3% YoY |
| Film Sales Volume | 19,656 MT | ↑ 2.3% YoY |
| rPET Sales Volume | 1,677 MT | ↑ 126% YoY |
| rPET Revenue FY26 | ₹59.3 Cr | ↑ 3.6x YoY |
| Value-Added Products Mix | 25% of Q4 sales | Higher-margin portfolio growth |
| Specialty Polymers EBIT Margin | 27.6% | Strong profitability maintained |
| EFTL Q4 Revenue | ₹131.7 Cr | ↑ 67.7% YoY |
| Category | Details |
|---|---|
| Share Warrant Funding | ₹165.25 Cr raised |
| Proposed Dividend | ₹0.25 per share |
| Cash & Liquid Investments | ₹159.5 Cr |
| Total Balance Sheet Size | ₹1,673.9 Cr |
| Long-Term Borrowings | ₹404.9 Cr |
| Ester-Loop JV Project | US$180 Million recycling plant |
| Planned rPET Capacity | 70,000 MT annually |
| Commercial Production Target | H2 CY2028 |
| Anchor Customer | Nike |
| Sustainability Advantage | 81% lower carbon emissions vs virgin polyester |
Source: https://www.bseindia.com/xml-data/corpfiling/AttachHis/4bef21d9-c0b0-4b83-860b-1c16796826e6.pdf