Ester Industries Limited, a leading Indian manufacturer of polyester films and specialty polymers, has showed a mixed annual performance but a strong turnaround in Q4.

 

On a consolidated basis, Ester Industries posted Q4 FY26 total income of Rs. 345.1 crore, up 7.2% year-on-year, while EBITDA rose 10.7% to Rs. 43.3 crore. Profit After Tax surged sharply to Rs. 7.9 crore, compared to Rs. 2.0 crore in Q4 FY25, marking a strong recovery in profitability.

 

For FY26, consolidated revenue also climbed 7.2% to Rs. 1,392.7 crore, supported by strength in specialty polymers and recycled PET (rPET) segments. However, full-year profitability remained under pressure, with EBITDA falling 32.5% year-on-year to Rs. 110.6 crore and PAT slipping into a loss of Rs. 27.5 crore versus a profit of Rs. 13.7 crore last year.

 

Standalone numbers were weaker, reflecting margin compression across the year. Total income for Q4 FY26 stood at Rs. 257.3 crore, slightly down from Rs. 261.4 crore in Q4 FY25. EBITDA declined to Rs. 25.6 crore, while PAT dropped sharply to Rs. 4.4 crore, compared with Rs. 12.3 crore a year earlier.

 

For the full year, standalone PAT fell 89.2% to Rs. 4.4 crore, underscoring continued pressure on core operations despite stable revenues.

 

Commenting on the performance, Arvind Singhania, Chairman, Ester Industries said: 'The external operating landscape witnessed a significant turnaround during the quarter ended March 31, 2026.

 

"The persistent headwinds that pressured the Biaxially-oriented Polyethylene Terephthalate (BOPET) Film segment through most of FY26 are steadily abating, driven by favourable regulatory and trade developments.

 

"The reciprocal and punitive trade tariff imposed by USA has been rejected by Supreme Court of USA. However, USA government has now imposed global tariff of 10%."

 

The Directorate General of Trade Remedies (DGTR) has imposed anti-dumping duties on BOPET Film imports from China and few other countries. A formal notification from the Ministry of Finance is expected in due course, establishing a level playing field and providing meaningful relief to domestic manufacturers. 

 

As per the company, the domestic BOPET Film industry witnessed margin expansion during Q4 FY26 due to increase in global prices on account of increase in prices by Chinese producers and inflationary geo-political situation as well as depreciation of rupee.

 

"This trade environment directly accelerated our financial recovery and growth in Q4 FY26. Consolidated income for Q4 FY26 grew by 7.2% year-on-year to Rs. 345.1 crores. EBITDA increased by 10.7% to Rs. 43.3 crores, delivering a 12.5% margin. 

 

"Excluding non-cash mark-to-market losses on foreign currency liabilities, core operational EBITDA margins stood at a healthy 15.5%. Profit After Tax (PAT) surged to Rs. 7.87 crores, representing a strong recovery from the Rs. 1.96 crores recorded in Q4 FY25.

 

"For the FY 2026, consolidated income rose 7.2% to Rs. 1,392.7 crores, driven by robust growth in Specialty Polymers and rPET. Capacity utilization of BOPET film improved to 78%," Singhania said.

 

Looking ahead, the company is optimistic regarding its medium-to-long-term performance prospects.