Ester Industries Announces Q2 FY26 Earnings & ELITe Progress

Ester Industries Limited, India’s leading manufacturer of Polyester Films and Specialty Polymers, announced its unaudited financial results (standalone and consolidated) for the second quarter and half year ended 30th September 2025.

Commenting on the performance, Mr. Arvind Singhania, Chairman, Ester Industries said:

“During Q2 FY26, Ester reported consolidated revenue of ?357 crore, a 7% year-on-year growth, supported by higher volumes across both Polyester Film and Specialty Polymer segments. Profitability was affected adversely due to softer margins in Polyester Films. On consolidated basis, the Company earned an EBITDA of ?17 crore (down 59% YoY) and incurred net loss of ?16 crore, reflecting the ongoing concerns in the Film segment due to pressure on margins in domestic market caused by imports and in overseas markets due to effect of US Trade Tariff.

Consolidated EBITDA for the quarter would have been ?28 crores (7.70%) but for adverse impact of exchange fluctuation and MTM losses on FCL / derivatives.

The Specialty Polymer segment continued its strong performance with revenue of ?57 crore, up 39% YoY, and EBIT of ?21 crore, up 45% YoY, supported by sustained demand for its marquee products despite US Trade Tariff. Both volume of sales & margins remained protected due to IP protection.

The Polyester Chips & Film segment, now including rPET, reported a rise in volume of sales in rPET by 219% and in Film by 9%. Ester Filmtech Limited (EFTL), wholly owned subsidiary, achieved 40% YoY growth in sales volume and 20% growth in revenue. Though the segment recorded a marginal revenue growth of 2%, the Film SBU witnessed shrinkage in margins due to imports and US Trade Tariff. Basis petition by domestic Polyester Film industry, DGTR has initiated investigation for imposition of Anti-Dumping Duty (ADD) against imports originating from Bangladesh, China PR, Thailand and USA.

As regard to recycling project being pursued by ELITe, I am glad to inform you that all activities related to completion of the project by December 2027 are being pursued diligently. ELITe has entered into an agreement with a group of Sellers for acquisition of ~90 acres of project land in the PCPIR zone—strategically located in Surat, Gujrat providing access to polyester textile waste, skilled workforce, and a deep-water seaport.

I am delighted to inform that multiple international marquee clients have started entering into offtake agreements much before commissioning of the plant, which reinforces the fact there is high demand for products to be offered by ELITe.

A multi-year offtake agreement has been secured with Nike, making it the anchor customer for the Infinite Loop™ India facility. Under this agreement, ELITe will supply to Nike Twist™, Loop’s branded virgin-quality polyester resin made exclusively from textile waste, featuring full traceability through Loop’s proprietary chemical tracer technology.

ELITe will supply recycled polyester intermediates and resins to Taro Plast S.p.A. under a new offtake agreement with Loop industries, including 100% recycled Loop™ DMT for automotive and specialty polymer applications.

A strategic alliance has been formed with Hyosung TNC to convert high-purity, fully traceable Twist™ polyester into premium Regen™ performance yarns for leading apparel brands.

With growing demand for Polyester Film, IP protection for certain marquee products in Specialty Polymers segment, and focus on products promoting recycling and sustainability, we are confident to continue creating value for our shareholders. Ester remains focused on strengthening its Specialty Polymer portfolio, improving operational efficiency, and advancing its circular economy vision through the ELITe project, positioning the Company for sustainable growth in the years ahead.”