Ester Industries Limited · NSE:ESTER
Ester Industries — Q2 FY27 Earnings Presentation
44 slides from Ester Industries's earnings presentation, Nov 4, 2026
Slide 1: Exchange filing cover letter
INDUSTRIES LTD. CIN: L24111UR1985PLC015063 Date: 4th November 2026 BSE Limited (BSE) National Stock Exchange of India Limited (NSE) Department of Corporate services Exchange Plaza, Plot no. C/1, G Block, Phiroze Jeejeebhoy Towers Bandra-Kurla Complex, Dalal Street, Mumbai – 400001 Bandra (E), Mumbai
Slide 2: Investor Presentation | Q2 & H1 FY27
Industries Ltd. Investor Presentation | Q2 & H1 FY27 1
Slide 3: Disclaimer
Disclaimer Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project rela
Slide 4: Table of Contents
Table of Contents Financial Overview Company Overview Business Overview Sustainability at the core 3
Slide 5: Financial Overview
Si Financial Overview
Slide 6: Commenting on the results
Commenting on the results… Improvement witnessed in Q1FY27 continued during Q2FY27 with improving operating environment, higher realizations, increased throughput and a favorable product mix. Consolidated Total Income increased 25.7% Y-o-Y to ₹449.0 crores, while EBITDA more than doubled, rising 160
Slide 7: Q2 & H1 FY27 Consolidated Financial Highlights
Q2 & H1 FY27 Consolidated Financial Highlights Income EBITDA Income EBITDA INR Cr INR Cr INR Cr INR Cr 25.7% YoY 160.0% YoY 26.5% YoY 124.6% YoY PAT EBITDA margin PAT EBITDA margin INR Cr INR Cr PAT Margin EPS PAT Margin EPS INR INR • Consolidated income increased by 25.7% Y-o-Y to ₹449 Cr in Q2FY27
Slide 8: Standalone P&L Statement: Q2 & H1 FY27
Standalone P&L Statement: Q2 & H1 FY27 Particulars (₹ Cr) Q2 FY27 Q2 FY26 Y-o-Y (%) H1 FY27 H1 FY26 Y-o-Y (%) Total Income 365.8 263.3 38.9% 713.5 548.3 30.1% EBITDA* 28.6 14.0 103.8% 68.6 46.0 49.2% EBITDA Margin (%) 7.8% 5.3% 250 bps 9.6% 8.4% 120 bps Profit After Tax 6.1 (4.8) 20.6 4.8 326.9% PAT
Slide 9: Consolidated P&L Statement: Q2 & H1 FY27
Consolidated P&L Statement: Q2 & H1 FY27 Particulars (₹ Cr) Q2 FY27 Q2 FY26 Y-o-Y (%) H1 FY27 H1 FY26 Y-o-Y (%) Total Income 449.0 357.2 25.7% 891.0 704.1 26.5% EBITDA* 45.1 17.3 160.0% 104.0 46.3 124.6% EBITDA Margin (%) 10.0% 4.9% 510 bps 11.7% 6.6% 510 bps Profit After Tax 7.8 (15.8) 26.5 (22.9)
Slide 10: Q2 & H1 FY27 Consolidated Business wise Performance
Q2 & H1 FY27 Consolidated Business wise Performance Polyester Films Particulars Q2 FY27 Q2 FY26 Y-o-Y (%) H1 FY27 H1 FY26 Y-o-Y (%) Chips Sales Volume (MT) 0 2610 - 496 2610 (81.0)% Films Sales Volume (MT) 24291 21329 13.9% 46412 42860 8.3% rPET Sales Volume (MT) 1437 1046 37.4% 2831.0 2217.45 27.7%
Slide 11: Q2 & H1 FY27 Business Performance Highlights
Q2 & H1 FY27 Business Performance Highlights Polyester Films Specialty Polymer 01 Segment 02 Segment • Consolidated Film sales volume increased by 13.9% to 24,291 • Specialty Polymer sales volume decreased by 38.8% to MT in Q2FY27 compared to 21,329 MT in Q2FY26. 711 MT in Q2 FY27 compared to 1,161
Slide 12: Q2 & H1 FY27 Ester Filmtech Limited P&L
Q2 & H1 FY27 Ester Filmtech Limited P&L Particulars (₹ Cr) Q2 FY27 Q2 FY26 Y-o-Y (%) H1 FY27 H1 FY26 Y-o-Y (%) Sales Volume (MT) 10306 10374 -0.7% 20112 18366 9.5% Total Income 168.2 119.7 40.5% 327.8 217.8 50.5% EBITDA* 16.9 4.0 325.8% 36.4 1.3 2765.3% EBITDA Margin (%) 10.0% 3.3% 11.1% 0.6% 1050 b
Slide 13: Consolidated Sales Volume
Consolidated Sales Volume Sales Volume – Specialty Polymer (MT) Sales Volume – Films (MT) 2,116 42,860 46,412 1,436 1,161 24,291 21,329 711 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Sales Volume – rPET (MT) Sales Volume – Chips (MT) 2,831 2,610 2,610 2,217 1,437 1,046 496 0 Q2
Slide 14: Way Ahead
Way Ahead ester G Aspiration Achieve long term margin resilience and value creati Strategy 0% sp Ramp uP (2° FILMS VAS RAMP UP (J sustainable solutions ©} cost optimization Pillars oS avs = Scale production and market share of high-margin specialty polymers and = Innovate and enhance sustainable = B
Slide 15: H1 FY27 Consolidated Cash Flow Statement
H1 FY27 Consolidated Cash Flow Statement Cash flow (Apr 26 to Sep 26) ₹ In Crore Nature Opening Cash & Bank and Other Bank Balance 104.86 Investment as on 1st April 2026 54.57 Profit before tax 33.41 Operating activities Depreciation 36.30 Operating activities Source Sub total 229.14 Issue of share
Slide 16: H1 FY27 Consolidated Balance Sheet
H1 FY27 Consolidated Balance Sheet Particulars (₹ Cr) Particulars (₹ Cr) H1 FY27 FY26 H1 FY27 FY26 Total Equity & Liabilities Total Assets EQUITY AND LIABILITIES ASSETS Equity 887.63 782.73 Non-current assets 1,055.99 1,067.56 Equity share capital 52.15 48.79 Property, plant and equipment 951.56 977
Slide 17: Company Overview
ail. Company Overview 16
Slide 18: About Us
About Us Organization with 4 decades of Sustainability 3 State-of-the-art Exports to 50+ legacy at the core manufacturing facilities countries CRISIL A- JV with Loop Industries Inc. 729+ Employees 20+ granted Patents Credit Rating (Long Term) A step towards circular economy Business Segments Polyest
Slide 19: Key Milestones
Key Milestones Company Incorporated Film Line-1 production Modernization of Cost reduction through Two Stage Set up a second Two-Stage Offline capacity enhanced to Chips plant to use PTA Bio-mass Fuelled heating & Offline Coater & Coater, PCR Extruder at EFTL, 6000 MT in place of DMT Glycol Ejectors
Slide 20: Key Strengths
Key Strengths High-Margin Specialty Polymer Deep Intellectual Property & R&D Vertically Integrated & Scalable Portfolio Prowess Manufacturing Infrastructure Ester is focused on enhancing Innovation is the company’s core With manufacturing facilities at volume & value of sales of high- competitive mo
Slide 21: Way Ahead
Way Ahead Polyester Films: Focus on developing new Value Added Balanced mix of domestic and products (VAP). Aiming exports towards increasing the share of VAP on consolidated basis to ~35% by Q4FY27 to mitigate Targeting growth of 20% CAGR cyclicality. over FY27 during following 3-5 Targeting propor
Slide 22: Corporate Structure
Corporate Structure Ester Industries Ltd Ester Loop Infinite Ester Filmtech Ltd Wholly owned subsidiary Technologies Pvt Ltd 50:50 JV with Loop Industries, Canada 21
Slide 23: Experienced Management Team
Experienced Management Team Mr. Arvind Singhania Mr. Vaibhav Jha Chairman CEO Mr. Singhania, co-founder of Ester, has been actively associated Vaibhav Jha plays a crucial role in shaping and executing with the company since its inception in the Ester Industries' strategic vision. An IIT Bombay Alumn
Slide 24: Global Presence
Global Presence Present in 50+ countries across the globe Revenue Breakup Q2 FY27(%) 63% 37% Domestic Export 23
Slide 25: Business Overview
% Business Overview me: id 24
Slide 26: Business Segments Revenue (Consolidated Basis)
Business Segments Revenue (Consolidated Basis) Polyester Films* Specialty Polymers Q2 FY27 Segmental Break-up H1 FY27 Segmental Break-up *includes rPET 25
Slide 27: Polyester Film Business
Polyester Film Business Product Categories Polyester Films with up to BOPET Films SKUs Recycled content Plain Films Metallized Films Holographic Films (non-metallized and non-coated Films) Product patents Patent granted in India filed for 02 Products globally. Window Metallized Films Coated/Barrier
Slide 28: Specialty Polymers
Specialty Polymers • Able to develop, manufacture & supply customized grades of specialty polyesters for various 3 Batch Polymerisation Lines 01 applications. • Manufactures a wide range of Polyesters and allied co-polymers 6 Batch Solid State 02 • Ester Industries is a global leader in manufacturin
Slide 29: State-of-the-art Manufacturing Facilities
State-of-the-art Manufacturing Facilities Sitarganj Gurgaon Khatima Corporate Headquarter Installed Capacity Hyderabad Products Capacity Manufacturing Facility Polyester Chips 67 KTPA Polyester Films Polyester Films 108 KTPA rPET 28 KTPA Specialty Polymers Specialty Polymers 30 KTPA 28
Slide 30: Customer Landscape
Customer Landscape A flexible packaging and specialty polymer solutions provider, serving varied needs of customers across sectors. 29
Slide 31: Industry Scenario
Industry Scenario BOPET Thin Film Market (12-micron equivalent) in Shift Towards Sustainable & Export Demand India FY27E (in KT) PCR content Materials India is a major exporter of polyester films PWMR* has mandated 10% PCR content in flexible to Europe, North America and Southeast 1400 packaging. Th
Slide 32: Sustainability at the core
Sustainability at the core 31
Slide 33: Sustainable Solutions
Sustainable Solutions At Ester Industries, we combine high-performance products with responsible manufacturing, driving innovation that supports a more sustainable future Key pillars Circular economy practices Green Technology Renewable energy initiatives • Dedicated to reducing waste, reusing • Har
Slide 34: True Circular Economy: JV with Loop Industries
True Circular Economy: JV with Loop Industries Ester Loop Infinite Technologies Private Limited (ELITe), a 50:50 Joint Through chemical recycling of polyester textile waste, recycled chips will Venture with Loop Industries, US NASDAQ listed company be offered to apparel, home furnishing and other te
Slide 35: ELITe – 50:50 JV between Ester & Loop
ELITe – 50:50 JV between Ester & Loop Target industries for products made from Loop’s patented technology Electronics Tex le Automo ve Cosme cs Rigid Packaging Flexible Packaging Loop rDMT & rMEG and recycled PET Chips made from rDMT & rMEG enable companies to Increase their Launch new Contribute to
Slide 36: Government Mandates Driving Recycled Demand
Government Mandates Driving Recycled Demand European Union Ecodesign for Sustainable 100% of plastics recycled in 2025 target Products Regulation (ESPR) 77% of beverage bottles to be collected €450/tonne on virgin Separate collection of textile single use plastic, Jan waste becomes mandatory 2025: C
Slide 37: Recycling – Solution to Environmental Challenges
Recycling – Solution to Environmental Challenges Mechanical Recycling (rPET) offers cost effective sustainable solution Recycled Polyester Resin offerings for advance applications TPA TPA Sitarganj Hyderabad Bottles Specialty Films Polymers Patent filed for Ultra Clean Crystal Clear rPET A novel pro
Slide 38: Our Recycling Strategy
Our Recycling Strategy Ester has adopted mechanical recycling in its existing operations while chemical recycling will be adopted by ELITe Criteria Mechanical Recycling Chemical Recycling Feed Stock Clear Scrap PET bottles Coloured, dyed and blended polyester waste, both textile and bottles of
Slide 39: Certifications and Accreditations
Certifications and Accreditations ISO 9001: 2015 ISO 14001: 2015 ISO 45001: 2018 ISO 50001: 2018 Quality Management Systems Environmental Management Systems Occupational Health & Safety Energy Management Systems Management Systems Sustainability focused certifications GRS TUV Rheinland FSSAI EFSA ap
Slide 40: Awards & Recognition
AWARDS & RECOGNITION Marico Samvyu 2026 FIPSA 2026 — 3rd Edition EPFO Certificate of Appreciation Recognised by Marico Limited for our Winner of the Commercial Sustainability Honoured by the EPFO Regional Office, contribution to scaling rPET volumes — Award for Recycled Plastic Materials (Ultra Hald
Slide 41: Strong, transparent governance for long-term sustainability
Strong, transparent governance for long-term sustainability Emphasis on Compliances Installed compliance management tool (developed by PWC) in 2015 to ensure adherence to statutory & regulatory compliances. Implemented Code of Conduct for Insider Trading, Whistle Blower Policy, Risk Management Int
Slide 42: Minimizing Our Environmental Footprint
Minimizing Our Environmental Footprint Our environmental agenda is to achieve resource efficiencies and reduce the impact of business operations on environment During FY26, per MT of production, water usage has reduced through Continuous usage of rice husk improved operational efficiency and (biofue
Slide 43: CSR Projects (FY26)
CSR Projects (FY26) Promoting Education: Action for Autism: Providing Free Education, Books, Uniform Providing Vocational Skills in Permaculture and Transport to the underprivileged and and Food Processing for Autistic Youth at economic weaker section students living in Ananda - The Assisted Living
Slide 44: For more information contact
For more information contact: Pradeep Kumar Rustagi Investor Relations Advisors Executive Director - Corporate Adfactors Investor Relations Affairs Ester Industries Ltd. Mr. Tejpal Singh Mr. Aman Singh Tel: +91 124 2656 100 +91 93517 45014 +91 8957747314 E-mail: pradeep.rustagi@ester.in Tejpal.singh