Ester Industries Limited · NSE:ESTER
Ester Industries — Q2 FY26 Earnings Presentation
46 slides from Ester Industries's earnings presentation, Nov 15, 2025
Slide 1: Exchange filing cover letter
INDUSTRIES LTD. CIN: L24111UR1985PLC015063 Date: 15th November 2025 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 – 400023 Bandra (E), Mumba
Slide 2: Investor Presentation | Q2 & H1 FY26
ESTER Industries Ltd. Investor Presentation | Q2 & H1 FY26 1
Slide 3: Disclaimer
Disclaimer Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause actual resu
Slide 4: Table of Contents
Table of Contents Company Overview Business Overview Sustainability at the core Industry Overview Financial Overview Annexure 3
Slide 5: Vision Mission
Vision Mission OUR MISSION AT ESTER IS TO LEAD THE FRONTIER OF INNOVATION IN POLYESTER CHEMISTRY. Through relentless commitment to continuous research and OUR VISION IS BUILD A SUSTAINABLE development, we aspire to craft specialized solutions that address WORLD THROUGH INNOVATIVE the distinctive nee
Slide 6: Company Overview
a. Company Overview
Slide 7: 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. 590+ Employees 19+ granted Patents Credit Rating (Long Term) A step towards circular economy Business Segments Polyest
Slide 8: State-of-the-art Manufacturing Facilities
State-of-the-art Manufacturing Facilities Sitarganj Gurgaon Khatima Corporate Headquarter Hyderabad Installed Business Segment Products Capacity Manufacturing Facility Polyester Chips 67 KTPA Polyester Films Polyester Films 108 KTPA rPET 28 KTPA Specialty Polymers Specialty Polymers 30 KTPA 7
Slide 9: Global Presence
Global Presence Present in 50+ countries across the globe Revenue Breakup Q2 FY26(%) 39% 61% Domestic Export 8
Slide 10: Key Customers
Key Customers f&ler amcar ~ AVERY DENNISON * AYM Syntex {i ~ ,~nstantia ,::❖:•~ ..,:.' '.,~, •!11, T.., , •••, i~ ~ rr· Vabur ~, DS GROUP ~ Huhtamaki A ITC Limited ma ri co MOHAWR l'_,I'✓ IN DUSTR IES, INC ti] Scholle IPN e SHRINATH ROTOPACK ~Q 1Aff,,J . ~u.u • ~dbic. TCPL packagmg 1,m,ted ~ Fibers
Slide 11: Business Overview
No eu Business Overview 10
Slide 12: Business Segments (Consolidated Basis)
Business Segments (Consolidated Basis) Polyester Films* Specialty Polymers 84 % Q2FY6 Segmental Break-up 16 % 85 % H1FY26 Segmental Break-up 15 % *includes rPET 11
Slide 13: Polyester Film Business
Polyester Film Business Product Categories 300+ BOPET Films SKUs Plain Films Metallized Films Holographic Films Polyester Films with up to (non-metallized and non-coated Films) 100% Recycled content Window Metallized Films Coated/Barrier Films Share of Value Added products* Application Industries Q2
Slide 14: Ester produces large number of BOPET films for several applications
Ester produces large number of BOPET films for several applications mainly for packaging solutions Coated Films products Barrier Films Products Both side coated films, Chemical resistance films, Low Transparent high oxygen barrier films, Transparent high COF Films, Digital Printable films, Antifog F
Slide 15: Application Categories for Polyester Film
Application Categories for Polyester Film Application Categories Flexible Packaging Barrier Packaging Twist Packaging Lidding Shrink Sleeving Holographic Cable Insulation Soft Finish Aesthetic Labels & Graphics 14
Slide 16: Key Features – Polyester Film SBU
Key Features – Polyester Film SBU: Focus on developing new Value Added products Committed to improve production efficiency and operating leverage to improve profitability over the long term Aiming towards increasing the share of Value Added Products on consolidated basis to ~25% by Q4 FY26 to mitiga
Slide 17: Specialty Polymers
Specialty Polymers • Able to develop, manufacture & supply customized grades of specialty polyesters for various 01 3 Batch Polymerisation Lines applications. • Manufactures a wide range of Polyesters and allied co-polymers 6 Batch Solid State • Ester Industries is a global leader in manufacturing a
Slide 18: Sustainability at the core
Sustainability at the core 17
Slide 19: 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 20: 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 21: ELITe to Supply Sustainable Materials to Nike Under Multi Year Off-Take Agreement
ELITe to Supply Sustainable Materials to Nike Under A Multi Year Off-Take Agreement ▪ Nike signs on as the anchor customer for the Infinite Loop India manufacturing facility ▪ Multi-year offtake agreement secures supply of Twist , Loop's branded, virgin-quality polyester resin made exclusively from
Slide 22: Target industries for Loop's technology products
End User Segment Target industries for products made from Loop’s patented technology Electronics Automotive Textile Cosmetics Rigid Packaging Flexible Packaging Loop rDMT & rMEG and recycled PET Chips made from rDMT & rMEG enable companies to Increase their sustainability Launch new products C
Slide 23: Government Mandates Driving Recycled Demand
Government Mandates Driving Recycled Demand 100% of plastics recycled in 2025 target 77% of beverage bottles to be collected €450/tonne on virgin single use plastic, Consumer brands to include at least 10-30% recycled plastic in packaging 2025 Zero plastic waste 2030 50% recycled content Extended pr
Slide 24: 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 8,000 TPA 20,000 TPA Sitarganj Hyderabad Bottles Specialty Films Polymers Patent filed for Ultra Clean Crystal Clear rPE
Slide 25: Ester Strategy for Recycling
Ester Strategy for Recycling Ester has adopted mechanical recycling in its existing operations and chemical recycling will be adopted by ELITe Criteria Mechanical Recycling Chemical Recycling ▪ Feed Stock ▪ Scrap PET bottles • PET bottles / Polyester textile / any kind of polyester waste • Breaks PE
Slide 26: Minimizing Our Environmental Footprint
Minimizing Our Environmental Footprint Ester’s environmental agenda is to achieve resource efficiencies and reduce the impact of our operations on the environment. Monthly water usage reduced 13% from 1,114 m3/24 hours to 976 Usage of rice husk (biofuel) as m3/24 hours primary fuel for heating and s
Slide 27: Industry Overview
sille Industry Overview 26
Slide 28: Industry Scenario
Industry Scenario Shift Towards Sustainable & Export Demand BOPET Thin Film Market in India 2025 (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 1350 packaging. This is pushing brand owne
Slide 29: Financial Overview
ba Financial Overview 28
Slide 30: Chairman's Comments
“ Chairman’s Comments 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 bas
Slide 31: Q2 & H1 FY26 Consolidated Financial Highlights
Q2 & H1 FY26 Consolidated Financial Highlights Q2 FY26 H1 FY26 Income EBITDA Income EBITDA INR 357.24 Cr INR 17.33 Cr INR 704.09 Cr INR 46.29 Cr 7.0% YoY (59.2)% YoY 12.5% YoY (22.64)% YoY PAT EBITDA margin PAT EBITDA margin INR (15.78) Cr 4.85 % INR (22.93) Cr 6.57 % PAT Margin EPS PAT Margin EPS (
Slide 32: Q2 & H1FY26 Standalone P&L
Q2 & H1FY26 Standalone P&L Particulars (Rs. Crs.) Q2FY26 Q2FY25 Y-o-Y (%) H1FY26 H1FY25 Y-o-Y (%) Total Income 263.30 302.45 (12.94)% 548.28 546.21 0.38% EBITDA (Including Non 14.03 36.33 (61.38)% 45.98 53.26 (13.67)% Operating Income) EBITDA Margin (%) 5.33% 12.01% - 8.39% 9.75% - Profit After Tax
Slide 33: Q2 & H1FY26 Ester Filmtech Limited P&L
Q2 & H1FY26 Ester Filmtech Limited P&L Particulars (Rs. Crs.) Q2FY26 Q2FY25 Y-o-Y (%) H1FY26 H1FY25 Y-o-Y (%) Sales Volume (MT) 10,374 7,425 39.72% 18,366 13,926 31.88% Total Income 119.73 99.39 20.46% 217.79 180.31 20.79% EBITDA (Including Non Operating 3.96 6.14 - 1.26 6.92 - Income)* EBITDA Margi
Slide 34: Q2 & H1FY26 Consolidated P&L
Q2 & H1FY26 Consolidated P&L Particulars (Rs. Crs.) Q2FY26 Q2FY25 Y-o-Y (%) H1FY26 H1FY25 Y-o-Y (%) Total Income 357.24 333.78 7.03% 704.09 626.14 12.45% EBITDA (Including Non Operating 17.33 42.44 (59.17)% 46.29 59.84 (22.64)% Income) EBITDA Margin (%) 4.85% 12.71% - 6.57% 9.56% - Profit After Tax
Slide 35: Q2 & H1FY26 Polyester Films Segment - Consolidated
Q2 & H1FY26 Polyester Films Segment - Consolidated Particulars (Rs. Crs.) Q2FY26 Q2FY25 Y-o-Y (%) H1FY26 H1FY25 Y-o-Y (%) Chips Sales Volume (MT) 2,610 9 - 2,610 1,377 89.57% Films Sales Volume (MT) 21,329 19,618 8.72% 42,860 37,185 15.29% rPET Sales Volume (MT) 1,046 328 219.22% 2,217 374 492.78% R
Slide 36: Q2 & H1FY26 Specialty Polymer Segment - Consolidated
Q2 & H1FY26 Specialty Polymer Segment - Consolidated Particulars (Rs. Crs.) Q2FY26 Q2FY25 Y-o-Y (%) H1FY26 H1FY25 Y-o-Y (%) Sales Volume (MT) 1,161 767 51.42% 2,116 1,685 25.58% Revenue 57.36 41.13 39.47% 105.43 85.89 22.75% EBIT 21.24 14.63 45.18% 36.45 34.21 6.56% EBIT Margin (%) 37.03% 35.57% 146
Slide 37: H1 FY26 Consolidated Cash Flow Statement
H1 FY26 Consolidated Cash Flow Statement Cash flow (April 25 to Sep 25) Rs. In Crores Nature S. No: Particulars Total 1 Opening Cash & Bank and other Bank Balance 68.04 1a Investment as on 1st April 2024 58.01 2 Profit before tax (21.04) Operating 3 Depreciation 34.62 Operating Source 4 Unrealized f
Slide 38: H1 FY26 Consolidated Balance sheet
H1 FY26 Consolidated Balance sheet Rs. in Crores Rs. in Crores Sep-25 Mar-25 Sep-25 Mar-25 Total Equity & Liabilities Total Assets Shareholder’s Funds Non Current Assets Share Capital 48.79 47.02 Property, Plant & Equipment 946.14 976.27 Capital Work in Progress 84.77 39.22 Other Equity 743.27 725.5
Slide 39: Annexure
AWA B Annexure 38
Slide 40: Key Milestones
Key Milestones Company Incorporated Film Line-1 production Modernization of Chips Cost reduction through Started commercial production at capacity enhanced to 6000 plant to use PTA in Bio-mass Fuelled heating & wholly owned subsidiary, Ester MT place of DMT Glycol Ejectors Filmtech Ltd. Started manu
Slide 41: 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 Global
Slide 42: Management Expertise
Management Expertise Mr. Arvind Singhania Mr. Vaibhav Jha Chairman and CEO Deputy 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 Bomb
Slide 43: 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 ▪ Audit of the compliance management tool to ensure zero no
Slide 44: CSR Projects (FY25)
CSR Projects (FY25) Empowering Through Udan GirlsFirst Ester Scholarship Mission – Telangana: Program – Uttarakhand: ▪ Improving Living Conditions: Enhancing ▪ Provided scholarship support to over the quality of life for migrant Odia 40 deserving girls from underprivileged populations in Telangana’s
Slide 45: About Us: (CIN :- L24111UR1985PLC015063)
About Us: (CIN :- L24111UR1985PLC015063) Incorporated in 1985, Ester Industries Limited (EIL), a public limited listed company promoted by Singhania family, is an ISO 50001:2018, ISO 45001:2018, ISO 14001:2015, ISO 9001:2015 and Food Safety System Certification 22000 certified leading manufacturer o
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