Ester Industries Q3 FY26: Specialty Polymers Surge 46% Volume, rPET Volumes Explode 287% Amid Tariff Headwinds

Ester Industries Limited, India's top polyester films and specialty polymers producer, weathered trade pressures to report resilient growth in high-value segments for Q3 & 9M FY26 ended December 31, 2025.

Financial Snapshot (₹ Cr):

Standalone:

- Q3 Total Income 254 (-8% YoY), EBITDA 14.3 (5.7% margin, down 1020 bps), PAT (4.9) vs 18.6.

- 9M Income 802 (-3% YoY), EBITDA 60 (7.5% margin), PAT (0.1) vs 28.

Consolidated:

- Q3 Income 344 (-2% YoY), EBITDA 21 (6.1% margin, -1240 bps), PAT (12.4) vs 25.

- 9M Income 1,048 (+7% YoY), EBITDA 67 (6.4% margin, -640 bps), PAT (35) vs 12.

Challenges included US tariffs on value-added/specialty films (50% rate), Chinese BOPET dumping, rupee depreciation (MTM losses), and geopolitics.

Chairman Arvind Singhania: "Margin pressure from tariffs/dumping hit VAS exports; US-India deal (50% to 18% tariffs by mid-Mar) and DGTR anti-dumping probe offer relief. 9M income +7% to ₹1,048 Cr despite volatility. Maintained VAS at 25% mix. Chinese capacity cuts aid recovery. Optimistic on FTAs (EU/UK), PWMR driving rPET demand. Focus: efficiency, specialties, sustainability."

Business Highlights

Polyester Films (Consolidated Capacity Use 71%):

- VAS volume ex-NA exports +5% Q3/+18% 9M (4,287/13,303 MT).
- VAS proportion steady at 25%.
- rPET sales volume 1,431 MT (Q3, +287% YoY?), revenue ₹15 Cr (+4x).
- Chips revenue ₹30 Cr (+2.5x).

Specialty Polymers:

- Volume +46% Q3 to 1,063 MT (+32% 9M to 2,754 MT).
- Revenue +73% Q3 to ₹51 Cr.
- EBIT +62% Q3 to ₹16 Cr (+₹6 Cr).

Outlook: FTAs, sustainability regs boost BOPET/rPET; partnerships for recycled solutions.

Ester pivots to specialties/sustainability for profitable recovery.

Shares of Ester Industries Limited was last trading in BSE at Rs. 96.47 as compared to the previous close of Rs. 100.20. The total number of shares traded during the day was 3855 in over 172 trades.

The stock hit an intraday high of Rs. 101.17 and intraday low of 95.08. The net turnover during the day was Rs. 379582.00.

Source : Equity Bulls

Keywords

EsterIndustries INE778B01029 Q3FY26 Q3FY2026 9MFY26 9MFY2026 ResultUpdate