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Ester Industries Ltd (ESTER)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500136 NSE: ESTER Plastic Products | Small Cap | Ester Inds Share Price
₹100.85 16.16 (19.08%)
As on 30-Sep'26 13:56
Ester Industries Ltd (ESTER)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500136 NSE: ESTER Plastic Products | Small Cap | Ester Inds Share Price
₹100.85 16.16 (19.08%)
As on 30-Sep'26 13:56
Key Metrics
Valuation Multiples
Market Cap
₹883 Cr.
Current Price
₹100.9
52-Week Low / High
₹69 / 133
TTM EPS
₹-0.2
TTM Sales
₹1,469 Cr.
Book Value per Share
₹84.1
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
36.8
Price to Book (P/B)
1.01
Lower than its 5-year historical median
Price to Sales (P/S)
0.60
Lower than its 5-year historical median
EV/EBITDA
10.59
Lower than its 5-year historical median
Dividend Yield
0.25%
Profitability Efficiency
Return on Equity (ROE)
-3.71%
Underperforms industry median
Return on Capital Employed (ROCE)
2.76%
Underperforms industry median
Return on Assets (ROA)
-1.45%
Operating Profit Margin
8.8%
Net Profit Margin
-2%
Gross Profit Margin
3.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-2.37%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-35.77%
Net Profit Growth (1 Year)
-
-300.51%
Asset Quality
Promoter Holding
62.32%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹825 Cr.
Equity
₹52.2 Cr.
Face Value
₹5
All Time Low / High
₹0.85 / 190.00
Check Before You Invest
Quality
Not GoodValuation
FairCheck Valuation charts
Price Trend
Weak
Is Ester Industries Ltd a good quality company?
Ester Industries Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Ester Industries Ltd performance compare with that of its Peers?
Revenue growth of Ester Industries Ltd vs industry peers?
Ester Industries Ltd revenue CAGR is 6.76%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Ester Industries Ltd?
Promoters hold 62.32% of the Ester Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Ester Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 6.2% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ester Industries Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 2.9% | 6.8% | 14.1% | 28.9% | 32.4% | 17.4% | 7.4% | -1.7% | 7.5% | 3.4% | - |
| Value Creation Index ⓘ | -0.8 | -0.5 | 0.0 | 1.1 | 1.3 | 0.2 | -0.5 | -1.1 | -0.5 | -0.8 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 703 | 807 | 1,028 | 1,039 | 992 | 1,110 | 1,077 | 855 | 1,070 | 1,045 | 1,105 |
| Sales YoY Gr. | - | 14.8% | 27.4% | 1% | -4.5% | 12% | -3% | -20.6% | 25.1% | -2.4% | - |
| Adj EPS ⓘ | -1.4 | 0.6 | 3.8 | 11.8 | 17 | 10.3 | 3.8 | -5.7 | 4.3 | 0.5 | 0.9 |
| YoY Gr. | - | NA | 519.4% | 207% | 44.5% | -39.4% | -63.3% | -250.9% | NA | -89.3% | - |
| BVPS (₹) ⓘ | 33.2 | 34 | 37.7 | 48.9 | 62 | 75.3 | 92.7 | 87.8 | 91.8 | 94.1 | 99.6 |
| Adj Net Profit ⓘ | -11.7 | 5.2 | 32 | 98.3 | 142 | 86.2 | 31.6 | -53.8 | 40.4 | 4.5 | 9 |
| Cash Flow from Ops. ⓘ | 49.6 | 50.9 | 117 | 172 | 151 | 78.9 | 138 | 65.6 | 79.6 | 52.8 | - |
| Debt/CF from Ops. ⓘ | 6.3 | 6 | 2.1 | 0.9 | 1.4 | 4.1 | 2.8 | 5.6 | 3.8 | 6.3 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 4.5% | 1.1% | -1% | -2.4% | ||||
| Adj EPS ⓘ | NA | -51.4% | -50.5% | -89.3% | ||||
| BVPSⓘ | 12.3% | 8.7% | 0.5% | 2.5% | ||||
| Share Price | 8.1% | -7.4% | 2.4% | -6.9% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -4.1 | 1.9 | 10.7 | 27.2 | 30.7 | 15.1 | 4.5 | -6.7 | 4.7 | 0.5 | 0.9 |
| Op. Profit Mgn % ⓘ | 6.1 | 8.2 | 10.7 | 18.4 | 23.9 | 15.6 | 9.4 | -0.3 | 11.4 | 6.9 | 7 |
| Net Profit Mgn % ⓘ | -1.7 | 0.6 | 3.1 | 9.5 | 14.3 | 7.8 | 2.9 | -6.3 | 3.8 | 0.4 | 0.8 |
| Debt to Equity ⓘ | 1.1 | 1.1 | 0.8 | 0.4 | 0.4 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | - |
| Working Cap Days ⓘ | 125 | 122 | 100 | 98 | 116 | 171 | 222 | 244 | 189 | 210 | 83 |
| Cash Conv. Cycle ⓘ | 101 | 96 | 78 | 72 | 79 | 94 | 97 | 93 | 69 | 81 | 37 |
Valuation of Ester Inds - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'13 | Mar'14 | Mar'15 | Mar'16 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 886 | 928 | 896 | 771 | 992 | 1,110 | 1,114 | 1,063 | 1,282 | 1,375 |
| Operating Expenses ⓘ + | 845 | 854 | 825 | 700 | 761 | 939 | 1,022 | 1,087 | 1,135 | 1,281 |
| Operating Profit ⓘ | 41 | 74 | 71 | 70 | 231 | 171 | 92 | -24 | 147 | 95 |
| Operating Profit Margin (%) | 4.7% | 8.0% | 7.9% | 9.1% | 23.3% | 15.4% | 8.2% | -2.2% | 11.5% | 6.9% |
| Other Income ⓘ + | 6 | 5 | 3 | 5 | 8 | 9 | 12 | 27 | 17 | 18 |
| Interest ⓘ | 26 | 35 | 37 | 36 | 19 | 25 | 36 | 70 | 67 | 65 |
| Depreciation ⓘ | 29 | 30 | 32 | 32 | 35 | 37 | 44 | 68 | 69 | 70 |
| Profit Before Tax ⓘ | -8 | 14 | 5 | 7 | 185 | 118 | 24 | -135 | 28 | -24 |
| Tax ⓘ | -3 | 6 | 1 | 2 | 48 | 32 | 12 | -14 | 14 | 3 |
| Profit After Tax | -5 | 8 | 4 | 5 | 137 | 86 | 12 | -121 | 14 | -27 |
| PAT Margin (%) | -0.6% | 0.9% | 0.4% | 0.6% | 13.9% | 7.7% | 1.1% | -11.4% | 1.1% | -2.0% |
| Adjusted EPS (₹) | -0.8 | 1.3 | 0.6 | 0.6 | 16.5 | 16.4 | 16.4 | -12.9 | 1.5 | -2.8 |
| Dividend Payout Ratio (%) | 0% | 37.60% | 0% | 0% | 20.60% | 20.10% | 3.10% | 0% | 41.20% | -8.90% |
| PARTICULARS | Mar'13 | Mar'14 | Mar'15 | Mar'16 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 258 | 263 | 267 | 292 | 512 | 621 | 742 | 716 | 728 | 752 | |
| Debt + | 309 | 332 | 332 | 279 | 172 | 592 | 712 | 659 | 576 | 623 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 19 | 20 | 19 | 23 | 38 | 63 | 32 | 64 | 47 | 67 | |
| Others Liabilities ⓘ | 67 | 83 | 96 | 94 | 140 | 366 | 487 | 469 | 496 | 511 | |
| Total Liabilities ⓘ | 652 | 698 | 714 | 688 | 862 | 1,642 | 1,974 | 1,908 | 1,847 | 1,952 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 376 | 390 | 399 | 385 | 377 | 390 | 979 | 989 | 977 | 978 | |
| CWIP ⓘ | 5 | 18 | 12 | 23 | 76 | 435 | 79 | 83 | 39 | 36 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 1 | 0 | 154 | 69 | 75 | 78 | |
| Inventories | 123 | 124 | 128 | 128 | 137 | 203 | 172 | 145 | 161 | 209 | |
| Trade Receivables | 109 | 124 | 118 | 112 | 151 | 193 | 152 | 147 | 170 | 185 | |
| Cash Equivalents | 14 | 8 | 23 | 8 | 28 | 61 | 52 | 117 | 68 | 105 | |
| Others Assets ⓘ | 26 | 34 | 34 | 31 | 92 | 360 | 388 | 359 | 356 | 360 | |
| Total Assets ⓘ | 652 | 698 | 714 | 688 | 862 | 1,642 | 1,974 | 1,908 | 1,847 | 1,952 | |
| PARTICULARS | Mar'13 | Mar'14 | Mar'15 | Mar'16 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 23 | 52 | 68 | 81 | 146 | 62 | 58 | 44 | 112 | 89 |
| Cash Flow From Investing Activity ⓘ + | -27 | -58 | -36 | -20 | -147 | -392 | -199 | 42 | -56 | -116 |
| Cash Flow From Financing Activity ⓘ + | 4 | -2 | -18 | -75 | 3 | 384 | 114 | -14 | -133 | 6 |
| Net Cash Flow ⓘ | -0 | -8 | 14 | -14 | 2 | 54 | -28 | 72 | -77 | -21 |
| PARTICULARS | Mar'13 | Mar'14 | Mar'15 | Mar'16 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -2.07 | 3.3 | 1.48 | 1.66 | 34.4 | 15.12 | 1.71 | -16.6 | 1.9 | -3.71 |
| ROCE (%) | 3.25 | 8.11 | 6.64 | 6.88 | 30.86 | 14.44 | 4.28 | -4.24 | 6.51 | 2.76 |
| Asset Turnover Ratio | 1.5 | 1.5 | 1.39 | 1.2 | 1.28 | 0.89 | 0.62 | 0.55 | 0.68 | 0.72 |
| PAT to CFO Conversion(x) | N/A | 6.5 | 17 | 16.2 | 1.07 | 0.72 | 4.83 | N/A | 8 | N/A |
| Working Capital Days | ||||||||||
| Receivable Days | 36.80 | 42 | 45 | 50 | 48.40 | 56.60 | 56.50 | 51.20 | 45.10 | 47.10 |
| Inventory Days | 43.20 | 44.40 | 46.70 | 55.60 | 48.70 | 55.90 | 61.50 | 54.30 | 43.40 | 49.10 |
| Payable Days | 10.70 | 11 | 11.40 | 15.70 | 21.70 | 27.20 | 24.40 | 23.30 | 25.50 | 23.50 |
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Ester Industries Ltd FAQs
The current trading price of Ester Inds on 30-Sep-2026 13:56 is ₹100.8.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 29-Sep-2026 the market cap of Ester Inds stood at ₹883.3 Cr
The latest P/E ratio of Ester Inds as of 29-Sep-2026 is 95.58.
The latest P/B ratio of Ester Inds as of 29-Sep-2026 is 0.85.
The 52-week high of Ester Inds is ₹133.0 and the 52-week low is ₹68.80.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ester Inds is ₹1,105 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Ester Industries Ltd is a below average quality company.
The key valuation ratios of Ester Industries Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Ester Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Ester Industries Ltd
Ester Industries Limited was incorporated in India in 1985. It is a widely held limited liability company. The main business activities are production and marketing of versatile ranges of polyester films and engineering plastics.
The main business activities of the company are production and marketing of versatile ranges of polyester films and engineering plastics. In its integrated manufacturing facilities Ester produces polyester resins of various types, having different physical and chemical properties. These resins are also captively used by Ester for manufacturing polyester films and engineering plastics.
Its premium quality products are backed by inbuilt statistical and analytical technique based processes and a strong research & development oriented system. Continuous upgradation of technology, customer focused marketing and technical services, are the company's other inherent strengths.
Ester produces a range of Bi-axially Oriented Polyester Films on two state-of-the-art production lines. UMAPet films have high tensile & dielectric strength, good chemical & thermal stability & excellent optical and electrical properties as well as processability at the users' end. The entire process of film production, including slitting & packing is performed in a dust free & clean environment. UMAPet is available in a wide variety suitable for a number of applications.
Estoplast engineering plastic is a range of high performance thermoplastic resins. This covers crystalline, amorphous and specialty polymers like polyesters, polyamides, polycarbonates. Estoplast is popular among our customers due to the suitable and consistent quality, wide and effective distribution reach & prompt technical assistance. Ester caters to specific applications and customer requirements. Estoplast is tailor made for this purpose. Estoplast range of products is supported by a dynamic team, which provides assistance in selection of the most suitable formulations for specific applications.
In 2010 the company announced setting up of a Polyester Film Line of 30,000 MTPA capacity at an estimated capital expenditure of Rs. 175 Crores.
Installation of Continuous Polymerization (CP) plant & Additional Metalizing unit.
In 2011 the Company has been listed in National Stock Exchange of India Ltd.
The product find its application in wide range of areas, that includes
- Electrical, Electronics & Lighting- Coil formers, Relays, MCBs, ELCBs, Connectors, Contact Blocks, Bobbins, Fuse Holders, Carbon Brush Holders, Capacitor Boxes, Fans for Electronic Equipments, CFL Holders, Adaptors, Sockets, Lighting Fixtures, Modular Switches, Energy Meter Hosing & thermal blocks etc.
- Consumer Durables- Housings for Electric Irons, Toasters, Electric Kettles, Infrared Lamps, Roti Makers, Hair Dryer Components, Oven Door Handles, Knobs, Panels, etc.
- Telecommunication & Engineering- Optical Fibre Sheathing, Textile Machinery parts, Timer Pulleys. Industrial and Centrifugal pump parts. Cable termination box Modules, connectors, etc.
- Automotive- Air Intake Grills, Windscreen Wiper Holders/Supports, Head Lamp Reflectors, Ignition Coil Tops, Air Filter Housings, Exterior Mirror Housings, Spoilers, Door Handles/Door Lock Surroundings, Carburettor Components, Ignition System Electronics' parts, Spark Plug Connectors, etc.
Product range of the company includes:
- UmaPET Polyester Films-Plain films include- Packaging Films, Direct Emboss able Film, Golden Film, Anti Static Film, Clear & Ultra Clear Films, Heat Sealable Films, Industrial Film, High Performance Films (Retort / Hot Fill), Lidding Film, Matte Film, Function Film (High Friction), White Opaque Films, Yarn Grade Film.
- Metallized films include- Packaging Films (Normal Barrier Metallized), Packaging Films (High Barrier Metallized), Emboss able Metallized Film, Golden Metallized Film, Isotropic Metallized Film, High Gloss Metallized Films, Industrial Film (Metallized), High Performance Metallized Film, Matte Metallized Film.
- Estoplast–EP Thermoplastic Polyester, XU Polyamide -6/Polyamide-66ZK and Polycarbonate.
The products of the company are approved by :
- Research Design & Standards Organization (The Indian Railways).
- Deptt. Of Telecommunication, Govt. of India, for OFC.
- Deptt. Of Telecommunication, Govt. of India, for Modules.
- Underwriters Laboratrories, USA for VO rating as per UL 94.
- Delphi Automotive Systems.
- All OFC manufacturers, Countrywide- Sterlite, Birla Ericsson, AKSH Fiber Optics etc. and many more.
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