Ester Industries reports Q4 & FY25 results
- Sub Editor
- May 22
- 3 min read
Income grows by 23% and EBITDA by over 480% on a standalone basis
Committed to sustainability by adopting recycling across business verticals
Ester Industries Limited, India’s leading manufacturer of Polyester Films and Speciality Polymers, announced its financial results (standalone and consolidated) for the quarter and financial year ended 31st March 2025.
Particulars – Standalone (Rs. cr) | Q4 FY25 | Q4 FY24 | % | FY25 | FY24 | % |
Total Income | 261 | 220 | 19% | 1085 | 882 | 23% |
EBITDA (including Non-operating income) | 36 | 9 | 311% | 134 | 23 | 485% |
Margins (%) | 14% | 4% | 984 bps | 12% | 3% | 973 bps |
PAT | 12 | (9) |
| 41 | (43) |
|
Particulars – Consolidated (Rs. cr) | Q4 FY25 | Q4 FY24 | % | FY25 | FY24 | % |
Total Income | 321 | 280 | 15% | 1298 | 1090 | 19% |
EBITDA (including Non-operating income) | 39 | 9 | 325% | 164 | 3 | 4735% |
Margins (%) | 12% | 3% | 890 bps | 13% | 0.3% | 1231 bps |
PAT | 2 | (24) |
| 14 | (121) |
|
Commenting on the performance, Mr. Arvind Singhania, Chairman, Ester Industries, said, “On a consolidated basis, total income grew by 19% in FY25, and profitability improved from a loss of Rs. 121 crores to a profit of Rs. 14 crores, despite a weaker Q4 compared to Q3. Both our businesses performed significantly better this year.
The Film business saw a turnaround, with positive EBIT and a 15% increase in operational revenue. A higher share of value-added products and better margins in commodity films boosted overall profitability, supported by improved demand-supply dynamics.
With the Plastic Waste Management Rules mandating 10% recycled content in flexible packaging from 1st April 2025, demand for BOPET Film is set to rise. We are equipped with the technology and certifications to supply BOPET Films with varied PCR content and are well positioned to meet growing demand.
Our transformation from commodity to speciality Film player is progressing well, with an expected improvement in profitability through a better product mix and improved operational efficiency.
Speciality Polymers saw strong growth, with a 72% rise in revenue and 164% jump in EBIT, led by robust demand for products like MB03 and Innovative PBT. Recycled PET performance also improved significantly. We remain confident about the growth prospects of this segment, backed by a strong product pipeline and minimal competition.
We are pleased to report that the execution of our joint venture plans with Loop Industries is advancing according to established timelines. We are diligently pursuing various activities related to the project’s implementation.
With a strong position in both SBUs and a focus on recycling and sustainability, we are confident about our ability to continue enhancing shareholder value.”
Business Highlights
Polyester Films:
Continuous growth in demand helps improve demand supply imbalance
Increased contribution from value-added products boosts overall margin profile
Margins improve in commodity films, although volume offtake remains stable
Application of PWMR with effect from 1st April 2025, expected to stimulate demand for Polyester Film with varied PCR content
Speciality Polymers: Strong performance on a Y-o-Y basis – expect growth momentum to sustain in FY26
MB03 sales increased from 948 MT to 1323 MT in FY25
Innovative PBT sales grew from 772 MT to 1484 MT in FY25
Sales of R-PET increased in both volumetric and value terms
EBIT significantly higher in absolute & percentage terms on a yearly basis
In comparison to Q4FY24, EBIT margin lower in percentage terms due to lower margins in R-PET compared to other Speciality Polymer products
About Ester Industries
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 Certified leading manufacturer of Polyester Film, Speciality Polymers and rPET in India with over 35 years of industry expertise. It has a track record of continually developing new and innovative products for meeting varied needs of customers across the globe. Serving key sectors such as flexible and rigid packaging, textiles, technical textiles, carpets and consumer electronics, Ester is headquartered in Gurgaon, India, with three state-of-the-art manufacturing facilities across India. The company has global presence, supplying its innovative products to customers in over 50 countries across Europe, the Americas, Africa, Asia Pacific, and the Middle East, with strong customer relationships.
Ester’s commitment to deliver customer-centric solutions driven by continuous innovation and sustainability is evidenced by 18+ granted patents and strategic partnerships like its joint venture with Loop Industries Inc. to promote a circular economy. With state-of-the-art manufacturing plants, skillfully managed operations and a committed workforce of 550+ employees, Ester continuously strives to deliver total customer satisfaction.
Ester’s strong research and development platform ensures the development of high-quality, technology-driven products while maintaining focus on environmental stewardship and operational excellence.
Ester Industries currently has a long-term credit rating of A- and a short-term credit rating of A2+ by CRISIL.
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