Stock Reaction First
Ester Industries Limited (NSE: ESTER) shares ticked up slightly. First, they hit ₹97.00 early on Feb. 9, 2026. This gave a 0.55% intraday gain. Yet, the stock has plunged over the past year. Next, it hovers near the 52-week low of ₹90.10. Plus, it lags far behind the high of ₹172.20. So, pressure lingers despite small rebounds. No analyst changes surfaced that day.
Q3 FY26 Standalone Results
Ester Industries posted weak Q3 FY26 earnings. Profitability crumbled under BOPET film margin pressure. Total income dropped to ₹254.0 crore. It fell 8.4% year-on-year. EBITDA sank to ₹14.3 crore. This plunged 67.6% YoY. EBITDA margin hit 5.7%. Previously, it was 15.9%. Net profit flipped to a ₹4.9 crore loss. Last year, it earned ₹18.6 crore profit.
Q3 FY26 Consolidated Results
Consolidated total income dipped to ₹343.5 crore. It declined 2.1% YoY. EBITDA fell sharply to ₹21.0 crore. This marked a 67.7% drop. EBITDA margin shrank to 6.1%. It was 18.5% before. Net profit turned to a ₹12.4 crore loss. Prior year showed ₹24.8 crore profit.
9M FY26 Overview
Nine-month revenue stayed resilient overall. However, earnings buckled under pressure.
Standalone 9M FY26:
Total income reached ₹802.3 crore. It eased 2.6% YoY. EBITDA dropped to ₹60.3 crore. This was down 38.2%. Margin slipped to 7.5%. It stood at 11.8% last year.
Consolidated 9M FY26:
Total income climbed to ₹1,047.6 crore. It rose 7.2% YoY. Yet, EBITDA fell to ₹67.3 crore. This declined 46.1%. Margin narrowed to 6.4%. Previously, it was 12.8%. Specialty polymers and rPET fueled the gains.
Segment Highlights
Specialty polymer volumes soared 46.4% YoY in Q3. So, revenue jumped 72.9% to ₹51.2 crore. EBIT rose 62% to ₹16 crore. Meanwhile, rPET volumes exploded 286.7%. Revenue quadrupled to ₹15.2 crore. Chips revenue grew 2.5x to ₹30.2 crore. Additionally, polyester film utilization reached 71%.
Margin Challenges
Severe BOPET pressure hit hard. U.S. tariffs stung. Chinese exporters priced aggressively. Currency woes added mark-to-market losses. However, India-U.S. trade deals loom. Anti-dumping probes continue. Therefore, margins could rebound soon.
Positive Outlook
Demand looks set to strengthen. Free-trade agreements help first. Sustainability rules boost rPET next. Plastic Waste Management Rules drive recyclable films. All in all, Ester Industries eyes growth in specialty polymers and rPET.