Ester Industries Q2 results for FY27 show consolidated total income of Rs 449.0 crore, up 25.7% from Rs 357.2 crore a year earlier, while consolidated EBITDA rose 160% to Rs 45.1 crore. The polyester film and specialty polymers maker reported unaudited results for the quarter and half year ended 30 September 2026.
How Did Ester Industries Perform in Q2 FY27?
Consolidated EBITDA including non-operating income was Rs 45.1 crore against Rs 17.3 crore in Q2 FY26, and the EBITDA margin improved to 10% from 4.9%. On a standalone basis, total income was Rs 365.8 crore versus Rs 263.3 crore, and EBITDA was Rs 28.6 crore versus Rs 14.0 crore.
What Drove the Polyester Films Business?
Consolidated capacity utilisation rose to 92% from 80%. Film sales volume grew 13.9% to 24,291 MT from 21,329 MT, and film revenue rose 39.6% to Rs 414.5 crore from Rs 296.8 crore. Value-added and specialty volumes were 6,200 MT, or 25.3% of film sales volume, up 25.8% from 4,927 MT. Recycled PET (rPET) sales volume rose 37.4% to 1,437 MT, with revenue up 51% to Rs 18.4 crore.
Why Did Specialty Polymers Slip?
Specialty polymers sales volume fell 38.8% to 711 MT from 1,161 MT, and EBIT margin was 33.9% against 37.0% a year earlier. The company said one marquee product has seen demand erosion and expects a new product, after marginal capex, to partly offset lost volume and margins.
Market Reaction and Industry Response
Chairman Arvind Singhania said “Improvement witnessed in Q1FY27 continued during Q2FY27,” citing higher realizations, increased throughput and a favorable product mix. He also noted that West Asia war-related crude supply and price disruptions are raising shipping costs and transit times, hurting working capital. No stock-market or analyst reaction was found in the source.
What Happens Next?
The ELITe project is progressing, with completion targeted by the last quarter of calendar 2028 and land acquisition expected by Q4 FY27. An anchor customer offtake agreement and a Letter of Intent from a global sports and athletic brand, which is not named, cover Loop PET Fiber Grade resin from the upcoming Gujarat facility.
Frequently Asked Questions
What was Ester Industries’ consolidated income in Q2 FY27?
Rs 449.0 crore, up 25.7% from Rs 357.2 crore in Q2 FY26.
How much did film sales volume grow?
Film sales volume rose 13.9% to 24,291 MT from 21,329 MT.
When is the ELITe project due?
Completion is targeted by the last quarter of calendar year 2028.
Source: Packaging South Asia, 7 November 2026.
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