MarketFriction

Ester Industries Ltd

NSE ESTER · BSE 500136 · Packaging
₹95.52 -5.63%
NSE close2026-10-01
52 week range68.55 - 132.45
Market cap₹882 Cr.
Price band 20% Delivery 41.8%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales261268277286331346319338354339344432
Expenses272287271275291286283318340323302383
Operating Profit-10-206114060362014164249
OPM %-3.9%-7%2.2%3.9%12%17%11%6%4.0%4.8%12%11%
Other Income10536353935110
Interest181818171816161517161617
Depreciation171718171717171717181818
Profit before tax-35-50-27-177316-4-17-13924
Tax %-13%-10%-11%-3%55%21%69%88%-8%-2%17%21%
Net Profit-30-45-24-163252-7-16-12819
EPS in Rs-3.65-5.37-2.52-1.710.322.640.21-0.73-1.62-1.270.811.79
Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales6988849288957689921,1101,1141,0631,2821,3751,469
Expenses6638428538236987609391,0221,0861,1351,2821,347
Operating Profit354274727123117193-2314793122
OPM %5%4.8%8%8%9%23%15%8%-2.1%12%7%8%
Other Income6553586013726161719
Interest352635373619253670676567
Depreciation272930323235374468697071
Profit before tax-21-81457185169149-13528-243
Tax %-34%-32%41%21%33%26%19%8%-10%51%13%
Net Profit-14-5845137137137-12114-27-2
EPS in Rs-2.21-0.841.330.610.5516.4916.3916.42-12.881.46-2.81-0.29
Dividend Payout %0%0%38%0%0%21%20%3%0%0%-9%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth6%7%7%10%
Compounded Profit Growth%%%-108%
Stock Price CAGR6%-11%-4%-22%
Return on Equity%4%-7%-4%
Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital313131313142424242474749
Reserves246232226232241250470580702671726734
Borrowings224304335363376316208639816773660729
Other Liabilities1226060726780142168155153140162
Total Liabilities6236276526987146888621,4281,7151,6431,5731,674
Fixed Assets363350376390399385377390979989977978
CWIP51751812237643579833936
Investments11000010154697578
Other Assets254258272290303280407604503502482581
Total Assets6236276526987146888621,4281,7151,6431,5731,674
Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity83472352688114662584411289
Cash from Investing Activity-222-36-27-57-36-20-147-392-19942-56-116
Cash from Financing Activity140-94-2-18-753384114-14-1336
Net Cash Flow13-0-714-14254-2872-77-21
Free Cash Flow-13811-14-5325810-352-198-288227
CFO/OP59%143%54%69%97%117%83%69%73%-202%78%101%
Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days664445494853566450514849
Inventory Days8677696974969811088707486
Days Payable671411111117273417312227
Cash Conversion Cycle8510710310611113212613912190101108
Working Capital Days382716-4-7-0516514-25137
ROCE %56%3%3%8%7%7%14%4%-5%6%3%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters64.04%64.04%62.45%62.45%62.40%62.40%62.40%62.73%62.73%62.72%62.72%62.32%
FIIs0.04%0.03%0.04%0.03%0.10%0.04%0.08%0.17%0.03%0.06%0.05%0.03%
DIIs0.01%0.01%0.01%0.01%0.44%0.01%0.01%0.01%0.04%0.13%0.16%0.15%
Public35.91%35.92%37.50%37.49%37.06%37.55%37.51%37.09%37.19%37.09%37.07%37.49%
No. of Shareholders41,56441,44741,42837,80338,29138,64037,77237,68138,33737,69436,92437,110

Fundamentals

Market Cap₹ 882 Cr.
Current Price₹ 84.6
Book Value₹ 80.2
ROCE2.75 %
ROE-3.56 %
Dividend Yield0.30 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)10%
Compounded Profit Growth (TTM)-108%
Consolidated figures.
Valuation
Market capRs 932 Cr
Enterprise valueRs 1,556 Cr
Price to book1.19x
Price to sales0.63x
EV / EBITDA11.07x
EV / EBIT22.36x
EV / sales1.06x
Price to cash flow10.53x
Earnings yield-0.18%
Dividend yield0.26%
P/E, 3-year average82.50x
P/B, 3-year average1.15x
P/E, 5-year average32.17x
P/B, 5-year average1.27x
Profitability
Operating margin (excl. other income)6.78%
Operating margin (incl. other income)8.04%
EBITDA margin9.57%
Pre-tax margin0.21%
Net profit margin-0.12%
Net margin, latest quarter4.31%
ROE-3.53%
ROCE2.76%
ROA-1.69%
ROE, 3-year average-6.09%
ROCE, 3-year average1.68%
ROA, 3-year average-2.68%
ROE, 5-year average5.18%
ROCE, 5-year average7.55%
ROA, 5-year average2.52%
ROIC (approx.)5.60%
Tax rate-13.14%
Other income / net worth2.21%
Growth
Sales growth (latest year)7.26%
Profit growth (latest year)-300.51%
Sales CAGR, 3 years7.27%
Sales CAGR, 5 years6.76%
Sales growth QoQ25.69%
Profit growth QoQ136.59%
Sales growth YoY (latest quarter)27.78%
Per share
EPS (TTM)Rs -0.17
EPS (latest year)Rs -2.81
EPS (latest quarter)Rs 1.91
EPS, 3-year averageRs -4.75
EPS, 5-year averageRs 3.71
Book value per shareRs 80.21
Sales per shareRs 150.55
Cash flow per shareRs 9.07
Free cash flow per shareRs 2.77
Dividend per share (latest year)Rs 0.25
Dividend per share, 3-year averageRs 0.25
Dividend per share, 5-year averageRs 1.35
Dividends
Dividend payout, 5-year average11.59%
Efficiency
Asset turnover0.82x
Fixed asset turnover1.41x
Inventory turnover5.25x
Inventory days69 days
Debtor days49 days
Debtors turnover7.44x
Creditor days27 days
Cash conversion cycle108 days
Working capital days7 days
Leverage
Total debtRs 729 Cr
Cash and bankRs 105 Cr
Net debtRs 624 Cr
Debt to equity0.93x
Net debt / EBITDA4.44x
Interest coverage1.05x
Current ratio (filing 2026-03-31)1.44x
Quick ratio (filing 2026-03-31)0.94x
Trade payables (filing 2026-03-31)Rs 67 Cr
Owners' fund to total sources46.76%
Debt to assets43.55%
Cash flow
Cash from Operating Activity (latest year)Rs 89 Cr
Cash from Investing Activity (latest year)Rs -116 Cr
Cash from Financing Activity (latest year)Rs 6 Cr
Net Cash Flow (latest year)Rs -21 Cr
Free cash flow (latest year)Rs 27 Cr
FCFE (approx.: FCF + change in debt)Rs 96 Cr
Cash from ops / profit, 5 years2.61x
Sales to cash flow15.53x
Statement figures
Net sales (TTM)Rs 1,469 Cr
Net sales (latest year)Rs 1,375 Cr
Sales (latest quarter)Rs 432 Cr
Operating profit excl. other income (latest year)Rs 93 Cr
Operating profit (latest quarter)Rs 49 Cr
Other income (TTM)Rs 19 Cr
EBITDA (TTM)Rs 141 Cr
PBDT (TTM)Rs 74 Cr
Profit before tax (TTM)Rs 3 Cr
Tax (latest year)Rs 3 Cr
Net profit (TTM)Rs -2 Cr
Net profit (latest year)Rs -27 Cr
Net profit (latest quarter)Rs 19 Cr
Depreciation (TTM)Rs 71 Cr
Depreciation (latest quarter)Rs 18 Cr
Interest (TTM)Rs 67 Cr
Cost of goods sold (latest year)Rs 1,096 Cr
Total expenditure (latest year)Rs 1,282 Cr
Total income (latest year)Rs 1,392 Cr
Share capitalRs 49 Cr
ReservesRs 734 Cr
Shareholders' fundsRs 783 Cr
Total assetsRs 1,674 Cr
Net blockRs 978 Cr
Capital work in progressRs 36 Cr
InvestmentsRs 78 Cr
ReceivablesRs 185 Cr
InventoryRs 209 Cr
Other liabilitiesRs 162 Cr
Shares outstanding (crore)9.76
Ownership
Promoter holding62.32% (-0.41 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/B 1.19 is at the 21th percentile (median 1.46).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodESTERNifty 50Difference
1 week+9.9%-2.8% +12.7 pts
1 month+3.1%-6.8% +9.9 pts
3 months+2.9%-7.6% +10.5 pts
6 months+35.2%+0.4% +34.8 pts
1 year-14.1%-9.9% -4.2 pts
2 years-42.8%-13.6% -29.3 pts
3 years+1.5%+14.2% -12.7 pts
5 years-35.2%+27.9% -63.1 pts

Red flags

F-score 3 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹432 Cr +27.8% vs Jun 2025. Net profit ₹19 Cr +371.4%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-17Dividend - Re 0.25 Per Share
2025-09-19Dividend - Rs 0.60 Per Share
2023-09-20Annual General Meeting/Dividend - Re 0.50 Per Share
2022-09-20Annual General Meeting/Dividend - Rs 1.90 Per Share
2021-11-22 Interim Dividend - Rs 1.40 Per Share
2021-09-17 Annual General Meeting/Dividend - Rs 1.90 Per Share
2020-11-02 Interim Dividend - Rs 1.50 Per Share
2020-08-20 Annual General Meeting/Dividend - Rs 2.50 Per Share
2019-09-06 Dividend - Rs 0.50 Per Share
2018-09-14 Annual General Meeting
2017-08-24 Annual General Meeting
2016-09-15 Annual General Meeting
2015-09-18 Annual General Meeting
2014-09-11Annual General Meeting / Final Dividend - Re 0.50/- Per Share
2013-09-19Annual General Meeting
2012-09-14Annual General Meeting
2011-07-13Dividend-Rs.2/- Per Share
DateTypeWhat it says
2026-10-01Volume querySignificant increase in volume has been observed in Ester Industries Limited. The Exchange, in order to ensure that investors have latest relevant inf...
2026-09-30Volume querySignificant increase in volume has been observed in Ester Industries Limited. The Exchange, in order to ensure that investors have latest relevant inf...
2026-09-25Credit Rating- OthersRenewal of Credit Rating.
2026-09-24Shareholder meetingVoting results.
2026-09-24Shareholder meetingProceedings of Annual General Meeting held on September 24, 2026
2026-09-02UpdatesWeblink of the Notice of Annual General Meeting along with Annual Report for the Financial Year 2025-26.
2026-09-02Shareholder meetingNotice of Annual General Meeting to be held on September 24, 2026
2026-08-24Concall / analyst meetTranscript
2026-08-20Disclosure under SEBI TakeovAyush Vardhan Singhania has submitted to  the Exchange a copy of Cancellation of proposed Inter-se-Transfer of shares between the promoter and Promote...
2026-08-20UpdatesCancellation of proposed Inter-se Transfer of shares amongst Promoter and Promoter Group.
2026-08-18Concall / analyst meetLink of Recording
2026-08-14UpdatesIntimation under Regulation 10(1)(a) of SEBI (SAST) Regulations, 2011.
2026-08-14Disclosure under SEBI TakeovAyush Vardhan Singhania has Submitted to the Exchange a copy of Disclosure under Regulation 10 (5) of the Securities and Exchange Board of India (Subs...
2026-08-13Monitoring Agency ReportPursuant to the Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 162A(4) of the ...
2026-08-12Investor PresentationInvestor Presentation
2026-08-12Press ReleaseA press release dated August 12, 2026, titled "Ester Loop Infinite Technologies Private Limited (ELITe Ester & Loop 50:50 JV Company) Secures Multi-...
2026-08-12Press ReleaseA press release dated August 12, 2026, titled "Un-Audited Financial Results for the quarter ended 30th June 2026.".
2026-08-12Concall / analyst meetSchedule of meet
2026-08-11Record DateRecord date for the purpose of Dividend is 17-Sep-2026.
2026-08-11Board meeting outcomeEster Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-06-26Concall / analyst meetSchedule of meet
2026-05-26Shareholder meetingVoting results.
2026-05-21Concall / analyst meetTranscript of Q4FY26 Earning Call
2026-05-19Disclosure under SEBI TakeovArvind Singhania has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial ...
2026-05-15Concall / analyst meetLink of Recording
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-07-06NCLTM/s. Ester Industries Ltd. V/s. M/s. Kanik Electronics Pvt. Ltd. Vs
2021-07-02NCLTM/s. Ester Industries Ltd. V/s. M/s. Kanik Electronics Pvt. Ltd. Vs
2021-02-26NCLTM/s. Ester Industries Ltd. V/s. M/s. Kanik Electronics Pvt. Ltd. Vs
2019-03-15CESTATESTER INDUSTRIES LIMITED ---VS.--- DEHRADUN
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
EPS in the scrip is zero (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03