Ester Industries Limited

ESTER.BO

Chemicals - Specialty · Basic Materials

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

Dividends

Weak

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Winston Score History

The full picture

Ester Industries Limited is an Indian company that makes two main things: specialty polyester films and engineering plastics. Polyester films are thin, flexible plastic sheets used in packaging, electrical insulation, and solar panels. Engineering plastics are stronger plastic materials used in car parts and electronics. The company sells to manufacturers across industries like food packaging, consumer goods, and automotive.

Ester earns money by selling these materials directly to industrial customers, mostly in India but also through exports to international markets. It is a mid-sized Indian chemicals company listed on the Bombay Stock Exchange. Its competitive edge comes from operating both a film business and a specialty chemicals division, giving it some product diversity. However, the company's operating margin is thin at around 3.6%, meaning small swings in raw material costs — mainly purified terephthalic acid (PTA) and MEG, which are oil-linked inputs — can quickly squeeze profits. Managing input cost volatility remains the key financial risk.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+285.7% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

77.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹1.9B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Ester Industries Limited is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

26.1%

Modest — 26.1% gross margin

Profit after running costs

Operating Margin

7.2%

Modest — 7.2% operating margin

Return on the money invested

ROCE

6.7%

Weak — 6.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+10.1%

Steady sales growth (+10.1% YoY)

Profit growth

EPS YoY

-109.9%

Earnings shrinking (-109.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-1.7%

Burning cash (-1.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

0.79x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.26%

no trend

Small dividend — 0.26% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-55.5%

no trend

Dividend cut (-55.5% YoY) — warning sign

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