Just when markets were busy celebrating “India manufacturing renaissance,” Ester Industries decided to remind everyone that reality still exists. Q2 FY26 came with rising volumes, collapsing margins, currency tantrums, and imports priced like a clearance sale.
Management sounded confident, analysts sounded worried, and the spreadsheet quietly cried in the corner. Polyester Films were hit by cheap imports and US tariffs, Specialty Polymers played the hero, and foreign exchange losses ensured profits didn’t get too comfortable.
If you like earnings calls where growth exists but profits ghost you, this one’s a treat. And wait till you meet ELITe—the recycling JV that promises to save the planet and maybe, just maybe, the P&L.
Read on. Things get spicier once antidumping duties, Nike deals, and euro loans enter the chat.
2. At a Glance
Revenue up 7% – Volumes showed up, margins forgot the meeting invite.
Specialty Polymers EBIT +45% – IP protection doing what prayers couldn’t.
EBITDA down ~60% – FX losses: the silent assassin.
Polyester Films margins crushed – Imports at ₹93/kg said “adapt or die.”
Net loss ₹4.8 cr – Growth without profit is still… loss.
3. Management’s Key Commentary
“Revenue grew 7% YoY driven by higher volumes.” (Yes, we sold more. No, we didn’t earn more 😏)
“Margins were impacted due to predatory imports.” (Someone dumped cheap film, and it wasn’t us.)
“Specialty Polymers were unaffected due to IP protection.” (Patents > tariffs. Finally, something worked.)
“EBITDA would have been higher but for forex losses.” (If only currencies behaved like PowerPoint assumptions.)
“Antidumping investigation has been initiated.” (Government, please hurry. We’re tired.)
“ELITe has secured Nike as an anchor customer.” (Big brand validation unlocked 🌍)
“This project reduces carbon emissions by 81%.” (Saving the planet… and hopefully future margins.)
