Reported Earnings • May 15
Full year 2026 earnings released: ₹2.83 loss per share (vs ₹1.46 profit in FY 2025) Full year 2026 results: ₹2.83 loss per share (down from ₹1.46 profit in FY 2025). Revenue: ₹13.9b (up 8.6% from FY 2025). Net loss: ₹274.7m (down 301% from profit in FY 2025). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • May 08
Ester Industries Limited to Report Q4, 2026 Results on May 13, 2026 Ester Industries Limited announced that they will report Q4, 2026 results on May 13, 2026 New Risk • Mar 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹9.12b (US$98.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Earnings have declined by 53% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₹9.12b market cap, or US$98.9m). Reported Earnings • Feb 07
Third quarter 2026 earnings released: ₹1.27 loss per share (vs ₹2.64 profit in 3Q 2025) Third quarter 2026 results: ₹1.27 loss per share (down from ₹2.64 profit in 3Q 2025). Revenue: ₹3.39b (down 1.9% from 3Q 2025). Net loss: ₹124.1m (down 150% from profit in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Announcement • Feb 02
Ester Industries Limited to Report Q3, 2026 Results on Feb 06, 2026 Ester Industries Limited announced that they will report Q3, 2026 results on Feb 06, 2026 New Risk • Jan 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹9.00b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Earnings have declined by 52% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (₹9.00b market cap, or US$99.6m). Reported Earnings • Nov 16
Second quarter 2026 earnings released: ₹1.62 loss per share (vs ₹0.32 profit in 2Q 2025) Second quarter 2026 results: ₹1.62 loss per share (down from ₹0.32 profit in 2Q 2025). Revenue: ₹3.57b (up 7.9% from 2Q 2025). Net loss: ₹157.8m (down ₹188.0m from profit in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Nov 11
Ester Industries Limited to Report Q2, 2026 Results on Nov 14, 2025 Ester Industries Limited announced that they will report Q2, 2026 results on Nov 14, 2025 Announcement • Sep 26
Ester Industries Limited Approves Final Dividend for the Financial Year Ended 31st March 2025 Ester Industries Limited at its AGM held on September 26, 2025, approved the final dividend of INR 0.60/- per equity share of INR 5/- each for the financial year ended 31st March 2025. Upcoming Dividend • Sep 12
Upcoming dividend of ₹0.60 per share Eligible shareholders must have bought the stock before 19 September 2025. Payment date: 24 October 2025. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.7%). Announcement • Jul 31
Ester Industries Limited, Annual General Meeting, Sep 26, 2025 Ester Industries Limited, Annual General Meeting, Sep 26, 2025, at 12:00 Indian Standard Time. Reported Earnings • Jul 31
First quarter 2026 earnings released: ₹0.74 loss per share (vs ₹1.71 loss in 1Q 2025) First quarter 2026 results: ₹0.74 loss per share (improved from ₹1.71 loss in 1Q 2025). Revenue: ₹3.47b (up 21% from 1Q 2025). Net loss: ₹71.6m (loss narrowed 56% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Announcement • Jul 25
Ester Industries Limited to Report Q1, 2026 Results on Jul 30, 2025 Ester Industries Limited announced that they will report Q1, 2026 results on Jul 30, 2025 New Risk • May 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 51% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (9.6% average weekly change). Reported Earnings • May 22
Full year 2025 earnings released: EPS: ₹1.46 (vs ₹14.50 loss in FY 2024) Full year 2025 results: EPS: ₹1.46 (up from ₹14.50 loss in FY 2024). Revenue: ₹13.0b (up 22% from FY 2024). Net income: ₹137.0m (up ₹1.35b from FY 2024). Profit margin: 1.1% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • May 16
Ester Industries Limited to Report Q4, 2025 Results on May 21, 2025 Ester Industries Limited announced that they will report Q4, 2025 results on May 21, 2025 Announcement • Mar 31
Sandeep Dinodia Ceases to Be Independent Director of Ester Industries Limited, Effective 31 March 2025 Ester Industries Limited informed that Mr. Sandeep Dinodia ceased to be Independent Director of the Company upon completion of his second term of 5 (Five) consecutive years at the close of business hours on 31 March 2025. Reported Earnings • Feb 06
Third quarter 2025 earnings released: EPS: ₹2.64 (vs ₹5.37 loss in 3Q 2024) Third quarter 2025 results: EPS: ₹2.64 (up from ₹5.37 loss in 3Q 2024). Revenue: ₹3.51b (up 31% from 3Q 2024). Net income: ₹248.2m (up ₹696.3m from 3Q 2024). Profit margin: 7.1% (up from net loss in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Announcement • Jan 31
Ester Industries Limited to Report Q3, 2025 Results on Feb 05, 2025 Ester Industries Limited announced that they will report Q3, 2025 results on Feb 05, 2025 New Risk • Jan 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 46% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). Announcement • Jan 10
Ester Industries Limited Announces Resignation of Yatin P. Sheth as Chief Marketing Officer (Speciality Polymers) Ester Industries Limited announced that Mr. Yatin P. Sheth, Chief Marketing Officer (Speciality Polymers), designated as Senior Management Personnel, has tendered his resignation from the said position with effect from 9th January 2025 and he shall be relieved from his responsibilities from close of business hours on 7th March 2025. Reported Earnings • Nov 07
Second quarter 2025 earnings released: EPS: ₹0.32 (vs ₹3.65 loss in 2Q 2024) Second quarter 2025 results: EPS: ₹0.32 (up from ₹3.65 loss in 2Q 2024). Revenue: ₹3.34b (up 28% from 2Q 2024). Net income: ₹30.2m (up ₹334.6m from 2Q 2024). Profit margin: 0.9% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Announcement • Nov 05
Ester Industries Limited Announces the Resignation of Anshuman Mahato as Chief Human Resources Officer Ester Industries Limited announced the resignation of Mr. Anshuman Mahato as Chief Human Resources Officer to pursue new growth opportunities that have come my way. Announcement • Oct 29
Ester Industries Limited to Report Q2, 2025 Results on Nov 06, 2024 Ester Industries Limited announced that they will report Q2, 2025 results on Nov 06, 2024 Announcement • Sep 04
Ester Industries Limited Decides Not to Recommend Any Dividend for the Financial Year 2023-24 Ester Industries Limited announced that due to losses incurred during the year under review, directors have decided not to recommend any dividend for the financial year 2023-24. Announcement • Aug 27
Ester Industries Limited Announces Resignation of Girish Behal as Business Head-Polyester Films SBU Ester Industries Limited announced that Mr. Girish Behal, Business Head-Polyester Films SBU, designated as Senior Management Personnel, has tendered his resignation from the said position. He shall be relieved from his responsibilities at the earliest as per the applicable policies of the Company. Announcement • Aug 13
Ester Industries Limited, Annual General Meeting, Sep 27, 2024 Ester Industries Limited, Annual General Meeting, Sep 27, 2024. Reported Earnings • Aug 13
First quarter 2025 earnings released: ₹1.71 loss per share (vs ₹2.65 loss in 1Q 2024) First quarter 2025 results: ₹1.71 loss per share (improved from ₹2.65 loss in 1Q 2024). Revenue: ₹2.92b (up 14% from 1Q 2024). Net loss: ₹161.0m (loss narrowed 27% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Announcement • Aug 05
Ester Industries Limited to Report Q1, 2025 Results on Aug 12, 2024 Ester Industries Limited announced that they will report Q1, 2025 results on Aug 12, 2024 Reported Earnings • May 23
Full year 2024 earnings released: ₹14.49 loss per share (vs ₹1.40 profit in FY 2023) Full year 2024 results: ₹14.49 loss per share (down from ₹1.40 profit in FY 2023). Revenue: ₹10.9b (down 2.1% from FY 2023). Net loss: ₹1.21b (down ₹1.33b from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Announcement • May 16
Ester Industries Limited to Report Q4, 2024 Results on May 22, 2024 Ester Industries Limited announced that they will report Q4, 2024 results on May 22, 2024 New Risk • Apr 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.1% operating cash flow to total debt). Earnings have declined by 17% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.3% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). Announcement • Mar 29
Ester Industries Limited announced that it has received INR 998.99965 million in funding from RJ Corp Limited, Modi Rubber Limited On March 28, 2024, Ester Industries Limited closed the transaction. Announcement • Mar 21
Ester Industries Limited Approves Board Appointments Ester Industries Limited approved appointment of Mr. Atul Aggarwal and Mr. Alok Dhir as an independent directors of the company. Announcement • Feb 16
Ester Industries Limited announced that it expects to receive INR 998.99965 million in funding from RJ Corp Limited, Modi Rubber Limited and other investors Ester Industries Limited announced a private placement of 10,560,250 equity shares of face value of INR 5 per equity share at an issue price of INR 94.60 for the gross proceeds of up to INR 998,999,650 on February 14, 2024. The transaction will include participation from new investors Arvind Singhania for 2,632,135 shares for INR 249,000,000, Modi Rubber Limited for 2,642,705 shares for INR 250,000,000, Kamalesh Jayant Shah for 2,642,705 shares for INR 250,000,000 and RJ Corp Limited for 2,642,705 shares for INR 250,000,000. The transaction has been approved by the shareholders of the company and is subject to shareholders’ approval. Reported Earnings • Feb 16
Third quarter 2024 earnings released: ₹5.37 loss per share (vs ₹1.11 loss in 3Q 2023) Third quarter 2024 results: ₹5.37 loss per share (further deteriorated from ₹1.11 loss in 3Q 2023). Revenue: ₹2.72b (up 41% from 3Q 2023). Net loss: ₹448.2m (loss widened 384% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Announcement • Feb 10
Ester Industries Limited to Report Q3, 2024 Results on Feb 14, 2024 Ester Industries Limited announced that they will report Q3, 2024 results on Feb 14, 2024 New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings have declined by 2.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.1% operating cash flow to total debt). Earnings have declined by 2.9% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₹7.31b market cap, or US$87.8m). Announcement • Oct 28
Ester Industries Limited to Report Q2, 2024 Results on Nov 07, 2023 Ester Industries Limited announced that they will report Q2, 2024 results on Nov 07, 2023 Announcement • Sep 29
Ester Industries Limited Approves Final Dividend for the Financial Year Ended 31St March, 2023 Ester Industries Limited approved final dividend of INR 0.50/- per equity share of INR 5/- each for the financial year ended 31st March, 2023 at its AGM held on 27th September, 2023. Upcoming Dividend • Sep 13
Upcoming dividend of ₹0.50 per share at 0.5% yield Eligible shareholders must have bought the stock before 20 September 2023. Payment date: 25 October 2023. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (0.8%). Reported Earnings • Aug 12
First quarter 2024 earnings released: ₹2.65 loss per share (vs ₹4.02 profit in 1Q 2023) First quarter 2024 results: ₹2.65 loss per share (down from ₹4.02 profit in 1Q 2023). Revenue: ₹2.67b (down 18% from 1Q 2023). Net loss: ₹220.6m (down 166% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Aug 04
Ester Industries Limited to Report Q1, 2024 Results on Aug 11, 2023 Ester Industries Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Announcement • Jul 12
Ester Industries Limited Appoints Ms. Poornima Gupta as Company Secretary and Compliance Officer Board of Directors of Ester Industries Limited at their meeting held on 12th July, 2023, has appointed Ms. Poornima Gupta as Company Secretary and Compliance officer (Key Managerial Personnel) of the Company with effect from 12th July, 2023. Mr. Pradeep Kumar Rustagi, Executive Director - Corporate Affairs who was officiated as the Compliance officer as an interim measure has been relieved from the said position w.e.f. 12th July, 2023. Ms. Poornima Gupta is a Qualified Company Secretary (Membership No. A-49876) with more than 8 years of rich experience in the core secretarial activities, listing compliances, SEBI laws and other allied activities. Prior to joining Ester, she was associated with some reputed organizations like New Delhi Television Limited (NDTV), Balaji Telefilms Limited Hindustan Unilever Limited (HUL) and other Public Limited companies. Announcement • Jun 01
Ester Industries Limited Recommends Final Dividend for the Financial Year Ended on 31 March 2023 Ester Industries Limited at its meeting held on June 1, 2023, recommended final dividend of INR 0.50 per equity share having face value of INR 5 each (10%) for the financial year ended on March 31, 2023, subject to the approval of the shareholders of the Company in the forthcoming Annual General Meeting. Reported Earnings • May 27
Full year 2023 earnings released: EPS: ₹1.40 (vs ₹16.39 in FY 2022) Full year 2023 results: EPS: ₹1.40 (down from ₹16.39 in FY 2022). Revenue: ₹11.3b (down 20% from FY 2022). Net income: ₹116.8m (down 92% from FY 2022). Profit margin: 1.0% (down from 9.7% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 58% per year, which means it is well ahead of earnings. Announcement • May 19
Ester Industries Limited to Report Q4, 2023 Results on May 26, 2023 Ester Industries Limited announced that they will report Q4, 2023 results at 3:30 PM, Indian Standard Time on May 26, 2023 Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹133, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 416% over the past three years. Board Change • May 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. Head of Business Development & Marketing and Whole-Time Director Ayush Singhania was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 15
Second quarter 2023 earnings released: EPS: ₹0.55 (vs ₹3.88 in 2Q 2022) Second quarter 2023 results: EPS: ₹0.55 (down from ₹3.88 in 2Q 2022). Revenue: ₹3.02b (down 9.2% from 2Q 2022). Net income: ₹46.0m (down 86% from 2Q 2022). Profit margin: 1.5% (down from 9.7% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹101, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 173% over the past three years. Announcement • Feb 01
Ester Industries Limited to Report Q3, 2023 Results on Feb 14, 2023 Ester Industries Limited announced that they will report Q3, 2023 results on Feb 14, 2023 Announcement • Jan 31
Ester Industries Limited Announces Resignation of Diwaker Dinesh as Company Secretary and Compliance Officer, Effective January 31, 2023 Ester Industries Limited announced that Mr. Diwaker Dinesh, Head-Legal & Company Secretary, has tendered his resignation from the position of Company Secretary and Compliance Officer of the company with effect from the close of business hours of January 31, 2023. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹134, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 322% over the past three years. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹0.55 (vs ₹3.88 in 2Q 2022) Second quarter 2023 results: EPS: ₹0.55 (down from ₹3.88 in 2Q 2022). Revenue: ₹3.06b (down 8.0% from 2Q 2022). Net income: ₹46.0m (down 86% from 2Q 2022). Profit margin: 1.5% (down from 9.7% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 09
Ester Industries Limited to Report Q2, 2023 Results on Nov 14, 2022 Ester Industries Limited announced that they will report Q2, 2023 results on Nov 14, 2022 Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improved over the past week After last week's 16% share price gain to ₹183, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 529% over the past three years. Announcement • Sep 16
Radici Plastics India Pvt. Ltd. completed the acquisition of Engineering Plastics Business of Ester Industries Limited (BSE:500136). Radici Plastics India Pvt. Ltd. signed a business transfer agreement to acquire Engineering Plastics Business of Ester Industries Limited (BSE:500136) for INR 2.9 billion on May 6, 2022. The consideration will be paid in cash. During the financial year 2020-21, Engineering Plastics Business reported a turnover of INR 2.05 billion. The transaction has been approved by the Board of Directors of Ester and is subject to the approval of shareholders, lenders, and other necessary approvals. Date of completion of Sale will be required to be completed on or before October 15, 2022. Srinath Dasari, Nohid Nooreyezdan, Nanditha Gopal, Aditya Singh Chandel, Bharat Budholia and Veena Gopalakrishnan of AZB & Partners served as legal advisor to Radici Plastics India Pvt. Ltd.
Radici Plastics India Pvt. Ltd. completed the acquisition of Engineering Plastics Business of Ester Industries Limited (BSE:500136) on September 15, 2022. Upcoming Dividend • Sep 13
Upcoming dividend of ₹1.90 per share Eligible shareholders must have bought the stock before 20 September 2022. Payment date: 26 October 2022. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 2.0%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.7%). Announcement • Aug 31
Ester Industries Limited Announces Resignation of Manish Gupta as Chief Financial Officer Ester Industries Limited announced that Mr. Manish Gupta has tendered his resignation as the Chief Financial Officer of the Company with effect from close of business hours on 29th August, 2022 due to personal reasons. Announcement • Aug 13
Ester Industries Limited, Annual General Meeting, Sep 28, 2022 Ester Industries Limited, Annual General Meeting, Sep 28, 2022, at 11:00 Indian Standard Time. Agenda: Annual General Meeting. Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: ₹4.02 (vs ₹4.43 in 1Q 2022) First quarter 2023 results: EPS: ₹4.02 (down from ₹4.43 in 1Q 2022). Revenue: ₹3.27b (up 2.4% from 1Q 2022). Net income: ₹335.9m (down 9.1% from 1Q 2022). Profit margin: 10% (down from 12% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 03
Ester Industries Limited to Report Q1, 2023 Results on Aug 10, 2022 Ester Industries Limited announced that they will report Q1, 2023 results on Aug 10, 2022 Reported Earnings • May 22
Full year 2022 earnings released: EPS: ₹16.39 (vs ₹16.49 in FY 2021) Full year 2022 results: EPS: ₹16.39 (down from ₹16.49 in FY 2021). Net income: ₹1.37b (flat on FY 2021). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 21
Ester Industries Limited Recommends Final Dividend for the Year Ended on March 31, 2022 Ester Industries Limited at its board meeting held on May 20, 2022, recommended of final dividend of INR 1.90 per equity share for the year ended on March 31, 2022, subject to the approval of the shareholders of the Company in the forthcoming Annual General Meeting. Announcement • May 14
Ester Industries Limited to Report Q4, 2022 Results on May 20, 2022 Ester Industries Limited announced that they will report Q4, 2022 results on May 20, 2022 Announcement • May 08
Radici Plastics India Pvt. Ltd. signed a business transfer agreement to acquire Engineering Plastics Business of Ester Industries Limited (BSE:500136) for INR 2.9 billion. Radici Plastics India Pvt. Ltd. signed a business transfer agreement to acquire Engineering Plastics Business of Ester Industries Limited (BSE:500136) for INR 2.9 billion on May 6, 2022. The consideration will be paid in cash. During the financial year 2020-21, Engineering Plastics Business reported a turnover of INR 2.05 billion. The transaction has been approved by the Board of Directors of Ester and is subject to the approval of shareholders, lenders, and other necessary approvals. Date of completion of Sale will be required to be completed on or before October 15, 2022. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improved over the past week After last week's 20% share price gain to ₹176, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 447% over the past three years. Reported Earnings • Feb 07
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹4.14 (up from ₹3.78 in 3Q 2021). Revenue: ₹3.66b (up 43% from 3Q 2021). Net income: ₹345.2m (up 9.5% from 3Q 2021). Profit margin: 9.4% (down from 12% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 04
Ester Industries Limited Replaces Pradeep Kumar Rustagi with Manish Gupta as Chief Financial Officer Ester Industries Limited replaced Pradeep Kumar Rustagi with Manish Gupta as Chief Financial Officer (Key Managerial Personnel). The resignation of Pradeep Kumar Rustagi is effective from February 3, 2022 (close of business hours) and appointment of Manish Gupta is effective from February 4, 2022. Manish has completed Chartered Accountant from Institute of Chartered Accountants of India in 2004. He has over 20 years of experience in steering financial operations across various industries. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS ₹3.88 (vs ₹5.30 in 2Q 2021) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹3.33b (up 33% from 2Q 2021). Net income: ₹323.4m (down 27% from 2Q 2021). Profit margin: 9.7% (down from 18% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 53% per year whereas the company’s share price has increased by 51% per year. Board Change • Sep 14
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Non-Executive & Independent Director Padmaja Ruparel was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 13
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Non-Executive & Independent Director Padmaja Ruparel was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 10
Upcoming dividend of ₹1.90 per share Eligible shareholders must have bought the stock before 17 September 2021. Payment date: 25 October 2021. Trailing yield: 2.8%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.7%). Board Change • Sep 09
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Non-Executive & Independent Director Padmaja Ruparel was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 10
First quarter 2022 earnings released: EPS ₹4.43 (vs ₹3.52 in 1Q 2021) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2022 results: Revenue: ₹3.21b (up 70% from 1Q 2021). Net income: ₹369.3m (up 26% from 1Q 2021). Profit margin: 12% (down from 16% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 22
Full year 2021 earnings released: EPS ₹16.49 (vs ₹11.93 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹10.00b (down 3.8% from FY 2020). Net income: ₹1.37b (up 38% from FY 2020). Profit margin: 14% (up from 9.6% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 17% share price gain to ₹142, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 123% over the past three years. Is New 90 Day High Low • Feb 21
New 90-day low: ₹100 The company is down 24% from its price of ₹133 on 21 November 2020. The Indian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 14% over the same period. Reported Earnings • Feb 02
Third quarter 2021 earnings released: EPS ₹3.78 (vs ₹2.33 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹2.56b (up 3.8% from 3Q 2020). Net income: ₹315.3m (up 63% from 3Q 2020). Profit margin: 12% (up from 7.9% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 27
New 90-day low: ₹108 The company is down 12% from its price of ₹123 on 29 October 2020. The Indian market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 17% over the same period. Announcement • Jan 19
Ester Industries Limited to Report Q3, 2021 Results on Feb 01, 2021 Ester Industries Limited announced that they will report Q3, 2021 results on Feb 01, 2021 Valuation Update With 7 Day Price Move • Nov 18
Market bids up stock over the past week After last week's 15% share price gain to ₹129, the stock is trading at a trailing P/E ratio of 8.3x, up from the previous P/E ratio of 7.2x. This compares to an average P/E of 16x in the Chemicals industry in India. Total returns to shareholders over the past three years are 265%. Is New 90 Day High Low • Nov 18
New 90-day high: ₹129 The company is up 68% from its price of ₹76.45 on 20 August 2020. The Indian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 9.0% over the same period. Reported Earnings • Oct 28
First half earnings released Over the last 12 months the company has reported total profits of ₹1.30b, up 118% from the prior year. Total revenue was ₹9.39b over the last 12 months, down 12% from the prior year. Valuation Update With 7 Day Price Move • Oct 22
Market bids up stock over the past week After last week's 30% share price gain to ₹120, the stock is trading at a trailing P/E ratio of 9.5x, up from the previous P/E ratio of 7.3x. This compares to an average P/E of 15x in the Chemicals industry in India. Total returns to shareholders over the past three years are 198%. Is New 90 Day High Low • Oct 22
New 90-day high: ₹120 The company is up 116% from its price of ₹55.70 on 24 July 2020. The Indian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 13% over the same period. Is New 90 Day High Low • Oct 05
New 90-day high: ₹81.30 The company is up 46% from its price of ₹55.50 on 07 July 2020. The Indian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 15% over the same period.