Ester Industries

What Ester Industries does

Ester Industries Limited, founded in 1985 and headquartered in Gurgaon, India, is a publicly listed (BSE smallcap) manufacturer of BOPET (biaxially oriented polyethylene terephthalate) films, specialty polymers, and recycled PET (rPET). The company runs three revenue streams — BOPET Films, Specialty Polymers, and rPET — sold primarily via a direct sales-led GTM to manufacturing customers in packaging, automotive/industrial, and textile/apparel verticals. FY26 consolidated revenue was Rs 1,392.7 crore (+7.2% YoY) with BOPET capacity utilization at 78% and a full-year net loss of Rs 27.5 crore against a prior-year profit, while Q4 FY26 PAT rose 301% YoY to Rs 7.9 crore and rPET volumes surged 258% to 5,325 tonnes.

The technological foundation comprises (a) BOPET film manufacturing lines, (b) specialty polymer compounding, and (c) chemical recycling of polyester textile waste via a 50:50 joint venture called ELITe (Ester Loop Infinite Technologies) with Canada's Loop Industries, which provides access to Loop's patented depolymerisation process. Ester has commissioned a 20,000 MT/year rPET plant in Hyderabad and is developing a Rs 1,600 crore, 70,000 MT PET-resin-capacity facility in Gujarat targeted for end-2027 / 2028 operations. The recycling platform converts textile and polyester waste into rPET resin, rDMT, and rMEG for apparel, automotive, and specialty-polymer customers, with Nike as anchor customer and additional offtakes with Taro Plast (Italy) and Hyosung TNC (South Korea).

The business model is primarily transactional / hardware-style sale of materials (BOPET films, specialty polymers, rPET) under direct contracts, with select multi-year supply agreements (e.g., Nike) and offtake arrangements (Taro Plast, Hyosung TNC) anchoring the recycling business. Demand is structural rather than discretionary: India's Plastic Waste Management Rules mandate recycled content in packaging, and global apparel brands are pursuing textile-to-textile circularity commitments. Capital formation has been promoter-led — a Rs 1.6525 billion warrant conversion at a 60% premium was completed in May 2026 — alongside the ELITe JV and a Gujarat MoU. Promoters hold meaningful equity but no institutional PE/VC parent is indicated.

Name

Ester Industries

Legal name

Ester Industries Limited

Website

https://esterindustries.com

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Ester Industries Limited is a publicly listed Indian manufacturer of BOPET films, specialty polymers, and recycled PET (rPET), serving packaging, automotive, and apparel customers through its Hyderabad plant and the ELITe joint venture with Loop Industries.

Ownership category

akta.pro rank

Product category

Polyester Films & Specialty Polymers

NAICS

Plastics Product Manufacturing (3261), Resin, Synthetic Rubber, and Artificial and Synthetic Fibers and Filaments Manufacturing (3252), Resin and Synthetic Rubber Manufacturing (32521)

SIC

Unsupported Plastics Film & Sheet (3081), Plastic Materials, Synth Resins & Nonvulcan Elastomers (2821), Industrial Organic Chemicals (2860)

akta.pro primary industry

Polyester & Nylon Films (PET/BOPET, PA/BOPA) (IMALABAB)

akta.pro secondary industries

Recycled & Reprocessed Polymer Resin Manufacturing (rPET, rPP, rPE; PCR/PIR resins) (IMANAAAH), Polyesters & PET Chain (PTA, MEG, PET) (IMAEADAG), Biobased, Compostable & Low-Impact Material Innovation (Bio-polymers/Dope Dyeing) (IMAOAMAM)

Keywords

• BOPET film manufacturing
• Specialty polymers production
• Recycled PET manufacturing
• Polyester packaging films
• Chemical recycling technology

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. BOPET Films: Sale of Biaxially Oriented Polyethylene Terephthalate (BOPET) films for packaging and industrial applications. Revenue of Rs 13.927 billion for FY26.
2. Specialty Polymers: Production and sale of specialty polymers, part of the company's strategic shift toward innovation and sustainability.
3. Recycled PET (rPET): Sale of recycled PET materials. rPET sales volume surged 258% to 5,325 tonnes in Q4 FY26, indicating strong demand acceleration.

Go-to-market motion1 record

Core offering

Ester Industries manufactures biaxially-oriented polyethylene terephthalate (BOPET) films and specialty polymers for packaging, electrical, and industrial customers. Through a 20,000 metric ton rPET plant in Hyderabad and the ELITe 50:50 joint venture with Loop Industries in Gujarat, the company also produces recycled PET resin, recycled DMT, and recycled MEG for apparel, automotive, and textile applications.

Product overview

Ester Industries is a manufacturer of BOPET film and specialty polymers that has expanded into sustainable recycling solutions. The company operates its core BOPET Film and Specialty Polymers product lines alongside a growing rPET (Recycled PET) business with a 20,000 metric ton Hyderabad plant. Through its 50:50 joint venture ELITe with Loop Industries of Canada, Ester is developing a Rs 1,600 crore Gujarat chemical recycling facility to produce rPET resin, rDMT, and rMEG with 70,000 tonne annual capacity by 2027, positioning India as a circular polyester hub with Nike as anchor customer.

Differentiator

Problem solved

Functional benefit

Products and services

• BOPET Film Biaxially-oriented polyethylene terephthalate (BOPET) film manufactured by Ester Industries for packaging, electrical, and industrial applications. Core product line operating at 78% capacity utilization in FY26.
• Specialty Polymers
• rPET (Recycled PET) Recycled PET (rPET) resin manufactured at the company's Hyderabad facility, benefiting from India's Plastic Waste Management Rules mandating recycled content in packaging.
• ELITe (Ester Loop Infinite Technologies) Joint venture chemical recycling facility in Bharuch, Gujarat producing rPET resin, recycled DMT, and recycled MEG from polyester textile waste, with operations expected by end-2027 and planned investment of Rs 1,600 crore. Nike serves as anchor customer.
• Twist Circular Polyester Resin Circular polyester resin made from textile waste, supplied to Nike under a multi-year agreement via the ELITe partnership for sustainable polyester applications across Nike's product lines.

Quantifiable outcome

• 258% growth in rPET sales volume to 5,325 tonnes in Q4 FY26
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered core and flagship.

• Government of GujaratcoreStrategic or Co-development Partner · 7 May 2026Ester Industries Limited, through its JV ELITe with Loop Industries, signed an MoU with the Government of Gujarat to establish a chemical recycling plant for polyester waste with proposed investment of Rs 1,600 crore, expected to start operations by 2028.
• Toyo Engineering India Private LimitedcoreImplementation/ SI/ Consulting Partner · 19 December 2025ELITe JV awarded detailed engineering contract for Infinite Loop India PET recycling facility to Toyo Engineering India, representing the final engineering phase before construction. Project targets 70,000 metric tonnes annual PET resin capacity in Bharuch, Gujarat with completion projected for end of 2027.
• NikeflagshipGTM or Marketing Partner · 11 November 2025Multi-year supply agreement with Nike for sustainable polyester made from textile waste. Nike confirmed as anchor customer for ELITe's Gujarat facility and Loop Industries' Twist circular polyester resin.
• Loop Industries (Canada)flagshipStrategic or Co-development Partner · 24 September 202550:50 joint venture ELITe (Ester Loop Infinite Technologies) formed for India's first Infinite Loop chemical recycling plant for polyester textile waste. Planned capacity of 70,000 tonnes rPET, 23,000 tonnes rMEG, and 70,000 tonnes rDMT annually. Target completion end 2027 with investment of Rs 1,600 crore.
• Taro Plast (Italy)coreGTM or Marketing Partner · 24 September 2025Offtake agreement with Italy's Taro Plast to supply Loop Dimethyl Terephthalate (DMT) for automotive and specialty polymer applications under ELITe partnership.
• Hyosung TNC (South Korea)coreGTM or Marketing Partner · 20 September 2025Strategic alliance with South Korea's Hyosung TNC to convert recycled polyester into performance yarns under its Regen brand. Loop Industries' patented depolymerization technology will convert textile waste into materials for global apparel and textile brands.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Market position

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ester-industries-limited-uttarakhand

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ester Industries