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Last Updated: April 2, 2026, 2:53 am
Author: Getaka|Social: XLinkedIn

Ester Industries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹17.47Overvalued by 78.75%vs CMP ₹82.20

P/E (15.0) × ROE (1.8%) × BV (₹81.20) × DY (0.73%)

Defaults: P/E=15

₹95.37Undervalued by 16.02%vs CMP ₹82.20
MoS: +13.8% (Thin)Confidence: 37/100 (Low)Models: 3 Under, 1 Fair, 3 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹9.5225%Over (-88.4%)
Graham NumberEarnings₹51.6523%Over (-37.2%)
Net Asset ValueAssets₹81.1810%Fair (-1.2%)
EV/EBITDAEnterprise₹101.4713%Under (+23.4%)
Earnings YieldEarnings₹14.6010%Over (-82.2%)
ROCE CapitalReturns₹394.0013%Under (+379.3%)
Revenue MultipleRevenue₹131.408%Under (+59.9%)
Consensus (7 models)₹95.37100%Undervalued
Key Drivers: EPS CAGR -45.5% drags value — could be higher if earnings stabilize. | ROE 1.8% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -45.5% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

44
Ester Industries Ltd scores 44/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health50/100 · Moderate
ROCE 6.5% WeakROE 1.8% WeakD/E 0.34 ModerateInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 62.7% Stable
Earnings Quality40/100 · Moderate
OPM contracting (12% → 5%) Declining
Quarterly Momentum50/100 · Moderate
Revenue (4Q): +17% YoY GrowingOPM: 4.0% (down 8.0% YoY) Margin pressure
Industry Rank25/100 · Weak
ROCE 6.5% vs industry 12.8% Below peersROE 1.8% vs industry 24.7% Below peers3Y sales CAGR: 5% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:53 am

Market Cap 802 Cr.
Current Price 82.2
Intrinsic Value₹95.37
High / Low 156/68.6
Stock P/E
Book Value 81.2
Dividend Yield0.73 %
ROCE6.45 %
ROE1.78 %
Face Value 5.00
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Ester Industries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Ester Industries Ltd 802 Cr. 82.2 156/68.6 81.20.73 %6.45 %1.78 % 5.00
Shree Rama Multi-Tech Ltd 635 Cr. 47.6 72.0/31.011.2 12.60.00 %15.3 %40.4 % 5.00
Commercial Syn Bags Ltd 617 Cr. 153 200/77.622.0 40.60.26 %12.3 %12.3 % 10.0
Oricon Enterprises Ltd 1,009 Cr. 64.2 72.0/33.034.0 80.80.78 %0.37 %11.2 % 2.00
Cropster Agro Ltd 480 Cr. 5.72 32.1/5.2430.9 1.380.00 %16.1 %15.6 % 1.00
Industry Average1,921.04 Cr295.8439.62189.000.36%12.76%24.70%7.38

All Competitor Stocks of Ester Industries Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 302193295258261268277286331346319338354
Expenses 279194285257272287271275291286283318340
Operating Profit 23-1100-10-206114060362014
OPM % 8%-1%3%0%-4%-7%2%4%12%17%11%6%4%
Other Income 1238-191053635393
Interest 881417181818171816161517
Depreciation 10101416171718171717171717
Profit before tax 129-12-20-24-35-50-27-177316-4-17
Tax % 4%-22%-10%-6%-13%-10%-11%-3%55%21%69%88%-8%
Net Profit 124-9-18-22-30-45-24-163252-7-16
EPS in Rs 14.85-1.11-2.13-2.65-3.65-5.37-2.52-1.710.322.640.21-0.73-1.62

Last Updated: January 1, 2026, 8:03 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 31, 2026, 5:00 am

MetricMar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3956716988849288957689921,1101,1141,0631,2821,351
Expenses 3344486638428538236987609391,0221,0861,1351,263
Operating Profit 61223354274727123117193-2314787
OPM % 15%33%5%5%8%8%9%23%15%8%-2%12%6%
Other Income 1165535860137261619
Interest 6133526353736192536706764
Depreciation 14182729303232353744686969
Profit before tax 41193-21-81457185169149-13528-27
Tax % 33%33%-34%-32%41%21%33%26%19%8%-10%51%
Net Profit 28129-14-5845137137137-12114-33
EPS in Rs 4.4320.58-2.21-0.841.330.610.5516.4916.3916.42-12.881.46-3.41
Dividend Payout % 23%19%0%0%38%0%0%21%20%3%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2010-20112011-20122012-20132013-20142014-20152015-20162021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)360.71%-110.85%64.29%260.00%-50.00%25.00%0.00%0.00%-188.32%111.57%
Change in YoY Net Profit Growth (%)0.00%-471.57%175.14%195.71%-310.00%75.00%-25.00%0.00%-188.32%299.89%

Ester Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2010-2011 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:4%
5 Years:%
3 Years:5%
TTM:22%
Compounded Profit Growth
10 Years:13%
5 Years:%
3 Years:-54%
TTM:120%
Stock Price CAGR
10 Years:12%
5 Years:10%
3 Years:-10%
1 Year:-15%
Return on Equity
10 Years:%
5 Years:%
3 Years:1%
Last Year:2%

Last Updated: September 5, 2025, 3:45 am

Balance Sheet

Last Updated: December 10, 2025, 2:38 am

MonthMar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 31313131313142424242474749
Reserves 146246232226232241250470580702671726743
Borrowings 54224304335363376316208639816773660738
Other Liabilities 691226060726780142168155153140171
Total Liabilities 3016236276526987146888621,4281,7151,6431,5731,702
Fixed Assets 136363350376390399385377390979989977947
CWIP 3751751812237643579833985
Investments 011000010154697575
Other Assets 129254258272290303280407604503502482594
Total Assets 3016236276526987146888621,4281,7151,6431,5731,702

Reserves and Borrowings Chart

Cash Flow

MonthMar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 46834723526881146625844112
Cash from Investing Activity + -54-222-36-27-57-36-20-147-392-19942-56
Cash from Financing Activity + 10140-94-2-18-753384114-14-133
Net Cash Flow 213-0-714-14254-2872-77
Free Cash Flow -0-13811-14-5325810-352-198-2882
CFO/OP 88%59%143%54%69%97%117%83%69%73%-202%78%

Free Cash Flow

MonthMar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow7.00-1.00-269.00-293.00-289.00-304.00-245.0023.00-468.00-723.00-796.00-513.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 476644454948535664505148
Inventory Days 5986776969749698110887074
Days Payable 466714111111172734173122
Cash Conversion Cycle 608510710310611113212613912190101
Working Capital Days 55382716-4-7-0516514-2530
ROCE %23%56%3%3%8%7%7%14%4%-5%7%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 64.04%64.04%64.04%64.04%62.45%62.45%62.40%62.40%62.40%62.73%62.73%62.72%
FIIs 0.32%0.16%0.04%0.03%0.04%0.03%0.10%0.04%0.08%0.17%0.03%0.06%
DIIs 0.01%0.01%0.01%0.01%0.01%0.01%0.44%0.01%0.01%0.01%0.04%0.13%
Public 35.62%35.78%35.91%35.92%37.50%37.49%37.06%37.55%37.51%37.09%37.19%37.09%
No. of Shareholders 40,80240,44541,56441,44741,42837,80338,29138,64037,77237,68138,33737,694

Shareholding Pattern Chart

No. of Shareholders

Ester Industries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) 1.46-14.4916.4216.3916.49
Diluted EPS (Rs.) 1.46-14.4916.4216.3916.49
Cash EPS (Rs.) 8.79-5.6421.6821.0320.71
Book Value[Excl.RevalReserv]/Share (Rs.) 82.1576.3789.1574.5560.81
Book Value[Incl.RevalReserv]/Share (Rs.) 82.1576.3789.1574.5561.40
Revenue From Operations / Share (Rs.) 136.34113.19133.60168.56118.92
PBDIT / Share (Rs.) 17.450.3612.4929.9528.68
PBIT / Share (Rs.) 10.14-6.887.2325.3124.46
PBT / Share (Rs.) 2.98-14.372.8722.3322.23
Net Profit / Share (Rs.) 1.48-12.8816.4216.3916.49
NP After MI And SOA / Share (Rs.) 1.46-12.8816.4216.3916.49
PBDIT Margin (%) 12.790.319.3517.7624.11
PBIT Margin (%) 7.43-6.075.4015.0120.56
PBT Margin (%) 2.18-12.692.1413.2418.69
Net Profit Margin (%) 1.08-11.3812.289.7213.86
NP After MI And SOA Margin (%) 1.06-11.3812.289.7213.86
Return on Networth / Equity (%) 1.77-16.8618.4121.9827.11
Return on Capital Employeed (%) 7.68-5.324.4418.2430.15
Return On Assets (%) 0.87-7.367.989.5715.95
Long Term Debt / Equity (X) 0.520.610.720.760.19
Total Debt / Equity (X) 0.851.081.101.030.34
Asset Turnover Ratio (%) 0.790.630.701.430.00
Current Ratio (X) 1.521.271.691.951.91
Quick Ratio (X) 1.040.921.211.201.17
Inventory Turnover Ratio (X) 8.384.803.825.390.00
Dividend Payout Ratio (NP) (%) 0.00-3.4411.5720.1224.26
Dividend Payout Ratio (CP) (%) 0.00-7.868.7615.6919.31
Earning Retention Ratio (%) 0.00103.4488.4379.8875.74
Cash Earning Retention Ratio (%) 0.00107.8691.2484.3180.69
Interest Coverage Ratio (X) 2.440.042.8710.0412.88
Interest Coverage Ratio (Post Tax) (X) 1.21-0.721.326.508.40
Enterprise Value (Cr.) 1725.331457.071488.411756.061119.01
EV / Net Operating Revenue (X) 1.351.371.341.251.13
EV / EBITDA (X) 10.51430.0214.297.034.68
MarketCap / Net Operating Revenue (X) 0.880.750.650.830.98
Retention Ratios (%) 0.00103.4488.4279.8775.73
Price / BV (X) 1.471.120.971.901.92
Price / Net Operating Revenue (X) 0.880.750.650.830.98
EarningsYield 0.01-0.150.180.110.14

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Ester Industries Ltd. is a Public Limited Listed company incorporated on 04/02/1985 and has its registered office in the State of Uttarakhand/Uttaranchal, India. Company's Corporate Identification Number(CIN) is L24111UR1985PLC015063 and registration number is 015063. Currently Company is involved in the business activities of Manufacture of semi-finished of plastic products (plastic plates, sheets, blocks, film, foil, strip etc.). Company's Total Operating Revenue is Rs. 1070.46 Cr. and Equity Capital is Rs. 47.02 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Packaging & ContainersSohan Nagar, Udham Singh Nagar Uttarakhand/Uttaranchal 262308Contact not found
Management
NamePosition Held
Mr. Arvind SinghaniaChairman & CEO
Mr. Pradeeep Kumar RustagiExecutive Director
Mr. Ayush Vardhan SinghaniaWhole Time Director
Mrs. Padamaja Shailen RuparelIndependent Director
Mr. Atul AgarwalIndependent Director
Mr. Abhay Anant GupteIndependent Director

FAQ

What is the intrinsic value of Ester Industries Ltd and is it undervalued?

As of 15 April 2026, Ester Industries Ltd's intrinsic value is ₹95.37, which is 16.02% higher than the current market price of ₹82.20, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (1.78 %), book value (₹81.2), dividend yield (0.73 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Ester Industries Ltd?

Ester Industries Ltd is trading at ₹82.20 as of 15 April 2026, with a FY2026-2027 high of ₹156 and low of ₹68.6. The stock is currently near its 52-week low. Market cap stands at ₹802 Cr..

How does Ester Industries Ltd's P/E ratio compare to its industry?

Ester Industries Ltd has a P/E ratio of , which is below the industry average of 39.62. This is broadly in line with or below the industry average.

Is Ester Industries Ltd financially healthy?

Key indicators for Ester Industries Ltd: ROCE of 6.45 % is on the lower side compared to the industry average of 12.76%; ROE of 1.78 % is below ideal levels (industry average: 24.70%). Dividend yield is 0.73 %.

Is Ester Industries Ltd profitable and how is the profit trend?

Ester Industries Ltd reported a net profit of ₹14 Cr in Mar 2025 on revenue of ₹1,282 Cr. Compared to ₹137 Cr in Mar 2022, the net profit shows a declining trend.

Does Ester Industries Ltd pay dividends?

Ester Industries Ltd has a dividend yield of 0.73 % at the current price of ₹82.20. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Ester Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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