Ester Industries Ltd

Ester Industries Ltd

₹ 98.5 -1.35%
23 Feb - close price
About

Ester is backed by 30 years of industry expertise in Industries Limited is into manufacturing Polyester Films, Polyster Chips, Specialty Polymers and Engineering Plastic compounds. The company is headquartered in the National Capital Region of India (Gurgaon). The company serves varying markets like food packaging, processed food, fresh food, food on the go, shelf stable, ready to eat, liquids, beverage packaging, beverage packaging, home and personal care, industrial packaging, constructions, automotive, optical fibre cable.
[1]

Key Points

Business segments
A) Speciality polymers (12% of FY22 revenue)
Ester has a portfolio of 25 products in this segment. It has launched two new products in this segment - Cationic Dyeable Master Batch (MB-16) and Deep Dyeable Master Batch (MB -07) which are having applications for the carpet Industry in the USA. Its existing product portfolio consists of Polyethylene Terephthalate (PET), Polybutylene Terephthalate(PBT), Polyethylene Naphthalate (PEN), and Master batches. [1]

  • Market Cap 821 Cr.
  • Current Price 98.5
  • High / Low 136 / 80.2
  • Stock P/E
  • Book Value 90.2
  • Dividend Yield 0.51 %
  • ROCE 7.44 %
  • ROE 23.0 %
  • Face Value 5.00

Pros

  • Stock is trading at 1.09 times its book value
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.5%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 5.96% over past five years.
  • Contingent liabilities of Rs.452 Cr.
  • Earnings include an other income of Rs.25.2 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Packaging Industry: Packaging

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
256 297 260 259 288 303 324 304 197 252 198 238 204
200 238 220 221 243 253 265 278 198 237 194 241 212
Operating Profit 55 59 40 38 45 50 60 26 -2 16 4 -4 -8
OPM % 22% 20% 15% 15% 16% 17% 18% 9% -1% 6% 2% -2% -4%
2 2 19 16 14 11 10 123 8 3 8 6 7
Interest 5 6 5 5 6 9 7 8 8 8 9 10 9
Depreciation 9 9 9 9 9 9 10 10 10 10 10 10 11
Profit before tax 44 46 45 40 43 43 54 132 -11 1 -7 -17 -21
Tax % 25% 26% 16% 16% 18% 25% 22% 4% 23% -178% 22% 26% 24%
33 34 38 33 36 33 42 127 -9 3 -5 -13 -16
EPS in Rs 3.95 4.06 4.51 3.96 4.26 3.92 5.05 15.22 -1.06 0.35 -0.63 -1.53 -1.93
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
698 884 928 895 768 703 807 1,028 1,039 992 1,110 1,077 892
663 842 853 823 696 660 740 919 848 756 937 977 884
Operating Profit 35 42 74 72 72 43 66 109 191 236 173 101 8
OPM % 5% 5% 8% 8% 9% 6% 8% 11% 18% 24% 16% 9% 1%
6 5 5 2 3 6 5 5 7 8 60 142 25
Interest 35 26 35 37 36 33 33 34 24 19 25 30 36
Depreciation 27 29 30 32 32 32 31 32 35 35 37 39 41
Profit before tax -21 -8 14 5 7 -16 7 47 139 190 171 173 -44
Tax % 34% 33% 41% 21% 33% 33% 29% 34% 28% 25% 19% 7%
-14 -5 8 4 5 -11 5 31 100 142 139 161 -31
EPS in Rs -2.21 -0.84 1.34 0.61 0.55 -1.28 0.63 3.73 11.93 17.04 16.65 19.31 -3.74
Dividend Payout % 0% 0% 37% 0% 0% 0% 0% 13% 21% 20% 20% 3%
Compounded Sales Growth
10 Years: 2%
5 Years: 6%
3 Years: 1%
TTM: -21%
Compounded Profit Growth
10 Years: 44%
5 Years: 94%
3 Years: 17%
TTM: -155%
Stock Price CAGR
10 Years: 25%
5 Years: 27%
3 Years: -2%
1 Year: 4%
Return on Equity
10 Years: 16%
5 Years: 24%
3 Years: 25%
Last Year: 23%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 31 31 31 31 42 42 42 42 42 42 42 42 42
Reserves 233 227 233 236 252 235 242 273 366 475 587 733 711
Preference Capital 0 0 0 0 0 0 4 4 5 5 1 0
304 335 363 376 316 310 303 243 151 203 319 386 368
59 60 72 72 80 94 117 108 132 144 154 116 114
Total Liabilities 627 653 699 715 689 681 704 665 691 864 1,101 1,276 1,235
350 376 390 399 385 416 399 387 364 377 388 371 389
CWIP 17 5 18 12 23 2 1 3 23 22 19 78 93
Investments 1 0 0 0 0 0 0 0 0 98 181 424 438
259 272 291 304 280 263 304 275 304 367 513 403 315
Total Assets 627 653 699 715 689 681 704 665 691 864 1,101 1,276 1,235

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
47 23 52 68 81 50 51 117 172 151 79 138
-35 -27 -57 -36 -20 -11 -15 -23 -51 -154 -122 -156
-9 4 -2 -18 -75 -38 -36 -94 -120 3 65 24
Net Cash Flow 3 -0 -7 14 -14 -0 -0 -0 0 0 23 5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 44 45 49 48 53 60 67 44 43 56 64 46
Inventory Days 77 69 69 74 96 92 77 65 65 98 110 73
Days Payable 14 11 11 11 18 15 26 12 19 27 34 14
Cash Conversion Cycle 107 103 106 111 131 137 118 97 88 126 140 106
Working Capital Days 85 78 78 78 87 88 85 70 66 92 118 85
ROCE % 3% 3% 8% 7% 7% 3% 7% 14% 29% 32% 17% 7%

Shareholding Pattern

Numbers in percentages

4 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
64.04% 64.04% 64.04% 64.04% 64.04% 64.04% 64.04% 64.04% 64.04% 64.04% 64.04% 64.04%
1.73% 1.19% 0.40% 0.28% 0.34% 0.39% 0.26% 0.25% 0.32% 0.16% 0.04% 0.03%
0.02% 0.03% 0.03% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
34.20% 34.74% 35.53% 35.66% 35.60% 35.55% 35.68% 35.69% 35.62% 35.78% 35.91% 35.92%
No. of Shareholders 31,30233,97736,41434,14739,47738,56536,67439,66140,80240,44541,56441,447

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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