ESTER INDUSTRIES LTD (ESTER): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹92.27 latest close · −0.6% over the last 90 sessions

₹92.27 month-end · −15.5% over 12 months

₹92.27 month-end · +1.7% over 3 years

₹92.27 month-end · +208.1% since Jan '19

52-week range ₹68.55 to ₹120.00 · 1-year volatility 47.0%

How rough has the ride been?

Maximum drawdown-61.2%not yet recovered

1-year volatility47.0%annualised

Beta vs sector index1.483-year daily, correlation 0.48

Volume spikes8last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-61.2% (2022-10 peak to 2026-03 low, not yet recovered)

-45.4% (2020-01 peak to 2020-03 low, recovered 2020-06)

-39.2% (2019-03 peak to 2019-08 low, recovered 2019-08)

Most recent volume spikes

2026-10-19: 7.3x the 50-day median, price +4.2% that day

2026-10-01: 13.2x the 50-day median, price -5.6% that day

2026-09-30: 61.7x the 50-day median, price +19.7% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE15th▼ 8 pts vs a year ago
Op. margin48th▲ 19 pts vs a year ago
Revenue growth57th▼ 23 pts vs a year ago
EPS growth4th
Debt/equity ↓17th▼ 5 pts vs a year ago
Cash cycle ↓51stflat vs a year ago
P/E ↓3rd
12M momentum39thflat vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

Trailing earnings per share are negative, so a P/E-based figure does not exist. See the loss-makers list on the Expectations Gap page for a revenue-based version.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹92.27
ROCE: 3.0%
Market Cap: ₹962 cr
Revenue (TTM): ₹1469 cr
P/S: 0.7x
P/B: 1.2x
ROE: -0.4%
Operating Margin: 11.0%
Debt / Equity: 0.9x
Promoter Holding: 62.3%
12M Momentum: -15.5%

52-week range

₹68.55₹120.00

46% of the way from its 52-week low to its high

Price risk

1Y volatility

47.0%

Beta vs sector

1-year daily

1.27

Balance sheet & cash

Interest cover

operating profit ÷ interest

1.0x

Cash from profit, 3Y

operating cash flow ÷ net profit

5.00x

Share count, 1Y

+4.3%

Are profits backed by cash?

3 of 5checks within range1 beyond a threshold

Other income reliance300%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 300.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-1 daysWithin range

Debtor days are below the median of the previous three fiscal years by 1 days (49 vs 50). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress4% of fixed assetsWithin range

Capital work-in-progress is 4% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-4 days / 2 yrsWithin range

Days payable changed by -4 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, promoters trimmed 1.7 pts.
The number of shareholders fell from 41,447 to 37,110 (-10%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters64.0%62.3%-1.7 pts

FIIs0.0%0.0%0.0 pts

DIIs0.0%0.1%+0.1 pts

Public and others35.9%37.5%+1.6 pts

Number of shareholders

37,110shareholders-10% since Dec '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+14.8%typical 12-month return vs the marketAbove the base rate

We found 50 past situations where a non-financial company looked like ESTER INDUSTRIES LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −8% to +56% vs the market, against +1% for all non-financial companies in the same months.
The analogs' median sat above that base rate (gap +14.3%, 80% range +1.6% to +21.7%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 7 beyond the range shown, drawn at the edge

Similar setups' median

+14.8%

All companies' median

+0.5%

Beat the market

62% vs 50%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
DCW Process Industries	Jun 2020	—	1%	−25%	−33%	+97%
ONIDA Consumer Durables	Jan 2021	—	-3%	+10%	−18%	+81%
ARVINDFASN Retail Trade	Aug 2022	—	1%	+7%	−20%	+7%
SOLARA Health Technology	Apr 2024	—	2%	+42%	−8%	−1%
KANORICHEM Process Industries	Nov 2020	—	-1%	+8%	−14%	+166%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
MANGLMCEM Non-Energy Minerals	May 2020	—	3%	−37%	−48%	+5%
KHADIM Consumer Non-Durables	Mar 2021	—	0%	+91%	−18%	+22%
ZUARIIND Process Industries	Aug 2025	—	3%	−22%	−22%	−18%

How reliable is this?

Matched on P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: interest cover, drawdown from 12-month high and 12-month momentum. Not used (unavailable for this company): P/E. This company is loss-making, so it was only compared with loss-making companies. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to ESTER INDUSTRIES LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

INDOCO REMEDIESINDOCO

Health Technology

69%similar

debt/equityROCE

BHARTIYA INTERNATIONALBIL

Consumer Non-Durables

58%similar

revenuevolatility

B L KASHYAP AND SONSBLKASHYAP

Industrial Services

58%similar

revenuepromoter holding

HT MEDIAHTMEDIA

Consumer Services

58%similar

revenueROCE

ALICON CASTALLOYALICON

Producer Manufacturing

57%similar

revenue growthrevenue

S H KELKAR AND COMPANYSHK

Process Industries

68%similar

volatilitydebt/equity

BODAL CHEMICALSBODALCHEM

Process Industries

62%similar

operating margindebt/equity

NRAGARWAL INDUSTRIESNRAIL

Process Industries

60%similar

operating marginrevenue growth

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Apr '24

2026
OctPriceVolume reached 13.2x its 50-day median on 2026-10-01; price -5.6% that day.
SepPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
SepPriceVolume reached 61.7x its 50-day median on 2026-09-30; price +19.7% that day.
JunResultsRevenue (TTM) reached a new high of ₹1,375 cr.
JunPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
AprPeer rankMoved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).
AprPriceVolume reached 21.9x its 50-day median on 2026-04-01; price +16.3% that day.
MarResultsEPS (TTM) turned negative.

Show 22 earlier events

2026
MarPriceFell 61% from the Oct 2022 peak to the Mar 2026 low.
FebPriceVolume reached 25.4x its 50-day median on 2026-02-25; price +11.2% that day.
2025
DecValuationP/E crossed above the 90th percentile of its own history to date (204.6x).
DecPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).
OctPriceVolume reached 58.6x its 50-day median on 2025-10-07; price +7.3% that day.
SepPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
AugPriceVolume reached 9.7x its 50-day median on 2025-08-28; price +3.5% that day.
JunResultsEPS (TTM) turned positive.
JunPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
JunDebtDebt / equity fell below 1.0x (0.85x).
MayPriceVolume reached 19.7x its 50-day median on 2025-05-26; price +19.0% that day.
MarPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
JanPriceVolume reached 9.1x its 50-day median on 2025-01-03; price +9.1% that day.
2024
DecResultsRevenue (TTM) reached a new high of ₹1,162 cr.
DecPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the bottom quartile).
DecPriceVolume reached 15.0x its 50-day median on 2024-12-20; price +2.9% that day.
JulPriceVolume reached 23.6x its 50-day median on 2024-07-29; price +20.0% that day.
JunResultsEPS (TTM) turned negative.
JunPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the 2nd quartile).
JunDividendDividend payout cut from 3% to 0% of profit.
JunSharesShare count is up 11.9% over 12 months.
AprPriceVolume reached 19.8x its 50-day median on 2024-04-23; price +6.1% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history95 months · 2019-01 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	—	₹1469 cr	-0.4%	3.0%	0.9x
2026-10	—	₹1469 cr	-0.4%	3.0%	0.9x
2026-09	—	₹1469 cr	-0.4%	3.0%	0.9x
2026-08	—	₹1375 cr	-3.7%	3.0%	0.9x
2026-07	—	₹1375 cr	-3.7%	3.0%	0.9x
2026-06	—	₹1375 cr	-3.7%	3.0%	0.9x
2026-05	—	₹1350 cr	-4.6%	6.0%	0.9x
2026-04	—	₹1350 cr	-4.6%	6.0%	0.9x
2026-03	—	₹1350 cr	-4.6%	6.0%	0.9x
2026-02	211.2x	₹1357 cr	0.6%	6.0%	0.9x
2026-01	190.5x	₹1357 cr	0.6%	6.0%	0.9x
2025-12	204.6x	₹1357 cr	0.6%	6.0%	0.9x
2025-11	44.7x	₹1334 cr	3.2%	6.0%	0.9x
2025-10	45.6x	₹1334 cr	3.2%	6.0%	0.9x
2025-09	44.4x	₹1334 cr	3.2%	6.0%	0.9x
2025-08	74.5x	₹1282 cr	2.0%	6.0%	0.9x
2025-07	78.3x	₹1282 cr	2.0%	6.0%	0.9x
2025-06	88.2x	₹1282 cr	2.0%	6.0%	0.9x
2025-05	—	₹1240 cr	-1.8%	-5.0%	1.1x
2025-04	—	₹1240 cr	-1.8%	-5.0%	1.1x
2025-03	—	₹1240 cr	-1.8%	-5.0%	1.1x
2025-02	—	₹1162 cr	-12.4%	-5.0%	1.1x
2025-01	—	₹1162 cr	-12.4%	-5.0%	1.1x
2024-12	—	₹1162 cr	-12.4%	-5.0%	1.1x
2024-11	—	₹1092 cr	-17.4%	-5.0%	1.1x
2024-10	—	₹1092 cr	-17.4%	-5.0%	1.1x
2024-09	—	₹1092 cr	-17.4%	-5.0%	1.1x
2024-08	—	₹1064 cr	-18.3%	-5.0%	1.1x
2024-07	—	₹1064 cr	-18.3%	-5.0%	1.1x
2024-06	—	₹1064 cr	-18.3%	-5.0%	1.1x
2024-05	6.8x	₹1114 cr	20.0%	4.0%	1.1x
2024-04	7.3x	₹1114 cr	20.0%	4.0%	1.1x
2024-03	5.2x	₹1114 cr	20.0%	4.0%	1.1x
2024-02	6.2x	₹1114 cr	20.0%	4.0%	1.1x
2024-01	5.8x	₹1114 cr	20.0%	4.0%	1.1x
2023-12	5.4x	₹1114 cr	20.0%	4.0%	1.1x
2023-11	5.5x	₹1114 cr	20.0%	4.0%	1.1x
2023-10	5.6x	₹1114 cr	20.0%	4.0%	1.1x
2023-09	5.7x	₹1114 cr	20.0%	4.0%	1.1x
2023-08	5.8x	₹1114 cr	20.0%	4.0%	1.1x
2023-07	6.6x	₹1114 cr	20.0%	4.0%	1.1x
2023-06	6.7x	₹1114 cr	20.0%	4.0%	1.1x
2023-05	6.9x	₹1110 cr	23.9%	14.0%	1.0x
2023-04	6.9x	₹1110 cr	23.9%	14.0%	1.0x
2023-03	5.3x	₹1110 cr	23.9%	14.0%	1.0x
2023-02	5.6x	₹1110 cr	23.9%	14.0%	1.0x
2023-01	7.7x	₹1110 cr	23.9%	14.0%	1.0x
2022-12	8.0x	₹1110 cr	23.9%	14.0%	1.0x
2022-11	8.5x	₹1110 cr	23.9%	14.0%	1.0x
2022-10	10.6x	₹1110 cr	23.9%	14.0%	1.0x
2022-09	10.0x	₹1110 cr	23.9%	14.0%	1.0x
2022-08	9.9x	₹1110 cr	23.9%	14.0%	1.0x
2022-07	8.1x	₹1110 cr	23.9%	14.0%	1.0x
2022-06	7.4x	₹1110 cr	23.9%	14.0%	1.0x
2022-05	8.3x	₹992 cr	29.0%	—	0.4x
2022-04	9.8x	₹992 cr	29.0%	—	0.4x
2022-03	8.7x	₹992 cr	29.0%	—	0.4x
2022-02	7.6x	₹992 cr	29.0%	—	0.4x
2022-01	8.2x	₹992 cr	29.0%	—	0.4x
2021-12	7.8x	₹992 cr	29.0%	—	0.4x
2021-11	7.3x	₹992 cr	29.0%	—	0.4x
2021-10	8.1x	₹992 cr	29.0%	—	0.4x
2021-09	9.0x	₹992 cr	29.0%	—	0.4x
2021-08	8.1x	₹992 cr	29.0%	—	0.4x
2021-07	8.5x	₹992 cr	29.0%	—	0.4x
2021-06	8.2x	₹992 cr	29.0%	—	0.4x
2021-05	250.5x	₹768 cr	1.9%	7.0%	1.1x
2021-04	266.2x	₹768 cr	1.9%	7.0%	1.1x
2021-03	212.3x	₹768 cr	1.9%	7.0%	1.1x
2021-02	189.8x	₹768 cr	1.9%	7.0%	1.1x
2021-01	214.4x	₹768 cr	1.9%	7.0%	1.1x
2020-12	213.6x	₹768 cr	1.9%	7.0%	1.1x
2020-11	231.3x	₹768 cr	1.9%	7.0%	1.1x
2020-10	221.1x	₹768 cr	1.9%	7.0%	1.1x
2020-09	134.5x	₹768 cr	1.9%	7.0%	1.1x
2020-08	118.0x	₹768 cr	1.9%	7.0%	1.1x
2020-07	102.2x	₹768 cr	1.9%	7.0%	1.1x
2020-06	93.7x	₹768 cr	1.9%	7.0%	1.1x
2020-05	56.1x	₹768 cr	1.9%	7.0%	1.1x
2020-04	57.9x	₹768 cr	1.9%	7.0%	1.1x
2020-03	43.7x	₹768 cr	1.9%	7.0%	1.1x
2020-02	63.9x	₹768 cr	1.9%	7.0%	1.1x
2020-01	70.7x	₹768 cr	1.9%	7.0%	1.1x
2019-12	60.1x	₹768 cr	1.9%	7.0%	1.1x
2019-11	60.8x	₹768 cr	1.9%	7.0%	1.1x
2019-10	56.5x	₹768 cr	1.9%	7.0%	1.1x
2019-09	58.7x	₹768 cr	1.9%	7.0%	1.1x
2019-08	57.5x	₹768 cr	1.9%	7.0%	1.1x
2019-07	45.7x	₹768 cr	1.9%	7.0%	1.1x
2019-06	54.7x	₹768 cr	1.9%	7.0%	1.1x
2019-05	62.6x	₹768 cr	1.9%	7.0%	1.1x
2019-04	59.9x	₹768 cr	1.9%	7.0%	1.1x
2019-03	63.5x	₹768 cr	1.9%	7.0%	1.1x
2019-02	55.5x	₹768 cr	1.9%	7.0%	1.1x
2019-01	54.5x	₹768 cr	1.9%	7.0%	1.1x

Methodology and data notes