Shareholders meeting

INDUSTRIES LTD. CIN: L24111UR1985PLC015063 Date: 2nd September 2026 BSE Limited (BSE) National Stock Exchange of India Limited (NSE) Department of Corporate services Exchange Plaza, Plot no. C/1, G Block, Phiroze Jeejeebhoy Towers Bandra-Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 500136 Symbol: ESTER Dear Sir/Madam, Subject: Notice of 40th Annual General Meeting along with Annual Report of the Company for the Financial Year 2025-26 This is further to our letter dated 11th August 2026 wherein the Company had informed that the 40th Annual General Meeting (AGM) of the Company is scheduled to be held on Thursday, 24th September 2026 through Video Conferencing, in accordance, with the relevant circulars issued by Ministry of Corporate Affairs and Securities and Exchange Board of India (SEBI). In terms of the requirements of Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Annual Report of the Company including the Notice of AGM for the financial year 2025-26, which is being sent only through electronic mode to the Members who have registered their e-mail addresses with the Company/ RTA / Depositories. The Annual Report containing the Notice of AGM is also uploaded on the Company’s website and can be accessed at https://www.esterindustries.com/financial-information/. You are requested to kindly take the above information on record. Thanking you, Yours faithfully, For Ester Industries Limited Poornima Gupta Company Secretary & Compliance Officer Membership No.: A49876 Encl: as above Innovating Sustainable Solutions 40th Annual Report ||1|| CORPORATE INFORMATION Board of Directors Mr. Arvind Singhania Chairman Mr. Ayush Vardhan Singhania Whole-Time Director Mr. Pradeep Kumar Rustagi Executive Director - Corporate Affairs Mrs. Padmaja Shailen Ruparel Independent Director Mr. Atul Agarwal Independent Director Mr. Abhay Anant Gupte Independent Director Chief Executive Officer Mr. Vaibhav Jha Chief Financial Officer Mr. Sourabh Agarwal Company Secretary & Ms. Poornima Gupta Compliance Officer Statutory Auditors M/s Walker Chandiok & Co. LLP, Gurgaon Lenders Bank of India Bank of Baroda Canara Bank HDFC Bank Limited Tata Capital Limited IDFC First Bank Limited Bajaj Finance Limited Corporate/Head Office Plot No. 11, Block-A, Infocity-I, Sector - 34, Gurgaon - 122001, Haryana Registered Office Sohan Nagar, P.O. Charubeta, Khatima - 262 308, District Udham Singh Nagar, Uttarakhand Registrar & Share Transfer Agent MAS Services Limited T-34, Okhla Industrial Area, Phase-II, New Delhi - 110 020 Listing of Securities BSE Limited National Stock Exchange of India Limited CONTENTS Chairman’s & CEO’s Message 02-03 Notice of Annual General Meeting 04-13 Board’s Report 14-35 Management Discussion and Analysis 36-54 Corporate Governance Report 55-82 Standalone Financial Statement 83-149 Consolidated Financial Statement 150-218 Innovating Sustainable Solutions 40th Annual Report ||1|| MESSAGE FROM THE CHAIRMAN Navigating Cycles, Building Resilience The financial year 2025-26 was a period that tested our resilience while validating our long-term strategic direction. Globally, the industrial landscape faced ongoing macroeconomic adjustments, volatile input costs, and persistent supply imbalances within the commodity polyester sector. Yet, even against this challenging backdrop, Ester Industries delivered a consolidated total income growth of 7.2%, reaching 1,392.7 crores. More significant than the top-line growth itself is how it was achieved. This performance was anchored by a deliberate, technologies that can transform complex polyester textile structural shift toward our high-margin Specialty Polymers, waste into virgin-quality materials, we aim to position Ester value-added packaging films, and advanced recycling at the absolute forefront of the global circular economy. The capabilities. Your Company is transitioning from an enterprise JV continues to move forward steadily. FEED study has exposed to cyclical commodity variations to a technology-led, been completed by Tata Consulting Engineers and detailed specialized materials player. engineering contract has been awarded to Toyo Engineering, a firm of international repute. Land acquisition is progressing The Structural Transformation: Beyond the Cycle and is likely to be closed in next two to three months. That the For several years, the Board’s primary strategic objective JV has already secured volume offtake contracts from global has been to de-risk Ester’s earnings profile. The global brands like Nike and Taroplast goes to show the strength of packaging film market remains subject to structural demand- products manufactured by our JV. supply mismatches. While we expect near-term domestic Capital Discipline and Governance corrections—aided by evolving trade remedies and regulatory changes providing tailwind to growth in BOPET films and Growth without discipline is unsustainable. The Board rPET demand—our long-term value creation cannot rely on remains acutely focused on maintaining a robust balance market cycles alone. sheet and exercising stringent capital allocation. We view this capital not merely as a resource for expansion, but as a trust True sustainability lies in differentiation. The high- to be deployed with absolute precision. Every rupee allocated performance VAS films portfolio continued to expand despite toward our greenfield ambitions, manufacturing footprints, the tariff setback in the US market growing 14.5% year on year or R&D pipelines is subjected to rigorous risk-reward in terms of volume. Our Specialty Polymers business, which benchmarks. In alignment with our commitment to rewarding achieved a remarkable 32.7% EBIT margin this year, stands our long-term investors while preserving growth capital, the as a testament to our internal R&D capabilities, proprietary Board has recommended a dividend of 0.25 per share for FY intellectual property, and deeply integrated customer 2025-26. partnerships. By engineering bespoke solutions for global markets, we are creating sticky, high-barrier revenue streams We also secured 165.25 crores against the 175 crores share that are insulated from broader market volatility. warrant issue. This will be deployed in our Joint Venture company ELITe. T₹he warrant raise further re₹inforces the trust Pioneering the Circular Economy our investors have in the future of our Company. A defining pillar of Ester’s future is our commitment to Looking Ahead circularity. The enforcement of India’s Extended Producer Responsibility (EPR) framework is no longer just a compliance As we enter FY 2026-27, the macro environment is showing mandate; it is a fundamental shift in how global brand owners signs of equilibrium. Our focus remains on having the right approach packaging. corporate governance architecture, a highly competent management team executing on the ground, and a clear We have responded aggressively to this structural shift. blueprint for a differentiated product portfolio. We are intent By multiplying our recycled PET (rPET) sales volumes 3.6 on heavily investing in our people and R&D capabilities to times this year and commercializing our new 20,000 MT/ provide our customers with innovative and sustainable annum facility in Hyderabad, we are rapidly building scale in solutions. ELITe will continue to remain a core area of focus mechanical recycling. Our total recycling capacity now stands and the board will remain engaged to ensure seamless at 28000 MT/annum. execution of the project. Concurrently, our joint venture framework via Ester Loop Infinite Technologies (ELITe) represents a bold, forward- looking commitment to chemical recycling. By exploring Warm Regards, Arvind Singhania Chairman Innovating Sustainable Solutions 40th Annual Report ||2|| MESSAGE FROM THE CEO Dear Shareholders, Financial Year 2025-26 was a year of strategic progress amid [Showing first 8,000 characters — download PDF for full document]