Analysts/Institutional Investor Meet/Con. Call Updates

INDUSTRIES LTD. C IN: L24111UR1985PLC015063 Date: 24th August 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 – 400001 Bandra (E), Mumbai – 400051 Scrip Code: 500136 Symbol: ESTER Subject: Transcript of the Earnings call held on 18th August 2026 Dear Sir/Madam, In continuation of our letter dated 18th August 2026 regarding Audio recording of Earnings call for Investors and Analysts and pursuant to Regulation 30 read with Part A of schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the said Earnings call is enclosed herewith and is also available on the website of the company at the following link- Institutional and analyst meeting – ester Industries Please take the same on your records. Thanking you, Yours faithfully, For Ester Industries Limited Poornima Gupta Company Secretary & Compliance Officer Membership No.: A49876 Encl: As above “Ester Industries Limited Q1 FY27 Earnings Conference Call” August 18, 2026 MANAGEMENT: MR. VAIBHAV JHA – CHIEF EXECUTIVE OFFICER – ESTER INDUSTRIES LIMITED MR. PRADEEP RUSTAGI – EXECUTIVE DIRECTOR, CORPORATE AFFAIRS – ESTER INDUSTRIES LIMITED MR. SOURABH AGARWAL – CHIEF FINANCIAL OFFICER – ESTER INDUSTRIES LIMITED MODERATOR: MR. AMIT SHARMA – ADFACTORS PR Page 1 of 19 Ester Industries Limited August 18, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 FY27 Earnings Conference Call of Ester Industries Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Amit Sharma from Adfactors PR. Thank you, and over to you, sir. Amit Sharma: Thank you, Sagar. Good afternoon, everybody, and a very warm welcome to you all. Thank you, everyone, for participating in the earnings call of Ester Industries Limited for the first quarter ended 30th June 2026. On the call today, we have Mr. Vaibhav Jha, CEO; Mr. Pradeep Rustagi, Executive Director, Corporate Affairs; and Mr. Sourabh Agarwal, CFO of the company. The management will take us through the operational and financial performance for the quarter, following which we will open the forum for the question-and-answer session. Before we begin, please note that this conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. The statements are not a guarantee for future performance and involve risks and uncertainties that are difficult to predict. I now request Mr. Vaibhav Jha to take us through the company's performance. Thank you, and over to you, sir. Vaibhav Jha: Thank you, Amit. Thank you, everyone, for joining us today. I will take you through the industry environment and key business developments during the quarter, following which Sourabh will walk you through the financial performance. I would first share with you a short perspective on the industry landscape before I move to company-specific key updates. The operating environment for the BOPET film industry continued to improve during Q1 FY27. Global prices of BOPET have seen stability due to tighter trade flows, raw material shortage as well as increase in raw material and freight costs. At the same time, the disruptions and uncertainties caused by imposition of reciprocal and punitive trade tariffs by U.S.A. during Q2 and Q3 of FY26 have largely moderated, subsequent to rejection of such trade tariffs by the Supreme Court of U.S.A. India now enjoys a favourable import tariff scenario for imports into U.S. This has resulted in regaining of lost market share in U.S. between Q2 and Q4 of FY26 in this quarter. We continue to see strong structural tailwinds emerging from the circular economy. The implementation of plastic waste management rules and the increasing requirement for the PET and BOPET films, which stipulate post-consumer recycled content, are creating additional demand opportunities for rPET and recycled content BOPET films. Among the various films and substrates used for the flexible packaging, BOPET film is the only food-grade approved substrate and the only substrate which can have sufficient post-consumer Page 2 of 19 Ester Industries Limited August 18, 2026 recycled content to help brands meet their sustainability targets. Further, new capacity additions are projected to be moderate and evenly phased out given the volatile scenario experienced by the industry players during last 2 to 3 years. Overall, while industry cycles will continue to influence the business, we believe the combination of improving industry discipline, buoyancy in international prices and growing demand for recycled content products provides a more favourable operating environment for the BOPET industry. Sustainable solutions are at the core of Ester's strategic growth platform. The regulatory environment is becoming increasingly supportive of recycled materials. In India, recycled content requirements under the plastic waste management framework are stipulated to increase progressively. For Ester, this creates an opportunity to participate across multiple points of the value chain. Ester has invested in creating recycled PET capacities of 30,000 tons per annum. This enables us to produce recycled PET for use as feedstock in the recycled content films. In addition, this gives us a platform to supply best-in-class bottle-grade recycled PET to prestigious brands as well as textile grade and film-grade recycled PET to various leading customers. We are also building capabilities to participate in higher-value circular applications over time through ELITe. Against this backdrop, Ester continues to strategically transform itself into a manufacturer of specialty BOPET films and polymers. The consistently increasing volume and proportion of value-added specialty products and strong business development pipeline of new products within specialty polymers showcase this key strategic focus. Exploring new customers in new markets in various other geographies continues to be the highest priority. We continue to invest rapidly in R&D to innovate at a rapid pace and fast-track our journey to specialty manufacturer. These strategies are aimed at improving realizations, enhancing the overall product mix and importantly, reducing earning volatility arising from the inherent cyclicity in the commodity BOPET film products caused by demand-supply imbalances from time to time. Now moving on to the key business updates, starting with the Polyester Film segment. In this segment, we delivered a healthy improvement in the performance during the quarter. Consolidated film volumes increased 2.7% year-on-year to 22,120 metric tons, while film segment revenue grew by approximately 38% to INR399.5 crores. The significant difference between volume and revenue growth reflects the improvement in realizations and margins as well as the continued improvement in our product mix. Consolidated capacity utilization also improved to 84% compared with 82% in Q1 FY26, supported by the better market scenario. A particularly encouraging development was the continued growth in our VAS films portfolio. VAS volume increased 23% year-on-year to 6,368 metric tons in this quarter, and their contribution to total film volumes increased to approximately 29% from 24% a year ago. We Page 3 of 19 Ester Industries Limited August 18, 2026 consider this shift in mix to be an important indicator of the progress we are making in the business. As the volume and proportion of VAS products increases, our ability [Showing first 8,000 characters — download PDF for full document]