Ester Industries Limited (ESTER.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-471.7%

-₹335.45

vs ₹90.26 price

Levered DCF

-₹429.99

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-25.06×	84.35×	-6.51×	5.29×	8.72×	7.08×	2.02×	9.49×
P/B	0.88×	1.5×	1.1×	0.97×	1.92×	1.9×	0.49×	0.94×
P/S	0.5×	0.9×	0.75×	0.65×	1.08×	0.99×	0.19×	0.29×
EV / EBITDA	12.81×	11.87×	431.23×	14.51×	9.88×	4.94×	1.8×	4.8×
Gross margin	24.6%	38.0%	13.4%	23.5%	27.0%	36.7%	29.0%	20.4%
Operating margin	1.8%	32.4%	-5.8%	8.3%	12.5%	20.4%	15.3%	7.9%
Net margin	-2.0%	1.1%	-11.4%	12.4%	12.3%	13.9%	9.6%	3.0%
Current ratio	1.44×	1.52×	1.27×	1.69×	1.95×	1.91×	1.78×	1.15×
Debt / equity	0.93×	0.85×	1.08×	1.1×	1.03×	0.41×	0.38×	0.79×
Interest coverage	0.38×	6.18×	-0.87×	2.54×	5.55×	10.86×	6.49×	2.38×
Dividend yield	0.9%	0.0%	0.5%	2.2%	2.3%	3.4%	2.5%	0.0%
Payout ratio	-21.3%	0.0%	-3.4%	11.6%	20.1%	24.3%	5.1%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-3.5%	1.8%	-16.9%	18.4%	22.0%	26.9%	24.4%	9.9%
Return on invested capital	1.6%	13.7%	-3.5%	2.8%	7.6%	19.1%	18.1%	8.6%
Return on assets	-1.6%	0.9%	-7.4%	8.0%	9.6%	16.0%	14.4%	4.7%
Free cash flow yield	-3.2%	7.0%	-3.8%	-27.4%	-29.5%	1.0%	66.0%	30.9%
Earnings yield	-4.0%	1.2%	-15.3%	18.9%	11.5%	14.1%	49.6%	10.5%
Enterprise value	₹14.2B	₹17.5B	₹14.6B	₹15.1B	₹17.7B	₹11.8B	₹3.6B	₹5.4B
Net debt / EBITDA	6.58×	4.02×	198.49×	7.56×	3.24×	0.86×	0.79×	2.19×
Cash conversion cycle (days)	100	101	84	62	66	114	87	47