Ester Industries posted Q4 revenue of Rs. 321 Cr (+15% YoY) and FY'25 revenue at Rs. 1,298 Cr (+23% YoY). EBITDA margin improved to 12-13%, with PAT turning positive at Rs. 2 Cr (Q4) and Rs. 14 Cr (FY). Specialty Polymers revenue surged 72%, driven by overseas demand for MB03 and PBT; polyester film grew 15% despite import pressure. FY'26 targets include Rs. 1,450-1,500 Cr revenue with 13-16% EBITDA margin and 85%+ capacity utilization. CAPEX of Rs. 110-120 Cr will fund a 20,000-ton rPET line by August. Sustainability efforts focus on 60-70% renewable power by mid-2026. The JV with Loop Industries for circular plastics in Gujarat is on track for H2 2027. Management remains cautiously optimistic on margins and growth.