Ester Industries Limited — Credit Ratings, 23-07-2025: Credit Rating- Revision

Ester Industries' long-term rating of 'CRISIL A-' has been reaffirmed, with the outlook revised from 'Negative' to 'Stable'. The short-term rating of 'CRISIL A2+' was also reaffirmed. This positive shift is driven by an improved operating performance, with revenue jumping 22% in fiscal 2025 (provisional) to Rs 1,282 crore and EBITDA margin significantly improving to 11.5% from -1.3% previously. The company's financial health strengthened, as evidenced by better interest coverage and reduced gearing to 0.86x. This improved rating outlook signals enhanced financial stability, potentially boosting investor confidence and offering more strategic flexibility for the company's future plans, including its Rs 1,530 crore joint venture project.