Ester Industries' polyester chips JV with Loop wins in-principle loan approval and Nike as anchor customer

Elite, Ester Industries' 50-50 joint venture with Loop Industries, has received in-principle approval for a term loan from a public-sector bank, with final sanction expected in three to four months, and has Nike as anchor customer for its planned 45,000 tonne/year polyester chips plant. In Q2 FY27 Ester's polyester films revenue rose 39.6% to USD 44.1m (INR 414.5 crore) and segment EBIT turned positive, while specialty polymers revenue fell 49% after its largest customer switched to a different chemistry.

Why this mattersA named anchor customer and bank approval move the Elite chips project closer to funding, while the films-versus-specialty-polymers divergence shows how customer-specific shifts can swing group earnings quickly.

• Elite has in-principle approval for a term loan from a public-sector bank; final sanction is expected within three to four months
• The 45,000 tonne/year polyester chips project has a capital outlay of USD 128m-149m (INR 1,200-1,400 crore), expected EBITDA margins of 40-45% and most volume pre-sold; Nike is the anchor customer
• Ester says Loop, which carries going-concern language in its US accounts, needs to contribute only equity, backed by milestone-linked private equity commitments
• Polyester films revenue rose 39.6% to USD 44.1m (INR 414.5 crore) in Q2 FY27, with segment EBIT of USD 3.7m (INR 34.5 crore) against a loss a year earlier
• Specialty polymers revenue fell 49% to USD 3.1m (INR 29.3 crore) after the largest customer changed its process chemistry
• Consolidated EBITDA fell to USD 4.8m (INR 45.1 crore) from USD 6.3m (INR 58.9 crore) in Q1; borrowings were USD 79.7m (INR 748.8 crore) and net debt/EBITDA 3.0-3.25x against a 2-2.25x target

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