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Amtech Esters Ltd IPO
Amtech Esters Ltd
₹2,27,200 /3200 sharesMinimum investment
IPO details
Minimum investment
₹2,27,200
Price range
₹71 - ₹75
Lot size
1,600
Issue size
17.88 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
9 Sep 2026
IPO open date
11 Sep 2026
IPO close date
15 Sep 2026
Allotment date
15 Sep 2026
Funds unblock or debit
17 Sep 2026
Tentative listing date
About
Founded in
2002
MD/CEO
Mr. Ajit Singh Bawa
Parent organisation
Amtech Esters Ltd
Amtech Esters Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
Amtech Esters has a diversified product portfolio across its manufacturing and trading operations. Its portfolio consists of 79 SKUs, including unsaturated polyester resins (UPRs), fibre resin products, hardeners, ancillary products, silicone-based products, and pigments. These products serve applications across automotive, electrical and switchgear, apparel accessories, FRP products, decorative products, waterproofing, and other industrial segments.
Amtech Esters is ISO 9001:2015 certified for Quality Management Systems, ISO 14001:2015 certified for Environmental Management Systems, and ISO 45001:2018 certified for Occupational Health & Safety Management Systems for its UPR manufacturing operations.
The company claims to have dedicated in-house research and development (R&D) and quality control capabilities. Its research & development and quality control department undertakes product testing, monitors product quality, works on formulation improvements, and modifies production processes based on customer requirements.
The acquisition of Croda Pigments Pvt Ltd (CPPL) has added a vertically aligned business to the group. Amtech holds 100% of CPPL, which manufactures pigments complementary to its UPR and allied chemical product portfolio. The company claims that this integration supports internal supply linkages and can reduce dependence on external suppliers for certain inputs.
The company has recorded consistent growth in revenue from operations and PAT. Revenue from operations stood at Rs 24.60 crore, Rs 36.89 crore, and Rs 40.67 crore in FY24, FY25 and FY26, respectively, while PAT stood at Rs 2.84 crore, Rs 3.72 crore, and Rs 4.22 crore, respectively.
Amtech Esters has significant product concentration in unsaturated polyester resins (UPRs). Revenue from UPRs stood at Rs 14.96 crore (60.79%), Rs 22.71 crore (61.57%), and Rs 25.56 crore (62.84%) in FY24, FY25, and FY26, respectively. In the case of a decline in demand, pricing pressure, or unavailability of raw material for UPRs, the company’s performance could be materially affected.
The company is significantly dependent on its manufacturing vertical, with all its manufacturing facilities located in Haryana. Manufacturing contributed Rs 20.20 crore (82.12%), Rs 32.50 crore (88.12%), and Rs 36.51 crore (89.78%) to revenue from operations in FY24, FY25, and FY26, respectively. Any disruption, slowdown, or shutdown of its manufacturing operations in Haryana could hurt its business and financial condition.
Amtech Esters has significant trade receivables, while its collection cycle deteriorated in FY26. Trade receivables stood at Rs 4.67 crore, Rs 6.89 crore, and Rs 10.23 crore in FY24, FY25, and FY26, respectively, while debtor days stood at 69 days, 68 days, and 92 days, respectively. Delays or defaults in collections could increase working capital requirements and finance costs.
The company’s manufacturing processes involve hazardous and inflammable industrial chemicals and corrosive raw materials. These operations generate volatile organic compounds and waste and are subject to environmental and safety regulations. Any accident, mishandling of chemicals, or regulatory non-compliance could result in penalties, operational disruption, property damage, or product liability claims.
A sizeable portion of the IPO proceeds is proposed to be invested in the wholly owned subsidiary CPPL, exposing the company to execution risk. The company proposes to provide Rs 8.81 crore as unsecured debt to CPPL, including Rs 3.41 crore for the purchase and installation of plant and machinery. Delays, cost overruns, or CPPL’s inability to successfully deploy the funds could affect the expected benefits from the investment.
Raw material costs account for a significant proportion of the company’s expenses. Cost of goods consumed stood at Rs 15.16 crore (63.62%), Rs 22.73 crore (71.47%), and Rs 24.21 crore (69.17%) of total expenses in FY24, FY25, and FY26, respectively. Fluctuations in prices or shortages of key raw materials such as resin and chrome titanium could therefore affect margins and production.
The company has significant supplier concentration and does not have long-term contracts with its suppliers. Purchases from its top 10 suppliers stood at Rs 13.21 crore (72.46%), Rs 18.06 crore (65.72%), and Rs 21.80 crore (73.18%) in FY24, FY25, and FY26, respectively. Loss of one or more key suppliers or delays in identifying alternatives could disrupt its operations.
A sizeable portion of the company’s revenue is dependent on a limited number of customers, without long-term customer agreements. Revenue from its top 10 customers stood at Rs 9.78 crore (39.77%), Rs 16.71 crore (45.29%), and Rs 16.58 crore (40.78%) in FY24, FY25, and FY26, respectively. Loss of one or more key customers or reduction in business from them could adversely affect the company’s business and financial condition.
The company has significant geographical concentration of revenue in Delhi, Uttar Pradesh and Haryana. Together, these three markets contributed Rs 21.22 crore (86.26%), Rs 33.08 crore (89.68%), and Rs 35.06 crore (86.20%) to revenue from operations in FY24, FY25, and FY26, respectively. Adverse economic, regulatory, or other developments in these regions could therefore materially affect its business.
The company has reported negative cash flows from investing activities in each of the last three financial years and from financing activities in FY25 and FY26. Negative cash flow from investing activities stood at Rs 1.36 crore, Rs 3.17 crore and Rs 3.99 crore, while negative cash flow from financing activities stood at Rs 0.94 crore and Rs 0.91 crore in FY25 and FY26, respectively. The negative investing cash flows were mainly due to capital expenditure towards property, plant and equipment, business expansion, and the new Asoda facility, while the negative financing cash flows were mainly due to repayment of borrowings and interest payments. Sustained negative cash flows could adversely affect the company’s liquidity and its ability to fund its operations.
As of August 22, 2026, the company had total outstanding secured borrowings from banks and financial institutions amounting to Rs 4.04 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For Amtech Esters IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹71 - ₹75 | ₹2 - ₹5 Lakhs | 1600 |
About
Objective of Amtech Esters IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Investment in its wholly owned subsidiary, namely Croda Pigments Private Limited, by way of debt:
|
8.81 |
|
Repayment or prepayment, in full or in part, of certain borrowings availed by the company |
4.19 |
|
Funding inorganic growth through unidentified acquisitions and general corporate purposes. |
[.] |
|
General corporate purposes. |
[.] |
|
Total |
[.] |
Book Running Lead Managers & Registrar of Amtech Esters IPO
|
Book Running Lead Managers |
Credora Partners Private Limited |
|
Registrar to the Issue |
Maashitla Securities Private Limited |
|
Market Maker to the Issue |
Nikunj Stock Brokers Limited |
Key Performance Indicators (KPIs) of Amtech Esters Ltd.
|
KPI |
Value (for the year ended March 31, 2026) |
|
ROE (%) |
24.17 |
|
ROCE (%) |
30.16 |
|
EBITDA Margin (%) |
18.41 |
|
PAT Margin (%) |
10.38 |
|
Debt-to-equity Ratio |
0.17 |
|
EPS (Pre IPO) (₹) |
6.55 |
|
Return on Net Worth (RoNW) (%) |
24.17 |
|
Net Asset Value (NAV) per Equity Share (₹) |
30.38 |
Amtech Esters IPO Contact Details
|
Company Name |
Amtech Esters Limited |
|
Registered Office |
Flat No. 102, Plot No. A-3, Magnum House 1, Commercial Complex, Karam Pura, New Delhi –110015, India |
|
Phone |
011-49044111 |
|
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|
|
Website |
Amtech Esters IPO Registrar Contact Details
|
Company Name |
Maashitla Securities Private Limited |
|
Phone |
011 47581432 |
|
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Website |