Amtech Esters Ltd IPO
Chemicals
Price Band
₹71 – ₹75
Lot Size
1600
Minimum Bid Quantity
3200
Minimum Investment
₹240000
Issue Size
₹17.88Cr
Opens
2026-09-09
Closes
2026-09-11
Listing
17-09-2026
Subscription Status
Qualified Institutional Buyers
9.77 x
Non-Institutional Investor
12.82 x
Retail Individual Investor
16.4 x
Total
13.67 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE0RMA01019
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Amtech Esters Limited is a B2B manufacturer of unsaturated polyester resins (UPRs) and also trades in complementary products used in resin and fibre-reinforced plastic (FRP) applications. Its product portfolio includes different grades of UPRs, fibreglass products, hardeners, silicones, and ancillary products. Through its wholly owned subsidiary, Croda Pigments Pvt Ltd (CPPL), the company also manufactures pigments used as colourants and additives in industrial and household applications. The company’s products are used across industries, including automotive, electrical and switchgear, fashion and apparel accessories, decorative products, and other industrial applications. Amtech operates manufacturing facilities in Bahadurgarh, Haryana. Its UPR manufacturing facility has an installed capacity of 2,960 MTPA, while CPPL’s pigment manufacturing facility has an installed capacity of 382.20 MTPA as of March 31, 2026. Use of proceeds: The IPO is a fresh issue of shares. So, the net proceeds from the fresh issue will go to the company and will be utilised for the following purposes: Investment in its wholly owned subsidiary, Croda Pigments Pvt Ltd, by way of debt — Rs 8.81 crore a. Towards capital expenditure requirements of the wholly owned subsidiary b. To meet the incremental working capital requirements of the wholly owned subsidiary Repayment or prepayment, in full or in part, of certain borrowings availed by the company — Rs 3.98 crore Funding inorganic growth through unidentified acquisitions and general corporate purposes.
Pros
- • 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.
Cons
- • 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.
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