Amtech Esters Limited is a B2B chemical company engaged in manufacturing Unsaturated Polyester Resins (UPRs) and trading complementary products such as fibre resins, hardeners and silicones, serving customers across the resin and FRP value chain.
The Company offers 49 UPR SKUs catering to diverse applications across automotive, electrical, decorative, FRP, waterproofing and other industries.
The Company operates through its wholly owned subsidiary, Croda Pigments Private Limited (CPPL), which manufactures pigments for resin-based, industrial and household applications.
The Company has dedicated R&D and Quality Control departments focused on product performance, process improvement and quality consistency, supported by ISO 9001:2015 certification.
The Company operates manufacturing facilities in Bahadurgarh, Haryana. In FY2026, Amtech Esters recorded 2,195 MT production at 88.11% utilisation, while CPPL recorded 311.99 MT at 83.38% utilisation.
Overall, Amtech Esters has an integrated portfolio of UPRs, pigments and complementary resin-related products serving diverse industrial applications.
As of March 31, 2026, the Company had 60 employees on its payroll, comprising management, sales and marketing, production and other functions.
Amtech Esters IPO – Details
| IPO Opening Date | 09 September 2026 |
| IPO Closing Date | 11 September 2026 |
| Issue Type | Book Building IPO |
| Issue Size | Total Issue: 23,84,000 Shares Worth ₹17.88 Crore Fresh Issue: 23,84,000 Shares Worth ₹17.88 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹71 – ₹75 per share |
| Market Lot | 1600 Shares |
| Min Order | 1600 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Maashitla Securities Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Amtech Esters IPO – Date Schedule
| IPO Open Date | 09 September 2026 |
| IPO Close Date | 11 September 2026 |
| Basis of Allotment | 15 September 2026 |
| Initiation of Refund | 16 September 2026 |
| Credit of Shares to Demat | 16 September 2026 |
| IPO Listing Date | 17 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 11, 2026 |
Amtech Esters IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,40,000 |
| Retail (Max) | 2 | 3,200 | ₹2,40,000 |
| S-HNI (Min) | 3 | 4,800 | ₹3,60,000 |
| S-HNI (Max) | 8 | 12,800 | ₹9,60,000 |
| B-HNI (Min) | 9 | 14,400 | ₹10,80,000 |
Competitive Strength
- ISO 9001:2015 certified manufacturing processes.
- Diversified product portfolio catering to a broad customer base.
- Integrated sourcing solutions across the resin and FRP value chain.
- Strong quality assurance supported by R&D and quality control capabilities.
- Modern manufacturing facilities equipped with automated plant and machinery.
- Synergistic operations with its wholly owned subsidiary, Croda Pigments Private Limited.
- Experienced Promoter and senior management supported by a knowledgeable sales team.
Company Promoters
- Ajit Singh Bawa
- Gurpreet Kaur Bawa
- Meenakshi Sharma
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹27.24 Cr | ₹23.84 Cr | ₹2.84 Cr | ₹4.49 Cr |
| 31 March 2025 | ₹36.97 Cr | ₹31.81 Cr | ₹3.72 Cr | ₹3.99 Cr |
| 31 March 2026 | ₹40.75 Cr | ₹35.01 Cr | ₹4.22 Cr | ₹3.41 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 24.17% |
| ROCE | 30.16% |
| Debt/Equity | 0.17 |
| RoNW | 24.17% |
| PAT Margin | 10.28% |
| EBITDA Margin | 18.41% |
| NAV | 30.38 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.55 | 4.78 |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Investment in the subsidiary, namely Croda Pigments Private Limited, by way of debt: 1.Towards capital expenditure requirements of the subsidiary; 2.To meet the incremental working capital requirements of the subsidiary. | ₹8.81 |
| Repayment or prepayment, in full or in part, of certain borrowings availed by the Company. | ₹4.20 |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes. | – |
✅Strengths
- Diversified Portfolio with 49 UPR SKUs across multiple industries.
- Integrated Offering of UPRs, pigments and complementary products.
- Strong Capacity Utilisation at its manufacturing facilities.
⚠️Risks
- Customer Concentration with top 10 customers contributing 40.78% of FY2026 revenue.
- Supplier Concentration with top 10 suppliers accounting for 73.18% of FY2026 purchases.
- Raw Material Volatility may impact costs and margins.
- Intense Competition may put pressure on pricing and profitability.
Amtech Esters IPO Promoter Holding
| Pre-Issue Share Holding | 62.35% |
| Post Issue Share Holding | 45.52% |
Amtech Esters IPO Prospectus
Company Contact Information
| Amtech Esters Limited Flat No. 102, Plot No. A – 3 Magnum House 1, Commercial Complex Karam Pura, West Delhi, New Delhi West Delhi, New Delhi, 110015 Phone: 011-49044111 Email: info@amtechesters.com Website: https://www.amtechesters.com/ |
Amtech Esters IPO Registrar
| Maashitla Securities Pvt. Ltd. Phone: 011-45121795 Email: ipo@maashitla.com Website: https://maashitla.com/allotment-status/public-issues |
Amtech Esters IPO Lead Manager(s)
| 1. Credora Partners Pvt. Ltd. |
Amtech Esters IPO FAQ
| What is the Amtech Esters IPO? Amtech Esters IPO is an SME IPO. The issue is priced at ₹71 – ₹75 per equity share. The IPO is to be listed on BSE SME. |
| When will Amtech Esters IPO open? The IPO is to open on 09 September 2026 for QIB, NII, and Retail Investors. |
| What is Amtech Esters IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Amtech Esters IPO Size? Amtech Esters IPO size is ₹17.88 Crore. |
| What are the Amtech Esters IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 3200 Shares for ₹2,40,000, while the maximum bid is 3200 Shares for ₹2,40,000. |
| What is the Amtech Esters IPO Allotment Date? Amtech Esters IPO allotment date is 15 September 2026. |
| What is the Amtech Esters IPO Listing Date? Amtech Esters IPO listing date is 17 September 2026. The IPO is to be listed on the BSE SME. |
