Amtech Esters IPO

Small CapChemicals / Specialty Chemicals SME

IPO Details

Bidding Dates

09 Sep '26 - 11 Sep '26

Minimum Investment

₹2,40,000 /2 lot (3200 shares)

Price Range

₹71 - ₹75

Maximum Investment

₹2,40,000 /2 lot (3200 shares)

Retail Discount

N.A.

Issue Size

₹17.88 Cr

Investor category and sub category

Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)

Amtech Esters IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Sep 9, 26

IPO Closing Date

Sep 11, 26

Basis of Allotment

Sep 15, 26

Initiation of Refunds

Sep 16, 26

IPO Listing Date

Sep 17, 26

About Amtech Esters IPO

Amtech Esters IPO is a 100% book-built issue comprising entirely a fresh issue of up to 23,84,000 equity shares of face value of ₹10 each, with no offer for sale (OFS) component.

The IPO will open for subscription on Wednesday, September 9, 2026, and close on Friday, September 11, 2026 (with anchor investor bidding scheduled for Tuesday, September 8, 2026). The equity shares are proposed to be listed on the SME Platform of BSE Limited (BSE SME), which also serves as the designated stock exchange.

The face value of the equity shares is ₹10 each, with a price band set between ₹71 and ₹75 per share, and a minimum bid lot size of 1,600 equity shares (with retail applicants requiring a minimum application of two lots).

Credora Partners Private Limited is the sole book-running lead manager, while Maashitla Securities Private Limited is the registrar to the issue.

About Amtech Esters Limited

Incorporated in May 2002, Amtech Esters Limited is a New Delhi-headquartered specialty chemical manufacturing company specialising in the production of Unsaturated Polyester Resins (UPRs) and related chemical formulations. The company's core operations involve the manufacturing of Unsaturated Polyester Resins and pigments, alongside trading complementary products across the FRP value chain, including fiber resins, hardeners, silicones, and ancillary chemical products. Its offerings primarily cater to high-demand industrial sectors, notably automotive, paints and varnishes, fibreglass-reinforced plastic (FRP) sheets, waterproofing, and decorative item manufacturing across India.

Amtech Esters operates its primary manufacturing facility at Bahadurgarh in Jhajjar, Haryana, and has established an additional resin manufacturing facility at Asoda, Haryana, with domestic revenues heavily concentrated in Uttar Pradesh, Haryana, and Delhi. As of March 31, 2026, the company's standalone manufacturing unit had an annual installed capacity of 2,960 MTPA (with a usable capacity of 2,491.20 MTPA and an 88.11% capacity utilisation rate), while its wholly owned subsidiary, Croda Pigments Private Limited, contributed an installed pigment capacity of 382.20 MTPA. The company executes its operations through dedicated in-house research and development (R&D) and quality-control teams alongside automated production assets. As of March 31, 2026, the company had 60 full-time employees.

Industry Outlook

Global growth is projected at 3.0% in 2026 and 3.4% in 2027, moderating from an average rate of 3.5% recorded across 2024–2025. Growth dynamics reflect mixed macroeconomic pressures, including regional geopolitical conflicts offset by positive momentum in advanced tech cycles.

Demand for Unsaturated Polyester Resins and specialty chemical additives is primarily fuelled by rapid growth in fiberglass-reinforced plastics (FRP), industrial coatings, infrastructure waterproofing, automotive body components, and modern construction composites.

The sector is capital-intensive and characterized by cyclical raw material cost fluctuations, particularly in basic resin precursors, glycols, and chrome titanium. Profitability is heavily dependent on maintaining high-capacity utilisation, optimising batch processing times, and hedging against petrochemical price volatility.

In India, demand is anchored by expanding transport/automotive applications, high corrosion-resistant chemical storage solutions, and steady government-backed industrial infrastructure initiatives across regional belts like Northern and Western India.

Amtech Esters IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

To fund capital expenditure requirements for the purchase and installation of plant and machinery

To fund incremental working capital requirements arising from expanded operations

To repay or repay, in full or in part, certain outstanding borrowings

Towards general corporate expenses

Financial Performance of Amtech Esters Limited

Particulars	FY26	FY25	FY24
Revenue from operations (₹ lakh)	4,067.12	3,688.69	2,460.37
EBITDA (₹ lakh)	748.95	650.20	164.72
EBITDA Margin (%)	18.41	17.63	6.69
PAT (₹ lakh)	422.28	372.22	283.71
PAT Margin (%)	10.38	10.09	11.53
Net Worth / Total Equity (₹ lakh)	1,958.17	1,535.90	1,163.67
RoNW / ROE (%)	24.17	27.58	27.94
RoCE (%)	30.16	35.10	30.77

Amtech Esters Limited Peer Details Comparison

As per the RHP, no listed industry peers are operating in the same line of business in India.

Strengths and Opportunities of Amtech Esters IPO

The company supplies an integrated sourcing ecosystem covering manufactured Unsaturated Polyester Resins (UPR) alongside complementary products (fiber resins, hardeners, silicones, and pigments). In FY26, manufacturing drove 89.78% of operations, with core UPR generating ₹2,555.84 lakhs (62.84%) and pigments contributing ₹981.78 lakhs (24.14%).

Revenue expanded at a 28.57% CAGR from ₹2,460.37 lakhs in FY24 to ₹4,067.12 lakhs in FY26. EBITDA grew at a 113.23% CAGR (from ₹164.72 lakhs to ₹748.95 lakhs), driving EBITDA margins up from 6.69% to 18.41%. PAT rose from ₹283.71 lakhs to ₹422.28 lakhs (22.00% CAGR).

Manufacturing operates under ISO 9001:2015 certification. Usable capacity utilization at the main Bahadurgarh resin facility reached 88.11% in FY26 (2,195 MT produced), up from 50.38% in FY24.

Full ownership of Croda Pigments Private Limited (CPPL) allows direct resin-to-pigment vertical integration. CPPL operated at 83.38% capacity utilization in FY26, generating ₹345.80 lakhs in trade volume.

Consolidated debt-to-equity declined to 0.17x in FY26 from 0.39x in FY24, supported by a DSCR of 5.01x, ROCE of 30.16%, and RoNW of 24.17%.

Allocation of up to 25% of gross proceeds toward unidentified strategic acquisitions provides headroom to enter adjacent high-value segments, specifically saturated polyester resins.

Utilizing ₹419.73 lakhs of issue proceeds to prepay bank borrowings (Yes Bank facilities) will curtail annual finance costs (which stood at ₹32.81 lakhs in FY26 and ₹44.56 lakhs in FY25), improving net margins.

Risks and Threats of Amtech Esters IPO

A substantial portion of operational revenue depends on a single product segment, with Unsaturated Polyester Resins (UPR) contributing 62.84% (₹2,555.84 lakhs) in FY26, 61.57% in FY25, and 60.79% in FY24. Any decline in UPR market demand or technical substitution would materially impair performance

Revenue generation is confined to Northern India, with Delhi (27.30%), Uttar Pradesh (30.30%), and Haryana (28.60%) together accounting for 86.20% of total turnover in FY26.

Raw material consumption constitutes a dominant share of total costs (69.17% in FY26 and 71.47% in FY25). Sourcing is heavily concentrated, with the top 10 suppliers accounting for 73.18% and the single largest supplier supplying 15.15% of purchases in FY26, all operated on purchase orders without long-term supply contracts.

The top 10 customers accounted for 40.78% (₹1,658.59 lakhs) and the top 5 drove 29.06% of revenue in FY26. All business is executed on a purchase order basis without assured volume or multi-year agreements.

Debtor collection periods lengthened to 92 days in FY26 (up from 68 days in FY25), driving trade receivables to ₹1,023.52 lakhs (25.16% of total revenue) and constraining operational liquidity.

Operations involve hazardous, inflammable chemicals resulting in volatile organic compound (VOC) emissions, exposing facilities to strict audits under the Air/Water Acts and Hazardous Waste Rules. Any chemical incident, failure of safety protocols, or local regulatory changes could trigger shutdowns or penalties.

Promoter group company Bawa Resins Private Limited is chartered to operate in the identical line of business (polyester resins and allied products) and shares common directorships, posing corporate conflict risks despite a non-compete execution.

Historical corporate records reflect multiple delays in ROC e-filings (spanning AOC-4, MGT-7, and Form ADT-1 with delays up to 3,572 days) and periodic delays in GSTR-3B filings, leaving the company exposed to statutory scrutiny.

Amtech Esters IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Net Issue
Retail Shares Offered	Not less than 35% of the Net Issue
NII Shares Offered	Not less than 15% of the Net Issue

Amtech Esters IPO Promoter Holding

The promoters of the company are Ajit Singh Bawa, Gurpreet Kaur Bawa and Meenakshi Sharma.

Share Holding Pre-Issue	62.35%
Share Holding Post Issue	45.52%

Amtech Esters IPO Prospectus

Amtech Esters IPO RHP

Amtech Esters IPO Registrar and Lead Managers

Amtech Esters IPO Lead Managers

Credora Partners Private Limited

Registrar for Amtech Esters IPO

MaaShitla Securities Private Limited

Contact Number: 011-47581432

Email Address: ipo@maashitla.com

How To Apply for Amtech Esters IPO Online?

Locate the IPO Section: Navigate to the 'IPO' section on the platform.

Select IPO: Find and select the Amtech Esters IPO from the list of open IPOs.

Enter the Lot Size: Specify the number of lots you want to bid for.

Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.

Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the Amtech Esters IPO?

Steps to check IPO allotment status on Angel One’s app:

Go to the IPO Section and then to IPO Orders.

Select the individual IPO that you had applied for and check the allotment status.

Angel One will notify you of your IPO allotment status via push notification and email.

Don't miss the next investment opportunity - browse the Upcoming IPO on Angel One.

Contact Details of Amtech Esters IPO

Registered Office: Flat No. 102, Plot No. A-3, Magnum House 1, Commercial Complex, Karam Pura, New Delhi –110015, India.

Phone: 011-49044111

E-mail: info@amtechesters.com

How to Apply in IPO
How to Check IPO Allotment Status

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Amtech Esters IPO FAQs

What minimum lot size can retail investors subscribe to?

Retail investors can apply for a minimum of two lot, comprising 3200 equity shares. At the upper price band of ₹75 per share, the minimum investment required is ₹2,40,000.

When will the Amtech Esters IPO be allotted?

The basis of allotment date for Amtech Esters is expected to be finalised on September 15, 2026.

How to increase your chances of getting a Amtech Esters IPO allotment?

Multiple Submissions: Use different Demat accounts belonging to different eligible applicants to make separate applications.

Price Bidding: Opt for bidding at the cut-off price or the upper price band to avoid the application being rejected due to a lower bid.

Timely Subscription: Ensure you submit your IPO application within the specified subscription period and complete the required application process before the deadline.

Application Details: Check your PAN, Demat account, bank account and UPI details carefully before submitting the application to avoid rejection due to errors.

How do I approve the UPI mandate request for the Amtech Esters IPO?

After submitting your IPO application, you will receive a UPI mandate request in your chosen UPI app. Review the details and approve the mandate before the specified deadline to complete your application.

Can I submit more than one application for the public issue of Amtech Esters Limited using one PAN?

No, you should not submit multiple IPO applications using the same PAN under the same investor category. Multiple applications with the same PAN may be rejected as invalid during the allotment process.

What is 'pre-apply' for Amtech Esters Limited IPO?

Pre-apply allows investors to submit their IPO application before the public issue officially opens for subscription. The application is saved in advance and is processed when the IPO opens.

If I pre-apply for the Amtech Esters Limited IPO, when will my order get placed?

Pre-apply allows investors to apply for the Amtech Esters Limited IPO two days before the subscription period opens on Sep 9, 2026, ensuring an early submission of your application.

When will I know if my Amtech Esters Limited IPO order is placed?

You will receive a confirmation once your IPO order has been successfully placed on the exchange. You will also receive notifications through your email and SMS.