Amtech Esters
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 9.77×
- Big non-institutionalbNII · above ₹10 lakh
- 25.43×
- Small non-institutionalsNII · ₹2–10 lakh
- 22.86×
- Retail individualRII · up to ₹2 lakh
- 21.74×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | ₹7 | +9.33% | ₹8,500 | ₹82 | ₹11,200 |
| 12 Sept 2026 | ₹7 | +9.33% | ₹8,500 | ₹82 | ₹11,200 |
| 11 Sept 2026 | ₹7 | +9.33% | ₹8,500 | ₹82 | ₹11,200 |
| 10 Sept 2026 | ₹11 | +14.67% | ₹13,400 | ₹86 | ₹17,600 |
| 09 Sept 2026 | ₹11 | +14.67% | ₹13,400 | ₹86 | ₹17,600 |
| 08 Sept 2026 | ₹7 | +9.33% | ₹8,500 | ₹82 | ₹11,200 |
| 07 Sept 2026 | ₹7 | +9.33% | ₹8,500 | ₹82 | ₹11,200 |
| 06 Sept 2026 | ₹5 | +6.67% | ₹6,100 | ₹80 | ₹8,000 |
| 05 Sept 2026 | ₹5 | +6.67% | ₹6,100 | ₹80 | ₹8,000 |
| 04 Sept 2026 | ₹5 | +6.67% | ₹6,100 | ₹80 | ₹8,000 |
| 03 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹75 | ₹0 |
| 02 Sept 2026 | ₹0 | — | — | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 09 Sept 2026 – 11 Sept 2026
- Listing date
- 17 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹71 – ₹75
- Lot size
- 1,600 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹17.88 Cr
- Fresh issue
- ₹16.98 Cr 22,64,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Promoter holding
- 62.35% → 45.52% pre-issue → post-issue
- ISIN
- INE0RMA01019
- CIN
- U24129DL2002PLC115465
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Credora Partners Pvt.Ltd.
- Registered office
- Flat No. 102, Plot No. A-3, Magnum House 1, Commercial Complex, Karampura, New Delhi- 110015, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 4,52,800 | 28.53% | 26.52% |
| Anchor investor · within QIB | 6,76,800 | — | 39.64% |
| NII (HNI) | 3,40,800 | 21.47% | 19.96% |
| bNII > ₹10L · within NII | 2,30,400 | — | 13.50% |
| sNII < ₹10L · within NII | 1,10,400 | — | 6.47% |
| Retail (RII) | 7,93,600 | 50.00% | 46.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,20,000 | — | 7.03% |
| Total issue | 17,07,200 | — | 100.00% |
Net offer to the public of 15,87,200 shares, out of a total issue of 17,07,200. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,600 shares per lot, in multiples, at ₹75
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,20,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,40,000 |
| S-HNI (max) | 8 | 12,800 | ₹9,60,000 |
| B-HNI (min) | 9 | 14,400 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹75 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.55 | 4.78 |
| P/E (×) | 11.45 | 15.69 |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 27.58%
- ROCE
- 35.10%
- Debt / equity
- 0.26
- PAT margin
- 10.09%
- EBITDA margin
- 17.63%
- NAV per share
- ₹23.83
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 40.75 | 36.97 | 27.24 |
| Revenue from operations | 40.67 | 36.89 | 24.6 |
| Other income | 0.08 | 0.08 | 2.64 |
| Total expenses | 35.01 | 31.81 | 23.84 |
| Operating profit | 5.74 | 5.16 | 3.4 |
| Operating margin | 14.09% | 13.96% | 12.48% |
| Profit before tax | 5.75 | 5.16 | 3.4 |
| Profit after tax | 4.22 | 3.72 | 2.84 |
| PAT margin | 10.36% | 10.06% | 10.43% |
| Balance sheet | |||
| Total assets | 34.47 | 27.86 | 24.79 |
| Current assets | 19.76 | 14.26 | 13.4 |
| Current liabilities | 14.32 | 11.9 | 12.35 |
| Total liabilities | 14.63 | 12.31 | 13.03 |
| Net worth | 19.58 | 15.36 | 11.64 |
| Current ratio | 1.38× | 1.20× | 1.09× |
| Return on equity | 21.55% | 24.22% | 24.40% |
| Cash flow | |||
| Operating cash flow | 4.15 | 2.72 | 1.97 |
| Investing cash flow | -3.99 | -3.18 | -1.36 |
| Financing cash flow | -0.91 | -0.94 | 3.11 |
| Net cash flow | -0.75 | -1.4 | 3.72 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Investment in wholly owned subsidiary, namely Croda Pigments Private Limited, by way of debt ₹8.81 Cr
The company proposes to invest in its wholly owned subsidiary through unsecured debt for capital expenditure requirements including purchase and installation of plant and machinery, and to meet incremental working capital requirements arising from proposed expansion of operations.
2 Repayment or prepayment of certain borrowings ₹4.2 Cr
The company intends to utilize proceeds towards prepayment or repayment, in full or in part, of certain outstanding borrowings to reduce debt servicing costs, maintain favorable debt-equity ratio and enable utilization of internal accruals for business growth.
3 Funding inorganic growth through unidentified acquisitions and general corporate purposes —
The company proposes to deploy proceeds towards funding inorganic growth through strategic acquisitions and general corporate purposes including strategic initiatives, strengthening marketing network, brand building exercises, subject to regulatory limits.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Amtech Esters
The company is engaged in the B2B business of manufacturing Unsaturated Polyester Resins (UPRs) and trading in complementary products like fiber resin, hardeners, silicons and other ancillary products. The company provides customers with an integrated sourcing solution across different stages of the resin and FRP value chain. Its wholly owned subsidiary, Croda Pigments Private Limited, manufactures pigments used as colourants and additives in various industrial and household products, operating in a vertically aligned line of business that complements and expands the company's operations.
Management
Ajit Singh Bawa
MD
Gurpreet Kaur Bawa
Director
Rahul Sharma
Director
Paras Suri
Director
Anjali Bansal
Director
Sandeep Pandey
CFO
Akash Deep
Director of Operations
Vinay Kumar Singh
VP of Marketing
Strengths
As stated in the offer document
Diversified Product Portfolio Catering to a Broad Customer Base
The company manufactures UPRs and trades complementary products like Fiber Resin, hardeners, and silicone-based products, serving multiple industries with 79 SKUs across manufacturing and trading verticals.
Strong Quality Assurance ensuring consistent and standardized product excellence
The company is ISO 9001:2015 certified with dedicated R&D and Quality Control department, maintaining high standards across raw material selection, production monitoring, and final dispatch.
Experienced Promoter and Senior Management Supported by a Knowledgeable Sales Team
The company is led by Managing Director Ajit Singh Bawa with over 24 years of experience in resin and pigment manufacturing, supported by competent management and in-house sales team.
Synergetic collaboration with wholly owned subsidiary
The company's wholly owned subsidiary CPPL manufactures pigments that complement UPR manufacturing operations, creating operational synergies and vertical alignment within the product portfolio.
Risk factors
As stated in the offer document
Significant Revenue Dependence on Single Product Category
The company derives 62.84% of its revenue from unsaturated polyester resins (UPR), creating concentration risk. Any adverse changes in demand, pricing pressure, or supply disruptions for UPR could materially impact business operations and financial performance.
Geographic Concentration of Manufacturing Operations
The company's manufacturing facilities are concentrated in Haryana, with 89.78% of revenue from manufacturing operations. Any disruption, natural disaster, or regional issues affecting Haryana could severely impact production capacity and revenue generation.
High Employee Attrition Risk
The company experienced attrition rates of 8.69%, 5.56%, and 17.14% for fiscal years 2026, 2025, and 2024 respectively. High attrition in this manpower-intensive business could increase recruitment costs and affect operational efficiency.
Regulatory Non-Compliance and Filing Delays
The company has multiple instances of delayed statutory filings, including ADT-1 delays of over 3,500 days and various ROC filing discrepancies. Future penalties could impact financial position and regulatory standing.
Negative Cash Flow from Investing and Financing Activities
The company reported negative cash flows from investing activities of ₹398.72 lakhs (FY 2026) and ₹317.54 lakhs (FY 2025), primarily due to capital expenditure and debt repayments. This pattern may continue affecting liquidity.
Significant Outstanding Borrowings and Debt Obligations
The company has total outstanding borrowings of ₹404.30 lakhs as of August 2026, with plans to use ₹397.74 lakhs from IPO proceeds for debt repayment. Inability to comply with loan covenants could trigger acceleration of repayments.
High Trade Receivables and Working Capital Risk
Trade receivables increased to ₹1,023.52 lakhs in FY 2026 with debtor days of 92 days. Delays in receivables collection could create liquidity crunches and increase working capital borrowing costs.
Hazardous Chemical Manufacturing Risks
The company's manufacturing involves hazardous and inflammable industrial chemicals, creating risks of industrial accidents, environmental damage, and regulatory penalties. Failure to comply with environmental regulations could disrupt operations.
Dependency on Limited Suppliers
Top 10 suppliers account for 73.18% of total purchases (FY 2026), with no long-term supplier agreements. Loss of key suppliers or supply disruptions could significantly impact production and costs.
Customer Concentration Risk
Top 10 customers represent 40.78% of revenue from operations (FY 2026), with no long-term customer agreements. Loss of major customers could materially affect business performance and cash flows.