Amtech Esters
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 15.07×
- Big non-institutionalbNII · above ₹10 lakh
- 33.63×
- Small non-institutionalsNII · ₹2–10 lakh
- 29.61×
- Retail individualRII · up to ₹2 lakh
- 29.00×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 4,52,800 | 68,22,400 | ₹51.17 Cr | 15.07× |
| Non-institutional | 3,40,800 | 1,10,16,000 | ₹82.62 Cr | 32.32× |
| Big non-institutionalwithin NII | 2,30,400 | 77,47,200 | ₹58.10 Cr | 33.63× |
| Small non-institutionalwithin NII | 1,10,400 | 32,68,800 | ₹24.52 Cr | 29.61× |
| Total | 15,87,200 | 4,07,95,200 | ₹306 Cr | 25.70× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 11 Sep, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 09 Sep 2026 – 11 Sep 2026
- Listing date
- 17 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹71 – ₹75
- Issue price
- ₹75 per share
- 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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.55 | 4.78 |
| P/E (×) | 11.45 | 15.69 |
Key performance indicators
- 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
| 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
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 ₹4.20 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
Amtech Esters Limited, incorporated in 2002 and converted to public limited status in 2023, is a B2B specialty chemicals company engaged in manufacturing unsaturated polyester resins (UPRs) and trading complementary products including fiber resins, hardeners, silicones, and pigments. The company operates manufacturing facilities in Haryana, with a wholly-owned subsidiary, Croda Pigments Private Limited, which also produces pigments. From FY 2024 to FY 2026, the company achieved significant growth with EBITDA increasing from ₹164.72 lakhs to ₹748.95 lakhs (CAGR 113.23%) and profit after tax rising from ₹283.71 lakhs to ₹422.28 lakhs (CAGR 22.00%). The company generates approximately 63% of revenue from UPR products and serves customers across automotive, paints, varnishes, FRP sheets, waterproofing, and decorative applications.
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.
Company Analysis
from RHPAmtech Esters Limited manufactures unsaturated polyester resins and trades complementary products like fiber resins, hardeners, and silicones for B2B markets spanning specialty chemicals and composites.
Amtech Esters Limited, incorporated in 2002 and converted to public limited status in 2023, is a B2B specialty chemicals company engaged in manufacturing unsaturated polyester resins (UPRs) and trading complementary products including fiber resins, hardeners, silicones, and pigments. The company operates manufacturing facilities in Haryana, with a wholly-owned subsidiary, Croda Pigments Private Limited, which also produces pigments. From FY 2024 to FY 2026, the company achieved significant growth with EBITDA increasing from ₹164.72 lakhs to ₹748.95 lakhs (CAGR 113.23%) and profit after tax rising from ₹283.71 lakhs to ₹422.28 lakhs (CAGR 22.00%). The company generates approximately 63% of revenue from UPR products and serves customers across automotive, paints, varnishes, FRP sheets, waterproofing, and decorative applications.
Objects of the Issue
- Repayment/prepayment of certain outstanding borrowings ₹397.74 lakhs p.27
- Investment as loan to wholly-owned subsidiary for purchase and installation of plant and machinery ₹881.42 lakhs (of which ₹341.42 lakhs for plant and machinery) p.28
- General corporate purposes including working capital and unidentified acquisitions p.38
- Investment in wholly owned subsidiary Croda Pigments Private Limited by way of debt towards capital expenditure requirements for purchase and installation of plant and machinery ₹341.42 lakhs p.91
- Investment in wholly owned subsidiary Croda Pigments Private Limited by way of debt to meet incremental working capital requirements ₹540.00 lakhs p.94
- Repayment or prepayment of certain outstanding borrowings ₹419.73 lakhs p.99
- Funding inorganic growth through unidentified acquisitions and general corporate purposes p.100
- Funding capex for new manufacturing facility
Issue Structure
- Total Issue
- up to 23,84,000 Equity Shares of face value Rs. 10/- each aggregating to Rs. [●] lakhs
- Fresh Issue
- up to 23,84,000 Equity Shares of Face Value of Rs. 10/- each aggregating up to Rs. [●] lakhs
- Offer for Sale
- NIL
- Price Band
- Floor Price Rs. 71/- per Equity Share to Cap Price Rs. 75/- per Equity Share (7.1 times to 7.5 times the face value)
- Lot Size
- 1,600 Equity Shares (Bid Lot)
- Face Value
- Rs. 10/- per Equity Share
Business Model
B2B manufacturing and trading of specialty chemical products. Revenue is derived primarily from manufacturing (89.78% in FY 2026) and trading (10.22% in FY 2026) operations. Manufacturing comprises primarily unsaturated polyester resins (62.84% of total revenue) and pigments (24.14%), with ancillary products including fiber resins, hardeners, silicones. The company operates on a purchase order basis without long-term customer contracts.
Business Segments
SWOT Analysis
- • Diversified product portfolio and strong quality assurance(p.104)
- • Experienced promoter and management team with established customer relationships(p.104)
- • Wholly owned subsidiary provides synergetic collaboration and vertical integration(p.104)
- • Strong financial performance with improving profitability and returns(p.106)
- • Diversified product portfolio across UPRs, pigments, fiber resins, and complementary products enabling integrated customer solutions(p.140)
- • ISO 9001:2015 certification validating quality management and consistent product performance standards(p.140)
- • Experienced promoter with 24+ years in resin and pigment manufacturing industry(p.141)
- • Vertical integration through wholly-owned subsidiary providing forward integration and operational synergies(p.141)
- • Strong established supplier relationships enabling reliable and competitive procurement(p.141)
- • Diversified customer base across 26 geographic regions reducing concentration risk(p.143)
- • Established presence in specialty chemicals with 24 years of combined leadership experience in polyester resin manufacturing(p.182)
- • Quality certifications across manufacturing, environmental, and occupational health standards(p.220)
- • Vertical integration through wholly-owned subsidiary providing pigment production capabilities(p.197)
- • Revenue growth momentum with 10.26% YoY growth in FY 2026(p.203)
- • Improved operational efficiency with COGS declining as percentage of revenue(p.203)
- • Strong debt reduction trajectory with debt-to-equity declining from 0.39x to 0.17x(p.198)
- • Significant revenue concentration in single product (UPR)(p.22)
- • All manufacturing facilities located in single state (Haryana)(p.22)
- • High employee attrition in past periods(p.23)
- • History of regulatory filing delays and non-compliances(p.24)
- • Negative cash flows from investing and financing activities(p.26)
- • Significant receivables with extended debtor days(p.27)
- • High supplier concentration with top 10 suppliers representing 73.18% of purchases(p.29)
- • Registered office property is leased, not owned(p.36)
- • Accounting standards transition risk and potential financial reporting impacts(p.48)
- • Conversion of Rupee proceeds into foreign currency requires tax clearance certificates(p.49)
- • Scarcity of experienced accounting personnel for Ind AS transition(p.48)
- • Significant customer concentration with top 10 customers representing 40.78% of revenue(p.140)
- • High supplier concentration with top 3 suppliers accounting for 43.07% of total purchases(p.140)
- • Small employee base of 60 people creating execution and growth constraints(p.145)
- • New pigment subsidiary acquired only in FY 2023-24 with unproven integration execution(p.129)
- • Moderate capacity utilization at 89.11% for UPRs and 83.38% for pigments indicating unutilized assets(p.138)
- • Significant concentration of customer base with top customer accounting for 9.84% of revenue(p.209)
- • High supplier concentration with top supplier representing 15.15% of total purchases(p.209)
- • Promoter holds substantial controlling stake creating governance concentration risk(p.180)
- • Significant increase in trade receivables outpacing revenue growth indicating liquidity pressures(p.199)
- • Limited liquidity with cash position declining from ₹237.27 lakhs to ₹162.73 lakhs(p.206)
- • Expansion of manufacturing capacity through new facility(p.35)
- • Growth in revenue and EBITDA over recent years(p.37)
- • Strategic acquisitions and partnerships for growth(p.38)
- • Improved capacity utilization trajectory(p.34)
- • Expansion of manufacturing capacity through proposed capex in subsidiary(p.91)
- • Growth through inorganic acquisitions in complementary sectors(p.100)
- • Debt reduction to improve balance sheet strength and financing flexibility(p.99)
- • Listing on SME platform to enhance brand image and create public market(p.87)
- • Indian chemical sector projected to grow at 7.5% CAGR through 2030 with government support initiatives(p.117)
- • Semiconductor sector expansion driving 8.5-11.2% growth in specialized chemical demand through 2026(p.120)
- • India's specialty chemicals market valued at $92.6 billion by 2033 with strong import substitution potential(p.124)
- • Green chemicals market forecast to grow at 10%+ CAGR exceeding $15 billion by 2027(p.127)
- • Government initiatives including Chemical Parks, CCUS funding, and PLI schemes supporting sector expansion(p.127)
- • Capacity expansion underway at Asoda facility expected operational by September 2026 to capture growth(p.136)
- • Expansion of manufacturing capacity through new facility under construction in Haryana(p.222)
- • Growth through pigment product integration across industrial and household applications(p.197)
- • Expanded product portfolio to serve multiple FRP and chemical application segments(p.197)
- • Capital structure optimization through equity financing reducing debt burden(p.210)
- • Hazardous chemical manufacturing requires stringent environmental compliance(p.27)
- • Raw material price volatility and supply risks(p.29)
- • Customer concentration risk with top 10 customers at 40.78% of revenue(p.30)
- • Geographic concentration of revenue in three states (86.2%)(p.30)
- • Regulatory changes and compliance uncertainties(p.44)
- • New manufacturing facility ramp-up execution risks(p.35)
- • Dependence on third-party transportation providers without formal contracts(p.41)
- • GST filing delays and penalty history(p.31)
- • Global financial market instability and contagion effects from major economies(p.48)
- • Volatility and structural issues in Indian stock exchanges(p.48)
- • Foreign investment restrictions limiting ability to attract foreign capital(p.49)
- • Risk of surveillance measures triggering trading restrictions on equity shares(p.49)
- • Downgrading of India's sovereign rating affecting company's financing ability(p.50)
- • Natural disasters, epidemics, pandemics and geopolitical events(p.50)
- • Global chemical sector facing overcapacity and margin compression with flat production volumes expected in 2026(p.118)
- • Global trade uncertainty and geopolitical tensions disrupting supply chains and complicating planning(p.127)
- • Elevated energy and feedstock costs persistent weakness in long-term cost competitiveness(p.127)
- • Commodity price volatility with crude oil prices 25-32% above pre-war levels affecting input costs(p.115)
- • Consumer goods and automotive sectors facing stagnation with EV incentive expiration threatening demand(p.119)
- • Regulatory compliance requirements including environmental laws, CCUS procedures, and POPs management creating operational burden(p.127)
- • Regulatory changes and GST compliance challenges with ongoing tax proceedings(p.215)
- • Raw material price volatility and supply chain dependency risks(p.208)
- • Intense competition in specialty chemicals sector with potential new market entrants(p.209)
- • Potential conflict of interest from promoter group entity with similar business objects(p.187)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ajit Singh Bawa | Promoter | — | — |
| Gurpreet Kaur Bawa | Promoter | — | — |
| Meenakshi Sharma | Promoter | — | — |
| Ajit Singh Bawa | Promoter | 28.36% | 20.70% |
| Meenakshi Sharma | Promoter | 17.87% | 13.05% |
| Gurpreet Kaur Bawa | Promoter | 3.46% | 2.53% |
| Harvind Singh Bawa | Promoter Group | 0.12% | 0.09% |
| Gurveen Kaur Bawa | Promoter Group | 0.12% | 0.09% |
| Bawa Resins Private Limited | Promoter Group | 12.41% | 9.06% |
| Ajit Singh Bawa | Promoter/Managing Director | 28.36% | — |
| Meenakshi Sharma | Promoter | — | — |
| Gurpreet Kaur Bawa | Promoter/Non-Executive Director | 3.46% | — |
| Ajit Singh Bawa | Individual Promoter | 28.36% | — |
| Meenakshi Sharma | Individual Promoter | 17.87% | — |
| Gurpreet Kaur Bawa | Individual Promoter | 3.46% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.