Amtech Esters IPO
Amtech Esters IPO is a book-built SME issue of up to 23,84,000 equity shares, consisting entirely of a Fresh Issue. The company is proposed to be listed on the BSE SME platform. The price band and lot size are yet to be announced.
Amtech Esters IPO Details
Amtech Esters IPO is scheduled to open for subscription on September 9, 2026 and close on September 11, 2026. The basis of allotment is scheduled for September 15, refunds and share credits are expected on September 16, and the shares are scheduled to list on the BSE SME platform on September 17, 2026. The final price band and minimum bid lot are yet to be announced.
Amtech Esters IPO GMP
The reported grey-market premium for Amtech Esters IPO was ₹0 on September 2, 2026. Since the official IPO price band has not yet been announced, an estimated listing price cannot be calculated. GMP is unofficial, unregulated and may change before listing.
Amtech Esters IPO Timeline (Tentative)
Amtech Esters IPO is scheduled to open on September 9, 2026 and close on September 11, 2026. The basis of allotment is scheduled for September 15, followed by refund initiation and Demat credit on September 16. The shares are scheduled to be listed on the BSE SME platform on September 17, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Sep 9, 2026 |
| IPO Close Date | Fri, Sep 11, 2026 |
| Basis of Allotment | Tue, Sep 15, 2026 |
| Initiation of Refunds | Wed, Sep 16, 2026 |
| Credit of Shares to Demat | Wed, Sep 16, 2026 |
| Listing Date | Thu, Sep 17, 2026 |
| IPO Opens | September 9, 2026 |
| IPO Closes | September 11, 2026 |
| Basis of Allotment | September 15, 2026 |
| Refund Initiation | September 16, 2026 |
| Credit of Shares to Demat | September 16, 2026 |
Amtech Esters IPO Lot Size
The Amtech Esters IPO price band and minimum bid lot have not yet been announced. Therefore, the application amounts for Retail Investors, Small HNI Investors and Big HNI Investors cannot be calculated at present.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | To Be Announced | To Be Announced | To Be Announced |
| Retail (Max) | To Be Announced | To Be Announced | To Be Announced |
| S-HNI (Min) | To Be Announced | To Be Announced | To Be Announced |
| S-HNI (Max) | To Be Announced | To Be Announced | To Be Announced |
| B-HNI (Min) | To Be Announced | To Be Announced | To Be Announced |
Amtech Esters IPO Reservation
Amtech Esters IPO comprises 23,84,000 equity shares, including 1,20,000 shares reserved for the Market Maker. The net offer consists of 22,64,000 shares. The disclosed reservation includes 11,29,600 shares for QIBs, 3,40,800 shares for NIIs and 7,93,600 shares for Retail Individual Investors.
Amtech Esters IPO Subscription
Amtech Esters IPO has not opened for public subscription as of September 2, 2026. Therefore, category-wise and overall subscription figures are not yet available.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Amtech Esters
Amtech Esters Limited is a B2B specialty chemical manufacturing company engaged in the manufacturing of Unsaturated Polyester Resins (UPRs) and the trading of complementary products used across the resin and FRP value chain.
The company was incorporated as Amtech Esters Private Limited on May 21, 2002. It was subsequently converted into a public limited company in December 2023.
Its product portfolio includes Unsaturated Polyester Resins, fibre resins, hardeners, silicones, pigments and other ancillary products used in industrial applications. The company also operates through its subsidiary, Croda Pigments Private Limited, which is engaged in the manufacturing of pigments.
Amtech Esters operates manufacturing facilities at Bahadurgarh, Jhajjar, Haryana. Its products serve customers across various industrial applications, with the business combining its own manufactured UPR products with complementary products sourced or traded through its distribution activities.
The company has established Research & Development and Quality Control functions to support product development, process improvement and product consistency. It also holds ISO 9001:2015 certification.
As of March 31, 2026, the company had 60 employees across production, sales and marketing, quality control, packaging and dispatch, finance, legal, human resources and management functions.
Strengths
- More than two decades of operating experience since incorporation in 2002.
- Established presence in the specialty chemical and UPR industry.
- Diversified portfolio covering UPRs and complementary products.
- Integrated product offering across the resin and FRP value chain.
- Manufacturing facilities located in Bahadurgarh, Haryana.
- ISO 9001:2015 certified quality-management processes.
- Research & Development and Quality Control capabilities.
- Synergy between Amtech Esters and its subsidiary Croda Pigments Private Limited.
- Experienced promoters and senior management.
- Revenue and profitability improved between FY2024 and FY2026.
- Debt levels reduced during the reported financial periods.
Risks to Consider
- A significant portion of revenue is derived from Unsaturated Polyester Resins.
- Dependence on a major product category creates product concentration risk.
- Fluctuations in raw-material prices can affect operating margins.
- Changes in demand from industrial and FRP-related markets may affect sales.
- The company operates in a competitive specialty chemicals industry.
- Dependence on manufacturing facilities exposes the company to operational disruption risks.
- Machinery breakdowns or production interruptions could affect business operations.
- The company operates in a B2B market and may be dependent on relationships with industrial customers.
- Changes in customer requirements and industry conditions may affect demand.
- Expansion through unidentified acquisitions carries execution and integration risks.
- The proposed inorganic growth opportunities have not yet been specifically identified.
- Dependence on the subsidiary for part of the overall product portfolio creates subsidiary-related risks.
- Working-capital requirements may increase with expansion in business operations.
- Changes in regulatory requirements applicable to chemical manufacturing could increase compliance costs.
- The chemical manufacturing business is exposed to environmental, safety and regulatory requirements.
Amtech Esters Financials (₹ Cr)
Amtech Esters recorded growth in revenue and profitability between FY2024 and FY2026. Revenue increased from ₹27.24 crore in FY2024 to ₹40.75 crore in FY2026, while PAT increased from ₹2.84 crore to ₹4.22 crore. Total assets increased from ₹24.79 crore to ₹34.47 crore and net worth increased from ₹11.64 crore to ₹19.58 crore during the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 27.24 | 2.84 | 24.79 | 11.64 |
| FY2025 | 36.97 | 3.72 | 27.86 | 15.36 |
| FY2026 | 40.75 | 4.22 | 34.47 | 19.58 |
KPIs & Valuation
Amtech Esters reported FY2026 EPS of approximately ₹6.55, NAV of approximately ₹30.38 per share, ROE/RoNW of 24.17% and ROCE of 30.16%. The final pre-IPO and post-IPO P/E ratios cannot be calculated until the company announces the IPO price band.
Objects of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue for investment in its subsidiary, Croda Pigments Private Limited, by way of debt, repayment or prepayment of certain borrowings and funding inorganic growth through unidentified acquisitions and general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Investment in Croda Pigments Private Limited by way of debt towards capital expenditure requirements and incremental working-capital requirements – approximately ₹8.81 crore.
- Repayment or prepayment, in full or in part, of certain borrowings availed by the company – approximately ₹4.20 crore.
- Funding inorganic growth through unidentified acquisitions and general corporate purposes – amount to be finalized after determination of the Issue Price.
- Meeting issue-related expenses from the issue proceeds.
Promoters, Lead Managers & Registrar
Amtech Esters Limited is promoted by Ajit Singh Bawa, Gurpreet Kaur Bawa and Meenakshi Sharma. Credora Partners Private Limited is the Book Running Lead Manager, while Maashitla Securities Private Limited is the Registrar to the Issue. Nikunj Stock Brokers Limited is the Market Maker.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Maashitla Securities Private Limited |
|---|---|
| Phone | 011-45121795 |
| ipo@maashitla.com | |
| Website | https://maashitla.com/ |
Amtech Esters IPO Review
Amtech Esters reported revenue from operations of ₹27.24 crore in FY2024, ₹36.97 crore in FY2025 and ₹40.75 crore in FY2026. Profit after tax increased from ₹2.84 crore in FY2024 to ₹3.72 crore in FY2025 and ₹4.22 crore in FY2026.
EBITDA increased from ₹1.65 crore in FY2024 to ₹6.50 crore in FY2025 and ₹7.49 crore in FY2026. EBITDA margin improved significantly over the reported periods.
Net worth increased from ₹11.64 crore in FY2024 to ₹15.36 crore in FY2025 and ₹19.58 crore in FY2026. Total borrowings declined from approximately ₹4.49 crore in FY2024 to ₹3.41 crore in FY2026.
The company's core business is focused on Unsaturated Polyester Resins, while complementary products such as fibre resins, hardeners, silicones, pigments and ancillary products broaden its product offering.
Amtech Esters also operates through Croda Pigments Private Limited, which adds pigment manufacturing capabilities to the group's product portfolio. The IPO proceeds are proposed to support the subsidiary's capital expenditure and incremental working-capital requirements.
The company has demonstrated improvement in revenue and profitability over FY2024 to FY2026. Revenue grew from ₹27.24 crore to ₹40.75 crore, while PAT increased from ₹2.84 crore to ₹4.22 crore during the same period.
For FY2026, Amtech Esters reported EBITDA margin of approximately 18.41%, PAT margin of approximately 10.38%, ROE/RoNW of approximately 24.17%, ROCE of approximately 30.16% and debt-to-equity of approximately 0.17x. EPS was approximately ₹6.55 and NAV was approximately ₹30.38 per share.
The final IPO valuation cannot be determined until the company announces the price band. Investors should consider the company's product concentration, raw-material exposure, competitive environment, subsidiary dependence and proposed inorganic expansion while evaluating the issue.
How to Apply
Amtech Esters IPO applications can be made through the applicable ASBA and UPI-supported IPO application process after the final price band and lot size are announced.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Amtech Esters IPO.
- Enter the required number of lots once the lot size is announced.
- Select the applicable bid price or Cut-off option where permitted.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the mandate using your UPI PIN.
- The application amount will remain blocked in your bank account until the allotment process is completed.
Prospectus & Documents
Investors can refer to Amtech Esters Limited's official corporate information and IPO documents for details relating to the public issue, business operations, financial statements, risk factors, objects of the issue, capital structure and other statutory disclosures.
Last updated Sep 3, 2026.