Amtech Esters IPO- Company Analysis
Amtech Esters IPO under the SME IPO category is a book build issue of Rs. 17.88 Cr by Amtech Esters Limited, which is a B2B chemical manufacturing company. Unsaturated Polyester Resins (UPRs) and complementary items utilized throughout the resin and FRP value chain are manufactured by this company.
Unsaturated polyester resins, fiberglass, hardeners, silicones, and other auxiliary goods utilized in a variety of industrial applications are among the company's product offerings.
The company offers customers an integrated sourcing solution that meets needs from base resins and reinforcement to curing, finishing, and application-specific consumables by providing additional goods in addition to its manufactured UPRs.
Amtech Esters IPO Details
The Amtech Esters IPO date of opening is 09 Sep 2026; its initial public offering will end on 11 Sep, IPO allotment on Sep 15 and refund initiation on Sep 16, 2026.
The Rs. 17.88 crore new SME IPO comprises a wholly fresh issue of 0.23 crore shares.
The Amtech Esters IPO listing date (expected) might be Thursday, Sep 17, 2026, and the listing on the BSE and SME.
The Amtech Esters IPO price band is Rs. 71 to Rs. 75.
IPO Timetable (Tentative)
|
Events |
Date |
|
IPO Opening Date |
Sep 09, 2026 |
|
IPO Closing Date |
Sep 11, 2026 |
|
IPO Allotment Date |
Sep 15, 2026 |
|
Refund Initiation |
Sep 16, 2026 |
|
IPO Listing Date |
Sep 17, 2026 |
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Company Financials
(Amount in Cr)
|
Particulars |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
34.47 |
27.86 |
24.79 |
|
Total Income |
40.75 |
36.97 |
27.24 |
|
Profit After Tax |
4.22 |
3.72 |
2.84 |
|
EBITDA |
7.49 |
6.50 |
1.65 |
|
Net Worth |
19.58 |
15.36 |
11.64 |
|
Reserves and Surplus |
13.14 |
12.14 |
8.41 |
|
Total Borrowing |
3.41 |
3.99 |
4.49 |
Cash Flows
(Amount in Lac)
|
Net Cash Flow |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
415.06 |
271.53 |
197.46 |
|
Net Cash Flow Investing Activities |
(398.72) |
(317.54) |
(135.98) |
|
Net Cash Flow Financing Activities |
(90.88) |
(93.98) |
310.97 |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The Company desires to use the Net Proceeds from the Issue to fulfill its following goals:
-
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. ~ Rs. 8.81 Cr.
-
Repayment or prepayment, in full or in part, of certain borrowings availed by the Company. ~ Rs. 4.20 Cr.
-
General Corporate Purposes.
Listed Peers of Amtech Esters Ltd.
No listed peer of a similar size is engaged in the same lines of business as mentioned in the RHP.
Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
24.17% |
|
ROCE |
30.16% |
|
Debt/Equity |
0.17 |
|
RoNW |
24.17% |
|
PAT Margin |
10.28% |
|
EBITDA Margin |
18.41% |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 6.55 from the last year, the resulting P/E ratio is 11.45x.
|
Valuation Metric |
Pre IPO |
Post IPO |
|
EPS (₹) |
6.55 |
4.78 |
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IPO's Strengths
-
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.
IPO's Weaknesses
-
Unsaturated polyester resins account for a sizable amount of the company's income. Its business and financial performance could be negatively impacted by any unfavorable changes in demand, pricing pressure, raw material availability, or other factors affecting this product category.
-
The manufacturing vertical accounts for the majority of operating revenue, and all production facilities are situated in Haryana. The business, financial situation, and cash flows of the company could be negatively impacted by any disruption, delay, or halt in manufacturing processes.
-
Due to the company's labor-intensive operations, personnel availability and retention are crucial. Its operations, financial situation, and cash flows could all be negatively impacted by a notable rise in staff attrition.
Amtech Esters IPO GMP (Grey Market Premium)
Amtech Esters IPO GMP today is Rs. 13 as of 16 September, 2026, while writing this information.
Amtech Esters IPO Summary
|
IPO Opening & Closing Date |
09 Sep, 2026 to 11 Sep, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 71 to Rs. 75 per Share. |
|
Lot Size |
1600 Shares |
|
Issue Size |
23,84,000 Shares (Rs. 18 Cr) |
|
Offer for Sale |
- |
|
Fresh Issue |
22,64,000 Shares (Rs. 17 Cr) |
|
Market Makers |
1,20,000 Shares (Rs. 0.90 Cr) |
|
Issue Type |
Book-built Issue |
|
Registrar |
Maashitla Securities Pvt. Ltd. |
IPO Lot Details
Retail investors can invest in a minimum and maximum of 2 Lots (3200 Shares) for Rs. 2,40,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (4800 Shares) for Rs. 3,60,000.
|
Minimum Lot Investment (Retail) |
2 Lots |
|
Maximum Lot Investment (Retail) |
2 Lots |
|
HNI (Min) |
3 Lots |
Amtech Esters IPO Allotment Status
To check the Amtech Esters IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Amtech Esters Ltd.
-
Ajit Singh Bawa
-
Gurpreet Kaur Bawa
-
Meenakshi Sharma.
|
Pre-Issue Promoter Shareholding |
62.35% |
|
Post-Issue Promoter Shareholding |
45.52% |
IPO Lead Managers
Credora Partners Pvt. Ltd.
Dividend Policy
The company has not paid a dividend in any year.
Conclusion
Amtech Esters has a stable financial track record with consistent profitability, improving margins, low debt levels, and a diversified product portfolio in the chemical sector. However, the company operates in a competitive industry with dependence on key products and manufacturing facilities.
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