Company Overview

Business Description: Amtech Esters Limited is engaged in the B2B business of manufacturing Unsaturated Polyester Resins (UPR) and trading complementary products like fiber resins, hardeners, silicons and ancillary products. The company operates in the specialty chemicals sector with manufacturing facilities in Haryana. Their wholly-owned subsidiary, Croda Pigments Private Limited, manufactures pigments used as colorants and additives in various industrial and household applications.

Offer Details

Offer Type: Initial Public Offering (IPO)

Offer Size: 23,84,000 equity shares of ₹10 each aggregating to ₹17.88 crore

Price Band: ₹71 to ₹75 per share (Anchor Investor Offer Price: ₹75)

Objects of the Issue:

  • Investment in wholly-owned subsidiary CPPL by way of debt (₹881.42 lakhs)
  • Capital expenditure requirements (₹341.42 lakhs)
  • Incremental working capital requirements (₹540.00 lakhs)
  • Repayment/prepayment of certain borrowings (₹397.74 lakhs)
  • Funding inorganic growth through unidentified acquisitions and general corporate purposes (₹288.36 lakhs)

Financials

Key Financials (Consolidated):

| Particulars | FY2026 | FY2025 | FY2024 |

| Revenue from Operations (₹ lakhs) | 4,067.12 | 3,688.69 | 2,460.37 |

| EBITDA (₹ lakhs) | 748.95 | 650.20 | 164.72 |

| Profit After Tax (₹ lakhs) | 422.28 | 372.22 | 283.71 |

| EPS (₹) | 6.55 | 5.78 | 4.40 |

| EBITDA Margin (%) | 18.41 | 17.63 | 6.69 |

Capital Structure:

  • Pre-issue paid-up capital: 64,45,168 equity shares (₹644.52 lakhs)
  • Post-issue paid-up capital: 88,29,168 equity shares (₹882.92 lakhs)
  • Promoter holding pre-issue: 49.69%
  • Promoter holding post-issue: 36.27%

Risk Factors

Business Risks:

  • Significant dependence on unsaturated polyester resins (62.84% of FY26 revenue)
  • Customer concentration (top 10 customers contribute 40.78% of FY26 revenue)
  • Supplier concentration (top 5 suppliers account for 61.23% of purchases)
  • Geographical concentration (86.20% revenue from Haryana, Delhi, and Uttar Pradesh)
  • All manufacturing facilities located in single location in Haryana

Regulatory Risks:

  • Past instances of non-compliances in statutory filings
  • Delays in GST payments attracting penalties (one show cause notice for ₹18.70 lakhs)
  • Manufacturing process involves hazardous chemicals requiring strict compliance

Operational Risks:

  • Dependence on third-party transportation providers without formal contracts
  • Employee attrition rates of 8.69% (FY26), 5.56% (FY25), 17.14% (FY24)
  • Competition from large and small manufacturers in chemical industry

Management & Promoters

Promoter Background:

  • Ajit Singh Bawa: Managing Director with 24 years of industry experience
  • Meenakshi Sharma: Director with 8 years of experience
  • Gurpreet Kaur Bawa: Director with 15 years of experience

Management Team:

  • Sandeep Pandey: Chief Financial Officer
  • Anjali Bansal: Company Secretary & Compliance Officer
  • Rahul Sharma: Independent Director
  • Paras Suri: Independent Director

Market & Industry

Industry Overview: The company operates in the specialty chemicals sector, specifically in unsaturated polyester resins used in automotive, paints, FRP sheets, waterproofing, and decorative applications. The Indian chemical industry is the sixth-largest producer globally, estimated at approximately ₹21,50,750 crore by 2025-2028, contributing 7% to India's GDP.

Production Capacity:

  • UPR production: 1,879 MT in FY25 with capacity utilization of 75.43%
  • Pigment production: 310 MT in FY25
  • New facility in Asoda, Haryana expected operational by September 2026

Legal & Compliance

Ongoing Legal Proceedings:

  • 1 tax proceeding against the company involving ₹18.70 lakhs
  • 1 tax proceeding against directors involving ₹0.13 lakhs for AY 2018-19
  • No criminal, statutory, or material civil litigations

Regulatory Approvals:

  • Received in-principle approval from BSE Limited dated July 09, 2026 for listing on SME Platform
  • All necessary manufacturing licenses and permits obtained
  • GST registrations in place for both company and subsidiary

Material Contracts: Agreements with Book Running Lead Manager (Credora Partners), Registrar (Maashitla Securities), Banker to Issue, Underwriters, and Market Maker (Nikunj Stock Brokers) dated May-August 2026.

Additional Information

Listing Details:

  • Issue Period: September 9-11, 2026
  • Anchor Investor Bidding: September 8, 2026
  • Proposed listing date: September 17, 2026 on BSE SME Platform
  • Market making arrangement for minimum 3 years from listing date

Corporate Structure: Incorporated May 21, 2002 as private limited company, converted to public limited on December 12, 2023

Employees: 60 employees as of March 31, 2026

Quality Certifications: ISO 9001:2015 certification for Quality Management System