Amtech Esters Limited IPO

Amtech Esters Limited IPO closed on 11 Sept 2026. Allotment 15 Sept 2026, listing 17 Sept 2026. Price band ₹71–₹75, lot 1600 shares, GMP +₹16 (21.33%). Track allotment on Allotly.

About Amtech Esters Limited

Amtech Esters Limited is a B2B manufacturer of unsaturated polyester resins (UPRs) and also trades in complementary products used in resin and fibre-reinforced plastic (FRP) applications. Its product portfolio includes different grades of UPRs, fibreglass products, hardeners, silicones, and ancillary products. Through its wholly owned subsidiary, Croda Pigments Pvt Ltd (CPPL), the company also manufactures pigments used as colourants and additives in industrial and household applications. The company’s products are used across industries, including automotive, electrical and switchgear, fashion and apparel accessories, decorative products, and other industrial applications. Amtech operates manufacturing facilities in Bahadurgarh, Haryana. Its UPR manufacturing facility has an installed capacity of 2,960 MTPA, while CPPL’s pigment manufacturing facility has an installed capacity of…

Strengths

• Amtech Esters has a diversified product portfolio across its manufacturing and trading operations. Its portfolio consists of 79 SKUs, including unsaturated polyester resins (UPRs), fibre resin products, hardeners, ancillary products, silicone-based products, and pigments. These products serve applications across automotive, electrical and switchgear, apparel accessories, FRP products, decorative products, waterproofing, and other industrial segments.
• Amtech Esters is ISO 9001:2015 certified for Quality Management Systems, ISO 14001:2015 certified for Environmental Management Systems, and ISO 45001:2018 certified for Occupational Health & Safety Management Systems for its UPR manufacturing operations.
• The company claims to have dedicated in-house research and development (R&D) and quality control capabilities. Its research & development and quality control department undertakes product testing, monitors product quality, works on formulation improvements, and modifies production processes based on customer requirements.
• The acquisition of Croda Pigments Pvt Ltd (CPPL) has added a vertically aligned business to the group. Amtech holds 100% of CPPL, which manufactures pigments complementary to its UPR and allied chemical product portfolio. The company claims that this integration supports internal supply linkages and can reduce dependence on external suppliers for certain inputs.
• The company has recorded consistent growth in revenue from operations and PAT. Revenue from operations stood at Rs 24.60 crore, Rs 36.89 crore, and Rs 40.67 crore in FY24, FY25 and FY26, respectively, while PAT stood at Rs 2.84 crore, Rs 3.72 crore, and Rs 4.22 crore, respectively.

Risks

• Amtech Esters has significant product concentration in unsaturated polyester resins (UPRs). Revenue from UPRs stood at Rs 14.96 crore (60.79%), Rs 22.71 crore (61.57%), and Rs 25.56 crore (62.84%) in FY24, FY25, and FY26, respectively. In the case of a decline in demand, pricing pressure, or unavailability of raw material for UPRs, the company’s performance could be materially affected.
• The company is significantly dependent on its manufacturing vertical, with all its manufacturing facilities located in Haryana. Manufacturing contributed Rs 20.20 crore (82.12%), Rs 32.50 crore (88.12%), and Rs 36.51 crore (89.78%) to revenue from operations in FY24, FY25, and FY26, respectively. Any disruption, slowdown, or shutdown of its manufacturing operations in Haryana could hurt its business and financial condition.
• Amtech Esters has significant trade receivables, while its collection cycle deteriorated in FY26. Trade receivables stood at Rs 4.67 crore, Rs 6.89 crore, and Rs 10.23 crore in FY24, FY25, and FY26, respectively, while debtor days stood at 69 days, 68 days, and 92 days, respectively. Delays or defaults in collections could increase working capital requirements and finance costs.
• The company’s manufacturing processes involve hazardous and inflammable industrial chemicals and corrosive raw materials. These operations generate volatile organic compounds and waste and are subject to environmental and safety regulations. Any accident, mishandling of chemicals, or regulatory non-compliance could result in penalties, operational disruption, property damage, or product liability claims.
• A sizeable portion of the IPO proceeds is proposed to be invested in the wholly owned subsidiary CPPL, exposing the company to execution risk. The company proposes to provide Rs 8.81 crore as unsecured debt to CPPL, including Rs 3.41 crore for the purchase and installation of plant and machinery. Delays, cost overruns, or CPPL’s inability to successfully deploy the funds could affect the expected benefits from the investment.
• Raw material costs account for a significant proportion of the company’s expenses. Cost of goods consumed stood at Rs 15.16 crore (63.62%), Rs 22.73 crore (71.47%), and Rs 24.21 crore (69.17%) of total expenses in FY24, FY25, and FY26, respectively. Fluctuations in prices or shortages of key raw materials such as resin and chrome titanium could therefore affect margins and production.
• The company has significant supplier concentration and does not have long-term contracts with its suppliers. Purchases from its top 10 suppliers stood at Rs 13.21 crore (72.46%), Rs 18.06 crore (65.72%), and Rs 21.80 crore (73.18%) in FY24, FY25, and FY26, respectively. Loss of one or more key suppliers or delays in identifying alternatives could disrupt its operations.
• A sizeable portion of the company’s revenue is dependent on a limited number of customers, without long-term customer agreements. Revenue from its top 10 customers stood at Rs 9.78 crore (39.77%), Rs 16.71 crore (45.29%), and Rs 16.58 crore (40.78%) in FY24, FY25, and FY26, respectively. Loss of one or more key customers or reduction in business from them could adversely affect the company’s business and financial condition.
• The company has significant geographical concentration of revenue in Delhi, Uttar Pradesh and Haryana. Together, these three markets contributed Rs 21.22 crore (86.26%), Rs 33.08 crore (89.68%), and Rs 35.06 crore (86.20%) to revenue from operations in FY24, FY25, and FY26, respectively. Adverse economic, regulatory, or other developments in these regions could therefore materially affect its business.
• The company has reported negative cash flows from investing activities in each of the last three financial years and from financing activities in FY25 and FY26. Negative cash flow from investing activities stood at Rs 1.36 crore, Rs 3.17 crore and Rs 3.99 crore, while negative cash flow from financing activities stood at Rs 0.94 crore and Rs 0.91 crore in FY25 and FY26, respectively. The negative investing cash flows were mainly due to capital expenditure towards property, plant and equipment, business expansion, and the new Asoda facility, while the negative financing cash flows were mainly due to repayment of borrowings and interest payments. Sustained negative cash flows could adversely affect the company’s liquidity and its ability to fund its operations.
• As of August 22, 2026, the company had total outstanding secured borrowings from banks and financial institutions amounting to Rs 4.04 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.

See all IPOs · Apply for your family on Allotly