Amtech Esters

Founded in May 2002, Amtech Esters manufactures unsaturated polyester resins and supplies complementary products including fibreglass, hardeners, silicones and other ancillary products. Its subsidiary Croda Pigments Private Limited manufactures pigments used in paints, varnishes, dyes, glues, gums and other chemical applications. The company operates manufacturing facilities at Bahadurgarh and Jhajjar in Haryana with automated machinery and equipment. Its research and development and quality control functions support product development and process improvement and the company is ISO 9001:2015 certified. As of March 31, 2026, the company had 60 employees across production, sales and marketing, quality control, packing and dispatch, finance, legal and management functions. The promoters are Ajit Singh Bawa, Gurpreet Kaur Bawa and Meenakshi Sharma.

Amtech Esters IPO is entirely a fresh issue of 23.84 lakh shares aggregating up to ₹17.88 crore at a price band of ₹71 to ₹75 per share. The company plans to use ₹8.81 crore toward investment in its subsidiary through debt and ₹4.20 crore toward repayment or prepayment of borrowings, with the remaining proceeds intended for inorganic growth and general corporate purposes. At ₹75 per share the reported post-issue P/E is 15.69x and market capitalisation is ₹66.22 crore. FY2026 profitability improved with EBITDA margin of 18.42% and PAT margin of 10.38%, although ROE and ROCE declined from FY2025 levels. Key strengths include a diversified chemical product portfolio, subsidiary synergies, quality systems and relatively low leverage. Key risks include dependence on unsaturated polyester resins, concentration of manufacturing operations in Haryana, manpower requirements and execution risk around the proposed subsidiary investment and inorganic growth. There are no directly comparable listed peers identified for the company according to available IPO research.