Amtech Esters
What they do: The company focuses on manufacturing and trading sales, with a significant portion of its profitability supported by core business operations.
By IPO Milega Research · Published
Analysis score 6.2 +1 for 15.07x QIB subscription
The company shows a moderate financial position with a stable revenue trend and improving profitability.
- Listing gain
- +33.33%
- Listed at ₹100
- Subscribed
- 25.7x
- Total
- Retail odds
- 3.5%
- 1 in 29
GMP is an unofficial grey market indication. GMP updated 9 Sept, 18:04 IST.
- Price band
- ₹71-75
- Lot size
- 3200 shares
- Min. investment
- ₹2,40,000
- Issue size
- 17.88 Cr.
- Open9 Sept 2026
- Close11 Sept 2026
- Allotment15 Sept 2026
- Listing17 Sept 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 15.07x
- NII
- 32.32x
- Retail
- 28.93x
Grey market data isn't available for this issue, so the gains estimate uses fundamentals only and ignores listing-day sentiment.
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹17.88 Cr
- Fresh issue
- To selling shareholders
- ₹0 Cr
- No offer for sale
- 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₹8.81 Cr68%
- Repayment or prepayment, in full or in part, of certain borrowings availed by the Company₹4.2 Cr32%
- Funding inorganic growth through unidentified acquisitions and general corporate purposesNot stated
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials6.0
- Performance8.0
- Flexibility8.0
- Timing5.0
- Risk4.0
The approximate gains potential is based on the company's strong fundamentals, including consistent revenue growth, strategic acquisitions, and a diversified product portfolio. However, the absence of GMP data limits the precision of this estimate. The company's reliance on a concentrated supplier and customer base, along with operational risks, tempers the potential gains.
Strengths3
- Acquisition of Croda Pigments Private Limited, enhancing product portfolio.
- ISO 9001:2015 certification for quality management.
- Expansion of manufacturing capacity with a new facility in Asoda, Haryana.
Concerns5
- High reliance on UPR for revenue (62.84% in FY 2026)
- Manufacturing concentration in Haryana
- High employee attrition rates
- Dependence on limited suppliers and customers
- Potential penalties from past regulatory non-compliance
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,40,0002 lots, 3,200 shares
- Retail Maximum2,40,0002 lots, 3,200 shares
- S-HNI Minimum3,60,0003 lots, 4,800 shares
- S-HNI Maximum9,60,0008 lots, 12,800 shares
- B-HNI Minimum10,80,0009 lots, 14,400 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 3,200 | 2,40,000 |
| Retail Maximum | 2 | 3,200 | 2,40,000 |
| S-HNI Minimum | 3 | 4,800 | 3,60,000 |
| S-HNI Maximum | 8 | 12,800 | 9,60,000 |
| B-HNI Minimum | 9 | 14,400 | 10,80,000 |
Timing
5.0/10The timing of Amtech Esters' IPO is moderate. While the company has a market maker to support its shares, the lack of a pre-existing market and potential volatility pose risks. External economic conditions and regulatory changes add uncertainty, making the timing neither particularly favorable nor unfavorable.
- Time to market
- The IPO is timed in a period of economic uncertainty and potential market volatility. While the presence of a market maker is a positive factor, the lack of a pre-existing market for the shares and external economic risks balance out the potential benefits, resulting in a moderate timing score.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- BSE SME
Key milestones
- 9 Sept 2026IPO Opens
- 11 Sept 2026IPO Closes
- 15 Sept 2026Basis of Allotment
- 16 Sept 2026Refunds Initiated
- 16 Sept 2026Credit to Demat Account
- 17 Sept 2026Listing Date
Financials
6.0/10- Revenue
- ₹40.75 Cr
- +10.2%
- Profit after tax
- ₹4.22 Cr
- +13.4%
- Net margin
- 10.4%
- +0.3 pts
- Assets
- ₹34.47 Cr
- +23.7%
- Return on equity
- 24.17%
- Debt to equity
- 0.17
- Revenue CAGR
- 5%
- ROCE
- 30.16%
- Return on net worth
- 24.17%
- NAV per share (₹)
- 30.38
Financial performance trend
Amount ₹ in croresThe company shows a moderate financial position with a stable revenue trend and improving profitability. However, the lack of detailed financial ratios and liabilities data limits a comprehensive assessment.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks2
- Market risks2
- Operational risks2
- Regulatory risks1
High reliance on UPR, supplier/customer concentration, and operational risks in Haryana pose significant threats.
How the company offsets these
Diversify product base and geographic operations to reduce concentration risks.
Financial risks2
- Outstanding secured borrowings of ₹404.30 lakhs
- Fluctuations in raw material prices
Market risks2
- High reliance on UPR for revenue (62.84% in FY 2026)
- Dependence on limited suppliers and customers
Operational risks2
- Manufacturing concentration in Haryana
- High employee attrition rates
Regulatory risks1
- Potential penalties from past regulatory non-compliance
Performance
8.0/10Amtech Esters Limited, a key player in the Indian chemical industry, specializes in manufacturing Unsaturated Polyester Resins (UPRs) and pigments through its subsidiary, Croda Pigments Private Limited. The company has shown consistent revenue growth and operational efficiency, supported by a diversified product portfolio and strategic acquisitions. Its strong market position is bolstered by a robust quality assurance framework and experienced management.
- Historical growth
- consistent, 10.26% in 2026, 49.92% in 2025, 10.68% in 2024
- Market comparison
- Amtech Esters operates in a competitive market with large and small manufacturers. It maintains a strong position due to its diversified product offerings and strategic acquisitions.
- Future potential
- The company is expected to continue its growth trajectory, driven by strategic expansions and a robust product portfolio.
- Operational consistency
- The company has shown stable revenue growth with a significant increase in 2025, indicating effective operational execution.
- Experience
- Ajit Singh Bawa, with over 24 years in the chemical industry, leads the company.
- Track record
- The management has successfully driven growth and operational efficiency.
Key achievements
- 01Acquisition of Croda Pigments Private Limited, enhancing product portfolio.
- 02ISO 9001:2015 certification for quality management.
- 03Expansion of manufacturing capacity with a new facility in Asoda, Haryana.
Flexibility
8.0/10Amtech Esters Limited is well-positioned in the Indian chemical industry, benefiting from rising domestic demand, shifting global supply chains, and supportive government policies. The company's focus on unsaturated polyester resins and pigments aligns with industry growth drivers, enhancing its market adaptability.
The company shows strong financial performance with consistent revenue growth and healthy profit margins. However, it relies on a concentrated supplier base, which could pose risks. The planned IPO proceeds will be used to strengthen its financial position further.
Amtech Esters Limited exhibits operational agility through its diversified manufacturing capabilities and strategic acquisitions. The integration with its subsidiary enhances operational synergies, and the company is expanding its manufacturing capacity to meet growing demand.
Amtech Esters Limited demonstrates a high degree of flexibility and adaptability, driven by its diversified product portfolio, strategic acquisitions, and robust market positioning. The company operates in the growing Indian chemical industry, with a focus on unsaturated polyester resins and pigments, supported by a wholly-owned subsidiary. Its strategic initiatives, including forward integration and geographic expansion, position it well for future growth.
- Product diversification
- The company offers a diversified product portfolio, including unsaturated polyester resins, pigments, fiber resin products, hardeners, and silicone-based products, catering to various industries such as automotive, construction, and electronics.
- Future adaptability
- Amtech Esters Limited is well-positioned for future adaptability, with plans for geographic expansion, increased manufacturing capacity, and a focus on sustainability and green chemistry. The company's strategic initiatives and government support provide a strong foundation for continued growth.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.