- POSITIVE
Annual Revenue Amtech Esters Mar-2025 Annual Revenue is Rs 30 Cr which is growth of 21.3% YoY.
- NEGATIVE
Annual Net Profit Amtech Esters Mar-2025 Annual Net Profit is Rs 2 Cr which is growth of -22.9% YoY.
Amtech Esters was incorporated on May 21,2002. The company operates a B2B business manufacturing Unsaturated Polyester Resins (UPRs) and trading complementary products such as fibre resin, hardeners, silicones and other ancillary products. Its integrated product offering enables customers to source materials across different stages of the resin and FRP value chain from a single supplier
| Bidding Dates |
|---|
| 09 Sep 2026 - 11 Sep 2026 |
| Subscription |
|---|
| 23.97x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹227,200 | 2 | 2 | 1600 | 2.4 M | ₹71 - ₹75 | 45.52 % | ₹169.3 M - ₹178.8 M | RHP DOC |
Amtech Esters IPO SUBSCRIPTION STATUS
11 Sep '26Total23.97x
Retail Individual Investor28.93x
HNI (NII) Investors24.17x
Qualified Institutional Buyers15.07x
Amtech Esters IPO overall subscription rate was 23.97 times the total available shares
Amtech Esters IPO retail subscription rate was 28.93 times in the retail segment
Amtech Esters IPO non-institutional investor subscription rate was 24.17 times in the non-institutional investor category
Amtech Esters IPO Qualified Institutional Bidder subscription rate was 15.07 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
11 Sep 2026 (Day 3) | 28.93x | 24.17x | 15.07x |
10 Sep 2026 (Day 2) | 3.58x | 2.83x | 1x |
09 Sep 2026 (Day 1) | 0.79x | 1.58x | 1x |
Amtech Esters FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 40.7 | 4.2 | 4.2 | 1.3 | 18.4% |
| FY25 | 36.9 | 3.7 | 2.7 | -0.5 | 17.6% |
| FY24 | 24.6 | 2.8 | 2.0 | -6.8 | 6.7% |
Amtech Esters IPO SUBSCRIPTION STATUS DETAILS
Amtech Esters had 2.4 M shares on offer
Amtech Esters IPO offer price was in the range ₹71 - ₹75
Amtech Esters IPO minimum Investment was ₹227200
Amtech Esters IPO issue size was ₹ 169.3 M - ₹ 178.8 M
Amtech Esters had a minimum lot size of 1600 Shares per application
Amtech Esters NUMBER OF SHARES ON OFFER
Total2.4 M
Fresh Issue2.4 M
Offer for Sale0
Post Issue Promoter Holding %45.52 %
Amtech Esters IPO IMPORTANT DATES
| Issue Open Date | 09 Sep 2026 |
| Issue close Date | 11 Sep 2026 |
| Allotment Date | 15 Sep 2026 |
| Refund Date | 16 Sep 2026 |
| Demat Account Credit Date | 16 Sep 2026 |
| Listing Date | 17 Sep 2026 |
| Listing on Exchange(s) | BSE |
| Amtech Esters Allotment Status | Exchange/ Registrar |
Amtech Esters IPO subscription opened on 09 Sep 2026, and closed on 11 Sep 2026
IPO allotment for Amtech Esters was finalized on Tuesday, 15 Sep 2026
IPO listing for Amtech Esters was on BSE on Thursday, 17 Sep 2026
Amtech Esters IPO LISTING GAINS
| Issue Price (adjusted) | 75.0 |
| Listing Open Price | 100.0 |
| Listing Close Price | 105.0 |
| Listing Gain% | 33.3% |
| Current Gain% | 47.9% |
Amtech Esters Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amtech Esters Ltd. | 110.9 | 97.9 | 23.2 | 1.7 | 2.4 | 21.6 | 12.2 | 40.8 | 10.2 | 4.2 | 13.4 | 4.8 | 13.4 |
| Pidilite Industries Ltd. | 1588.1 | 161754.4 | 61.1 | 2.9 | 10.5 | 22.6 | 15.9 | 14867 | 11.1 | 2448.9 | 17.9 | 26 | 21.4 |
| SRF Ltd. | 2550 | 75588.3 | 35 | 0.7 | 4.4 | 13.1 | 7.6 | 15893.6 | 7.2 | 1835.2 | 46.7 | 72.9 | 51.1 |
| Gujarat Fluorochemicals Ltd. | 4476.4 | 49173.3 | 80 | -71 | 9.3 | 7.3 | 4.8 | 5126.3 | 5.6 | 577.4 | 5.7 | 56 | -1.1 |
| Himadri Speciality Chemical Ltd. | 667.8 | 33692.9 | 42.2 | 1.4 | 6.8 | 16 | 11.9 | 4832 | 3.6 | 751.3 | 35.2 | 15.8 | 30 |
| Aether Industries Ltd. | 1648.2 | 21876.2 | 93 | 2.7 | 17.9 | 8.9 | 6.8 | 1181.1 | 34.2 | 219.5 | 38.5 | 17.7 | 34 |
Annual
Balance Sheet
Ratios
Cash Flow
Amtech Esters annual results: revenue, profit, P&L, and margins as of Mar 2025 – 11 year history
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| Indicator | Graph | Mar '25 | Mar '24 |
|---|---|---|---|
| 30.1 | 24.8 | ||
Operating Exp. Ann. | 26.8 | 21.3 | |
Operating Profit Ann. | 3.3 | 1 | |
OPM Ann. % | 10.91% | 4.20% | |
| 27.4 | 21.9 | ||
EBITDA Ann. | 3.4 | 3.6 | |
EBITDA Ann. margin % | 11.13% | 14.29% | |
Interest Ann. | 0.5 | 0.4 | |
Depr. | 0.2 | 0.1 | |
PBT Ann. | 2.7 | 3 | |
Tax Ann. | 0.7 | 0.4 | |
| 2 | 2.6 | ||
Net Profit Ann. | 2 | 2.6 | |
NPM Ann. % | 6.56% | 11.46% | |
EPS Adj. latest Ann. | 2.2 | 2.9 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
21.4%
Net Profit Ann.
1Y CHG
-23.1%
Operating Exp. Ann.
1Y CHG
25.8%
Amtech Esters INFORMATION ON IPO ISSUE
About Amtech Esters
Amtech Esters was incorporated on May 21,2002. The company operates a B2B business manufacturing Unsaturated Polyester Resins (UPRs) and trading complementary products such as fibre resin, hardeners, silicones and other ancillary products. Its integrated product offering enables customers to source materials across different stages of the resin and FRP value chain from a single supplier
Object of the Issue
- Investment in their subsidiary, namely Croda Pigments Private Limited, by way of debt towards capital expenditure requirements of the subsidiary
- Investment in their subsidiary, namely Croda Pigments Private Limited, by way of debt to meet the incremental working capital requirements of the subsidiaryy
- Repayment or prepayment, in full or in part, of certain borrowings availed by the company
- Funding inorganic growth through unidentified acquisitions and general corporate purposes
Amtech Esters - PROMOTERS
| Name |
|---|
| Ajit Singh Bawa |
| Meenakshi Sharma |
| Gurpreet Kaur Bawa |
Amtech Esters - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Ajit Singh Bawa | Managing Director |
| Gurpreet Kaur Bawa | Non-Executive Director |
| Rahul Sharma | Independent Director |
| Paras Suri | Independent Director |
Amtech Esters Book Running Lead Manager
Credora Partners Private Limited
info@credorapartners.com
Amtech Esters Registrar to the Offer
Maashitla Securities Private Limited
ipo@maashitla.com
Amtech Esters Strengths
Diversified product portfolio
The company has a diversified portfolio comprising Unsaturated Polyester Resins (UPRs) and complementary products such as fibre resins, hardeners, catalysts, ancillary consumables and silicone-based products. Its wide product range serves multiple industries, including automotive, electrical, construction, FRP, waterproofing and decorative applications, enabling it to meet varied customer requirements
Strength
Quality management system
The company is ISO 9001:2015 certified and emphasizes quality control through raw material selection, process monitoring, batch testing and final product checks. Its dedicated R&D and quality control teams support product consistency, formulation improvements and customization to meet customer requirements across resin, FRP and allied chemical applications
Strength
Collaboration with subsidiary
The company’s subsidiary, Croda Pigments Private Limited, manufactures pigments that complement its UPR manufacturing and trading portfolio. Its established and long-standing supplier relationships ensure reliable and timely raw material availability, competitive procurement and consistent product quality, supporting efficient operations and customer requirements
Strength
Amtech Esters Risks
Hazardous risks
The company’s UPR manufacturing process uses hazardous and inflammable chemicals that generate VOCs and regulated waste, requiring strict environmental and safety compliance. Any failure to comply with applicable hazardous waste, pollution control and environmental regulations could lead to penalties, operational disruptions and reputational damage
Risk
Order delays or cancellations
Customer orders may be delayed, modified or cancelled due to execution issues, changes in specifications, delivery schedules or factors beyond the company’s control. Such delays or cancellations, along with customer payment defaults, could adversely affect the company’s revenue, cash flows and financial performance
Risk
Depend on IT infra
The company relies on IT and accounting systems for key functions such as quality control, costing, human resources and finance, which may be vulnerable to outages, cyberattacks, malware and data loss. Any system failure, disruption, technological obsolescence or delayed upgrades could disrupt operations and adversely affect its business, financial condition and results
Risk
IPO FAQs
The promoters of the company are Ajit Singh Bawa, Meenakshi Sharma and Gurpreet Kaur Bawa.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 71.0 - 75.0.
The IPO application opens on Sep 09, 2026 and closes on Sep 11, 2026.
The minimum lot size for the IPO is 3200. The maximum lot size for the IPO is 3200.
For all category investors, the minimum application amount for this IPO is Rs. 227,200.0, the maximum value for this IPO is Rs 240,000.0.
This IPO will be allotted on Sep 15, 2026.
The refund will be credited to your account on Sep 16, 2026.
The allotted shares will be credited to your demat on Sep 16, 2026.
Amtech Esters Ltd.’s shares listed on the stock exchanges on Sep 17, 2026.