Amtech Esters Ltd.
AMTECHSME
Ask Iris
Overview
Amtech Esters Limited is a B2B chemical manufacturer focused on Unsaturated Polyester Resins (UPR) and a distributor of complementary FRP/resin consumables such as fibre resin, hardeners, ancillary items and silicone-based products. Through its wholly owned subsidiary, Croda Pigments Private Limited, it also manufactures pigments used as colourants/additives for resin-based and other industrial and household applications, allowing it to offer an integrated resin-and-pigment product basket supported by in-house R&D/QC and ISO 9001:2015 quality systems.
Opening Date
Sep 09, 2026
Closing Date
Sep 11, 2026
Listing Date
Sep 17, 2026
IPO Type
SME
IPO Status
Closed
Issue Size
17.88 Cr
Fresh Issue
17.88 Cr
Offer for Sale
0 Cr
Price Band
₹71 - ₹75
Lot Size
1600
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
11.45
EPS
6.55
ROE
24.17%
ROCE
30.16%
RONW
24.17%
Debt to Equity Ratio
0.17
PAT Margin
10.28%
EBITDA Margin
18.41%
P/B
2.47
Bull vs Bear
Bull case
- •
Two linked product lines (resins plus pigments) can deepen customer ties and enable cross-selling, which lowers the risk of being replaced by a single-product supplier.
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High capacity utilisation suggests assets are being worked hard, which can support better cost efficiency if demand stays steady.
- •
IPO funds partly go to repay debt and expand the subsidiary, which can strengthen the group’s operating setup if execution is disciplined.
Bear case
- •
Heavy reliance on one product (UPR) means a demand or pricing hit there could quickly pull down overall earnings and cash generation.
- •
All manufacturing is concentrated in Haryana, so a local disruption can stop supplies, hurt customer trust, and raise delivery costs.
- •
Receivables are large and debtor days rose to 92, so slower collections can force more borrowing and squeeze profitability.
Net takeaway
The long-term story is a B2B chemical maker trying to become a more complete supplier by combining resins with pigments and using capital to expand the group. That can matter because integrated suppliers can win repeat business, but it only works if the new capacity ramps smoothly and the company keeps customers and suppliers steady. The thing to monitor is working capital discipline, especially debtor days and whether receivables stay under control as sales grow.
