Amtech Esters Limited: Manufacturing Delivers 90% of Revenue

Amtech Esters Limited generated 89.78% of FY26 revenue from operations through manufacturing, or Rs 36.515 crore of Rs 40.6712 crore. Pigments contributed Rs 9.8178 crore, equal to 24.14%, showing that the acquired subsidiary has added a substantial manufacturing product line alongside unsaturated polyester resins.

How is Amtech Esters manufacturing revenue split?

Amtech Esters remains primarily a manufacturing business, with the vertical supplying Rs 36.515 crore in FY26, compared with Rs 32.5053 crore in FY25 and Rs 20.2046 crore in FY24. Manufacturing's share of revenue from operations increased from 82.12% in FY24 to 88.12% in FY25 and 89.78% in FY26, while the trading share declined from 17.88% to 10.22% over the three years.

Unsaturated polyester resin, or UPR, was the largest product category, providing Rs 25.5584 crore, or 62.84%, of FY26 revenue from operations. UPR revenue rose from Rs 22.7096 crore in FY25 and Rs 14.9574 crore in FY24. UPR is a liquid resin that requires catalysts, hardeners and related chemicals to cure into a solid product for moulding, coating, lamination and fibre-reinforced plastic, or FRP, applications.

The consolidated revenue base grew 10.26% in FY26 after growing 49.92% in FY25. Earnings before interest, taxes, depreciation and amortisation, or EBITDA, increased to Rs 7.4895 crore in FY26 from Rs 6.502 crore in FY25, and the EBITDA margin was 18.41%, compared with 17.63%. These figures include the subsidiary and therefore measure the group rather than the standalone UPR operation.

Why do pigments provide nearly a quarter of Amtech Esters sales?

Pigments provide nearly a quarter of Amtech Esters sales because the company acquired 95.78% of Croda Pigments Private Limited during FY24 and subsequently increased its ownership to 100.00%. CPPL manufactures pigments used as colourants and additives in industrial and household products, giving Amtech Esters a manufacturing category beyond UPR.

Pigment revenue increased from Rs 5.2473 crore in FY24 to Rs 9.7958 crore in FY25 and Rs 9.8178 crore in FY26. Its revenue share increased from 21.33% in FY24 to 26.56% in FY25 before declining to 24.14% in FY26. The FY26 share fell because total revenue increased by Rs 3.7843 crore from FY25, while pigment revenue rose by Rs 0.022 crore.

CPPL generally supplies pigments as pigment pastes, in which dry pigment powders are dispersed in a compatible liquid carrier to support uniform colour dispersion, stability and application. The disclosed applications include gel coats, casting resins, FRP composites, epoxy floors, pigmented coatings and decorative articles. This use profile connects pigments with Amtech Esters' resin-related markets, rather than introducing an unrelated product category.

The integration plan depends in part on internal product linkages. Amtech Esters states that certain resin-based products it manufactures may be used in CPPL's pigment manufacturing and related processes. The company says this arrangement is intended to coordinate procurement, production planning and quality control, while reducing dependence on external suppliers for relevant inputs.

What capacity supports Amtech Esters' manufacturing revenue?

Amtech Esters had UPR installed capacity of 2,960 metric tonnes per annum, or MTPA, at its two Bahadurgarh facilities on March 31, 2026. Actual UPR production was 2,195 metric tonnes in FY26, compared with 1,879 metric tonnes in FY25 and 1,255 metric tonnes in FY24. Total UPR capacity utilisation, measured against actual usable capacity of 2,491.20 metric tonnes, rose to 89.11% from 75.43% and 50.38% in the preceding two years.

The two UPR reactor vessels were used differently in FY26. Reactor Vessel A produced 1,696 metric tonnes against usable capacity of 1,656 metric tonnes, or 102.42%, while Reactor Vessel B produced 499 metric tonnes against 835.20 metric tonnes, or 59.75%. The disclosure states that output above installed capacity can result from extended working hours and higher utilisation than normal operating hours.

CPPL's pigment installed capacity increased to 382.20 MTPA in FY26 from 358.20 MTPA in FY25 and 238.20 MTPA in FY24. Pigment production was 311.99 metric tonnes in FY26, nearly unchanged from 310 metric tonnes in FY25 but above 127.14 metric tonnes in FY24. Total pigment capacity utilisation rose to 83.38% in FY26 from 74.58% in FY25 and 53.39% in FY24.

How do traded products fit into Amtech Esters' offering?

Amtech Esters combines UPR and pigments with traded fibre resin, hardeners, ancillary materials and silicone-based products. In FY26, hardeners and ancillaries generated Rs 2.6329 crore, fibre resin generated Rs 1.3328 crore and silicon generated Rs 1.3294 crore. Together, these three categories accounted for Rs 5.2951 crore, or 13.02%, of revenue from operations.

The products have separate functions in FRP applications. Fibre resin is used with UPR as a reinforcement material, while hardeners, catalysts, cobalt and promoters initiate and control curing. Wax polish, pigment pastes, styrene monomer, polyvinyl alcohol powder, French chalk powder, marble powder and polyester film are disclosed as inputs that support workability, finish, colour, release properties and process efficiency.

The company had 79 stock-keeping units, or SKUs, across manufacturing and trading as of the prospectus date. The portfolio included 49 UPR SKUs, 14 hardener and ancillary SKUs, 10 fibre resin SKUs and six silicone-based SKUs. The integrated offering will depend on continued demand from customers that require multiple materials across resin, FRP, moulding, lamination and finishing processes.

How concentrated are Amtech Esters' customers and suppliers?

Amtech Esters' largest customer accounted for Rs 4.0015 crore, or 9.84%, of FY26 revenue from operations, down from 12.92% in FY25. Its top three customers represented 21.24% of FY26 revenue, while the top 10 represented Rs 16.5859 crore, or 40.78%. The top-10 share was 45.29% in FY25 and 39.77% in FY24.

Supplier concentration was higher than customer concentration. The largest supplier accounted for Rs 4.5141 crore, or 15.15%, of FY26 purchases totalling Rs 29.7887 crore, while the top five suppliers supplied 61.23%. The top 10 suppliers accounted for 73.18% of purchases in FY26, compared with 65.72% in FY25, making product availability partly dependent on a concentrated procurement base.

Conclusion

Amtech Esters' reported FY26 mix is manufacturing-led, as manufacturing supplied 89.78% of revenue from operations and UPR alone accounted for 62.84%. The acquisition of CPPL has nevertheless changed the manufacturing base: pigments generated Rs 9.8178 crore, or 24.14% of revenue, alongside the UPR business and complementary traded products.

The next disclosed development is the Asoda, Haryana UPR manufacturing unit, which Amtech Esters expects to become operational by September 2026 and says is being funded through internal accruals. The company also discloses planned plant-and-machinery expansion at CPPL to increase pigment manufacturing capability and meet incremental working-capital needs, but does not state the additional capacity or completion date.