Amtech Esters Limited lifts UPR utilisation to 89% before Asoda

Amtech Esters Limited increased unsaturated polyester resin, or UPR, production by 75% to 2,195 metric tons in the year ended March 31, 2026, from 1,255 metric tons two years earlier. With usable UPR capacity unchanged at 2,491.20 metric tons, Amtech’s total capacity utilisation rose to 89.11% before its Asoda unit is expected to start by September 2026.

How did Amtech’s UPR output and utilisation change?

Amtech’s UPR output increased by 940 metric tons between FY2024 and FY2026, while total utilisation rose by 38.73 percentage points. Production rose from 1,255 metric tons in FY2024 to 1,879 metric tons in FY2025 and 2,195 metric tons in FY2026. Total utilisation, measured against actual usable capacity, moved from 50.38% in FY2024 to 75.43% in FY2025 and 89.11% in FY2026.

The increase occurred without a stated change in the capacity of the two operating UPR reactors. Installed capacity was 2,960 metric tons in FY2024, FY2025 and FY2026, while actual usable capacity was 2,491.20 metric tons in each year. The distinction is material because the reported 89.11% rate uses usable capacity, rather than the 2,960-metric-ton installed-capacity measure.

UPR was Amtech’s largest reported product category in FY2026. UPR revenue was Rs 25.56 crore, or 62.84% of Rs 40.67 crore in revenue from operations, compared with Rs 22.71 crore, or 61.57%, in FY2025 and Rs 14.96 crore, or 60.79%, in FY2024. Manufacturing as a whole accounted for 89.78% of FY2026 revenue from operations.

What does Amtech’s UPR capacity utilisation measure?

Amtech calculates reported UPR utilisation against actual usable capacity, which was 468.80 metric tons below installed capacity in FY2026. Reactor Vessel A had usable capacity of 1,656 metric tons against installed capacity of 1,800 metric tons, while Reactor Vessel B had usable capacity of 835.20 metric tons against installed capacity of 1,160 metric tons. Together, those usable-capacity figures form the 2,491.20-metric-ton denominator for the FY2026 rate.

Reactor Vessel A drove most of the production increase and exceeded its stated usable-capacity benchmark. Its production rose from 895 metric tons in FY2024 to 1,453 metric tons in FY2025 and 1,696 metric tons in FY2026, equal to 102.42% of its 1,656-metric-ton usable capacity. Reactor Vessel B produced 499 metric tons in FY2026, equal to 59.75% of usable capacity, after producing 426 metric tons in FY2025 and 360 metric tons in FY2024.

Amtech’s disclosed process places raw materials in a reactor at 210 degrees Celsius for 11 to 12 hours before transfer to a blender, testing, quality assurance and packaging. The disclosure does not give a specific explanation for Reactor Vessel A producing 40 metric tons above its usable-capacity figure in FY2026. That outcome should therefore not be treated as a disclosed increase in certified capacity.

Where was Amtech’s remaining UPR production headroom?

Amtech had 296.20 metric tons of unused usable UPR capacity in FY2026, compared with 1,236.20 metric tons in FY2024. The FY2026 figure is calculated as 2,491.20 metric tons of usable capacity less 2,195 metric tons of production. Continued growth within the two existing facilities would require capacity to remain available and production to be sustained at the stated operating levels.

The remaining usable-capacity headroom was at Reactor Vessel B. Vessel B’s FY2026 production of 499 metric tons was 336.20 metric tons below its 835.20-metric-ton usable capacity, whereas Vessel A was 40 metric tons above its 1,656-metric-ton benchmark. On installed capacity instead, the two reactors’ FY2026 output represented 74.16% of 2,960 metric tons, which is lower than the 89.11% rate based on usable capacity.

Customer demand and raw-material supply are relevant to maintaining output at the reported level. Amtech’s top 10 customers generated Rs 16.59 crore, or 40.78%, of FY2026 revenue from operations. Its top 10 suppliers represented Rs 21.80 crore, or 73.18%, of total FY2026 purchases of Rs 29.79 crore, quantifying reliance on a limited supplier group.

When will Amtech’s Asoda UPR unit begin production?

Amtech expects its new UPR manufacturing facility at Asoda, Haryana, to become operational by September 2026, although production had not started when the machinery disclosure was made. The company said it established the facility through internal accruals. The Asoda plant was consequently not included in the FY2026 UPR capacity and utilisation table, which covers the two operating Bahadurgarh reactors.

The Asoda site has two reactor vessels, including blenders, a boiler, common fluid and glycol pumps, a generator, laboratory equipment and five chemical tanks, according to a chartered engineer’s certificate dated August 17, 2026. Amtech did not disclose the new facility’s installed capacity, usable capacity or projected output. Its future effect on total UPR capacity and utilisation cannot be quantified from the disclosed information.

The September 2026 date is a company expectation, rather than reported production. The facility’s contribution depends on completion and commencement of production, as well as the capacity Amtech later discloses. The operating need for an additional unit is framed by existing usable-capacity utilisation rising from 50.38% in FY2024 to 89.11% in FY2026.

How do pigment operations compare with Amtech’s UPR facilities?

Amtech’s pigment operation reported lower aggregate utilisation than UPR in FY2026, at 83.38% compared with 89.11%, while pigment capacity expanded. Pigment installed and usable capacity rose to 382.20 metric tons in FY2026 from 358.20 metric tons in FY2025 and 238.20 metric tons in FY2024. Production was 311.99 metric tons in FY2026, compared with 310 metric tons in FY2025 and 127.14 metric tons in FY2024.

Croda Pigments Private Limited became Amtech’s subsidiary after Amtech acquired 95.78% during FY2024, and it was wholly owned as of the prospectus date. Pigments generated Rs 9.82 crore, or 24.14%, of FY2026 revenue from operations, compared with Rs 9.80 crore, or 26.56%, in FY2025. Amtech states that certain resin products may be used by the subsidiary in pigment manufacturing, creating an internal supply linkage between the resin and pigment operations.

Conclusion

Amtech’s FY2026 data shows UPR production increasing by 75% over two years while usable capacity remained at 2,491.20 metric tons. The resulting 89.11% utilisation rate was led by Reactor Vessel A, which exceeded its stated usable-capacity benchmark, while Reactor Vessel B retained 336.20 metric tons of usable-capacity headroom. UPR’s 62.84% share of FY2026 revenue links the operating trend to Amtech’s largest product category.

The next disclosed milestone is the expected September 2026 start of the Asoda UPR unit, where production had not begun and capacity was not stated. Confirmation of commissioning, disclosure of installed and usable capacity, and the allocation of production between Asoda and the Bahadurgarh reactors will determine how Amtech’s reported utilisation changes after FY2026.