Amtech Esters

Founded in May 2002, Amtech Esters has evolved into a prominent player in the chemical manufacturing landscape, specifically focusing on Unsaturated Polyester Resins (UPRs). Over two decades, the company has built a specialized portfolio that caters to the production of materials like fiberglass-reinforced plastic (FRP) products, showcasing a steady growth trajectory in industrial applications.

Its core business model revolves around the manufacture of a diverse range of chemical products, including UPRs, fibreglass, hardeners, and silicones. These products are essential components for various industrial manufacturing processes, providing the company with a stable B2B revenue stream across multiple industrial applications.

Operational expansion is further supported by its wholly owned subsidiary, Croda Pigments Private Limited (CPPL). CPPL specializes in the manufacture of pigments used as colourants and additives in a wide array of products including paints, varnishes, dyes, glues, and gums, thereby diversifying the group's market reach within the chemical sector.

The company's manufacturing infrastructure is centered in Bahadurgarh, Jhajjar, Haryana. These facilities are equipped with modern and automated plant and machinery, ensuring high operational efficiency and product quality consistency to meet industrial standards.

Amtech Esters is led by its promoters, Ajit Singh Bawa, Gurpreet Kaur Bawa, and Meenakshi Sharma. Under their leadership, the company has maintained a lean balance sheet and focused on sustainable growth in the specialty chemicals niche.

Amtech Esters is launching a book-built IPO to raise approximately ₹17.88 Crores, consisting entirely of a fresh issue of equity shares. The price band is set between ₹71 and ₹75 per share, with a minimum lot size of 3,200 shares requiring an application amount of ₹2,40,000. The issue opens on September 9, 2026, and closes on September 11, 2026, with listing scheduled for September 17, 2026, on the BSE SME platform.

The proceeds from the fresh issue are earmarked for strategic growth and liability management. Specifically, ₹8.81 Crores will be invested as debt into its subsidiary, Croda Pigments Private Limited, to meet capital expenditure and incremental working capital requirements. Additionally, ₹4.20 Crores will be utilized for the repayment or prepayment of certain borrowings, improving the company's overall debt profile.

Financial performance shows a positive growth trend. Revenue increased from ₹27.24 Crores in 2024 to ₹36.97 Crores in 2025, reaching ₹40.75 Crores in 2026. Similarly, Net Profit (PAT) grew from ₹2.84 Crores in 2024 to ₹3.72 Crores in 2025 and ₹4.22 Crores in 2026, demonstrating consistent bottom-line expansion.

From a valuation perspective, the company reports a basic EPS of ₹6.55 and a Net Asset Value (NAV) of ₹30.38. While there are no direct listed peers in its specific industry for comparison, the company's internal KPIs are strong, featuring an ROE of 24.17% and an ROCE of 30.16%, which suggests efficient capital utilization.

Key strengths include the 100% fresh issue structure, indicating promoter confidence and capital infusion for growth, and a very low debt-to-equity ratio of 0.17. The company's integrated presence in both resins and pigments provides a competitive edge in the chemical additives market.

Potential risks include the lack of listed peers for valuation benchmarking and the inherent volatility of the SME segment. However, given the strong subscription numbers and lean debt, the IPO presents a balanced profile for investors looking for long-term exposure to the chemical sector.