Amtech Esters

Founded in May 2002, Amtech Esters has evolved into a prominent player in the specialty chemicals sector, specifically within the Unsaturated Polyester Resins (UPRs) market. The company provides critical materials used in the manufacturing of fiberglass-reinforced plastic (FRP) products, which are essential across various industrial applications.

The business model is diversified through its product portfolio, which includes not only UPRs but also fiberglass, hardeners, and silicones. This allows the company to serve as a comprehensive supplier for industrial clients requiring high-performance resin-based materials.

A key strategic component of its operations is its wholly owned subsidiary, Croda Pigments Private Limited (CPPL). CPPL expands the company's reach into the colorants market, manufacturing pigments that serve as additives for glues, gums, paints, and varnishes, thereby diversifying its revenue streams across the chemical spectrum.

Operational scale is centered in Haryana, with modern and automated manufacturing facilities situated in Bahadurgarh and Jhajjar. These plants ensure efficiency and quality control in the production of both resins and pigments.

The company is led by its promoters, Ajit Singh Bawa, Gurpreet Kaur Bawa, and Meenakshi Sharma, who have steered the firm from its inception in 2002 to its current position as a specialized chemical manufacturer.

Amtech Esters is launching a book-built IPO to raise approximately ₹17.88 Crores, consisting entirely of a fresh issue. 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, closes on September 11, 2026, and is scheduled to list on the BSE SME platform on September 17, 2026.

The proceeds from the fresh issue are earmarked for strategic growth and debt management. Specifically, ₹8.81 Crores will be invested in the subsidiary, Croda Pigments Private Limited, to fund capital expenditure and working capital requirements, while ₹4.20 Crores will be utilized for the repayment or prepayment of certain borrowings.

Financial performance over the last three years shows a consistent upward trajectory. Revenue grew from ₹27.24 Crores in FY24 to ₹36.97 Crores in FY25, reaching ₹40.75 Crores in FY26. Similarly, the Profit After Tax (PAT) increased from ₹2.84 Crores in FY24 to ₹3.72 Crores in FY25, and finally to ₹4.22 Crores in FY26.

From a valuation perspective, the company boasts strong efficiency metrics, including an ROE of 24.17% and a ROCE of 30.16%. While a formal P/E comparison is limited due to a lack of direct listed peers, the Basic EPS for FY26 stands at ₹6.55. The Net Asset Value (NAV) is reported at ₹30.38.

Key investment strengths include the 100% fresh issue structure, which signals promoter confidence and commitment to growth, as well as a very healthy debt-to-equity ratio of 0.17. The consistent growth in both top-line and bottom-line financials adds to the fundamental appeal.

However, potential investors should note risks such as the absence of listed peers for relative valuation and the inherent liquidity risks associated with the BSE SME platform. Overall, the issue presents a growth-oriented profile with disciplined financial management.