Amtech Esters IPO Analysis & Review

Quick Answers

What is the Amtech Esters IPO GMP today? The Amtech Esters IPO GMP is ₹7 as of 8/9/2026, 5:14:44 am. The IPO price band is ₹71 - ₹75. GMP represents an unofficial grey-market indication and does not guarantee the listing price.

When does Amtech Esters IPO open? The Amtech Esters IPO opens on 2026-09-09 and closes on 2026-09-11.

What is the Amtech Esters IPO subscription status? The overall subscription is 0x.

Key IPO Information

ViewIPO AI Analysis Score

The Amtech Esters IPO scored 61/100 (Moderate Risk) in our deep analysis.

Frequently Asked Questions

What is the price band and lot size for the Amtech Esters IPO?

The price band for Amtech Esters IPO is set at ₹71 to ₹75 per share, with a minimum lot size of 1,600 shares (minimum investment of ₹2,27,200).

What are the core products manufactured by Amtech Esters Ltd?

Amtech Esters Ltd primarily manufactures unsaturated polyester resins (UPRs), fibreglass products, hardeners, silicones, and pigments (via subsidiary CPPL).

How does Amtech Esters intend to utilize the proceeds from the IPO?

The net proceeds of ₹17.88 crore will be used to extend ₹8.81 crore as debt to subsidiary CPPL for capex and working capital, repay borrowings of ₹3.98 crore, and fund inorganic growth and general corporate purposes.

Where are the manufacturing facilities of Amtech Esters located?

The company operates its UPR and pigment manufacturing facilities in Bahadurgarh, Haryana.

What has been the revenue growth trajectory of Amtech Esters Ltd?

Amtech Esters reported revenues from operations of ₹24.60 crore in FY24, ₹36.89 crore in FY25, and ₹40.67 crore in FY26, showing steady top-line growth.

Who is the key management head of Amtech Esters Ltd?

Mr. Ajit Singh Bawa serves as the Managing Director and Chief Executive Officer (MD/CEO) of Amtech Esters Ltd.

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Home›India›Amtech Esters ()
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Amtech EstersNSE SME / BSE SME:

Analyzed by ViewIPO Financial Research Team
ChemicalsIndiaFiled 2026-09-09Listing 2026-09-17Size ₹18.26Cr
Lot Size 1600
Live GMP
₹7 (+9.33%)
Check Allotment
Status Link

Is Amtech Esters IPO Good? Quick Verdict

Amtech Esters IPO scored 61/100 (Moderate Risk) in our deep analysis. The strongest pillar is Dilution at 70/100, while Valuation is the primary concern at 50/100. Amtech Esters Ltd shows consistent revenue and net profit growth alongside strategic vertical integration, but faces risk from product and regional concentration, rising receivable days, and negative investing cash flows.

IPO Score
61/100
Moderate Risk

Quick Verdict

Consistent revenue growth from ₹24.60 crore in FY24 to ₹40.67 crore in FY26 alongside expanding PAT.
Strategic vertical integration via 100% ownership of subsidiary Croda Pigments Pvt Ltd.
High product concentration with UPRs contributing over 62% of revenue in FY26.
Deteriorating collection cycle with debtor days increasing from 68 days in FY25 to 92 days in FY26.

Company Snapshot

Revenue (TTM)
₹40.67Cr↑ 10.25% YoY
Profitability
PositiveNet Income ₹4.22Cr
Gross Margin
40.47% 
Market Cap
—Pending Data
IPO Size
₹18.26Cr 
Industry
Chemicals 
P/E Ratio
—Pending Data

Risk Breakdown

Governance
65
Moderate
Financial
70
Moderate
Valuation
50
Expensive
Competition
50
Expensive
Dilution
70
Moderate
Promoter / Mgmt
60
Moderate

AI Summary

Amtech Esters Ltd is an India-based B2B manufacturer specializing in unsaturated polyester resins (UPRs) and pigment additives for industrial, automotive, and apparel applications. Operating its primary manufacturing facility in Bahadurgarh, Haryana, along with its wholly owned subsidiary Croda Pigments Pvt Ltd, the company grew its revenue from operations to ₹40.67 crore in FY26. The ₹17.88 crore fresh issue IPO is intended to fund debt investment into subsidiary CPPL, repay corporate borrowings, and support general expansion. However, investors should weigh its financial growth against notable risks including heavy reliance on UPR sales, customer and supplier concentration, and elongated working capital cycles.

Overall Verdict: Amtech Esters Ltd shows consistent revenue and net profit growth alongside strategic vertical integration, but faces risk from product and regional concentration, rising receivable days, and negative investing cash flows.

Key Highlights

  • •B2B manufacturer of unsaturated polyester resins (UPRs) and distributor of FRP-related chemical products.
  • •Operates manufacturing facilities in Bahadurgarh, Haryana with 2,960 MTPA capacity for UPRs and 382.20 MTPA for pigments.
  • •Diversified portfolio of 79 SKUs serving automotive, electrical, fashion, and industrial segments.
  • •Entire ₹17.88 crore issue is a fresh issue of shares with no offer for sale.
  • •Maintains ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 quality and safety certifications.
  • •Proposes to deploy ₹8.81 crore of IPO proceeds into subsidiary CPPL and ₹3.98 crore towards debt repayment.

Financial Performance

Revenue (Annual)

↑ +10.2% YoY

INR in Crores

Net Income (Annual)

↑ +13.4% YoY

INR in Crores

Gross Margin (Annual)

↑ +2.1% Delta

In Percentage

EBITDA vs PAT

EBITDA YoY

INR in Crores

EBITDA
PAT

IPO Timeline

IPO Opens2026-09-09
IPO Closes2026-09-11
Basis of Allotment2026-09-15
Refunds & Demat2026-09-13
Listing Date2026-09-17

Valuation Analysis

IPO Price₹71 - ₹75
Estimated Fair Value
Pending Data
Valuation Premium
Pending
vs Fair Value

IPO DNA

Growth
60
Governance
65
Profitability
70
Valuation
50
Competition
50
Execution
60

Pros vs Cons

Pros

  • Consistent upward trend in revenue (₹40.67 Cr in FY26) and PAT (₹4.22 Cr in FY26).
  • Broad product application footprint across automotive, electrical, decorative, and fashion industries with 79 SKUs.
  • In-house quality control and R&D capabilities backing ISO-certified production facilities.
  • Vertical integration via 100% subsidiary CPPL securing internal raw material supply linkages.

Cons

  • Heavy revenue concentration in unsaturated polyester resins (62.84% in FY26).
  • Single-state manufacturing dependency with all facilities located in Haryana.
  • Worsening receivables performance with debtor days reaching 92 days in FY26.
  • High reliance on top 10 suppliers (73.18%) and top 10 customers (40.78%) without long-term contracts.
  • Sustained negative cash flows from investing activities across FY24-FY26.

Financial Health

Revenue Growth
32.6% 2-Year CAGR (Good)
Debt Level
Secured debt of ₹4.04 Cr as of August 2026 (Good)
Cash & Equivalents
Undisclosed (Moderate)

Institutional Signals

Anchor Investors
Undisclosed
VC Backing Tier
None
Strategic Partners
None

Amtech Esters IPO Reddit Pulse & Sentiment

Real-time Reddit discussions & retail sentiment

No Public Data Available

We couldn't find any significant public discussions or retail sentiment threads for this IPO at the moment.

Disclaimer: These are raw community discussions aggregated from public forums. The AI summary and Reddit comments do not constitute financial advice. Always conduct your own independent research.

Amtech Esters IPO — Frequently Asked Questions

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IPO Terminology Explained

Confused by terms like GMP, Kostak, or Subject to Sauda? Read our detailed guides in the IPO Glossary to understand the terminology before you invest.

Grey Market Premium (GMP)Subject to SaudaASBAOffer for Sale (OFS)
View Full Glossary

Source Citation: All financial data and risk metrics are derived from the official prospectus filed with the regulator (SEBI DRHP/RHP). ViewIPO algorithms process this public data for informational purposes. Not financial advice.

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Frequently Asked Questions about Amtech Esters

What is the expected listing price of Amtech Esters?

The expected listing price depends on the live Grey Market Premium. Check the live GMP and expected listing price for Amtech Esters on our Live GMP Tracker.