| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 24.60 | 36.89 | 40.67 |
| Expenses | 23.84 | 31.81 | 35.01 |
| Other Income | 2.64 | 0.08 | 0.08 |
| Total Revenue | 27.24 | 36.97 | 40.75 |
| Profit Before Tax | 3.40 | 5.16 | 5.75 |
| Net Profit | 2.84 | 3.72 | 4.22 |
Amtech Esters
Amtech Esters IPO
₹2,27,200
1 xOver-subscribedBidding Dates 09 Sept, 26 -11 Sept, 26
Min Investment ₹2,27,200
Lot Size1,600
Price Range ₹71 – ₹75
Issue Size ₹17.88 Cr.
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IPO Subscription Details
Retail Subscription Details
0.68 x
Non-Institutional Buyers (sHNI)
0.2 x
Non-Institutional Buyers (bHNI)
2.46 x
Qualified Institutional Buyers (QIB)
1 x
Total1 x
1 x IPO Timeline
IPO Offer Start
09 Sept,26
IPO Offer Ends
11 Sept,26
Allotment Finalisation
15 Sept,26
Refund Initiation
16 Sept,26
Listing of Shares
17 Sept,26
IPO Analysis
Strengths
The company manufactures UPRs and trades complementary products like Fiber Resin, hardeners, and silicone-based products, serving multiple industries with 79 SKUs across manufacturing and trading verticals.
The company is ISO 9001:2015 certified with dedicated R&D and Quality Control department, maintaining high standards across raw material selection, production monitoring, and final dispatch.
The company is led by Managing Director Ajit Singh Bawa with over 24 years of experience in resin and pigment manufacturing, supported by competent management and in-house sales team.
Risks
The company derives 62.84% of its revenue from unsaturated polyester resins (UPR), creating concentration risk. Any adverse changes in demand, pricing pressure, or supply disruptions for UPR could materially impact business operations and financial performance.
The company's manufacturing facilities are concentrated in Haryana, with 89.78% of revenue from manufacturing operations. Any disruption, natural disaster, or regional issues affecting Haryana could severely impact production capacity and revenue generation.
The company experienced attrition rates of 8.69%, 5.56%, and 17.14% for fiscal years 2026, 2025, and 2024 respectively. High attrition in this manpower-intensive business could increase recruitment costs and affect operational efficiency.
Objectives
The company proposes to invest in its wholly owned subsidiary through unsecured debt for capital expenditure requirements including purchase and installation of plant and machinery, and to meet incremental working capital requirements arising from proposed expansion of operations.
The company intends to utilize proceeds towards prepayment or repayment, in full or in part, of certain outstanding borrowings to reduce debt servicing costs, maintain favorable debt-equity ratio and enable utilization of internal accruals for business growth.
The company proposes to deploy proceeds towards funding inorganic growth through strategic acquisitions and general corporate purposes including strategic initiatives, strengthening marketing network, brand building exercises, subject to regulatory limits.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 24.79 | 27.86 | 34.47 |
| Current Assets | 13.40 | 14.26 | 19.76 |
| Fixed Assets | 11.39 | 13.60 | 14.71 |
| Total Equity & Liabilities | 24.79 | 27.86 | 34.47 |
| Total Liabilities | 13.03 | 12.31 | 14.63 |
| Current Liabilities | 12.35 | 11.90 | 14.32 |
| Non Current Liabilities | 0.68 | 0.41 | 0.31 |
| Total Equity | 11.64 | 15.36 | 19.58 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 3.72 | -1.40 | -0.75 |
| Investing Activities | -1.36 | -3.18 | -3.99 |
| Operating Activities | 1.97 | 2.72 | 4.15 |
| Financing Activities | 3.11 | -0.94 | -0.91 |
About Amtech Esters
The company is engaged in the B2B business of manufacturing Unsaturated Polyester Resins (UPRs) and trading in complementary products like fiber resin, hardeners, silicons and other ancillary products. The company provides customers with an integrated sourcing solution across different stages of the resin and FRP value chain. Its wholly owned...more
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Managing DirectorAjit Singh Bawa
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