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Amtech Esters

• Amtech Esters is coming out with an initial public offering (IPO) of 23,84,000 shares in a price band of Rs 71-75 per equity share.
• The issue will open for subscription on September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 7.10 times of its face value on the lower side and 7.50 times on the higher side.
• Book running lead manager to the issue is Credora Partners.
• Compliance officer for the issue is Anjali Bansal.

Profile of the company

Amtech Esters is engaged in the B2B business of manufacturing of Unsaturated Polyester Resins (UPR or UPRs) and trading in their complementary products like fiber resin, hardners & silicons and other ancillary products. By offering these complementary products along with its manufactured UPRs, it is able to provide customers with an integrated sourcing solution rather than a single-product offering. It also enables it to serve customers across different stages of the resin and FRP value chain, from base resin requirements to curing, reinforcement, finishing and application-specific consumables.

Further, its wholly owned subsidiary, Croda Pigments Private Limited (CPPL) is into the business of manufacturing pigments which are used as colourants and additives in various industrial and household products. CPPL operates in a vertically aligned line of business, complementing and expanding its operations. Its product portfolio consists of polyester resin, fibreglass of different variants, hardener, silicons and pigments used in paints, varnishes, dyes, glue gums and allied chemical applications.

The company’s production processes are designed to ensure that its products meet prescribed quality standards and customer requirements. It has established a Research & Development and Quality Control department, through which it continuously reviews and modifies its production processes to cater to evolving customer requirements, improve product performance and maintain consistency in quality. Its commitment to quality is validated by its ISO 9001:2015 certification, assuring customers of its adherence to stringent quality control processes throughout manufacturing.

Proceed is being used for:

• Investment in its wholly owned subsidiary, namely Croda Pigments Private Limited, by way of debt: a) Towards capital expenditure requirements of the wholly owned subsidiary; and b) To meet the incremental working capital requirements of the wholly owned subsidiary
• Repayment or prepayment, in full or in part, of certain borrowings availed by the company
• Funding inorganic growth through unidentified acquisitions and general corporate purposes

Industry overview

The Indian chemical industry is a cornerstone of the nation’s manufacturing ecosystem, supplying critical inputs to key sectors such as agriculture, pharmaceuticals, textiles, automobiles, and construction. Globally, India ranks as the sixth largest producer of chemicals and the third largest in Asia. Furthermore, India is the third-largest consumer of polymers globally and the third-largest producer of agrochemicals. The Indian chemical sector is highly diversified, covering over 80,000 commercial products. The sector's market size was estimated at approximately Rs 21,50,750 crore ($300 billion) by 2025-2028, with a long-term vision of reaching Rs 86,03,000 crore ($300.0 billion by FY28E).

Meanwhile, Unsaturated Polyester Resins (UPR) form the backbone for various molding, casting, and fiber resin applications. In India, the installed capacity for Unsaturated Polyester Resin stands at 34.00 thousand MT as of 2024-25. Production of UPR has shown a strong CAGR of 14.8%, with production volumes reaching 22.40 thousand MT in FY 2024-25, up from 12.88 thousand MT in FY 2020-21. Advanced polymers like Acrylonitrile Butadiene Styrene (ABS), often used in electrical switchgear housing and molded products, have an installed capacity of 203.00 thousand MT, producing 176.54 thousand MT in 2024-25 at a CAGR of 9.7%. 

The Chemical Industry Outlook 2026 projects moderate global growth driven by sustainability and digitization, positioning the Asia-Pacific region as the dominant engine of expansion. Notably, India is projected to see its chemical production increase by an exceptional 10.9% in 2026, outperforming the flat outputs expected in the U.S. and sluggish recovery in Europe. This growth is fueled by robust domestic demand and targeted government support. Trends in Sustainability and Green Chemistry The transition toward green chemistry is reshaping the sector. The Indian green chemicals market is forecasted to grow at a CAGR of over 10%, exceeding $15 billion by 2027. The Indian chemical industry enters 2026 at a dynamic inflection point. With an expanding middle class driving end-user demand, shifting global supply chains benefiting Indian manufacturing, and aggressive government policy support (Union Budget 2026-27 Chemical Parks, CCUS funding, PLIs, and PCPIRs), the sector is primed for aggressive expansion. Investments in green chemistry, backward value-chain integration, and world-class technological infrastructure will be the defining metrics of success for chemical enterprises scaling over the next decade.

Pros and strengths

Diversified product portfolio catering to a broad customer base: The company’s diversified product portfolio is one of its key strengths. It is engaged in the manufacturing of Unsaturated Polyester Resins (UPRs) and trading of complementary products such as Fiber Resin, hardeners, ancillary products and silicone-based products, enabling it to cater to a wide range of customer requirements across multiple industries. Its manufacturing vertical comprises various grades of polyester resins, each designed for specific applications and performance requirements. These resin grades are used in sectors such as apparel accessories, automotive components, electrical switchgears, sculptures, decorative articles, FRP sheets, fibre sheets, cooling towers, waterproofing applications and other industrial products. The ability to manufacture multiple resin grades allows it to serve customers with varied end-use requirements relating to strength, durability, mouldability, surface finish, impact resistance, electrical insulation and colour retention.

Strong quality assurance ensuring consistent and standardized product excellence: The company is certified under ISO 9001:2015 for its Quality Management System, demonstrating its commitment to maintaining high standards of quality and reliability in its products. This certification provides assurance to its customers regarding the consistency, durability, and quality of its offerings. The company’s products are used across various industrial applications where consistency, durability, curing performance, strength, finish and end-use suitability are critical. Accordingly, it places significant emphasis on quality control at different stages of its operations, including raw material selection, production process monitoring, batch-wise checks, product testing and final dispatch. It maintains a dedicated Research & Development and Quality Control department, which enables it to monitor product quality, improve formulations and modify production processes in line with customer requirements. Accordingly, its quality assurance systems, ISO-certified processes, in-house R&D and QC capabilities, and focus on consistent product performance enable it to position itself as a reliable supplier in the resin, fiber resin, FRP and allied chemical products industry.

Synergetic collaboration with wholly owned subsidiary: The company’s Wholly Owned Subsidiary, Croda Pigments Private Limited (CPPL), is engaged in the manufacturing of pigments which is vertically aligned with its existing operations, as it complements its manufacturing of Unsaturated Polyester Resins (UPRs) and its trading portfolio comprising fiber resin, hardeners, ancillary products and silicone-based products. Its established supplier network ensures reliability, consistency, and timely availability of raw materials, supporting the seamless continuity of its operations. It has developed strong and long-standing relationships with its suppliers over the years, which enables it to procure raw materials on competitive terms. These strong supplier relationships also enhance its trading operations, allowing it to source quality products from established and reputable suppliers. This, in turn, enables it to offer a diverse and reliable range of products to its customers.

Risks and concerns

Significant dependence on UPR products: A significant portion of the company’s revenue is derived from unsaturated polyester resins. The company has garnered 62.84%, 61.57% and 60.79% of its total revenue from UPR in FY26, FY25 and FY24 respectively. Such significant dependence on a single product category exposes it to concentration risk, whereby any adverse change in demand, pricing pressure, supply of raw materials etc. could have an adverse effect on its business, financial condition, and results of operations.

Manufacturing concentration and operational risk: Majority of the company’s revenue from operations is derived from its manufacturing vertical. Further all of its manufacturing facilities are situated at Haryana, which exposes it to operational risks in relation to its manufacturing process. The company has garnered 89.78%, 88.12% and 82.12% of its total revenue from Manufacturing in FY26, FY25 and FY24 respectively. Any disruption, slowdown, or shutdown in its manufacturing operations, could adversely affect its business, results of operations, financial condition and cash flows.

Manpower-intensive operations and labour risk: The company’s business is manpower intensive. It may be adversely affected by work stoppages, increased wage demands by its employees, or an increase in minimum wages, and if it is unable to engage new employees at commercially attractive terms, it could adversely affect its business, financial condition, cash flows and results of operations.

Outlook

Amtech Esters is a B2B chemical manufacturing company engaged in the manufacturing of Unsaturated Polyester Resins (UPRs) and the trading of complementary products used across the resin and FRP value chain. The company is ISO 9001:2015 certified manufacturing processes. It has diversified product portfolio catering to a broad customer base. It has integrated sourcing solutions across the resin and FRP value chain. On the concern side, the company is highly dependent on its manufacturing vertical, which contributes a significant portion of its revenue from operations. All its manufacturing facilities are located in Haryana, exposing the company to regional and operational risks. The company also derives a significant share of its revenue from unsaturated polyester resins (UPR), resulting in product concentration risk. Any disruption or shutdown in manufacturing operations could adversely affect production, revenues and cash flows. Further, changes in UPR demand, pricing pressure or availability and cost of raw materials could adversely impact business performance.

The company is coming out with a maiden IPO of 23,84,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 71-75 per equity share. The aggregate size of the offer is around Rs 16.93 crore to Rs 17.88 crore based on lower and upper price band respectively. On performance front, total income increased by 10.25%, from Rs 3,696.57 lakh in Fiscal 2025 to Rs 4,075.33 lakh in Fiscal 2026, primarily due to the increase in revenue from operation. Moreover, restated profit after tax increased by 12.90%, from Rs 379.41 lakh in Fiscal 2025 to Rs 428.36 lakh in Fiscal 2026.

Meanwhile, the company’s growth strategy is focused on a combination of organic expansion and inorganic expansion, enabling it to strengthen its manufacturing capabilities, broaden its product portfolio and enhance its presence in the industry. It has been expanding its operations by expanding its manufacturing capabilities, improving plant and machinery, enhancing production efficiency and strengthening its product offerings. In line with this strategy, it has expanded its manufacturing operations at its Asoda manufacturing facility for UPRs manufacturing, which has enabled it to support higher production requirements and cater to the growing demand for its resin products.