Amtech Esters Ltd.
PROSPECTUS · filed 09 Sept 2026
Amtech Esters Ltd. is a manufacturer of unsaturated polyester resins (UPR) and other chemical products, reporting a revenue of Rs 40.67 crore and a profit of Rs 4.22 crore in the latest financial year. The company is not currently loss-making, with a return on equity of 21.57 percent and a revenue compound annual growth rate of 28.57 percent. The offer structure includes a fresh issue of equity shares and an offer for sale of existing shares by promoters and selling shareholders. The company faces high-severity risks related to a 62.84 percent revenue concentration in UPR products, which exposes it to demand and pricing pressures, as well as high-severity operational risks from reliance on a single manufacturing location in Haryana.
What stands out
Risk factor. A significant portion of revenue (62.84% in FY2026) is derived from unsaturated polyester resins (UPR), exposing the company to concentration risk from adverse changes in demand, pricing pressure, or supply of raw materials.
Risk factor. Any disruption, slowdown, or shutdown in manufacturing operations, whether due to natural disasters, fire, equipment failure, labour disputes, or regulatory issues, could adversely affect the business, financial condition, and results of operations.
Strong revenue growth. Restated revenue CAGR of 28.6%.
Healthy return on equity. ROE of 21.6%.
How the offer is structured
- Investment in our wholly owned subsidiary, namely Croda Pigments Private Limited, by way of debt: a) Towards capital expenditure requirements of the wholly owned subsidiary; b) To meet the incremental working capital requirements of the wholly owned subsidiary₹8.8 Cr
- Repayment or prepayment, in full or in part, of certain borrowings availed by our Company₹4.2 Cr
- Funding inorganic growth through unidentified acquisitions and general corporate purposes
Restated financials
Revenue
₹40.7 Cr
Latest fiscal year
Profit after tax
₹4.2 Cr
Revenue CAGR
28.6%
Return on equity
21.6%
PAT CAGR
22.0%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹24.6 Cr | ₹2.8 Cr | ₹11.6 Cr | |
| 2025 | ₹36.9 Cr | ₹3.7 Cr | ₹15.4 Cr | |
| 2026 | ₹40.7 Cr | ₹4.2 Cr | ₹19.6 Cr |
Risks the company discloses
A significant portion of revenue (62.84% in FY2026) is derived from unsaturated polyester resins (UPR), exposing the company to concentration risk from adverse changes in demand, pricing pressure, or supply of raw materials.(Business Related Risk)
Any disruption, slowdown, or shutdown in manufacturing operations, whether due to natural disasters, fire, equipment failure, labour disputes, or regulatory issues, could adversely affect the business, financial condition, and results of operations.(Internal Risk Factors)
The company is highly dependent on a single manufacturing location in Haryana, which increases vulnerability to regional risks and limits the ability to scale production or respond to demand fluctuations.(Internal Risk Factors)
A significant increase in employee attrition could adversely affect the business, financial condition, results of operations, and cash flows due to the need for additional recruitment, training, and retention costs.(Internal Risk Factors)
The business is manpower intensive and may be adversely affected by work stoppages, increased wage demands, or an increase in minimum wages, potentially leading to operational disruptions or shutdowns.(Internal Risk Factors)
Any significant malfunction or breakdown of manufacturing assets (reactors, automation systems, etc.) may entail significant repair and maintenance costs and cause delays in operations.(Internal Risk Factors)
Any loss or significant reduction in revenue from UPR products due to limitations in meeting quality specifications, customization requirements, or changes in technology could have a material adverse effect on the business.(Business Related Risk)
The company is subject to a legal and regulatory environment that may differ from other countries, which could impact its business operations.(External Risk Factors)
No dimension score is published for this filing. Too few sections could be read from the document to score it without guessing, and a score built on two fields would say more about our extraction than about the company.