Amtech Esters Limited
PROSPECTUS · filed 22 Sept 2026
Amtech Esters Limited manufactures unsaturated polyester resins and pigments, with a revenue of Rs 40.67 crore and a profit of Rs 4.22 crore in the latest financial year. The company is not loss-making and has reported a revenue CAGR of 28.57%. The offer consists of a fresh issue of Rs 17.88 crore with no offer for sale. The company faces high business-related risks due to a 62.84% reliance on unsaturated polyester resins and an 89.78% reliance on manufacturing located 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. Majority of revenue (89.78% in FY2026) is derived from manufacturing, and all manufacturing facilities are situated in Haryana, exposing the company to operational risks from disruptions, slowdowns, or shutdowns.
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Strong revenue growth. Restated revenue CAGR of 28.6%.
How the offer is structured
Fresh issue
₹17.9 Cr
New capital into the company
OFS share
0%
- Investment in wholly owned subsidiary, 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 the Company₹4.0 Cr
- Funding inorganic growth through unidentified acquisitions and general corporate purposes₹2.9 Cr
Restated financials
Revenue
₹40.7 Cr
Latest fiscal year
Profit after tax
₹4.2 Cr
Revenue CAGR
28.6%
PAT CAGR
22.0%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹24.6 Cr | ₹2.8 Cr | ||
| 2025 | ₹36.9 Cr | ₹3.7 Cr | ||
| 2026 | ₹40.7 Cr | ₹4.2 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)
Majority of revenue (89.78% in FY2026) is derived from manufacturing, and all manufacturing facilities are situated in Haryana, exposing the company to operational risks from disruptions, slowdowns, or shutdowns.(Business Related Risk)
The company is manpower intensive and experienced employee attrition rates of 8.69%, 5.56%, and 17.14% in FY2026, FY2025, and FY2024 respectively, which could adversely affect operations if it increases.(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, which could impact operations and costs.(Internal Risk Factors)
A significant portion of revenue (24.14% in FY2026) is derived from pigments, exposing the company to concentration risk from adverse changes in demand, pricing pressure, or supply of raw materials.(Business Related Risk)
The company is subject to stringent labour laws, and any violation of these laws may lead to regulatory action.(Internal Risk Factors)
The company is subject to stringent labour laws, and any violation of these laws may lead to regulators or other authorities to take action.(Internal Risk Factors)
The company is subject to stringent labour laws, and any violation of these laws may lead to regulators or other authorities to take action.(Internal Risk Factors)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.