AMTECH ESTERS LIMITED
About the company
Amtech Esters Limited, incorporated in 2002 and converted into a public company in 2023, is engaged in the B2B manufacturing of Unsaturated Polyester Resins (UPRs). The company also trades complementary products such as fiberglass, hardeners, silicones, and other industrial materials. Its offerings serve a wide range of end-use industries across India.
The company has a diversified portfolio comprising 49 UPR SKUs, pigments manufactured through its subsidiary, fiberglass products, hardeners, and silicone-based products. These products cater to sectors including paints & coatings, construction, automotive, marine, furniture, plastics, adhesives, and industrial equipment.
Amtech operates two manufacturing facilities in Bahadurgarh, Haryana, with a combined installed capacity exceeding 3,342 MTPA. Supported by dedicated R&D and quality control teams, and backed by ISO 9001:2015 certification, the company employed 59 personnel as of November 30, 2025.
Amtech Esters Limited experienced continuous financial growth from FY24 to FY26, with Total Revenue increasing from ₹24.60 Crs to ₹40.67 Crs. Profitability metrics consistently expanded, as EBITDA margin improved sharply from 6.69% to 18.41% and Profit After Tax (PAT) grew from ₹2.85 Crs to ₹4.28 Crs. Consequently, shareholder value strengthened over the period, with EPS rising from ₹4.40 to ₹6.55 and Shareholders' Funds accumulating from ₹11.64 Crs to ₹19.58 Crs.
The promoters of Amtech Esters Ltd are Mr. Ajit Singh Bawa, Ms. Meenakshi Sharma and Mrs. Gurpreet Kaur Bawa. Mr. Ajit Singh Bawa serves as the Promoter and Managing Director of the Company, Ms. Meenakshi Sharma serves as a Promoter and is also a Director of the Company's subsidiary, while Mrs. Gurpreet Kaur Bawa serves as a Promoter and Non-Executive Director of the Company.
Amtech Esters Ltd is making fresh issue of up to 23,85,000 shares having face value of Rs 10 each aggregating Rs 18 Crs. The net offer to the public is 22,64,000 shares within the price band of Rs 71-75 per share. Of the above, 7,93,600 shares offered to retail, while 3,40,800 shares offered to the Non-Institutional HNI category, 11,29,600 shares to QIBs, 6,76,800 shares offered to Anchor Investor and 1,20,000 shares will be reserved for Market Maker to the issue.
The shares will be listed on BSE SME platform of the Bombay Stock Exchange (BSE).
Key metrics
Subscription status by category
Strengths & risks
Strengths / Operational Highlights
Amtech Esters Ltd – Dedicated to Progress
Experienced Promoter-Led Management Driving Sustainable Growth: The company is led by an experienced promoter group headed by Managing Director Ajit Singh Bawa, who brings over 24 years of industry expertise and has played a pivotal role in building and expanding the business since inception. Supported by Meenakshi Sharma’s operational oversight and Gurpreet Kaur Bawa’s governance and strategic guidance, the management team is well-positioned to drive growth through industry knowledge, operational excellence, and strong corporate governance.
Integrated Manufacturing and Product Portfolio Business Model – Amtech Esters follows an integrated manufacturing and value-added distribution model, combining in-house production of Unsaturated Polyester Resins and pigments with the trading of complementary products such as fiberglass, hardeners, and silicones. This integrated approach provides greater operational control, improves supply chain efficiency, enables cross-selling opportunities, and supports cost optimization through manufacturing synergies and streamlined product offerings.
Business Growth Strategy Focused on Product Diversification and Quality-Driven Expansion Amtech Esters' growth strategy is focused on expanding its diversified product portfolio while leveraging strong R&D capabilities, quality standards, and manufacturing expertise to serve a broad range of industries. The company aims to strengthen customer relationships and drive scalable growth through integrated operations, subsidiary synergies, and continuous product innovation.
Post the Public Issue Amtech Esters Ltd long-term growth Amtech Esters Ltd’s long-term growth plan is centered on strengthening its integrated resin and pigment value chain through capacity expansion, operational synergies with its subsidiary, and continuous investments in manufacturing capabilities. It also aims to expand its geographic footprint across India, broaden its customer base, and pursue both organic and inorganic growth opportunities to enhance competitiveness and market presence.
Risks
Amtech Esters Ltd operates in a highly competitive industry where both large and small players compete on pricing, product quality, technology, and market reach, which could exert pressure on margins and market share. Additionally, competitors with stronger financial resources, broader product portfolios, and wider geographic presence may be better positioned to respond to changing customer preferences and technological advancements.
Financial snapshot
Strengths & risks
Strengths / Operational Highlights
Amtech Esters Ltd – Dedicated to Progress
Experienced Promoter-Led Management Driving Sustainable Growth: The company is led by an experienced promoter group headed by Managing Director Ajit Singh Bawa, who brings over 24 years of industry expertise and has played a pivotal role in building and expanding the business since inception. Supported by Meenakshi Sharma’s operational oversight and Gurpreet Kaur Bawa’s governance and strategic guidance, the management team is well-positioned to drive growth through industry knowledge, operational excellence, and strong corporate governance.
Integrated Manufacturing and Product Portfolio Business Model – Amtech Esters follows an integrated manufacturing and value-added distribution model, combining in-house production of Unsaturated Polyester Resins and pigments with the trading of complementary products such as fiberglass, hardeners, and silicones. This integrated approach provides greater operational control, improves supply chain efficiency, enables cross-selling opportunities, and supports cost optimization through manufacturing synergies and streamlined product offerings.
Business Growth Strategy Focused on Product Diversification and Quality-Driven Expansion Amtech Esters' growth strategy is focused on expanding its diversified product portfolio while leveraging strong R&D capabilities, quality standards, and manufacturing expertise to serve a broad range of industries. The company aims to strengthen customer relationships and drive scalable growth through integrated operations, subsidiary synergies, and continuous product innovation.
Post the Public Issue Amtech Esters Ltd long-term growth Amtech Esters Ltd’s long-term growth plan is centered on strengthening its integrated resin and pigment value chain through capacity expansion, operational synergies with its subsidiary, and continuous investments in manufacturing capabilities. It also aims to expand its geographic footprint across India, broaden its customer base, and pursue both organic and inorganic growth opportunities to enhance competitiveness and market presence.
Risks
Amtech Esters Ltd operates in a highly competitive industry where both large and small players compete on pricing, product quality, technology, and market reach, which could exert pressure on margins and market share. Additionally, competitors with stronger financial resources, broader product portfolios, and wider geographic presence may be better positioned to respond to changing customer preferences and technological advancements.
Our verdict
Amtech Esters Ltd which is tapping the capital market, enjoys a strong track record of ramping up its turnover in the last two years & building strong business relationships with its domestic customers which has helped it significantly scale up its operations.
Amtech Esters follows an integrated manufacturing and value-added distribution model, combining in-house production of Unsaturated Polyester Resins and pigments with the trading of complementary products such as fiberglass, hardeners, and silicones. This integrated approach provides greater operational control, improves supply chain efficiency, enables cross-selling opportunities, and supports cost optimization through manufacturing synergies and streamlined product offerings.
Amtech Esters' growth strategy is focused on expanding its diversified product portfolio while leveraging strong R&D capabilities, quality standards, and manufacturing expertise to serve a broad range of industries. The company aims to strengthen customer relationships and drive scalable growth through integrated operations, subsidiary synergies, and continuous product innovation.
More importantly, Amtech Esters Ltd promoters have significant industry experience and have been instrumental in the company's consistent growth. The management team's combined expertise and experience are also a significant asset going ahead
After the proposed IPO, the company’s net worth will total Rs 37.46 crore as on date after the IPO, & post-IPO, the equity capital will stand at Rs 6.44 crore.
We are confident that Amtech Esters Ltd will deliver consistent performance and provide an excellent investment opportunity for investors with a long-term horizon.
Hence, we recommend SUBSCRIBE for long-term investment.
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