Amtech Esters IPO GMP, Date, Price Band & Review

Amtech Esters IPO Details

Amtech Esters IPO is a book-built SME issue of ₹[ ] crore, comprising a fresh issue of ₹[ ] crore. The equity shares have a face value of ₹10 each and are proposed to be listed on the BSE SME.

The price band is fixed at ₹[ ]–₹[ ] per share, and the market lot is [ ] equity shares. The minimum investment required by an individual investor is ₹[ ] for one lot of [ ] shares at the upper price band. The IPO will open for subscription from September 9 to September 11, 2026, with a tentative listing date of September 17, 2026. The book-running lead manager is Credora Partners Pvt. Ltd., while Maashitla Management Private Limited is the registrar to the issue.

Amtech Esters IPO Date & Timeline

The Amtech Esters IPO is scheduled to open for subscription on September 9, 2026 and close on September 11, 2026. The anchor investor allocation is scheduled for [].

Once the subscription window closes, the basis of allotment is expected to be finalised on September 15, 2026. Refunds are expected to be initiated and shares are expected to be credited to the demat accounts of successful investors on September 16, 2026. Finally, the equity shares of Amtech Esters Limited are tentatively scheduled to list on the BSE SME platform on September 17, 2026.

Amtech Esters IPO GMP

“Grey Market Premium” or GMP is defined as the rate at which the IPO’s shares are traded in the market before they are officially listed on the stock exchange.

The Amtech Esters IPO GMP is currently trading at ₹0, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of [.], which is 0.00% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Amtech Esters Limited is a B2B chemical manufacturing company engaged in the manufacture of Unsaturated Polyester Resins (UPRs) and the trading of products used across the resin and fibre-reinforced plastic (FRP) value chain. The company was incorporated in May 2002 as Amtech Esters Private Limited and was converted into a public limited company in December 2023.

The company is headquartered in Haryana and operates its manufacturing facility at Bahadurgarh, Jhajjar. Its business serves industrial customers requiring resin-based materials and related chemical inputs for composite, coating, finishing and other industrial applications.

Operations and Product Range

Amtech Esters serves customers across the fibre-reinforced plastic, coatings, paints, adhesives and industrial-materials segments through a combination of manufactured resins and traded complementary products. Its portfolio includes:

• • Unsaturated Polyester Resins (UPRs): Core resin products used in fibre-reinforced plastic and other industrial applications. UPRs are commonly used along with reinforcing materials and additives to manufacture composite products.
• • Fibreglass products: Reinforcement materials used with polyester resins in the manufacture of FRP components, moulded products and industrial composites.
• • Hardeners and curing agents: Products used in resin processing and curing applications to help achieve the desired performance characteristics in final products.
• • Silicones and ancillary materials: Complementary materials used across industrial, coating, finishing and application-specific requirements.
• • Other value-chain products: The company trades products such as pigments, additives, wax polish, brushes and other related consumables required by customers across the resin and FRP value chain.

The company’s model combines manufacturing of UPRs with trading of complementary products. This integrated sourcing approach allows customers to procure base resins, reinforcement materials, curing agents, finishing materials and application-specific consumables through a single supplier, rather than dealing separately with multiple vendors.

Facilities and Capacity

Amtech Esters operates a manufacturing unit at Bahadurgarh, Jhajjar, Haryana, equipped with modern and automated plant and machinery. The facility supports the production of Unsaturated Polyester Resins and related chemical products.

The company has established Research & Development and Quality Control departments to support formulation development, process improvement, product consistency and quality assurance. It holds ISO 9001:2015 certification, reflecting its focus on standardised manufacturing and quality-control processes.

As of March 31, 2026, Amtech Esters had around 60 employees working across production, sales and marketing, quality control, packaging and dispatch, finance, legal, human resources and management functions.

Brands and Market Presence

Amtech Esters primarily operates as a B2B chemical supplier rather than as a consumer-facing brand. Its market position depends on manufacturing capability, product quality, availability of complementary materials, supply reliability, technical support and relationships with industrial customers.

The company’s integrated sourcing model allows customers to procure base resins, reinforcement materials, curing agents, finishing materials and application-specific consumables through a single supplier. This may help the company improve customer retention and cross-selling opportunities, although the extent of this advantage depends on price competitiveness, service levels and product quality.

Revenue Streams and Business Model

Amtech Esters earns revenue primarily from two segments:

• • Manufacture and sale of Unsaturated Polyester Resins.
• • Trading of complementary products such as fibreglass, hardeners, silicones, pigments, additives, wax polish, brushes and other industrial consumables.

Its manufacturing revenue is generated from UPRs supplied to industrial customers, while its trading revenue arises from products that complement the company’s resin portfolio. This model enables the company to offer customers a broader material basket and potentially improve customer stickiness through integrated procurement.

Revenue growth depends on industrial demand, customer orders, resin pricing, product mix, capacity utilisation, raw-material availability, inventory management and working-capital availability. The business requires regular investment in raw materials, quality systems, manufacturing processes, inventory and customer servicing.

Financial Performance

Amtech Esters Limited reported total income of ₹40.75 crore in FY26, compared with ₹36.97 crore in FY25 and ₹27.29 crore in FY24. Total income increased by approximately 10.3% in FY26, following growth of around 35.4% in FY25. Revenue from operations increased to ₹40.67 crore in FY26 from ₹36.89 crore in FY25 and ₹24.60 crore in FY24. Profit before tax increased to ₹5.75 crore in FY26 from ₹5.16 crore in FY25 and ₹3.40 crore in FY24. The PAT margin was approximately 10.4% in FY26, compared with around 10.1% in FY25 and 10.4% in FY24.

Earnings per share increased to ₹6.55 in FY26 from ₹5.78 in FY25 and ₹4.40 in FY24. Finance costs declined to ₹0.33 crore in FY26 from ₹0.45 crore in FY25, while depreciation and amortisation expense increased to ₹1.50 crore from ₹0.98 crore, indicating continued investment in manufacturing assets and operations.

The financial trend indicates growth in operating income and profitability over the three years. Investors should nevertheless assess whether the company can sustain margins while managing raw-material-price volatility, employee costs, working-capital requirements and competition in the resin and FRP-linked chemicals segment.

Management and Shareholding

Amtech Esters Limited is promoted by Ajit Singh Bawa, Gurpreet Kaur Bawa and Meenakshi Sharma. The promoter and promoter group held 62.35% of the company’s equity share capital before the IPO.

Following the IPO, promoter and promoter group shareholding is expected to reduce to 45.52%, while public shareholding is expected to increase from 37.65% before the issue to 54.48% after the issue. The change reflects dilution from the issuance of new equity shares under the IPO.

Board and Key Management

The board of Amtech Esters Limited is led by Mr. Ajit Singh Bawa, who serves as the Managing Director and is an executive director of the company.

Mrs. Gurpreet Kaur Bawa serves as a non-executive director. The board also includes Mr. Rahul Sharma and Mr. Paras Suri as non-executive independent directors.

The board is responsible for overseeing the company’s manufacturing operations, business strategy, financial controls, governance, risk management, quality systems and expansion plans.