Amtech Esters Limited is engaged in the business-to-business (B2B) manufacturing of Unsaturated Polyester Resins (UPR), which serve as crucial raw chemical inputs in a broad spectrum of industrial, commercial, and household applications. Alongside its core chemical synthesis business, the company runs a robust trading vertical dealing in complimentary products such as fiber resins, hardeners, silicones, catalysts, and ancillary consumables. The company's core value proposition is anchored on delivering high-performance, standardized, application-specific polymer formulations that resolve end-use challenges in sectors like apparel accessories, automotive parts, electrical switchgear, waterproofing, and composite structures.
The company's integrated business model operates on a coordinated group-level synergy following its acquisition of Croda Pigments Private Limited (CPPL), which became a wholly owned subsidiary in 2026. CPPL operates in the manufacturing of pigments used as colourants and additives. This acquisition establishes a key vertical supply linkage, where specialized resins manufactured by Amtech serve as direct chemical inputs in CPPL's pigment and color dispersion operations, optimizing internal consumption opportunities and improving cost efficiencies across the group.
Amtech's primary customer segments consist of industrial paint and coating manufacturers, composite fabricators, construction chemical producers, and automotive component suppliers. Geographically, the company's revenue is heavily tied to domestic Indian markets. The largest concentration of operations is centered in Delhi, which accounted for 27.30% of consolidated revenue from operations in FY26 (down from 35.59% in FY25 and 41.52% in FY24), followed by expanding operations in Haryana and Uttar Pradesh.
The company operates its manufacturing infrastructure from its facilities situated at Bahadurgarh, Jhajjar, Haryana:
Manufacturing Facility 1: 2012 MIE, Bahadurgarh, Haryana with an installed capacity of 2,960 MTPA as of late 2025.
Manufacturing Facility 2: Khasra 26/1, MIE, Bahadurgarh, Haryana with an installed capacity of 382.20 MTPA. To scale its capacity further, the company is constructing a third factory at Asoda Todran, Bahadurgarh.
As per financial performance, Amtech Esters Limited has posted total income / net profits of Rs 27.24 Cr / Rs 2.84 Cr (FY24), Rs 36.97 Cr / Rs 3.72 Cr (FY25) and Rs 40.75 Cr / Rs 4.22 Cr (FY26). So as per previous financials data, the company has shown consistent top-line and bottom-line growth, along with successful debt reduction as its total borrowings declined from Rs 4.49 Cr in FY24 to Rs 3.41 Cr in FY26. Company has an average EPS of Rs 5.94 and average RoNW of 25.94% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 2.47 as per NAV of Rs 30.38 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.77. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 23.34, 17.79, and 15.68 respectively. As per RHP, a comparison between listed peers shows that there are no listed peers operating in this industry, and no suitable unlisted peers are available that are comparable to the size of our company and the scale of our operations, presenting a unique investment opportunity.
On BRLM's front, Credora Partners Private Limited are associated with this IPO, and this is first IPO by BRLM. (as on 03.09.26)
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