Amtech Esters IPO

Amtech Esters makes unsaturated polyester resins at two plants in Bahadurgarh, Jhajjar district, Haryana, and sells them business-to-business to manufacturers who mould, laminate or cast fibre-reinforced plastic. Its catalogue runs to 49 resin grades, each formulated for an end use: grades 103 and 109 go into apparel buttons, GP grades into automotive and body-shop parts and into sculptures and moulded goods, and grades such as 224, 910 GP, 053 and 211 into electrical switchgear, where insulation and mechanical strength matter. Alongside its own resins it buys in and resells complementary inputs — fibreglass, hardeners, catalysts, promoters and silicones — so a customer can source a whole FRP recipe from one supplier. A wholly owned subsidiary, Croda Pigments, makes the pigment pastes that colour those resins. The company had 60 employees at 31 March 2026.

Revenue is manufactured resin plus traded consumables: FY26 revenue from operations was ₹40.67 Cr, up 10.26% on FY25. The economics are raw-material-led. Cost of goods sold was ₹28.59 Cr in FY26, or 70.30% of revenue, against 72.39% in FY25, and that two-point move is most of why the EBITDA margin reached 18.41% in FY26 versus 6.69% in FY24. Two structural constraints sit behind it. Buying is concentrated — the top ten suppliers were 73.18% of purchases in FY26 — so feedstock prices pass through with little cushion. And output is capped by installed capacity of 2,960 MTPA and 382.20 MTPA at the two units; the issue funds the pigment subsidiary and debt repayment, not more resin capacity.