Amtech Esters IPO Financials, Risk Factors, Peers & Objects of Issue
An investor-focused breakdown of the Amtech Esters IPO offer document: restated financial performance, key ratios, valuation across the price band, competitive strengths, risk factors, listed peers, objects of the issue and the business model, all drawn from the company's RHP disclosures.
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Amtech Esters IPO Financial Performance (Restated)
On a restated consolidated basis, the company revenue increased by 10% and profit after tax (PAT) rose by 13% between the financial year ending with March 31, 2026, a useful one-line read on operating momentum heading into the listing.
Here is how the books have moved over the last three financial years:
31 Mar 2026 to 31 Mar 2024₹ Crore
All figures in ₹ Crore unless stated otherwise. Source: restated financials disclosed in the offer documents.
Profits have scaled from ₹2.84 Cr to ₹4.22 Cr over two years; the borrowings-to-net-worth ratio has eased to about 0.17. For investors, the trend matters more than any single year, steady compounding with contained leverage is what institutional bidders typically reward, while a late spike in borrowings deserves scrutiny against the stated objects of the issue.
Amtech Esters IPO Key Performance Indicators (KPI)
ROE24.17%
RoCE30.16%
Return on Net Worth24.17%
Debt / Equity0.17
NAV per share30.38
Reading these numbers. RoE and RoCE measure how efficiently the business turns shareholder capital into profit; anything in double digits is respectable, mid-twenties plus is strong. A debt-to-equity ratio well below 1 signals a balance sheet that does not depend on lenders. NAV per share anchors the book value of your bid, while price-to-book tells you how many rupees the issue is charging for each rupee of that book, compare it with listed peers in the same sector before deciding whether the premium is justified.
Amtech Esters IPO Valuation, Pre IPO vs Post IPO
The issue price converts into a different earnings multiple once the fresh shares hit the books. Here is the dilution-adjusted picture:
EPS (₹)6.55→ 4.78 post-IPO
Pre-IPO figures are computed on the pre-issue share count; post-IPO figures assume full subscription at the upper band.
Amtech Esters IPO Competitive Strengths (as disclosed in the RHP)
Key strengths
- Portfolio consists of 79 SKUs for both manufacturing and trading vertical
- Certified under ISO 9001:2015 for its Quality Management System
- Promoter and Managing Director Ajit Singh Bawa possesses over 24 years of experience in the resin and pigment manufacturing industry
- Wholly owned subsidiary Croda Pigments Private Limited (CPPL) acquired in Financial year 2023-24 with 100.00% shareholding
- Expanded manufacturing operations at Asoda manufacturing facility for UPRs manufacturing to support higher production requirements
- ISO 9001:2015 certified manufacturing processes.
- Diversified product portfolio catering to a broad customer base.
- Integrated sourcing solutions across the resin and FRP value chain.
- Strong quality assurance supported by R&D and quality control capabilities.
Amtech Esters IPO Risk Factors (per RHP)
- Pending name change approval Application for change of name to public limited pending in Consent to Operate (CTO) of the factory at 2012, Part B, MIE, Bahadurgarh, Jhajjar, Haryana
- Pending NOC from Fire Department NOC from Fire Department (Croda Pigments Private Limited, FS/2026/66, Factories Act, 1948) pending with Assistant Divisional Fire Officer, Bahadurgarh, valid until February 26, 2029
- Intellectual property infringement risk IPR used by the company are registered in the name of the company and wholly owned subsidiary; any infringement of third-party IP or failure to protect own IP may adversely affect business
- High dependence on other income in prior year For FY 2024, other income was Rs. 263.58 lakhs against profit before tax of Rs. 340.25 lakhs, indicating significant reliance on non-operating income
- Short-term borrowings present Short-term borrowings of Rs. 341.18 lakhs as of March 31, 2026, with total borrowings to equity ratio of 0.17 times
- Pending listing and trading commencement If BSE SME does not grant permission to deal in and quote equity shares, company must repay all application money without interest within four days, with 15% per annum interest liability on default
- No prior public issue track record Company has not made any previous public issue during the last five years preceding the Red Herring Prospectus, indicating lack of public market experience
It is essential to read the complete risk factors in the offer document before investing; this list summarises the key disclosures only.
Amtech Esters IPO Litigation
- Indirect Tax (GST) Delhi - Show Cause Notice under Section 73 of DGST/CGST Act, 2017 dated August 4, 2026
Disclaimer: The financial data on this page is auto-extracted from the company's offer document (RHP/DRHP) and is provided for education only. DostIpo is not a SEBI-registered investment adviser; verify all figures against the official prospectus before making any investment decision. Investments in the securities market are subject to market risks.
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Last updated: 02 Sep 2026, 22:22 IST