Amtech Esters IPO

Amtech Esters was established in 2002, is engaged in the business of a B2B company producing Unsaturated Polyester Resins (UPRs), and deals with complementary goods like fibre resin, hardeners, and silicones, thereby providing customers a seamless sourcing proposition throughout the resin and FRP (Fibre Reinforced Plastic) value chain. Its wholly owned subsidiary, Croda Pigments Private Limited (CPPL), produces pigments which are used as colourants and additives in industrial and domestic goods, providing the company a vertically aligned business structure. It has a cumulative product portfolio of 79 SKUs.

The two manufacturing units of the company are situated at Bahadurgarh, and another unit of manufacturing UPRs is under process in Asoda, Haryana. Capacity utilisation in UPR improved from 50.38% in FY24 to 89.11% in FY26, while pigment capacity utilisation improved from 53.39% in FY24 to 83.38% in FY26, reflecting excellent ramping of operations. Contribution to revenue by the top 10 customers is 40.78% in FY26, whereas contribution to total purchases by the top 10 suppliers is relatively high at 73.18% in FY26.

Manufacturing generated 89.78% of revenues in FY26, compared to 82.12% in FY24. The remaining revenues were from trading. With regard to products, the revenues in FY26 came mostly from UPR, generating 62.84%, pigments 24.14%, hardeners and ancillaries 6.47%, fibre resin 3.28%, and silicon 3.27%. Geographically speaking, the majority of revenues came from the northern regions of India, especially from Uttar Pradesh, generating 30.30% of the revenues in FY26; Haryana 28.60%; and Delhi 27.30%.