# Amtech Esters Limited: IPO analysis > Amtech Esters Limited (CIN U24129DL2002PLC115465) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹18 Cr. In FY26 it reported revenue of ₹41 Cr (+10.3% on FY25) and a net profit of ₹4.3 Cr. Promoters hold 49.7% before the IPO. Our fact-check of its claims found no medium or high concerns across 40 claims checked. - Page: https://ipo.innerkore.com/company/U24129DL2002PLC115465/amtech-esters-limited/ - CIN: U24129DL2002PLC115465 - Last updated: 22 Sep 2026 ## Key facts - **Company:** Amtech Esters Limited - **CIN:** U24129DL2002PLC115465 - **Filing stage:** Prospectus - **Latest SEBI filing:** 22 Sep 2026 - **Fresh issue:** ₹18 Cr - **Final offer price:** ₹75.00 per share - **Lot size:** 1600 shares - **Bidding opens:** 9 Sep 2026 - **Bidding closes:** 11 Sep 2026 - **Listing on:** BSE - **Revenue FY26:** ₹41 Cr - **Revenue growth:** +10.3% - **Net profit FY26:** ₹4.3 Cr - **Revenue CAGR FY24 to FY26:** 28.6% - **Promoter holding (pre-IPO):** 49.7% - **Lead managers:** CREDORA PARTNERS PRIVATE LIMITED - **Registrar:** MAASHITLA SECURITIES PRIVATE LIMITED - **Fact-check flags:** 0 high, 0 medium, 1 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 15.5x P/E. At the top of the band, on FY26 profit; 5x book value. - **Growth** (looks fine): 28.6% a year. Sales FY24 to FY26; latest year +10.3%. - **Profitability** (looks fine): 10.5% net margin. FY26; operating margin steady. - **Profit into cash** (looks fine): 97% of profit. Operations brought in ₹4.2 crore against ₹4.3 crore of profit in FY26. - **One-off income** (looks fine): 1% of profit. Other and one-off income is 1% of pre-tax profit. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. 25% of the new money repays debt. - **Red flags** (looks fine): None serious. 40 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 25 | 37 | 41 | | Sales growth | – | 49.9% | 10.3% | | Operating profit | 1.7 | 6.5 | 7.5 | | Operating margin | 6.7% | 17.6% | 18.4% | | Net profit | 2.9 | 3.8 | 4.3 | | Net margin | 11.6% | 10.3% | 10.5% | | Net worth | 8.4 | 12 | 13 | | Return on equity | 33.9% | 31.3% | 32.6% | ## Use of proceeds (fresh issue) - Investment in our wholly owned subsidiary, namely Croda Pigments Private Limited, by a. Towards capital expenditure requirements of the wholly owned subsidiary; b. To meet the incremental working capital requirements of the wholly owned: ₹8.8 crore - Repayment or prepayment, in full or in part, of certain borrowings availed by our Company;: ₹4.0 crore - Funding inorganic growth through unidentified acquisitions and general corporate purposes (1): ₹2.9 crore ## Fact-checked claims - **LOW** (SubsidiaryPerformance): The wholly owned subsidiary, Croda Pigments Private Limited (CPPL), manufactures pigments used as colourants and additives in various industrial and household products.. Several search results corroborate the claim by mentioning that Croda Pigments Private Limited (CPPL) is a wholly owned subsidiary of Amtech Esters Ltd. and that it is involved in manufacturing pigments. One result explicitly states that the subsidiary is into the business of manufacturing pigments used as colorants. - **NONE** (PromoterBackground): Meenakshi Sharma holds 11,51,816 equity shares, aggregating to 17.87% of the Pre-Issue Paid up Share Capital of the Company.. The provided search results do not contain any information that corroborates or contradicts the claim regarding Meenakshi Sharma's equity holdings or the percentage of pre-issue paid-up share capital in Amtech Esters Limited. - **NONE** (PromoterBackground): Ajit Singh Bawa holds 18,27,664 equity shares, aggregating to 28.36% of the Pre-Issue Paid up Share Capital of the Company.. The provided search results do not contain any information that corroborates or contradicts the claim regarding Ajit Singh Bawa holding a specific percentage of equity shares in Amtech Esters Limited. The search results are related to general market news, definitions of funds, and other unrelated company/media information. - **NONE** (PromoterBackground): Ajit Singh Bawa is the Executive Director and Managing Director.. The provided search results do not contain any information that corroborates or contradicts the claim that Ajit Singh Bawa is the Executive Director and Managing Director of Amtech Esters Limited. The search snippets are related to general market news, corporate fraud definitions, and lists of companies or financial tools, none of which mention this specific individual in relation to the company. - **NONE** (LitigationStatus): Approvals for the Factory Unit at “2012, Part B, MIE, Bahadurgarh, Jhajjar, Haryana” included Consent to Operate the Factory.. The provided search results do not contain any direct information confirming or denying the claim that approvals for the factory unit at the specified address included a Consent to Operate the Factory. The results focus on litigation, management, stock performance, and IPOs. - **NONE** (LitigationStatus): Approvals for the Factory Unit at “2012, Part B, MIE, Bahadurgarh, Jhajjar, Haryana” included a Registration and Licence to work a Factory.. The provided search results do not contain information confirming or denying the specific claim regarding approvals for the factory unit at the address "2012, Part B, MIE, Bahadurgarh, Jhajjar, Haryana". The results mainly point to litigation details, manufacturing activities, and stock market data. - **NONE** (LitigationStatus): A demand of ₹13,010 was raised under Section 143(1)(a) of the Income Tax Act, 1961 for A.Y. 2018-19.. The provided search results do not contain any information corroborating or contradicting the claim regarding a demand raised under Section 143(1)(a) of the Income Tax Act for A.Y. 2018-19. The results mainly point to company details, leadership, stock performance, and other legal/financial information, but not this specific tax demand. - **NONE** (PromoterBackground): Sandeep Pandey is the Chief Financial Officer, appointed on 02/06/2026, with 10 years of experience in finance and accounts.. The provided search results do not contain any information regarding the appointment date, role, or experience of Sandeep Pandey as the CFO of Amtech Esters Limited. Therefore, the claim cannot be corroborated or contradicted by the available search snippets. - **NONE** (PromoterBackground): Anjali Bansal is the Company Secretary and Compliance Officer, appointed on 25/10/2024, with 8 years of experience in secretarial and corporate law.. The provided search results do not contain any information regarding the appointment date, role, or experience of Anjali Bansal as the Company Secretary and Compliance Officer for Amtech Esters Limited. - **NONE** (PromoterBackground): The Key Managerial Personnel includes Ajit Singh Bawa as Managing Director, appointed on 19.12.2023, with a term of office until 18.12.2028.. The provided search results do not contain any information that corroborates, contradicts, or updates the claim regarding Ajit Singh Bawa's appointment as Managing Director of Amtech Esters Limited. - **NONE** (PromoterBackground): The Stakeholders Relationship Committee was approved by the Board on 15.04.2024.. The provided search results do not contain any information regarding the approval date of the Stakeholders Relationship Committee by the Board of Amtech Esters Limited. Therefore, the claim cannot be corroborated, contradicted, or updated based on the available sources. - **NONE** (SubsidiaryPerformance): The chemicals market is expected to grow from $5,332.35 billion in 2025 to $5,686.39 billion in 2026, at a compound annual growth rate (CAGR) of 6.6%.. The provided search results do not contain any information regarding the projected growth of the chemicals market from $5,332.35 billion in 2025 to $5,686.39 billion in 2026 with a 6.6% CAGR. The search results focus on stock prices and company details. ## Common questions ### How big is the Amtech Esters Limited IPO? Amtech Esters Limited's IPO comprises a fresh issue of ₹18 Cr, according to its Prospectus. The price band is not stated in that document. ### What are Amtech Esters Limited's revenue and profit? Amtech Esters Limited reported revenue from operations of ₹41 Cr in FY26, +10.3% versus FY25. Net profit was ₹4.3 Cr (FY25: ₹3.8 Cr). Revenue grew at a compound rate of 28.6% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there. ### How much do promoters own in Amtech Esters Limited? Promoters hold 49.7% of Amtech Esters Limited before the IPO. Largest holders listed: Grand Total (A+B+C) (100.0%); 6 40,18,776 - - (62.4%); (B) Public 42 24,26,392 - - (37.7%). ### How will Amtech Esters Limited use the IPO money? The fresh-issue proceeds are earmarked for: Investment in our wholly owned subsidiary, namely Croda Pigments Private Limited, by a. Towards capital expenditure requirements of the wholly owned subsidiary; b. To meet the incremental working capital requirements of the wholly owned (₹8.8 Cr); Repayment or prepayment, in full or in part, of certain borrowings availed by our Company; (₹4.0 Cr); Funding inorganic growth through unidentified acquisitions and general corporate purposes (₹2.9 Cr). ### What are the red flags in Amtech Esters Limited's Prospectus? We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 0 medium and 1 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Amtech Esters Limited do? The biggest red flag in the AMTECH ESTERS IPO? It's the fact that a key part of the company is a wholly-owned subsidiary, Croda Pigments Private Limited, which is directly involved in manufacturing colorants and pigments. ### Who manages the Amtech Esters Limited IPO? Book running lead managers: CREDORA PARTNERS PRIVATE LIMITED. Registrar to the offer: MAASHITLA SECURITIES PRIVATE LIMITED. Shares are proposed to list on BSE. ### Where can I read the original Amtech Esters Limited IPO documents? All 1 filing for Amtech Esters Limited (Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Amtech Esters Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790066443709.pdf) (Prospectus, filed 22 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.