Amtech EstersShare price, financial results, shareholding and management
- Market cap
- ₹74 cr
- Stock P/E
- 17.2peers 21.1
- Book value
- ₹22.2
- Price to book
- 3.76
- EV / operating profit
- -
- Market cap to sales
- 1.81
- ROCE · FY26
- 28.7%
- ROE · FY26
- 24.5%
- ROE, 3-year average
- 26.7%
- Operating margin · FY26
- 18.4%peers 12.8%
- Sales growth, 3 years
- 22.3%
- Profit growth, 3 years
- 97.0%
- Debt to equity
- 0.17peers 0.07
- Borrowings
- ₹3.4 cr
- Interest cover
- 18.4×
- Cash from business / op. profit
- 55%
- Debtor days
- 92
- Pledged
- 0.00%
- Promoter holding
- 45.52%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 380
- 52-week high / low
- ₹128 / ₹72
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Amtech Esters share price chart
Close on 6 Nov 2026 · -4.77% on the day · Vol 40,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -28.7%
- Traded a day, 20 days
- ₹0.65 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +10% | +13% |
| 3 years, a year | +22% | +97% |
About Amtech Esters: business, products and customers
Amtech Esters makes polyester resin, the liquid that sets hard in fibreglass and moulded products, and through a subsidiary makes colour pigments, for factories mostly around Delhi. Its shares trade on BSE SME.
Amtech Esters was set up in Delhi in 2002 by Avtar Singh Bawa and Ajit Singh Bawa and makes unsaturated polyester resin at Bahadurgarh in Haryana. Its 49 resin grades go into buttons, switchgear, car body repair, sculptures, decorative pieces and other moulded goods. It also trades in the items its customers use alongside the resin, such as fibre resin, hardeners and silicones, so a buyer can source the whole set from one supplier.
The company buys glycols and anhydrides, cooks them in reactors into resin and earns the gap between those costs and its selling price, order by order, with no long term contracts. Since December 2023 it has owned Croda Pigments, which makes pigment pastes used to colour gel coats, resin castings and coatings, and group margins rose after the purchase. Almost all sales are made in Delhi, Uttar Pradesh and Haryana, close to the plants.
Read more about the business
A new resin plant at Asoda in Jhajjar district, paid for from the company's own funds, began trial production in October 2026 and adds 4,800 tonnes a year to the 2,960 tonnes at Bahadurgarh. Money from the IPO is set aside to raise pigment capacity from 382.2 to 973.2 tonnes a year with new grinding mills. The offer document says the company has no listed peers in its industry and faces large and small resin makers, some with more money and wider reach.
From the offer document (Red Herring Prospectus, September 2026) and the company's announcements of 28 September and 3 October 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 22% a year over three years.
- It earns a high return on the money it uses: ROCE 29% in FY26.
- It has little debt for its size: debt to equity 0.17.
To watch
- Commercial production at the Asoda resin plant, where trials began in October 2026 (Announcement, 3 October 2026).
- Purchase of the pigment grinding mills funded from the IPO (Offer document, p.91).
- Whether sales spread beyond Delhi, Uttar Pradesh and Haryana as capacity grows (Offer document, p.30).
- Customers take longer to pay than before: 92 days in FY26, against 58 in FY22.
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Amtech Esters revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew roughly in step with sales.
Amtech Esters profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 21.52 | 22.23 | 24.60 | 36.89 | 40.67 |
| Expenses | 21.20 | 21.35 | 22.95 | 30.38 | 33.18 |
| Operating profit | 0.32 | 0.88 | 1.65 | 6.51 | 7.49 |
| OPM | 1.5% | 4.0% | 6.7% | 17.6% | 18.4% |
| Other income | 0.55 | 0.11 | 2.64 | 0.08 | 0.08 |
| Interest | 0.07 | 0.13 | 0.43 | 0.45 | 0.33 |
| Depreciation | 0.09 | 0.12 | 0.46 | 0.98 | 1.50 |
| Profit before tax | 0.71 | 0.74 | 3.40 | 5.16 | 5.74 |
| Tax rate | 12.7% | 24.3% | 16.2% | 26.6% | 25.4% |
| Net profit | 0.62 | 0.56 | 2.85 | 3.79 | 4.28 |
| EPS ₹ | 35.43 | 6.95 | 8.81 | 11.54 | 6.55 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Amtech Esters profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 1.5% | 4.0% | 6.7% | 17.6% | 18.4% |
| Tax rate | 12.7% | 24.3% | 16.2% | 26.6% | 25.4% |
| ROCE | · | 10.2% | 29.3% | 31.6% | 28.7% |
| ROE | · | 7.5% | 27.6% | 28.1% | 24.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Amtech Esters debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Amtech Esters balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.18 | 0.81 | 3.22 | 3.22 | 6.45 |
| Reserves | 5.77 | 8.22 | 8.41 | 12.14 | 13.14 |
| Net worth | 5.95 | 9.03 | 11.63 | 15.36 | 19.59 |
| Borrowings | 1.13 | 1.01 | 4.49 | 3.99 | 3.41 |
| Other liabilities | 4.09 | 2.69 | 8.67 | 8.51 | 11.46 |
| Total liabilities | 11.17 | 12.73 | 24.79 | 27.86 | 34.46 |
| Fixed assets | 0.52 | 0.69 | 7.89 | 10.15 | 10.15 |
| Capital work in progress | 0 | 0 | 1.12 | 0.52 | 1.88 |
| Investments | 5.06 | 4.81 | 0 | 0 | 1.18 |
| Other assets | 5.59 | 7.23 | 15.78 | 17.19 | 21.25 |
Amtech Esters cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 2.79 | -2.30 | 1.97 | 2.72 | 4.15 |
| Cash from investing | -3.44 | 0.02 | -1.36 | -3.18 | -3.99 |
| Cash from financing | 0.63 | 2.27 | 3.11 | -0.94 | -0.91 |
| Net cash flow | -0.02 | -0.01 | 3.72 | -1.40 | -0.75 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 58 | 55 | 69 | 68 | 92 |
| Inventory days | 30 | 33 | 51 | 48 | 61 |
| Days payable | 78 | 45 | 78 | 60 | 89 |
| Cash conversion cycle | 9 | 42 | 43 | 57 | 64 |
| Working capital days | 17 | 65 | -40 | -0 | 34 |
Amtech Esters peers and competitors
Listed SME companies in the same industryBy sales, Amtech Esters is number 39 of the 44 listed SME companies in chemicals & petrochemicals.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Technichem Organics | 76 | 28.0 | 56.6 | 2.7 | 7.8% | 0.38 |
| Devson Catalyst | 520 | 40.0 | 56 | 13 | 30.0% | 0.06 |
| Prolife Industries | 33 | 7.7 | 54.5 | 4.3 | 7.5% | 0.01 |
| Speb Adhesives | 192 | 28.0 | 50.6 | 6.9 | 17.9% | 0.00 |
| Snehaa Organics | 41 | 5.1 | 49.4 | 8.1 | 23.8% | 0.07 |
| Vadivarhe Speciality Chemicals | 31 | - | 45.8 | -1.6 | 1.3% | - |
| Vahh Chemicals | 38 | 7.5 | 43.2 | 5.1 | 19.4% | 0.76 |
| Amtech Esters | 74 | 17.2 | 40.7 | 4.3 | 18.4% | 0.17 |
| Yug Decor | 37 | 461.2 | 38.3 | 0.1 | 5.4% | 0.79 |
| Mehul Colours | 52 | 10.0 | 30.4 | 5.2 | 20.0% | 0.05 |
| Rite Zone Chemcon India | 7 | 21.1 | 25.5 | 0.3 | 2.6% | 0.10 |
| Median of the 10 others | 40 | 21.1 | 47.6 | 4.7 | 12.8% | 0.07 |
Amtech Esters shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders is about the same.
Amtech Esters shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 26 | Sep 26 | |
|---|---|---|
| Promoters | 45.52% | 45.52% |
| Indian institutions (DIIs) | - | 14.15% |
| Number of shareholders | 380 | 380 |
Amtech Esters study: the business from its own documents
Read from 1 of the company's own documentsAmtech Esters key facts from the filings
Each figure with the document it comes from
- FY26 sales
- ₹40.7 cr
- Consolidated revenue from operations, up 10.26% after a 49.92% jump in FY25 when the pigment business was added.Offer document, p.129
- EBITDA margin
- 6.69% → 18.41%
- Margin from FY24 to FY26, rising after the pigment business was added.Offer document, p.129
- Resin share of sales
- 62.84%
- Share of FY26 revenue from polyester resin; pigments gave 24.14% and traded items the rest.Offer document, p.21
- Largest customer
- 9.84%
- Share of FY26 revenue from the biggest customer; the top ten gave 40.78%, all on purchase orders.Offer document, p.29
- Delhi, UP and Haryana
- 86.20%
- Combined share of FY26 revenue from these three states, so sales rest on one region.Offer document, p.30
Show 5 more facts
- New resin plant
- 4,800 tonnes a year
- Asoda plant began trial production in October 2026, taking total resin capacity from 2,960 to 7,760 tonnes once commercial.Announcement, 3 October 2026
- Pigment output
- 127.14 → 311.99 tonnes
- Production at the pigment plant from FY24 to FY26 after the December 2023 acquisition.Offer document, p.94
- Pigment expansion
- 382.2 → 973.2 tonnes
- Planned yearly pigment capacity, with ₹3.4 cr of IPO money for fourteen grinding mills and a generator.Offer document, p.91
- Top ten suppliers
- 73.18%
- Share of FY26 purchases from ten suppliers, up from 65.72%, with no long term supply agreements.Offer document, p.28
- Cash from operations
- ₹4.2 cr
- Operating cash flow in FY26, in line with the year's profit of ₹4.2 cr.Offer document, p.129
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says the Asoda resin plant has been installed and trial production has started, and that total resin capacity will rise to 7,760 tonnes a year once commercial operation begins. The offer document says IPO money will lift pigment capacity at the subsidiary to 973.2 tonnes a year,.
| What management said | When | What happened |
|---|---|---|
| Asoda resin plant to become operational by September 2026 | Offer document, September 2026 | Trial production began, announced 3 October 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Amtech Esters earns money by turning chemicals into resin and pigments in its own plants and selling them order by order to factories near Delhi.
Its weak spots are reliance on one main product, one region and a few suppliers, and the need to fill a much larger plant.
WatchCan it set its own prices?Resin is sold order by order against large and small rivals, so the company takes the market price rather than setting it.
AverageHow strong is it against rivals?Offering resin, hardeners and pigments together helps it hold local buyers, but bigger makers have more money and reach.
StrongWho are its customers?Sales are spread across many factory buyers, with no single customer large, though nearly all are in one region.
AverageDoes it need a lot of money?Plants are modest in cost, and the new resin plant was built from the company's own funds, with IPO money going to pigment mills and working capital.
AverageCan it keep finding new work?Sales grew sharply when pigments were added, but growth slowed in FY26 and there is no order book; more depends on filling the new capacity.
AverageDo good and bad years swing a lot?Resin demand follows factory activity and raw material prices, and margins depend on the gap between the two.
Who runs Amtech Esters?
Promoters, directors and officers; tap a name for the background
ASAjit Singh BawaPromoter and Managing Director
Has been with the company since it was founded in 2002, with 24 years in polyester resin manufacturing; studied to senior secondary level. Managing Director since December 2023 and also a director of Croda Pigments and Bawa Resins.
Offer document, p.166, p.177 and p.180MSMeenakshi SharmaPromoter
A director of the subsidiary Croda Pigments, with eight years overseeing business operations, governance and management across industries; studied to senior secondary level.
Offer document, p.181GKGurpreet Kaur BawaPromoter and Non-Executive Director
With the company since 2009; holds a Bachelor of Science in Home Science and a Bachelor of Education from the University of Delhi and a Master of Arts in Sociology from Annamalai University. The offer document states that Gurpreet Kaur Bawa is the wife of Ajit Singh Bawa.
Offer document, p.166 to 167 and p.181SPSandeep PandeyChief Financial Officer
Holds an MBA in Finance and HR and an LLB, with ten years in finance and accounts; earlier with PRB Associates. CFO since June 2026.
Offer document, p.177RSRahul SharmaIndependent Director
A fellow chartered accountant with over 15 years in finance and taxation; on the board since January 2024 and chairs the nomination and remuneration committee.
Offer document, p.166 and p.173CVChandresh V. DobariyaIndependent Director
Holds an M.Tech from IIT Bombay and a B.E. from Nirma Institute of Technology, with over 24 years in the power and energy sector; Director and CEO of Panacean. Appointed in September 2026 when Paras Suri resigned for personal reasons.
Board meeting outcome, 28 September 2026, p.1 to 3Amtech Esters latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters unchanged at 45.52%.
Amtech Esters announcements
7 on record, latest first; each opens the filing on the exchange
- Company UpdateAmtech Esters Limited informed exchange regarding Certificate under Reglation 74(5) of SEBI (Depository and Participants) Regulations, 2018 for the quarter endPDF ↗
- Company UpdateIntimation for commencement of Trial production at New Manufacturing plant at Asoda, HaryanaPDF ↗
- Company UpdateRevised outcome of meeting of Board of Directors of Amtech Esters Limited held on September 28, 2026 for appointment and resignation of Independent DirectorPDF ↗
- Company UpdateResignation of Independent DirectorPDF ↗
- Company UpdateAppointment of Mr. Chandresh V. Dobariya as Additional Director, in the capacity of Independent Director. Resignation of Mr. Paras Suri from the position of InPDF ↗
- OthersPursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (''Listing Regulations''), we wish to inform you that PDF ↗
- New ListingTrading Members of the Exchange are hereby informed that effective from September 17, 2026, the Equity Shares of Amtech Esters Ltd (Scrip Code: 544920) are list
Amtech Esters annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Amtech Esters share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Amtech Esters' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 19 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (88,29,168 shares).
- !The FY26 results imply 64,50,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY22 (₹35.43) and FY23 (₹6.95) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Amtech Esters
What does Amtech Esters do?
Amtech Esters makes polyester resin, the liquid that sets hard in fibreglass and moulded products, and through a subsidiary makes colour pigments, for factories mostly around Delhi. Its shares trade on BSE SME.
What is the share price of Amtech Esters?
₹83.5 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Amtech Esters?
₹74 cr at the close on 6 Nov 2026, on 88,29,168 shares.
What is the P/E of Amtech Esters?
17.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Amtech Esters' revenue and profit?
Revenue ₹41 cr and profit after tax ₹4 cr in FY26.
Who are the promoters of Amtech Esters?
Ajit Singh Bawa, Meenakshi Sharma, Gurpreet Kaur Bawa; promoters held 45.52% at 30 Sept 2026.
What is Amtech Esters' website?
www.amtechesters.com
More SME companies like Amtech Esters
Other listed SME companies in chemicals & petrochemicals, the closest in size first, each read from its own documents.
- Technichem OrganicsTECHNICHEM · BSE SME · Chemicals & PetrochemicalsMarket cap ₹75 cr
- Renol PolychemRNPL · NSE Emerge · Chemicals & Petrochemicals · listed 2025Market cap ₹71 cr
- Indian EmulsifiersIEML · NSE Emerge · Chemicals & Petrochemicals · listed 2024Market cap ₹64 cr
- Aureate TraddeAUREATE · BSE SME · Chemicals & PetrochemicalsMarket cap ₹63 cr
- Shlokka DyesSHLOKKA · BSE SME · Chemicals & PetrochemicalsMarket cap ₹89 cr
- Paragon Fine and Speciality ChemicalPARAGON · NSE Emerge · Chemicals & Petrochemicals · listed 2023Market cap ₹99 cr
Built from 1 offer document, 7 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.