Amtech EstersIPO Review — Financials, Valuation & Peers
A data-only look at the Amtech Esters IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 27.24 | 2.84 | 1.65 | 11.64 | 24.79 | 4.49 | — |
| FY 2025 | 36.97 | 3.72 | 6.5 | 15.36 | 27.86 | 3.99 | — |
| FY 2026 | 40.75 | 4.22 | 7.49 | 19.58 | 34.47 | 3.41 | 6.55 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 24.17%
- RoE
- 24.17%
- RoCE
- 30.16%
- Debt / Equity
- 0.17
- EPS (pre-issue)
- ₹6.55
- EPS (post-issue)
- ₹4.78
- EBITDA Margin
- 18.41%
- PAT Margin
- 10.28%
- NAV / share
- ₹30.38
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Promoters & Shareholding
Promoters: <p>Ajit Singh Bawa, Gurpreet Kaur Bawa, Meenakshi Sharma</p>
- Holding (pre-issue)
- 62.35%
- Holding (post-issue)
- 45.52%
- Dilution
- 16.83%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Amtech Esters operates at an EBITDA margin of 18.41% and a net (PAT) margin of 10.28% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 30.16% and a return on equity (RoE) of 24.17%. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward investment in the subsidiary, namely croda pigments private limited, by way of debt:1.towards capital expenditure requirements of the subsidiary;2.to meet the incremental working capital requirements of the subsidiary (₹8.81 crore), alongside repayment or prepayment, in full or in part, of certain borrowings availed by the company (₹4.2 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Amtech Esters reported revenue of ₹40.75 crore and a net profit of ₹4.22 crore. Revenue grew from ₹27.24 crore in FY2024 to ₹40.75 crore in FY2026 (+50.0%). Net worth stood at ₹19.58 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.5× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Promoters
The promoters of the company are <p>Ajit Singh Bawa, Gurpreet Kaur Bawa, Meenakshi Sharma</p>. Promoter holding stands at 62.35% before the issue and comes down to 45.52% after listing.
Frequently asked questions
- What is the reservation split in the Amtech Esters IPO?
- Of the total shares offered, retail investors get 35.05%, QIBs 20% (plus 29.89% anchor), non-institutional investors 15.05%.
- Who are the promoters of Amtech Esters and what is their holding?
- The promoters are <p>Ajit Singh Bawa, Gurpreet Kaur Bawa, Meenakshi Sharma</p>. Promoter holding is 62.35% before the issue and 45.52% after listing.
- What are the objects of the Amtech Esters IPO?
- The net proceeds go primarily toward investment in the subsidiary, namely croda pigments private limited, by way of debt:1.towards capital expenditure requirements of the subsidiary;2.to meet the incremental working capital requirements of the subsidiary, among 3 disclosed objects.