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₹320 - 320
GSP Crop Science Ltd
Agro ChemicalsIPO
₹320 - 320
The Company is a research-driven agrochemical company, specializing in the development and manufacturing of insecticides, herbicides, fungicides and plant growth regulators in India, with over 40 years of experience in the agrochemical industry. The company operates under two distinct businesses which are categorized as (i) Formulations; and (ii) Technicals. Details of revenue generated from Formulations and Technicals for the six months ended September 30, 2025 and for Fiscals 2025, 2024 and 2023,
Lot46Min Invest₹14,720Face Value₹10Issue Size₹400 CrFresh Issue₹240 CrOffer for Sale₹160 CrListing Price₹328CMP₹436
Timeline
16 Mar
Bidding opens
18 Mar
Bidding closes
20 Mar
Allotment
23 Mar
Refund & demat credit
24 Mar
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹400 Cr1.25 Cr shares
Fresh Issue₹240 Cr
Offer for Sale₹160 Cr
Face Value₹10
Lot Size46 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,7201-13 lots
sNII₹2,06,080from 14 lots
bNII₹10,00,960from 68 lots
Managers & Registrar
Lead ManagerEquirus Capital Pvt Ltd
Co-ManagerMotilal Oswal Investment Advisors Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrVilasben Vrajmohan ShahPRMTR20,00,00064.00Bhavesh Vrajmohan ShahPRMTR15,00,00048.00Kappa TrustPRMTR15,00,00048.00Total50,00,000160.00
Shareholding
CategoryPre IPOPost IPOPromoter Group98.3%71.72%Public1.7%28.28%
Objects of the Issue
- Repayment or pre-payment of all or a portion of certain outstanding borrowings availed by the company
- General corporate purposes
Anchor Book
Bid Date13-Mar-2026Shares37,50,000Amount₹120 Cr30-day lock-in18-Apr-202690-day lock-in17-Jun-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 1,203 | 1,152 | 1,287 | 1,517 | 1,526 |
| Operating ProfitCr | 79 | 124 | 150 | 185 | 185 |
| OPM% | 6.5 | 10.8 | 11.7 | 12.2 | 12.1 |
| PBTCr | 23 | 77 | 110 | 127 | 133 |
| PATCr | 18 | 56 | 81 | 95 | 99 |
| EPS | 5 | 223 | 212 | 25 | 26 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 27 | 26 | 39 | 47 | - |
| ReservesCr | 336 | 344 | 411 | 725 | - |
| BorrowingsCr | 324 | 235 | 296 | 262 | - |
| Fixed AssetsCr | - | - | 224 | 247 | - |
| Total AssetsCr | 1,132 | 980 | 1,229 | 1,547 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 104 | 207 | 38 | 59 | - |
| Investing Cash FlowCr | -47 | -19 | -80 | -75 | - |
| Financing Cash FlowCr | -159 | -178 | 30 | 152 | - |
| Net Cash FlowCr | -102 | 10 | -12 | 137 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Well-diversified product portfolio including a wide range of insecticides, herbicides, fungicides, and plant growth regulators, making us a comprehensive solution provider for our customers.
- Large and diverse clientele both domestically as well as internationally.
- Strong in-house R&D capabilities with focus on innovation and product development.
- Robust manufacturing facilities with ability to manufacture a wide range of products with a focus on sustainability.
- Led by qualified and experienced Promoters and supported by a professional management team.
Strategies · as stated in the DRHP
- Leverage its diverse offerings to expand into international markets and capitalize on the growing agrochemical industry.
- Continuing to expand its product offerings by leveraging its R&D capabilities.
- Continue to diversify customer base by adding new customers and increase wallet share with existing customers.
- Optimization of manufacturing capabilities through backward integration and focusing on improving operational efficiencies.
- Reduction of borrowings and leverage.
Risks · as stated in the DRHP
- The company requires certain approvals and licenses, including certain registrations from the Central Insecticides Board and Registration Committee ("CIBRC") for its products. Regulations governing the production, sale, and use of agrochemicals have become increasingly stringent. Any failures to successfully obtain such registrations or renew or maintain the company's statutory and regulatory permits and approvals required to operate its business and manufacturing facilities would adversely affect the company's operations, results of operations and financial condition.
- The company is subject to stringent technical specifications and quality requirements in relation to the company's Technicals and Formulations. The company's failures to comply with the quality standards and technical specifications may lead to loss of business from such customers and could negatively impact its reputation, which would have an adverse impact on the company's business prospects and results of operations.
- The company is requireds to comply with the applicable regulations of the international geographies where the company undertakes business as well as obtain registrations from foreign governmental authorities through its customers/or directly from foreign regulatory authorities to enable sale of the company's products in such international jurisdictions. Further, the company's International Business is subject to regulatory risks that could adversely affect its business and results of operations.
- The company's cost of materials consumed constituted a majority of the total expenses incurred in the six months ended September 30, 2025, and Fiscals 2025, 2024, and 2023. Any further increase in the company's costs of materials consumed or the company's inability to reasonably offset its costs with the prices of the company's products may have an adverse impact on the company's profitability.
- The company depends on a few suppliers for supply of raw materials. Any failures to procure such raw materials from these suppliers may have an adverse impact on the company's manufacturing operations and results of operations.
- The company is dependents on China for imports of the company's raw materials, with imports of raw materials from China constituting 42.08%, 37.99%, 35.28%, and 31.85% of its purchases for continuing operations in the six months ended September 30, 2025, and Fiscals 2025, 2024, and 2023, respectively. Any interruption in imports, specifically from China, may have an adverse impact on the company's manufacturing operations and results of operations.