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GSP Crop Science Ltd IPO
GSP Crop Science Ltd
₹13,984 /46 sharesMinimum investment
IPO details
Minimum investment
₹13,984
Price range
₹304 - ₹320
Lot size
46
Issue size
400 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
16 Mar 2026
IPO open date
18 Mar 2026
IPO close date
20 Mar 2026
Allotment date
20 Mar 2026
Funds unblock or debit
24 Mar 2026
Tentative listing date
About
Founded in
1985
MD/CEO
Mr. Bhavesh Vrajmohan Shah
Parent organisation
GSP Crop Science Ltd
GSP Crop Science Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to have established in-house research and development (R&D) capabilities focused on product innovation and process development. It has dedicated R&D facilities for formulations at Kathwada and for technicals at Odhav, along with a pilot plant commissioned in 2022 to test commercialisation of products. As of the date of the prospectus, the company had been granted 102 patents and had 108 patent applications under process.
The company claims to have built a portfolio supported by multiple product registrations and process patents. As of September 30, 2025, it had 524 registrations across formulations and technicals, including 395 registrations for formulations and 129 for technicals. It also holds 10 exclusive process patents for its technical products, according to the ICRA report cited in the prospectus.
The company claims to operate five manufacturing facilities located in Odhav and Kathwada in Ahmedabad, Nandesari in Vadodara, Saykha in Dahej, and Samba in the Union Territory of Jammu & Kashmir. As of September 30, 2025, these facilities had an aggregated installed capacity of 15,120 MTPA for technicals, 43,672 MTPA for formulations, and 5,400 MTPA for intermediates. The facilities are designed to manufacture a range of agrochemical products and support different stages of production.
The company claims to have installed effluent treatment and waste management systems at its facilities. This includes full-fledged effluent treatment plants with primary, biological, and tertiary treatment systems, multi-stage evaporators, and dedicated solid waste storage and treatment infrastructure. The company has also allocated approximately 10,000 square metres for the treatment of solid and wastewater.
The company claims to operate in both domestic and international markets through B2B and B2C channels. As of September 30, 2025, it served customers across 37 countries, including the United States, Brazil, Vietnam, Bangladesh, the United Arab Emirates, and Australia. This presence allows the company to supply agrochemical products across multiple regions.
Some of the company’s manufacturing facilities have received certifications, including ISO 9001:2015 for quality management systems, ISO 14001:2015 for environmental management systems, and ISO 45001:2018 for occupational health and safety management systems. The facilities have also received Responsible Care certification, according to disclosures in the prospectus.
The company claims to have a diversified product portfolio covering insecticides, herbicides, fungicides, and plant growth regulators through its two main segments—formulations and technicals. As of September 30, 2025, it had 524 product registrations across these categories. Revenue from formulations accounted for Rs 603.48 crore (71.81%) of product sales during HY26, while technicals contributed Rs 236.91 crore (28.19%). In FY25, formulations generated Rs 878.92 crore (70.56%) of product sales, and technicals generated Rs 366.69 crore (29.44%), indicating that the company derives revenue from multiple product segments.
According to the prospectus, several of the company’s customers have been associated with it for over 10 years.
The company’s profit after tax (PAT) has shown a steady increase. PAT increased from Rs 17.57 crore in FY23 to Rs 55.54 crore in FY24 and Rs 81.42 crore in FY25, indicating an improvement in profitability over the period.
The company depends on a limited number of suppliers for the procurement of raw materials used in its manufacturing operations. The top 10 suppliers accounted for Rs 207.37 crore (38.21%) of purchases in H1FY26, Rs 324.33 crore (35.53%) in FY25, Rs 216.50 crore (34.29%) in FY24, and Rs 303.67 crore (34.97%) in FY23. Any disruption in supply, inability to procure raw materials, or increase in their prices could adversely affect the company’s manufacturing operations and financial performance.
The company relies significantly on imports from China for its raw material requirements. Imports from China accounted for Rs 228.36 crore (42.08%) of purchases in HY26, Rs 346.70 crore (37.99%) in FY25, Rs 222.78 crore (35.28%) in FY24, and Rs 276.60 crore (31.85%) in FY23. Any disruption in imports due to geopolitical tensions, trade restrictions, currency fluctuations, or changes in import duties could increase input costs, adversely affecting the company’s manufacturing operations and profitability.
A significant portion of GSP Crop Science’s revenue comes from a few states. The company derived Rs 484.35 crore (57.37%), Rs 798.62 crore (62.03%), Rs 700.65 crore (60.81%), and Rs 707.28 crore (58.78%) of its revenue from continuing operations during the six months ended September 30, 2025, and FY25, FY24, and FY23, respectively, from customers located in Gujarat, Maharashtra, Andhra Pradesh, Rajasthan, and Karnataka. Any adverse economic, political, regulatory, or climatic developments in these states affecting the performance or financial stability of customers could reduce demand for the company’s products, delay payments, or lead to customer defaults, thereby negatively impacting the company’s business and financial condition.
The company operates largely on a purchase-order basis and does not typically enter into long-term agreements with its customers. The top 10 customers contributed Rs 193.10 crore (22.87%), Rs 245.25 crore (19.05%), Rs 273.38 crore (23.73%), and Rs 393.51 crore (32.70%) to revenue from continuing operations during the six months ended September 30, 2025, and FY25, FY24, and FY23, respectively. Any inability to retain these customers, shifts in their purchasing patterns, or failure to secure replacement customers could adversely affect the company’s production planning, profitability, and overall financial performance.
The company’s business is highly dependent on monsoon patterns and seasonal agricultural cycles, particularly the Kharif cropping season. Any adverse weather conditions, such as droughts, floods, pest infestations, or irregular rainfall, could reduce crop plantings and yields, leading to lower demand for the company’s agrochemical products. Any significant changes in rainfall patterns, cropping cycles, or cultivable area may adversely affect the company’s sales and financial performance.
A portion of the company’s revenue and raw material purchases is exposed to foreign currency fluctuations. The company generated Rs 80.77 crore (9.57%), Rs 143.93 crore (11.18%), Rs 124.15 crore (10.78%), and Rs 171.79 crore (14.28%) of its revenue from international business during the six months ended September 30, 2025, and FY25, FY24, and FY23, respectively. Additionally, imports accounted for Rs 248.02 crore (45.70%), Rs 365.25 crore (40.02%), Rs 248.97 crore (39.43%), and Rs 336.81 crore (38.78%) of total purchases during the same periods. Any adverse fluctuations in foreign exchange rates or changes in foreign exchange regulations could increase input costs, affect export realisations, and negatively impact the company’s profitability and financial performance.
A significant portion of the company’s revenue is derived from a limited number of products. The top 10 products contributed Rs 330.83 crore (39.37%), Rs 505.36 crore (40.57%), Rs 539.32 crore (46.89%), and Rs 586.93 crore (48.90%) to revenue from the sale of products during the six months ended September 30, 2025, and FY25, FY24, and FY23, respectively. Any decline in demand, regulatory restrictions, pricing pressure, or production disruptions affecting these key products could adversely impact the company’s business, financial condition, and results of operations.
The company and its material subsidiary are involved in certain criminal misbranding cases. Any adverse judgment in these cases could lead to monetary penalties, imprisonment, or directions to discontinue specific products. Such outcomes could negatively impact the company’s business prospects, financial condition, results of operations, and reputation.
Certain manufacturing facilities of the company have experienced low capacity utilisation. For instance, the Odhav facility reported formulation capacity utilisation of 9.92%, 7.37%, 5.96%, and 3.82% during the six months ended September 30, 2025, and FY25, FY24, and FY23, respectively, while the Samba facility recorded utilisation of 25.02%, 19.94%, 13.15%, and 15.67% during the same periods. Any continued underutilisation of manufacturing capacities could increase fixed costs per unit and adversely affect the company’s operational efficiency, growth prospects, and financial performance.
The company, its promoters, and subsidiaries are involved in certain ongoing legal proceedings before various courts and tribunals. Any adverse outcome in these cases could result in financial liabilities, penalties, or reputational damage. Such developments may adversely affect the company’s business prospects, financial condition, and results of operations.
Certain subsidiaries of the company have incurred losses in recent periods. GSP Intermediates Private Limited reported losses of Rs 8.18 crore, Rs 6.20 crore, Rs 0.20 crore, and Rs 0.01 crore during the six months ended September 30, 2025, and FY25, FY24, and FY23, respectively, while GSP Agroquimica Do Brazil LTDA reported losses of Rs 1.30 crore, Rs 1.52 crore, and Rs 0.002 crore during the six months ended September 30, 2025, FY25, and FY24, respectively. Continued losses or the need for financial support to sustain these subsidiaries could hurt the company’s consolidated financial performance and cash flows.
As of December 2025, the company had total borrowings of Rs 478.90 crore. The company’s reliance on borrowed funds exposes it to repayment and refinancing risks, particularly in the event of tightening liquidity conditions or rising interest rates. Failure to timely service or refinance these borrowings could adversely impact the company’s liquidity position, credit profile, and overall financial performance.
Application details
For GSP Crop Science IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹304 - ₹320 | Upto ₹2 Lakhs | 46 |
| High Networth Individual | ₹304 - ₹320 | ₹2 - ₹5 Lakhs | 46 |