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Indogulf Cropsciences IPO
Indogulf Cropsciences Ltd
₹14,175 /135 sharesMinimum Investment
Indogulf Cropsciences IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹111.00 | ₹111.00 | ₹0.00 (0.00%) |
Indogulf Cropsciences IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 26 Jun ‘25 - 30 Jun ‘25 | ₹14,175 | 135 | ₹105 - ₹111 |
| Issue Size | IPO Doc |
|---|---|
| 200.00Cr | RHP PDF |
Subscription rate
As of 30 Jun'25, 05:00 PM
| Qualified Institutional Buyers | 33.26x |
| Non-Institutional Investor | 48.34x |
| Retail Individual Investor | 14.41x |
| Employees | 1.07x |
| Total | 25.80x |
About Indogulf Cropsciences
Founded in
1993
Managing director
Mr Sanjay Aggarwal
Parent organisation
Indogulf Cropsciences Ltd
Indogulf Cropsciences Ltd IPO
https://www.youtube.com/watch?v=9iwgofZblIQ
Strengths & Financials of Indogulf Cropsciences
Strengths
Risks
Indogulf Cropsciences claims to have expanded its product portfolio from 198 products in FY22 to 262 as of December 31, 2024, across crop protection, plant nutrients, and biologicals. The company also claims to manufacture a wide variety of formulations, such as water dispersible granules (WDG), suspension concentrates (SC), capsule suspensions (CS), and others, using in-house processes.
The company claims to have 225 trademarks, eight copyrights, six design registrations, and 150 valid product registrations across 17 countries. It also claims to have 138 products in the pipeline for future registrations, indicating ongoing expansion in both domestic and international markets.
Indogulf Cropsciences claims to have a domestic distribution network of 192 institutional partners and 6,916 distributors, supported by 17 stock depots and six branch offices. Its international presence includes 143 overseas business partners across 34 countries.
The company claims to have implemented backward integration by producing key active ingredients like bifenthrin, cloquintocet safener, and lambdachloride at its Nathupur-II facility. The company further states this has allowed it to reduce dependence on external suppliers, control manufacturing costs, and improve operational efficiency.
The company claims to have launched a mobile and web application that supports real-time sales data access, order tracking, financial management, and decision-making for employees and channel partners. The company states that this digital tool is aimed at improving operational efficiency and strengthening relationships across its distribution chain.
The company claims to follow a multi-channel marketing approach driven by an in-house team that engages customers through social media, press releases, trade shows, exhibitions, and its own website. The company claims these activities help it maintain visibility, demonstrate its products, and interact directly with its target audience.
Indogulf Cropsciences claims to have a dedicated research and development (R&D) laboratory located at its Nathupur facility in Haryana. The company further claims that its R&D team consists of eight professionals, including scientists, agronomists, chemists, and biologists. The facility is equipped with instruments such as a Karl Fischer titrator, an ultraviolet spectrophotometer, a pH meter, a digital weighing machine, a water bath, and a fume hood, and supports product innovation, process improvement, and regulatory compliance across domestic and international markets.
The company holds ISO 9001: 2015 certification for its quality management system, ISO 14001: 2015 certification for its environment management system, and has also been accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) under ISO/IEC 17025:2017 standards.
The company has reported a consistent increase in revenue from operations. It increased from Rs 487.21 crore in FY22 to Rs 549.66 crore in FY23 and Rs 552.23 crore in FY24.
Indogulf Cropsciences has reported relatively low capacity utilisation across its manufacturing units, with utilisation at 49.58 percent in the nine months ended December 31, 2024, 46.13 percent in FY24, 41.86 percent in FY23, and 44.26 percent in FY22. Any continued under-utilisation of manufacturing capacities or inability to absorb expansion costs could materially impact the company’s revenue generation, cost efficiency, and financial performance.
As of December 31, 2024, the company had total trade receivables amounting to Rs 228.24 crore, representing 47.10 percent of its revenue from operations. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
The top 10 suppliers accounted for 26.10 percent, 13.64 percent, 24.38 percent, and 21.60 percent of the company’s total expenses in the nine months ended December 31, 2024, FY24, FY23, and FY22, respectively. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company reported negative cash flow from operating activities amounting to Rs 18.80 crore in the nine months ended December 31, 2024, Rs 57.01 crore in FY23, and Rs 7.00 crore in FY22. Additionally, negative cash flow from investing activities amounted to Rs 29.58 crore in the nine months ended December 31, 2024, Rs 5.22 crore in FY24, Rs 19.29 crore in FY23, and Rs 10.01 crore in FY22. Furthermore, the company reported negative cash flow from financing activities amounting to Rs 48.88 crore in FY24. The company also reported a net decrease in cash and cash equivalents amounting to Rs 0.77 crore in FY24, Rs 1.11 crore in FY23, and Rs 0.93 crore in FY22. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
Indogulf Cropsciences’ operations are highly dependent on agricultural activity, which is directly influenced by climatic conditions such as droughts, floods, cyclones, and pest infestations. Any adverse weather patterns or shifts in crop planting cycles can reduce demand for the company’s agrochemical products, leading to revenue volatility and impacting its financial performance. Further, any reduction in government subsidies or changes in agricultural policy may also negatively affect sales.
Indogulf Cropsciences’ manufacturing units are located in northern India, particularly Samba (Jammu and Kashmir), and Nathupur and Barwasni (Haryana). Any adverse political, social, or economic developments in these regions could disrupt operations and impact production timelines, negatively affecting the company’s overall business and financial condition.
A substantial portion of the company’s revenue comes from exports, particularly to Saudi Arabia, Ethiopia, and Egypt. They accounted for Rs 50.69 crore (10.46 percent) of the company’s revenue in the nine months ended December 31, 2024, Rs 75.33 crore (13.17 percent) in FY24, Rs 68.84 crore (12.11 percent) in FY23, and Rs 103.94 crore (20.52 percent) in FY22. Any adverse changes in trade policies, imposition of tariffs or sanctions, or regulatory developments in these countries could impact the company’s international sales and overall financial performance.
The company, its promoters, and directors are involved in certain ongoing legal proceedings, including criminal and tax-related matters. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
A significant portion of Indogulf Cropsciences’ revenue is derived from northern India. Business-to-business (B2B) sales from the north accounted for Rs 173.58 crore (35.82 percent) of the company’s revenue in the nine months ended December 31, 2024, Rs 197.20 crore (34.48 percent) in FY24, Rs 214.21 crore (37.69 percent) in FY23, and Rs 135.75 crore (26.80 percent) in FY22. Furthermore, business-to-consumer (B2C) sales from the north accounted for Rs 108.72 crore (22.44 percent) of the company’s revenue in the nine months ended December 31, 2024, Rs 117.58 crore (20.56 percent) in FY24, Rs 109.71 crore (19.30 percent) in FY23, and Rs 113.17 crore (22.34 percent) in FY22. Any disruption in northern India could negatively impact the company’s operations and disrupt its sales network, hitting its revenue and profitability.
Indogulf Cropsciences derives a significant portion of its revenue from its institutional B2B partners and domestic B2C distributors. Institutional B2B partners accounted for Rs 174.34 crore (35.98 percent) of the company’s revenue in the nine months ended December 31, 2024, Rs 201.55 crore (35.24 percent) in FY24, Rs 215.54 crore (37.93 percent) in FY23, and Rs 144.23 crore (28.47 percent) in FY22. Domestic B2C distributors accounted for Rs 259.54 crore (53.56 percent) of the company’s revenue in the nine months ended December 31, 2024, Rs 295.02 crore (51.59 percent) in FY24, Rs 283.96 crore (49.96 percent) in FY23, and Rs 258.45 crore (51.01 percent) in FY22. Any failure to manage revenue recognition across this diverse network could lead to discrepancies in financial reporting, regulatory scrutiny, or reputational damage, all of which may adversely affect the company’s financial condition and business operations.
As of December 31, 2024, the company had contingent liabilities amounting to Rs 38.11 crore, a sharp increase from Rs 20.63 crore in FY24. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
As of April 30, 2025, the company had outstanding financial indebtedness amounting to Rs 256.82 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Indogulf Cropsciences Financials
*All values are in Rs. Cr
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Application Details of Indogulf Cropsciences IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹105 - 111 | Upto ₹2 Lakh |
| Employee | ₹94 - 100 | Upto ₹2 Lakh |
| High Networth Individual | ₹105 - 111 | ₹2 - 5 Lakh |
For Indogulf Cropsciences IPO, eligible investors can apply as Regular & Employee.