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Mahamaya Lifesciences IPO
Mahamaya Lifesciences Ltd
₹2,59,200 /1200 sharesMinimum Investment
Mahamaya Lifesciences IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 11 Nov ‘25 - 13 Nov ‘25 | ₹2,59,200 | 1,200 | ₹108 - ₹114 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 70.44 Cr | RHP PDF | 14 Nov ‘25 | 18 Nov ‘25 |
About Mahamaya Lifesciences
Founded in
2002
MD/CEO
Mr Krishnamurthy Ganesan
Parent organisation
Mahamaya Lifesciences Ltd
Strengths & Risks of Mahamaya Lifesciences
Strengths
Risks
Mahamaya Lifesciences claims to leverage its expertise in identifying and registering products ahead of competitors, providing it with an early-mover advantage of approximately 4–5 years. The company has introduced technical and formulation products such as Flonicamid, Spinosad, Pymetrozine, and Spirotetramat, along with Norwegian seaweed extract-based bio-stimulants.
The company claims to have established product registrations in several international markets, including the Dominican Republic, Egypt, Ethiopia, Jordan, the UAE, and Turkey. It invests in generating registration data applicable across multiple countries and participates in global exhibitions like the China International Agrochemical & Crop Protection Exhibition (CAC), AgroChemEx (ACE), and the International Crop Science Conference and Exhibition (ICSCE) to explore new business opportunities.
Mahamaya Lifesciences markets its products under multiple in-house brands that are recognised among Indian farmers. As of June 30, 2025, the company claims to offer 136 insecticide products, 71 fungicide products, 58 herbicide products, 9 biostimulant or plant growth regulator formulations, three biopesticides, and one biofertilizer.
The company claims to maintain strong and long-standing relationships with manufacturers and suppliers of technical ingredients, bio-stimulants, and other raw materials. These relationships reportedly help Mahamaya Lifesciences negotiate favourable commercial terms, ensuring the consistent availability of inputs for its production operations.
Mahamaya Lifesciences claims to emphasise sustainable agricultural practices by manufacturing, registering, and exporting crop protection and biological products aimed at improving soil and crop health.
The company claims to have developed a distribution network of more than 310 dealers across eight Indian states – Punjab, Haryana, Maharashtra, Rajasthan, Uttar Pradesh, Gujarat, Telangana, and Andhra Pradesh – as of June 30, 2025. This network facilitates the efficient marketing, sales, and distribution of its products to farmers across key agricultural regions in India.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 137.07 crore in FY23 to Rs 161.57 crore in FY24 and Rs 264.15 crore in FY25. PAT increased from Rs 3.75 crore in FY23 to Rs 5.22 crore in FY24 and Rs 12.94 crore in FY25.
The top 10 customers accounted for Rs 59.23 crore (71.35 percent) of the company’s sales for the period ended June 30, 2025; Rs 201.45 crore (76.26 percent) in FY25; Rs 134.32 crore (83.14 percent) in FY24; and Rs 97.48 crore (71.12 percent) in FY23. Furthermore, the company does not have any long-term agreements with these clients. Any reduction, delay, or loss of business from these customers could adversely impact Mahamaya Lifesciences’ business and financial performance.
The cost of raw materials purchased accounted for Rs 68.85 crore (82.95 percent) of the company’s total sales for the period ended June 30, 2025; Rs 223.69 crore (84.68 percent) in FY25; Rs 129.68 crore (80.26 percent) in FY24; and Rs 129.01 crore (94.11 percent) in FY23. Any significant rise in raw material prices could adversely affect the company’s production costs and profitability.
Imported raw materials accounted for Rs 65.85 crore (79.33 percent) of the company’s total sales for the period ended June 30, 2025; Rs 153.29 crore (58.03 percent) in FY25; Rs 78.88 crore (48.82 percent) in FY24; and Rs 98.29 crore (71.71 percent) in FY23. The company does not maintain long-term supply contracts; instead, it procures materials based on current demand and market prices. An increase in import costs, forex rate fluctuations, or disruption in global supply chains could lead to higher production costs that may not be passed on to customers, adversely affecting profitability and operations.
The company is involved in certain ongoing legal proceedings, including criminal and tax disputes. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company reported negative cash flow from operating activities amounting to Rs 22.66 crore in FY24. Additionally, negative cash flow from investing activities amounted to Rs 0.22 crore for the period ended June 30, 2025, Rs 8.28 crore in FY25, Rs 2.00 crore in FY24, and Rs 2.79 crore in FY23. Furthermore, the company reported negative cash flow from financing activities amounting to Rs 2.39 crore for the period ended June 30, 2025. Continuous negative cash flows may limit the company’s ability to fund operations, repay debt, and make new investments, which could adversely impact its business, financial condition, and results of operations.
Mahamaya Lifesciences’ business performance is closely tied to agricultural trends, cropping patterns, and monsoon conditions in India. The demand for its agrochemical products typically peaks during the monsoon season and may fluctuate with variations in rainfall or changes in crop cultivation areas. Unfavourable weather events, such as droughts, floods, or cyclones, can reduce pest activity or damage crops, leading to lower product demand. Any significant deviation in monsoon performance or adverse climatic conditions could negatively impact the company’s sales, profitability, and overall financial condition.
Mahamaya Lifesciences faces the risk that pests may develop resistance to its pesticide formulations over time, reducing the long-term effectiveness of its products. If farmers shift to alternative products from other companies, it could negatively impact the company’s sales, operations, and market share. The need to modify chemical formulations or develop new products to address resistance requires significant investment and time for regulatory approval, which may strain financial resources and delay market introduction.
As of June 30, 2025, the company had financial indebtedness of Rs 57.71 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.
Mahamaya Lifesciences Financials
*All values are in Rs. Cr
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Application Details of Mahamaya Lifesciences IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Individual investor | ₹108 - 114 | ₹2 - 5 Lakh |
For Mahamaya Lifesciences IPO, eligible investors can apply as Individual investor.