GSP Crop Science Ltd IPO
Agro Chemicals
Price Band
₹304 – ₹320
Lot Size
46
Minimum Bid Quantity
46
Minimum Investment
₹14720
Issue Size
₹400Cr
Opens
2026-03-16
Closes
2026-03-18
Listing
24-03-2026
Subscription Status
Qualified Institutional Buyers
2.66 x
Non-Institutional Investor
3.05 x
Retail Individual Investor
0.4 x
Total
1.6 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE713R01022
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
GSP Crop Science Limited is an India-based agrochemical company engaged in the development and manufacturing of crop protection products such as insecticides, herbicides, fungicides, and plant growth regulators. The company has been operating in the agrochemical industry since 1985 and focuses on research and development of crop protection solutions used in agriculture. The company operates through two main product segments: formulations and technicals. Formulations are products that combine active ingredients with additives to improve performance, stability, and ease of use and may be available in solid or liquid forms. Technicals are concentrated forms of active ingredients that are further processed to produce formulated crop protection products. Its products are supplied in India through both business-to-business (B2B) and business-to-customer (B2C) channels and are also exported to international markets. The company operates five manufacturing facilities located in Odhav and Kathwada in Ahmedabad, Nandesari in Vadodara, Saykha in Dahej, and Samba in Jammu and Kashmir. These facilities manufacture technicals, formulations, and intermediates used in agrochemical production.
Pros
- • 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.
Cons
- • 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.
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