Mahamaya Lifesciences Ltd IPO
Fertilizers
Price Band
₹108 – ₹114
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹273600
Issue Size
₹70.44Cr
Opens
2025-11-11
Closes
2025-11-13
Listing
18-11-2025
Subscription Status
Qualified Institutional Buyers
1.19 x
Non-Institutional Investor
2.94 x
Retail Individual Investor
0.99 x
Total
1.57 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE0U9D01019
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Mahamaya Lifesciences Limited is engaged in the manufacturing of pesticide formulations and the supply of bulk formulations to Indian agrochemical companies and multinational corporations. The company initially focused on importing and registering essential pesticide molecules not produced in India and gradually expanded into producing both technical and value-added formulations. Mahamaya Lifesciences manufactures and sells bulk formulations and branded products for domestic and export markets. Its products are marketed across states such as Punjab, Haryana, Rajasthan, Uttar Pradesh, Gujarat, Maharashtra, Andhra Pradesh, and Telangana through a dealer network. Internationally, the company exports to countries such as the Dominican Republic, Turkey, Egypt, and the United Arab Emirates (UAE). The company operates a manufacturing facility at Dahej, Gujarat, established in December 2021.
Pros
- • 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.
Cons
- • 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.
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