Minimum Investment
About Company
Company Name: GSP Crop Science Limited
Industry / Sector: Agrochemicals / Crop Protection (Insecticides, Herbicides, Fungicides, PGRs)
Founded Year: 1985
Promoters: Bhavesh Vrajmohan Shah, Tirth Kenal Shah, Vilasben Vrajmohan Shah, Falguni Kenal Shah, Alpha Trust, Kappa Trust
GSP Crop Science Limited is an agrochemical company engaged in the manufacturing and marketing of crop protection solutions, including insecticides, herbicides, fungicides, and plant growth regulators. It offers both technicals (concentrated active ingredients) and formulations (ready-to-use products with active ingredients and additives). The company has a diversified portfolio with 524 registrations (395 formulations, 129 technicals) and 102 patents granted (108 pending as of March 10, 2026). It serves customers across 20 states in India and exports to 37 countries (including USA, Brazil, Vietnam, UAE, Australia). It operates manufacturing facilities in Gujarat with strong in-house R&D capabilities. As of September 30, 2025, it had 1,221 permanent employees.
IPO Basic Details
| Company Name | GSP Crop Science Limited |
| IPO Type | Mainboard IPO |
| Price Band | ₹304 – ₹320 |
| Lot Size | 46 |
| Total Issue Size | ₹400 Cr (1,25,00,000 shares) |
IPO Strengths & Risks
Strengths
- Diversified product portfolio across crop protection segments
- Strong in-house R&D capabilities and patent portfolio
- Established presence in domestic and international markets (37 countries)
- Robust manufacturing infrastructure with sustainability focus
- Experienced promoters and management team
Risks
- Highly competitive and fragmented agrochemical sector
- Raw material price volatility
- Regulatory risks in domestic and export markets
- Dependence on monsoon and agricultural cycles
IPO Important Dates
| IPO Open Date | 16 Mar 2026 |
| IPO Close Date | 18 Mar 2026 |
| Basis of Allotment | 20 Mar 2026 |
| Refund Initiation | 23 Mar 2026 |
| Demat Credit Date | 23 Mar 2026 |
| Listing Date | 24 Mar 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – ₹50.32 Cr
Investor Reservation
| QIB Quota | 50% (incl. Anchor 30%) |
| Retail Quota | 35% |
| HNI Quota | 15% |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 lot | 46 | ₹14,720 |
| Retail Maximum | 13 lots | 598 | ₹1,91,360 |
| S-HNI Minimum | 14 lots | 644 | ₹2,06,080 |
| S-HNI Maximum | - | - | - |
| B-HNI Minimum | 68 lots | 3,128 | ₹10,00,960 |
Key Performance Indicators (KPI)
| ROE | 15.62% (Sep 30, 2025) / 18.38% (Mar 31, 2025) |
| ROCE | 15.45% (Sep 30, 2025) / 19.80% (Mar 31, 2025) |
| RoNW | - |
| PAT Margin | 9.56% (Sep 30, 2025) / 6.26% (Mar 31, 2025) |
| EBITDA Margin | 16.45% (Sep 30, 2025) / 12.74% (Mar 31, 2025) |
| EPS | ₹20.87 (pre-IPO) |
| NAV per share | - |
| Debt to Equity | 0.55 (Sep 30, 2025) / 0.58 (Mar 31, 2025) |
| P/E Ratio | 15.34x (pre-IPO) / 9.18x (post-IPO) |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| 31 Mar 2023 | ₹980.34 Cr | ₹1,158.23 Cr | ₹55.54 Cr | ₹130.41 Cr | ₹370.46 Cr | ₹235.44 Cr |
| 31 Mar 2024 | ₹1,228.50 Cr | ₹1,301.06 Cr | ₹81.42 Cr | ₹164.03 Cr | ₹450.03 Cr | ₹295.60 Cr |
| 31 Mar 2025 | ₹1,491.69 Cr | ₹1,206.05 Cr | ₹17.57 Cr | ₹81.28 Cr | ₹363.47 Cr | ₹324.26 Cr |
| 30 Sep 2025 | ₹1,491.69 Cr | ₹847.61 Cr | ₹81.07 Cr | ₹138.86 Cr | ₹529.85 Cr | ₹321.13 Cr |
Grey Market Premium
| GMP Price | ₹0 – ₹2 (flat to mild) |
| Kostak Rate | N/A |
| Subject to Sauda | N/A |
| Last Updated | Mar 2026 |
| Estimated Listing Price | ₹322 – ₹328 |
IPO Subscription Data
| Total Subscription | 1.64x (final on Day 3, 18 Mar 2026) |
| QIB (Ex Anchor) | 2.66x |
| HNI Subscription | 3.14x (bNII 4.11x, sNII 1.20x) |
| Retail Subscription | 0.42x |
| Anchor | - |
IPO Intermediaries
Registrar: MUFG Intime India Pvt. Ltd.
Registrar Website: https://in.mpms.mufg.com
IPO Lead Manager(s)
Company Information
Address: 404, Lalita Complex, Rasala Road, Mithakhali Six Road, Navrangpura, Ahmedabad, Gujarat 380009
Website: https://www.gspcrop.in
Email: cs@gspcrop.com
Phone: +91 79 61915165
IPO Documents
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