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HomeIPOGSP Crop Science

About GSP Crop Science

GSP Crop Science Limited is an agrochemical company that was incorporated in 1985 and is in the business of manufacturing insecticides, herbicides, fungicides, and plant growth regulators. The company offers crop protection solutions that help farmers achieve maximum productivity. It offers crop protection solutions in the form of formulations and technicals for effective control of pests, weeds, and diseases in plants. The company offers diverse in-house manufactured agrochemicals and crop protection solutions through the development, manufacture, supply, and distribution of Formulations and Technicals to meet customer needs. The company has built long-term relationships with domestic and international B-to-B customers in the agrochemical industry and thus provides diversity in terms of customers in dynamic business conditions. As of September 30, 2024, the company received 507 registrations for its agrochemicals and holds 89 patents. Revenue generated by the company through patented products for six months ended September 30, 2024, was ₹1,441.11 million (20.73%). The company invests in R&D to develop and improve Formulations and Technicals. It has dedicated facilities at Kathwada and Odhav for testing and commercialization of its products and for producing complex chemistries for the Agrochem industry.

Checklist Quality Analysis

Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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GSP Crop Science

GSP Crop Science

Open Date

Mar 16, 2026

Close Date

Mar 18, 2026

listed

Min Investment

₹14,720

Lot Size

46 Shares

Issue Size

₹400 Cr

Price Range

₹304 - ₹304

Listing Date

Mar 24, 2026

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

GSP Crop Science IPO - Issue Objectives

The company will make a repayment of ₹170 crore for the borrowings availed by the business. Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Repayment of borrowings

70.83%

General corporate purposes

29.17%

1

Repayment of borrowings

The company will make a repayment of ₹170 crore for the borrowings availed by the business.

70.83%
2

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses

29.17%

IPO Subscription Status

QIB
2.66x
NII
3.14x
Individual
0.42x
Total
1.64x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of GSP Crop Science

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue847.611,301.061,158.231,206.05
EBITDA138.86164.03130.4181.28
Expenses
Profit After Tax81.0781.4255.5417.57
Assets1,491.691,228.50980.341,132.13
Net Worth529.85450.03370.46363.47
Reserves490.84411.02344.46336.00
Borrowing321.13295.60235.44324.26

GSP Crop Science - Promoter(s)

Bhavesh Vrajmohan Shah

Tirth Kenal Shah

Vilasben Vrajmohan Shah

Falguni Kenal Shah

Alpha trust

Kappa Trust

Pre Issue Share Holding

98.32%

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Strong patent portfolio

The company currently enjoys 102 granted patents and has a further 108 patent applications under process. Further, its patent-based product revenue has increased significantly from 5.83% of product revenues in FY23 to 17.10% in H1FY26. Products with patent rights enjoy superior pricing power and face less competition during the patent rights validity period. These factors help the company sustain profitability in a very competitive agrochemical industry.

02

First-mover advantage

The company has also gained an early-mover advantage in developing complex formulation combinations. It enjoys exclusive patent rights for over 10 unique formulations. These formulations include popular products like Platform, Raavan, Afford, and Liger. Further, it has been an early mover in developing indigenous products in India in high-tech products like Chlorantraniliprole, Clothianidin, Pymetrozine, Azoxystrobin, and Pyraclostrobin.

03

Diversified customer relationship

The firm has built a large and diverse customer base across both domestic and international markets. It served a total of 8,924 customers during H1FY26 and the past three financial years combined. Further, the top 10 customers accounted for only 22.87% of revenues in H1FY26 compared to 32.70% in FY23.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Higher revenue concentration

Gujarat contributes 31.71% of the company’s revenue in FY25. Additionally, the top five states contribute 62.03% of the revenue in FY25 and 57.37% in H1FY26. Any unfavourable changes in these states may impact the demand for the company’s agrochemical products and hence the revenue of the company.

02

Low long-term contracts with customers

The company generally operates on the purchase order system and does not enter into any long-term contracts with customers. This increases the risk of volatility in the orders and customers. This may lead to fluctuations in the company’s profitability.

Contact Details

GSP Crop Science

404, Lalita Complex, Rasala Road, Mithakhali Six Road, Navrangpura, Ahmedabad, Gujarat, 380009

+917961915165
cs@gspcrop.com
http://www.gspcrop.in/

Registrar Contact Details

MUFG Intime India Pvt.Ltd.

+91-22-4918 6270
gspcrop.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

GSP Crop Science IPO - FAQs

GSP Crop Science IPO is a Mainboard IPO. The issue is priced at 304-₹320. The minimum order quantity is 46 Shares. The IPO opens on 16 Mar, and closes on 18 Mar. MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.









IPO Timeline

  • Pre Apply2026-03-13
  • Bidding Starts2026-03-16
  • Bidding Ends2026-03-18
  • Allotment Finalisation2026-03-20
  • Release of Funds2026-03-23
  • Demat Transfer2026-03-23
  • Listing2026-03-24
04

Strong and scalable manufacturing

The company has five manufacturing plants located at various places in Gujarat and Jammu & Kashmir. The total installed capacity of the company is 15,120 MTPA for technicals, 43,672 MTPA for formulations, and 5,400 MTPA for intermediates. The newly commissioned Saykha plant at Dahej is a plant for intermediates. The backward integration strategy is also a part of this plant to reduce dependence on imported raw materials, mainly from China, which currently accounts for more than 42% of imports.

03

Raw material supply risks

The company requires a consistent supply of raw materials and intermediates for the manufacture of agrochemical formulations and technical products. Any disruption in the supply of raw materials and intermediates, including import supply chain risk from China or geopolitical risk from India-China trade relations, may impact the supply of raw materials and increase the cost of procurement.

04

Changing effectiveness of insecticides

There is a risk related to the efficacy of products in the agrochemical industry. Insect resistance to commonly used insecticides may impact the efficacy of products over a period. If the company is unable to innovate and develop new products, its existing products may lose demand, impacting revenue.

05

Loss-making subsidiaries

The company’s subsidiaries, GSP Intermediates Private Limited, incurred losses of ₹8.179 crore in H1FY26, ₹6.203 crore in FY25 and earlier also. GSP Agroquimica Do Brazil LTDA has just begun test operations and has yet to begin commercial-scale production. Continued losses or delayed ramp-up of these subsidiaries may impact consolidated profitability and cash flows.