gsp-crop-science-ltd

Incorporated in 1985 and based in Ahmedabad, GSP Crop Science is a research-driven agrochemical company. With nearly four decades of experience, it develops and manufactures a wide range of crop protection products including insecticides, fungicides, and herbicides.

Business Verticals

• Technicals: Concentrated active ingredients that serve as the base for agrochemical products.

• Formulations: Ready-to-use products for farmers (brands include Santri, Stanza, and Slayer).

• Global Presence: Exports to over 37 countries including the USA, Brazil, Vietnam, and Australia.

• Infrastructure: Operates four manufacturing units (Gujarat and J&K) with a total installed capacity of over 58,000 MTPA.

Track Record

• Revenue Performance: Revenue grew from ₹1,152.16 Cr (FY24) to ₹1,287.38 Cr (FY25).

• Profit Surge: Net profit jumped from ₹61.28 Cr (FY24) to ₹82.13 Cr (FY25).

• Efficiency: Maintains a healthy ROE of ~15% and holds over 100 patents (granted and pending) as of early 2026.

• Valuation: At the upper price band, the IPO is priced at a P/E of approximately 9.6x (FY25), which is significantly lower than peers like PI Industries (35x) or Sumitomo Chemical (37x).

GSP Crop Science Ltd IPO GMP

As of March 13, 2026, the Grey Market Premium (GMP) is ₹0.

Note: The GMP is currently flat, indicating a neutral market sentiment. However, given the "valuation gap" compared to its peers, market activity typically picks up once the Anchor Investor round results are analyzed (scheduled for today, Mar 13).

GSP Crop Science Ltd IPO Allotment Status

The allotment is scheduled to be finalized on Mar 20, 2026.

Check GSP Crop Science Allotment Status To check your status online, visit: [Check Allotment Status Here]

You can verify your status via:

• Registrar's website (MUFG Intime India Pvt Ltd)

• NSE/BSE official portals

• Using your PAN number or Application ID

Strengths

• Diversified Product Mix: Extensive portfolio covering all major agrochemical categories reduces seasonal crop-specific risks.

• Patent Portfolio: Strong R&D focus with 100+ patents and 524 product registrations provides a competitive moat.

• Attractive Valuation: Priced at a significant discount compared to large-cap and mid-cap agrochemical peers.

• Backward Integration: Recent efforts in intermediate manufacturing help stabilize margins against raw material volatility.

Weakness

• Import Dependency: Sourcing from China accounts for ~38% of total purchases, posing a supply chain risk.

• Working Capital Cycle: The agrochemical business is seasonal and credit-heavy, often leading to stretched cash flows.

• Regulatory Hurdles: Subject to stringent environmental laws and mandatory product registration renewals.

• Generic Competition: 82% of revenue still comes from generic products where pricing power is limited.

How the Company Will Use IPO Money

The fresh issue proceeds (₹240 Cr) will be utilized for:

• Debt Repayment: ₹170.00 crores to reduce outstanding borrowings and improve interest coverage ratios.

• General Corporate Purposes: The balance for operational growth and strategic initiatives.

Lead Manager & Registrar

• Lead Managers: Equirus Capital and Motilal Oswal Investment Advisors.

• Registrar: MUFG Intime India Private Limited.