GSP Crop Science Limited is an agrochemical company engaged in manufacturing crop protection products, including insecticides, herbicides, fungicides and plant growth regulators. The company provides solutions that help farmers control pests, weeds and crop diseases and improve agricultural productivity.
The company manufactures and supplies both Formulations (mixtures of active ingredients and additives) and Technicals (concentrated active ingredients used to produce crop protection chemicals).
GSP Crop Science offers a diversified portfolio of in-house manufactured agrochemical products and operates across the entire value chain, including development, manufacturing, supply, and distribution of agrochemical products.
Operates across 20 states in India and exports to 37 countries, including the USA, Brazil, Vietnam, Singapore, UAE and Australia, spanning Latin America, Asia-Pacific, and North America.
As of Sept 30, 2025, the company has 524 agrochemical registrations, 102 granted patents, and 108 pending patent applications, supported by strong R&D for new and improved chemistries.
Dedicated R&D facilities in Kathwada and Odhav (Ahmedabad) support product testing, commercialization, and development of complex agrochemical chemistries.
Business Segments:
- Formulations: As of Sept 30, 2025, the company has 395 formulation registrations, offering ready-to-use agrochemicals in solid and liquid forms, sold under its own and licensed brands.
- Technicals: As of Sept 30, 2025, the company has 129 technical registrations, producing concentrated active ingredients used to manufacture insecticides, herbicides, and fungicides.
As of September 30, 2025, the company had 1,221 permanent employees supporting manufacturing, R&D, sales, and operations.
GSP Crop Science IPO – Details
| IPO Opening Date | 16 March 2026 |
| IPO Closing Date | 18 March 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,25,00,000 Shares Worth ₹400.00 Crore Fresh Issue: 75,00,000 Shares Worth ₹240.00 Crore Offer For Sale: 50,00,000 Shares Worth ₹160.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹304 – ₹320 per share |
| Market Lot | 46 Shares |
| Min Order | 46 Shares [ 1 lot ] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
GSP Crop Science IPO – Date Schedule
| IPO Open Date | 16 March 2026 |
| IPO Close Date | 18 March 2026 |
| Basis of Allotment | 20 March 2026 |
| Initiation of Refund | 23 March 2026 |
| Credit of Shares to Demat Account | 23 March 2026 |
| IPO Listing Date | 24 March 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on March 18, 2026 |
GSP Crop Science IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 46 | ₹14,720 |
| Retail (Max) | 13 | 598 | ₹1,91,360 |
| S-HNI (Min) | 14 | 644 | ₹2,06,080 |
| S-HNI (Max) | 67 | 3,082 | ₹9,86,240 |
| B-HNI (Min) | 68 | 3,128 | ₹10,00,960 |
Competitive Strength
- Well-diversified product portfolio including a wide range of insecticides, herbicides, fungicides, and plant growth regulators, making us a comprehensive solution provider for the customers.
- Catering to a large and diverse clientele both domestically as well as internationally.
- Strong in-house R&D capabilities with focus on innovation and product development
- Robust manufacturing facilities with ability to manufacture a wide range of products with a focus on sustainability.
- Led by qualified and experienced Promoters and supported by a professional management team
Company Promoters
- Bhavesh Vrajmohan Shah
- Tirth Kenal Shah
- Vilasben Vrajmohan Shah
- Falguni Kenal Shah
- Alpha trust and Kappa Trust
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹1,206.05 Cr | ₹1,182.72 Cr | ₹17.57 Cr | ₹324.26 Cr |
| 31 March 2024 | ₹1,158.23 Cr | ₹1,081.67 Cr | ₹55.54 Cr | ₹235.44 Cr |
| 31 March 2025 | ₹1,301.06 Cr | ₹1,191.38 Cr | ₹81.42 Cr | ₹295.60 Cr |
| 30 September 2025 | ₹847.61 Cr | ₹739.86 Cr | ₹81.07 Cr | ₹321.13 Cr |
Key Performance Indicator
| KPI | Values (Sep 30, 2025) |
|---|---|
| ROE | 15.62% |
| ROCE | 15.45% |
| Debt/Equity | 0.55 |
| PAT Margin | 9.56% |
| EBITDA Margin | 16.45% |
| Pre IPO | Post IPO | |
| EPS (₹) | 20.87 | 21.22 |
| P/E (x) | 15.34 | 9.18 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Repayment or pre-repayment of all or a portion of certain outstanding borrowings availed by the Company. | ₹170.00 |
| General corporate purposes. |
GSP Crop Science IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 1 | PI Industries Limited | 28.25 |
| 2 | 10 | Sumitomo Chemical India Limited | 39.23 |
| 3 | 2 | Dhanuka Agritech Limited | 15.13 |
| 4 | 1 | Rallis India Limited | 40.12 |
| 5 | 10 | Bharat Rasayan Limited | 4.14 |
| 6 | 1 | India Pesticides Limited | 21.57 |
| 7 | 5 | Excel Industries Limited | 13.13 |
| 8 | 10 | Heranba Industries Limited | 252.92 |
✅Strengths
- Diversified agrochemical product portfolio.
- 524 product registrations & strong patent portfolio.
- Presence in 20 Indian states and 37 countries.
- Strong R&D capabilities.
- Integrated manufacturing and distribution.
⚠️Risks
- Regulatory approvals required for products.
- Raw material price volatility.
- Dependence on export markets.
- Intense industry competition.
- Environmental and compliance risks.
GSP Crop Science IPO Promoter Holding
| Pre Issue Share Holding | 98.33% |
| Post Issue Share Holding | 71.73% |
GSP Crop Science IPO Prospectus
Company Contact Information
| GSP Crop Science Ltd. 404, Lalita Complex, Rasala Road, Mithakhali Six Road, Navrangpura, Ahmedabad, Gujarat, 380009 Phone: +91 79 61915165 Email: cs@gspcrop.com Website: https://www.gspcrop.in/ |
GSP Crop Science IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: +91-22-4918 6270 Email: gspcrop.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
GSP Crop Science IPO Lead Manager(s)
| 1. Equirus Capital Private Limited 2. Motilal Oswal Investment Advisors Limited |
GSP Crop Science IPO FAQs
| What is the GSP Crop Science IPO? GSP Crop Science IPO is a main-board IPO. The issue is priced at ₹304 to ₹320 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the GSP Crop Science IPO open? The IPO is to open on 16 March 2026 for QIB, NII, and Retail Investors. |
| What is GSP Crop Science IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the GSP Crop Science IPO Size? GSP Crop Science IPO size is ₹400.00 Crore. |
| What is the GSP Crop Science IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 46 Shares with ₹14,720, while the maximum bid is 598 Shares with ₹1,91,360. |
| What is the GSP Crop Science IPO Allotment Date? GSP Crop Science IPO allotment date is 20 March 2026. |
| What is the GSP Crop Science IPO Listing Date? GSP Crop Science IPO listing date is 24 March 2026. The IPO is to be listed on the BSE and the NSE. |
