GSP Crop Science IPO
Bookbuilding IPO | ₹400.00 Cr | Listing at BSE, NSE
Closed
IPO Open
Mon, Mar 16, 2026
IPO Close
Wed, Mar 18, 2026
Price Band
₹304.00 to ₹320.00
Market Cap (Pre-IPO)
₹1,488.60 Cr
IPO Details
| IPO Date | Mar 16, 2026 to Mar 18, 2026 |
| Listing Date | Tentative: Mar 24, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹304.00 to ₹320.00 |
| Lot Size | 46 Shares (Minimum: ₹14,720.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹400.00 Crores |
| Total Shares Offered | 12,500,000 shares |
| Fresh Issue | 7,500,000 shares |
| Offer For Sale | 5,000,000 shares |
GSP Crop Science IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
GSP Crop Science IPO Lot Size
Investors can bid for a minimum of 46 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 46 | ₹14,720 |
| Retail (Max) | 13 | 598 | ₹191,360 |
| S-HNI (Min) | 14 | 644 | ₹206,080 |
| S-HNI (Max) | 67 | 3,082 | ₹986,240 |
| B-HNI (Min) | 68 | 3,128 | ₹1,000,960 |
GSP Crop Science Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,491.69 | 1,228.50 | 980.34 | 1,132.13 |
| Total Income | 847.61 | 1,301.06 | 1,158.23 | 1,206.05 |
| Profit After Tax | 81.07 | 81.42 | 55.54 | 17.57 |
| EBITDA | 138.86 | 164.03 | 130.41 | 81.28 |
| NET Worth | 529.85 | 450.03 | 370.46 | 363.47 |
| Reserves and Surplus | 490.84 | 411.02 | 344.46 | 336.00 |
| Total Borrowing | 321.13 | 295.60 | 235.44 | 324.26 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 18.38% |
| ROCE (Return on Capital Employed) | 19.80% |
| Debt/Equity | 0.58 |
| PAT Margin (Profit After Tax Margin) | 6.26% |
| EBITDA Margin | 12.74% |
| Price to Book Value | 2.77 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 20.87 | 21.22 |
| P/E (x) | 15.34 | 9.18 |
| Promoter Holding | 98.32% | - |
Company Promoters
- Bhavesh Vrajmohan Shah
- Tirth Kenal Shah
- Vilasben Vrajmohan Shah
- Falguni Kenal Shah
- Alpha trust and Kappa Trust are the promoters of the company.
Company Overview
GSP Crop Science Limited – Company Overview
- Incorporated in 1985, GSP Crop Science Limited is engaged in the manufacturing of agrochemical products such as insecticides, herbicides, fungicides, and plant growth regulators used for crop protection.
- The company develops and supplies formulations and technical agrochemicals to control pests, weeds, and diseases, helping farmers improve agricultural productivity.
- The company serves customers across 20 states in India and has an international presence in 37 countries, including the USA, Brazil, Vietnam, Singapore, UAE, and Australia.
- As of September 30, 2025, the company had 524 agrochemical registrations, along with 102 granted patents and 108 patent applications under process, supported by dedicated R&D facilities in Kathwada and Odhav.
- As of September 30, 2025, the company had 1,221 permanent employees.
Company Strengths
- 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
Use of Proceeds
| 1) | Repayment or pre-repayment of all or a portion of certain outstanding borrowings availed by the Company | 170.00 |
| 2) | General Corporate Purpose | |
| Total | 170.00 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
GSP Crop Science IPO Peer Comparison
GSP Crop Science peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| GSP Crop Science | 21.20 | 21.20 | 115.34 | - | 18.38 | - | Consolidated |
| PI Industries | 109.44 | 109.42 | 669.47 | 28.25 | 16.35 | - | Consolidated |
| Sumitomo Chemical India | 10.13 | 10.13 | 58.12 | 39.23 | 17.42 | - | Consolidated |
| Dhanuka Agritech | 65.55 | 65.55 | 311.17 | 15.13 | 21.18 | - | Consolidated |
| Rallis India | 6.43 | 6.43 | 97.92 | 40.12 | 6.61 | - | Consolidated |
| Bharat Rasayan | 339.14 | 339.14 | 2,719.44 | 4.14 | 12.47 | - | Consolidated |
| India Pesticides | 7.14 | 7.14 | 78.01 | 21.57 | 9.15 | - | Consolidated |
| Excel Industries | 67.87 | 67.87 | 1,263.83 | 13.13 | 5.37 | - | Consolidated |
| Heranba Industries | 0.77 | 0.77 | 210.13 | 252.92 | 0.37 | - | Consolidated |
Quick Info
| Sector | agricultural chemical manufacturing |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹1,488.60 Cr |
Important Dates
| IPO Open | Mar 16, 2026 |
| IPO Close | Mar 18, 2026 |
| Allotment Date | Mar 20, 2026 |
| Credit to Demat | Mar 23, 2026 |
| Listing Date | Tentative: Mar 24, 2026 |
Lead Manager(s)
Equirus Capital Pvt.Ltd.
Registrar
MUFG Intime India Pvt.Ltd.
+91-22-4918 6270
Description
- IPO Type: Book build issue aggregating to ₹400.00 crores.
- Issue Structure: Combination of a fresh issue of 0.75 crore shares (₹240.00 crores) and an offer for sale of 0.50 crore shares (₹160.00 crores).
- IPO Dates: The issue opens on March 16, 2026 and closes on March 18, 2026.
- Allotment Date: Expected to be finalized on March 20, 2026.
- Listing Details: Shares are proposed to be listed on BSE Limited and National Stock Exchange of India with a tentative listing date of March 24, 2026.
- Retail Investment Requirement: Minimum 1 lot (46 shares) amounting to approximately ₹14,720 at the upper price band.
- sNII Investment Requirement: Minimum 14 lots (644 shares) amounting to approximately ₹2,06,080.
- bNII Investment Requirement: Minimum 68 lots (3,128 shares) totaling around ₹10,00,960.
- IPO Price Band: ₹304 to ₹320 per equity share.
- Lot Size: 46 shares per lot.
This IPO offers investors an opportunity to participate in the agricultural chemicals and crop science sector, subject to market risks.