GSP Crop Science IPO is a book-built public issue worth ₹400.00 crore. The IPO consists of two components. The company is issuing 0.75 crore fresh shares aggregating to ₹240.00 crore, while existing shareholders will sell 0.50 crore shares through an Offer for Sale (OFS) amounting to ₹160.00 crore.
The GSP Crop Science IPO will open for subscription on March 16, 2026, and close on March 18, 2026. The share allotment is expected to be finalised on March 20, 2026. Following allotment, the shares are proposed to be listed on both the BSE and NSE on March 24, 2026.
The price band for the issue has been fixed between ₹304 and ₹320 per share. Investors must apply for a minimum lot size of 46 shares. At the upper price band, the minimum investment required for retail investors is ₹14,720.
For Non-Institutional Investors (NIIs), the investment requirement is higher. The small NII (sNII) category requires a minimum of 14 lots (644 shares) amounting to ₹2,06,080. The big NII (bNII) category requires a minimum of 68 lots (3,128 shares) amounting to ₹10,00,960.
Equirus Capital Pvt. Ltd. and Motilal Oswal Investment Advisors Ltd. are acting as the Book Running Lead Managers (BRLMs), while MUFG Intime India Pvt. Ltd. has been appointed as the registrar to the issue.
(Source: RHP)
Company Overview
Incorporated in 1985, GSP Crop Science Limited is an agrochemical company engaged in the manufacturing of insecticides, herbicides, fungicides, and plant growth regulators. The company develops and supplies crop protection solutions through both Formulations and Technicals to support pest, weed, and disease control.
As of September 30, 2025, the company has received 524 registrations across Formulations and Technicals. It has been granted 102 patents and has 108 patent applications under process as of March 10, 2026. Its dedicated research and development facilities at Kathwada and Odhav support product testing, commercialization, and manufacturing of complex chemistries.
The company serves customers across 20 Indian states and has an international presence in 37 countries including the United States, Brazil, Uruguay, Vietnam, Singapore, UAE, and Australia. As of September 30, 2025, GSP Crop Science had 1,221 permanent employees.
(Source: RHP)
Industry Context
- India’s agrochemical industry is supported by rising food demand, agricultural productivity focus, and increasing crop protection requirements.
- Government initiatives promoting agricultural modernization and export growth support long-term demand for crop protection products.
- Growing global demand for generic agrochemicals and off-patent molecules provides export opportunities for Indian manufacturers.
- Increasing regulatory scrutiny, environmental compliance requirements, and raw material price volatility remain key industry risks.
- The sector is highly competitive and fragmented, with pricing pressure from both domestic and global players.
(Source: RHP)
Business Strengths
- Diversified product portfolio across insecticides, herbicides, fungicides, and plant growth regulators
- Strong domestic and international customer presence
- In-house R&D capabilities with 100+ granted patents
- Robust manufacturing infrastructure with focus on sustainability
- Experienced promoter group and professional management team
(Source: RHP)
Financial Performance
GSP Crop Science Limited – Financials (₹ in crore)
| Particulars | 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 & Surplus | 490.84 | 411.02 | 344.46 | 336.00 |
| Total Borrowings | 321.13 | 295.6 | 235.44 | 324.26 |
(Source: RHP)
Key Ratios & Metrics (FY25)
| KPI | FY25 |
|---|---|
| ROE | 18.38% |
| ROCE | 19.80% |
| Debt/Equity | 0.58 |
| PAT Margin | 6.26% |
| EBITDA Margin | 12.74% |
| Price to Book Value | 2.77 |
(Source: RHP)
IPO Objects
The net proceeds from the fresh issue are proposed to be utilised towards:
- ₹170 crore for repayment or prepayment of certain outstanding borrowings
- Remaining amount for general corporate purposes
(Source: RHP)
Market Outlook & GMP Trends
As of March 11, 2026, grey market activity for GSP Crop Science IPO has not shown significant movement. The last available GMP update indicates limited speculative activity, and no consistent premium trend has been observed so far.
With the upper price band fixed at ₹320, any expected listing price would depend on subscription momentum and broader market conditions closer to listing.
Grey market trends are unofficial and are provided only for informational purposes. They should not be considered a reliable indicator of actual listing performance or investment returns.
(Source: Market updates)
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 16 – 18 March, 2026 |
| Listing Date | Tuesday, March 24, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹304 – ₹320 |
| Lot Size | 46 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Issue + OFS |
| Total Issue Size | ₹400 Cr |
| Minimum Retail Investment | ₹14,720 |
| Maximum Retail Investment | ₹1,91,360 |
| Listing Exchange | BSE, NSE |
Conclusion
GSP Crop Science IPO offers exposure to India’s growing agrochemical and crop protection industry. The company has established domestic and international presence supported by in-house R&D capabilities and a diversified product portfolio.
Financially, the company has demonstrated improvement in profitability and net worth over recent years while maintaining moderate leverage levels. However, the agrochemical sector remains cyclical and sensitive to regulatory, raw material, and pricing risks.
At the upper price band, the IPO appears valued in line with its recent earnings profile. Investors should evaluate sector risks, sustainability of margins, and long-term growth visibility before making investment decisions.
Disclaimer: Investment in securities market is subject to market risks. Read all the related documents carefully before investing. This content is purely for information purpose only and in no way is to be considered as an advice or recommendation. The securities are quoted as an example and not as a recommendation. Investors are requested to do their own due diligence before investing.
SEBI Reg No.: Broking – INZ000240532, Research Analyst – INH000020086, Depository Participant – IN-DP-416-2019, Depository Participant Number: CDSL – 12088800, NSE (90165), BSE (6707), MCX (57525), NCDEX (1315), MSEI (85300).
Registered Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi – 110019.
For complete Disclaimers, visit https://www.paytmmoney.com.
