GSP Crop Science IPO- Company Analysis
The GSP Crop Science IPO, under the Mainboard category, is a book-built issue of ₹400 crore by GSP Crop Science Limited. The company operates in the agrochemical sector, manufacturing a wide range of products such as fungicides, insecticides, herbicides, and plant growth regulators.
GSP Crop Science provides comprehensive crop protection solutions through both formulations (a mix of active ingredients and additives) and technicals (concentrated active ingredients). These products are designed to effectively control pests, weeds, and diseases, helping farmers improve crop yield and productivity.
The company is involved in the development, manufacturing, supply, and distribution of a diverse portfolio of in-house agrochemical products, catering to the evolving needs of the agriculture sector.
GSP Crop Science IPO Details
The GSP Crop Science IPO is scheduled to open on March 16, 2026, and will close on March 18, 2026. The IPO allotment is expected to be finalized on March 20, 2026, while the refund initiation is likely on March 23, 2026.
This ₹400 crore Mainboard IPO consists of a combination of:
- Fresh Issue: 0.75 crore shares worth ₹240 crore
- Offer for Sale (OFS): 0.50 crore shares worth ₹160 crore
The listing date is expected to be Tuesday, March 24, 2026, and the shares will be listed on both the BSE and NSE.
The price band for the GSP Crop Science IPO is set between ₹304 to ₹320 per share.
IPO Timetable (Tentative)
| Events | Date |
| IPO Opening Date | Mar 16, 2026 |
| IPO Closing Date | Mar 18, 2026 |
| IPO Allotment Date | Mar 20, 2026 |
| Refund Initiation | Mar 23, 2026 |
| IPO Listing Date | Mar 24, 2026 |
Industry Overview
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Company Financials
(Amount in Cr)
| Particulars | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,228.50 | 980.34 | 1,132.13 |
| Total Income | 1,301.06 | 1,158.23 | 1,206.05 |
| Profit After Tax | 81.42 | 55.54 | 17.57 |
| EBITDA | 164.03 | 130.41 | 81.28 |
| NET Worth | 450.03 | 370.46 | 363.47 |
| Reserves and Surplus | 411.02 | 344.46 | 336.00 |
| Total Borrowing | 295.60 | 235.44 | 324.26 |
Cash Flows
(Amount in lac)
| Net Cash Flow | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Net Cash Flow Operating Activities | 40.88 | (115.91) | 140.72 |
| Net Cash Flow Investing Activities | - | (0.08) | (22.73) |
| Net Cash Flow Financing Activities | - | 92.45 | (1.67) |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The company intends to utilise the net proceeds from the IPO for the following purpose:
- Repayment or pre-payment of borrowings: The company plans to use approximately ₹170 crore towards the repayment or partial/full pre-payment of certain outstanding borrowings.
This step is expected to reduce the company’s debt burden and improve its overall financial position.
Listed Peers of GSP Crop Science Ltd.
| Name of Company | Face Value (Rs. ) | Basic EPS (Rs. ) | PE Ratio (x) |
| PI Industries Limited | 1.00 | 109.44 | 28.25 |
| Sumitomo Chemical India Limited | 10.00 | 10.13 | 39.23 |
| Dhanuka Agritech Limited | 2.00 | 65.55 | 15.13 |
| Rallis India Limited | 1.00 | 6.43 | 40.12 |
| Bharat Rasayan Limited | 10.00 | 339.14 | 4.14 |
| India Pesticides Limited | 1.00 | 7.14 | 21.57 |
| Excel Industries Limited | 5.00 | 67.87 | 13.13 |
| Heranba Industries Limited | 10.00 | 0.77 | 252.92 |
Valuation
| KPI | Value |
| ROE | 18.38% |
| ROCE | 19.80% |
| Debt/Equity | 0.58 |
| PAT Margin | 6.26% |
| EBITDA Margin | 12.74% |
| Price to Book Value | 2.77 |
Evaluation of P/E Ratio
Based on the financials for FY 2025, the company reported an EPS of ₹21.20. At the upper price band of ₹320, this results in a P/E ratio of approximately 15.09x.
This valuation appears relatively reasonable compared to many IPOs in the market, making it important for investors to further compare it with industry peers and growth prospects before making a decision.
IPO's Strengths
- With a broad spectrum of insecticides, herbicides, fungicides, and plant growth regulators in our well-diversified product line, we offer our clients a complete solution.
- Serving a sizable and varied clientele both at home and abroad.
- Strong internal R&D capability with an emphasis on product development and innovation
- Strong production facilities that can produce a variety of goods with an emphasis on sustainability.
- Under the direction of skilled and knowledgeable promoters and assisted by a competent management team.
IPO's Weaknesses
- Regulatory Approval & Licensing Risk
- Quality & Technical Compliance Risk
- Distribution Network Dependency Risk.
GSP Crop Science IPO GMP (Grey Market Premium)
The GSP Crop Science IPO GMP has not started yet as of March 17, 2026, at the time of writing.
Investors are advised to keep tracking the GMP trend in the coming days, as it can provide an early indication of market sentiment and possible listing performance.
GSP Crop Science IPO Summary
| IPO Opening & Closing Date | 16 Mar, 2026 to 18 Mar, 2026 |
| Face Value | Rs. 10 per Share |
| Issue Price | Rs. 304 to Rs. 320 per Share. |
| Lot Size | 46 Shares |
| Issue Size | 1,25,00,000 Shares (Rs. 400 Cr) |
| Offer for Sale | 50,00,000 Shares (Rs. 160 Cr) |
| Fresh Issue | 75,00,000 Shares (Rs. 240 Cr) |
| Listing at | BSE, NSE |
| Issue Type | Bookbuild issue IPO |
| Registrar | MUFG Intime India Pvt. Ltd. |
IPO Lot Details
| Minimum Lot Investment (Retail) | 1 Lot |
| Maximum Lot Investment (Retail) | 13 Lots |
| HNI (Min) | 14 Lots |
GSP Crop Science IPO Allotment Status
To check the GSP Crop Science IPO allotment status, investors can visit the official Registrar’s website or the BSE website once the allotment is finalised.
Using BSE Website - BSE IPO allotment status
Promoters And Management of GSP Crop Science Ltd.
- Bhavesh Vrajmohan Shah
- Tirth Kenal Shah
- Vilasben Vrajmohan Shah
- Falguni Kenal Shah
- Alpha Trust
- Kappa Trust
| Pre-Issue Promoter Shareholding | 98.32% |
| Post-Issue Promoter Shareholding | - |
IPO Lead Managers
- Equirus Capital Pvt. Ltd.
Dividend Policy
The company has declared a dividend of ₹0.75 per equity share for FY25.
Conclusion
The GSP Crop Science IPO presents an interesting opportunity in the agrochemical sector, supported by a diversified product portfolio and improving financial performance. With a valuation of around 15x P/E, the IPO appears reasonably priced compared to its listed peers.
From a search perspective, investors looking for terms like “GSP Crop Science IPO GMP today,” “GSP Crop Science IPO review,” “GSP Crop Science IPO analysis,” “GSP Crop Science IPO price band,” and “agrochemical IPO 2026” may find this offering relevant.
However, before applying, investors should carefully evaluate the company’s growth prospects, debt levels, and the overall outlook of the agrochemical industry, as these factors will play a key role in long-term performance.
To read the company’s prospectus, click here to download the DRHP.
Disclaimer: The information provided in this blog is for educational and informational purposes only and should not be considered as investment advice, research, or a recommendation to buy, sell, or hold any securities. Stock market investments are subject to market risks. Readers are advised to read all scheme-related documents carefully and consult their financial advisor before making any investment decisions.
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