GAMP Services IPO

AnnouncedMainboardIndustrialsBSE · NSE

Price band: —
Issue size: —
Lot size: —
Bidding: —
Grey market: —

Market data to 26 Oct 2026. Company figures are as filed, sourced 26 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

GAMP earns most of its money validating pharmaceutical clean rooms, equipment and computer systems, and grew revenue from operations from ₹19.09 Cr in FY24 to ₹45.81 Cr in FY26 at a disclosed EBITDA margin that rose to 33.14%; the question its draft poses is how much of that rests on one industry, imported equipment and a business absorbed from the promoters' own partnership on 31 March 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

90Exceptional

IPOVista score

Broadly well-balanced

60% of the scoring model was backed by disclosed data for GAMP Services, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Vadodara, Gujarat

GAMP Services validates and qualifies the facilities, equipment and computer systems that regulated manufacturers - overwhelmingly pharmaceutical companies - must prove are under control. Its services are clean room validation, thermal validation, commissioning, qualification and validation, computer system validation and data integrity, and bio-decontamination, with annual maintenance and calibration work and commissions from overseas equipment makers grouped as other services. Alongside the services it distributes specialised instrumentation, equipment and technology from nine global original equipment makers, as a non-exclusive authorised channel partner, and in FY27 it began manufacturing data loggers. Customers are businesses: the life sciences industry - pharmaceuticals, medical devices, food and beverage, equipment makers and third-party validation firms - supplied 87.39% of FY26 revenue from operations, with the rest from high-tech industries including aerospace and defence, electronics, automobiles, batteries, renewable energy and semiconductors. It served 286 customers in FY26 from a base in Vadodara, with one manufacturing facility and office, two sales offices and a godown. On 31 March 2026 the company acquired, as a going concern, the business of M/s. Gamp Services, a partnership firm of two of its promoters, Girish Agrawal and Sanjeevkumar Mahendrakumar Patel.

Mostly fee-for-service, with a distribution business beside it. Revenue from operations rose from ₹19.09 Cr in FY24 to ₹35.69 Cr in FY25 and ₹45.81 Cr in FY26, disclosed growth of 86.94% and then 28.35%, and was ₹19.46 Cr in the June 2026 quarter. Services were 71.34% of FY26 revenue, led by clean room validation at 27.20%, and distribution of OEM instrumentation 28.66%; in the June 2026 quarter distribution rose to 35.95% and services fell to 62.73%. Margins have widened every year: the disclosed EBITDA margin was 23.14% in FY24, 31.48% in FY25 and 33.14% in FY26, and 40.90% in the June 2026 quarter, with PAT margins of 15.95%, 22.28% and 23.94% across the three years. The business needs little debt - total borrowings were ₹0.25 Cr at March 2026, a disclosed debt to equity ratio of 0.01 - but it buys abroad, with foreign suppliers among the top ten accounting for 87.82% of FY26 purchases. The draft proposes ₹40.05 Cr of capital expenditure on equipment and IT hardware for the services and data logger businesses, plus an unquantified amount for unidentified acquisitions and general corporate purposes.

What makes it hard to copy

An integrated validation offering for regulated industries, in the company's framing: experienced promoters and a skilled workforce, long-standing customer relationships alongside partnerships with global OEMs, and services that span qualification, validation and data integrity across a facility's operating life.

Where the revenue comes from

Share of revenue by business line, latest full year

Distribution as an authorised channel partner28.7%
Clean Room Validation Services27.2%
Other Services15.3%
Thermal Validation12.9%
Computer System Validation and Data Integrity10.6%
Commissioning, Qualification and Validation5.3%
Other (1)0.1%

Hover or focus a segment for its share and what it covers.

Where it operates

Manufacturing facility and office1
Sales offices2
Godown1
Registered and corporate office1
Karelibaug, Vadodara, Gujarat

5.8% of revenue is earned outside India.

Markets served

IndiaSaudi ArabiaKuwaitUnited StatesMalaysiaUnited Arab EmiratesGreeceEuropeSouth AsiaAfrica

Who runs it

Sanjeevkumar Mahendrakumar PatelChairman and Whole-time DirectorPromoter, associated with the company since inception. Formerly Senior Manager - Sales at AIMIL Limited; over 27 years in validation, compliance and instrumentation. Holds 50,09,385 shares, 41.38% of pre-offer capital, and offers up to 6,20,700 in the offer for sale.
Girish AgrawalExecutive Director and Chief Financial OfficerPromoter, associated with the company since inception. Formerly Senior Manager - Customer Support Group at AIMIL Limited; over 26 years in analytical instrumentation. Holds 41.38% of pre-offer capital and offers up to 6,20,700 shares in the offer for sale.
Gaurav M ShahExecutive Director and Chief Executive Officer · since 2021Promoter, associated with the company since 13 May 2021. Formerly Business Manager at AIMIL Limited; over 19 years in sales and client relationships. Holds 17.24% of pre-offer capital and offers up to 2,58,600 shares in the offer for sale.
Dharmeshkumar Rajnikant ThakkarIndependent Director
Manishbhai Natvarbhai BrahmbhattIndependent Director
Mrunal S DixitIndependent Director
Swati Ashishbhai KathrotiyaCompany Secretary and Compliance Officer

The company on paper

Legal name: GAMP Services Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: —
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U29100GJ2020PLC115266
Sector: Industrials · Validation, qualification and compliance services for regulated manufacturing
Registered office: 303-304, Sahyog Elina, Chintamani Society, VIP Road, Karelibaug, Vadodara 390018, Gujarat
Promoters: Sanjeevkumar Mahendrakumar Patel, Girish Agrawal, Gaurav M Shah
Promoter holding, pre-issue: 100.0%
Website: gampservices.com

The numbers

Financial performance

Revenue has compounded at 54.9% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

Profit against cash generated

Profit after tax and net cash from operating activities, in ₹ crore. The figure under each period is cash generated per ₹100 of profit.

Profit after tax
Operating cash flow

Above 100% the business collects more cash than it books as profit. Persistently below it, growth is being funded out of working capital.

The price

Valuation

Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.

P/E at the band, post-issue

Not priced yet

No price band has been fixed yet, so there is no multiple to quote

What you pay

Earnings and sales behind one share, and the multiple the band asks for them.

EPS, pre-issue (FY26): ₹10.45
EPS, post-issueNot disclosed, so computed from FY26 profit after tax and the disclosed share count — this is the figure the multiple above is built on: ₹9.06
Price / sales: —
Net asset value per shareBook value behind one share — a floor, not a target: ₹28.52

What it earns on what it has

Returns and margins on FY26. These are the figures that say whether the multiple above is deserved.

Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.: 53.2%
Return on capital employed: 85.0%
EBITDA margin: 33.1%
Net margin: 23.9%

What it owes

Gearing at the latest balance-sheet date.

Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.: 0.01×

Valuation against listed peers

P/E against operating margin

The prospectus for this issue does not name a listed peer group, or it has not been captured yet.

The terms

How the issue is structured

Fresh issueNew shares — proceeds go to the company: —
Offer for saleExisting shares — proceeds go to the selling shareholders: —
Total issue size: —
Shares offered in the OFS: 15,00,000
Pre-issue shares outstanding: 1,21,06,499
Employee discount: —

Who the shares are reserved for

Share of the net offer set aside for each investor category

Select a category to see who bids in it and how allotment works there.

Percentages are of the net offer, which excludes any employee or shareholder reservation.

Use of proceeds

Stated objects of the fresh issue, largest first

Inorganic growth through unidentified acquisitions, and general corporate purposes - together capped at 35% of gross proceeds, and each at 25% — amount not quantified in the prospectus

Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.

Who owns it before the issue

3 holders of record. Percentages are of pre-issue paid-up equity, as stated in the offer document.

Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples

No dates have been set yet, so bidding has not opened.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

The lot size and price band are not fixed yet, so there is nothing to calculate.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

Retail subscription figures are not available yet, so there is nothing to estimate from.

What the grey market implies

Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.

No grey-market quote has been recorded for this issue.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Growth with rising margins: revenue from operations went from ₹19.09 Cr in FY24 to ₹35.69 Cr in FY25 and ₹45.81 Cr in FY26, while the disclosed EBITDA margin went from 23.14% to 31.48% to 33.14%, and was 40.90% in the June 2026 quarter.
Profit after tax rose from ₹3.04 Cr in FY24 to ₹7.95 Cr in FY25 and ₹10.97 Cr in FY26, and was ₹5.81 Cr in the June 2026 quarter.
The business carries almost no debt: total borrowings were ₹0.25 Cr at March 2026 and ₹0.19 Cr at June 2026, and the disclosed debt to equity ratio was 0.01 at both dates.
Disclosed returns are high: return on net worth, on average net worth, of 80.76% in FY24, 108.50% in FY25 and 53.21% in FY26, and return on capital employed of 84.99% in FY26.
The customer base is broad by count - 153 customers in FY24, 227 in FY25 and 286 in FY26 - and the largest single customer supplied 10.26% of FY26 revenue.
The draft quotes a CARE report putting the Indian validation services market at USD 790 million in CY25, grown at a 10.5% CAGR from CY20 and projected to reach USD 1,290 million by CY30.

What to weigh against it

One industry dominates: the life sciences industry, particularly pharmaceuticals, supplied 86.96% of revenue from operations in FY24, 87.02% in FY25, 87.39% in FY26 and 85.64% in the June 2026 quarter.
Purchases are concentrated and imported: the top ten suppliers accounted for 95.59%, 96.00%, 92.83% and 95.82% of purchases across FY24, FY25, FY26 and the June 2026 quarter, and foreign suppliers among them for 88.53%, 84.52%, 87.82% and 89.37%, exposing the company to trade policy and exchange rates.
The distribution business, 28.66% of FY26 revenue and 35.95% in the June 2026 quarter, depends on nine global OEM partners, none of them exclusive.
Two states carry a large share of revenue: Gujarat and Telangana together supplied 45.84% in FY24, 42.41% in FY25, 41.17% in FY26 and 39.95% in the June 2026 quarter.
Up to 35% of gross proceeds may go to unidentified acquisitions and general corporate purposes, and the draft states that no acquisition target has been identified. The ₹40.05 Cr of proposed capital expenditure is not yet committed through purchase orders.
Cash conversion weakened in the June 2026 quarter: operating cash flow was ₹0.19 Cr against profit after tax of ₹5.81 Cr, and the disclosed trade receivables turnover was 2.26 times for the quarter, not annualised.
Inventory is turning more slowly: disclosed inventory turnover fell from 8.36 times in FY25 to 3.97 times in FY26.
The draft's own risk factors note that the company acquired the business of M/s. Gamp Services, a partnership of two of the promoters, only with effect from 31 March 2026, and that its limited operating history after the acquisition may not be indicative of future performance.
A ₹0.45 Cr tax demand, comprising ₹0.22 Cr of IGST and an equal penalty over supplies to Special Economic Zone units, was raised on the partnership firm and transferred to the company under the business transfer agreement; the company's appeal is pending.

Easy to miss in the prospectus

The source here is the draft ABRIDGED prospectus that SEBI published with the filing, summarising a Draft Red Herring Prospectus dated 18 October 2026. Expenses and total assets are not in that summary, so those columns are blank.
The draft's operational KPIs explicitly combine the company with the partnership firm acquired on 31 March 2026. The abridged prospectus does not say whether the restated financial statements for earlier periods include the firm's business, so growth rates across FY24 to FY26 should be read with that open.
The offer is made under Regulation 6(2) of the SEBI ICDR Regulations because, as the draft states, the company did not fulfil the requirements of Regulation 6(1)(b).
The promoters acquired 87,31,474 shares in the year before the draft at a weighted average of ₹2.41 a share. Their average cost of acquisition on all shares held is ₹12.15 for Sanjeevkumar Mahendrakumar Patel, ₹7.01 for Girish Agrawal and ₹0.57 for Gaurav M Shah - the three selling shareholders.
Equity share capital rose from ₹3.38 Cr at March 2026 to ₹12.11 Cr at June 2026; the abridged prospectus does not explain the change, and EPS is stated after considering bonus issuance retrospectively.
International revenue jumped to 22.21% of revenue in the June 2026 quarter from 5.82% in FY26, mostly on Saudi Arabia (9.44%) and Kuwait (4.96%), both of which were negligible or absent in FY26.
A pre-IPO placement of up to 6,38,700 shares may be made before the red herring prospectus is filed; any amount raised that way would reduce the fresh issue of up to 31,93,500 shares.
The ₹40.05 Cr of capital expenditure is to be deployed ₹14.55 Cr in FY27 and ₹25.51 Cr in FY28, and the acquisitions and general corporate purposes amount by the end of FY30.
The industry figures in the draft are sourced to a CARE report rather than to independent public data.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Valmiki Leela Capital Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to GAMP Services's own prospectus and to exchange disclosures. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: —
Closes: —
Allotment: —
Lists: —
Revenue (FY26): ₹45.81 Cr
Profit (FY26): ₹10.97 Cr

Timeline

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.