GSP Crop Science IPO

GSP Crop Science Limitedgspcrop.in

ListedMainboardMaterialsNSE · BSE

Price band: ₹304 – ₹320
Issue size: ₹400 Cr
Lot size: 46 sh
Bidding: 16 – 18 Mar
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

GSP Crop Science, incorporated in Ahmedabad on 12 February 1985, makes crop-protection technicals and formulations; the record describes five manufacturing sites and 1,221 permanent staff as of 30 September 2025, and sales into 37 countries. The Rs 400 Cr issue was Rs 240 Cr fresh and Rs 160 Cr offer for sale, in a band of Rs 304 to Rs 320, with promoter holding falling from 98.32% before the issue to 71.72% after, a drop of 26.60 percentage points. Revenue was Rs 1,206.05 Cr in FY23, Rs 1,158.23 Cr in FY24 and Rs 1,301.06 Cr in FY25 — down 3.97%, then up 12.33% — while profit after tax over the same three years was Rs 17.57 Cr, Rs 55.54 Cr and Rs 81.42 Cr. The book closed at 1.64 times on 18 March 2026; the shares listed on 24 March 2026 at Rs 328 against a band top of Rs 320 and last traded at Rs 436.35 on 23 October 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.

59Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for GSP Crop Science, 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

Founded 1985 · 404, Lalita Complex, Rasala Road, Mithakhali Six Road, Navrangpura, Ahmedabad 380009, Gujarat, India · 1,221 employees

GSP Crop Science makes crop-protection chemicals in India: insecticides, herbicides, fungicides and plant growth regulators. It sells two related things — technicals, the concentrated active ingredients, and formulations, the finished products a farmer actually sprays. Formulations reach Indian farmers through a distributor network and are also exported; technicals are sold business-to-business to other agrochemical makers, among them Bharat Rasayan, Dharmaj Crop Guard and Indogulf Cropsciences. The company was incorporated in Ahmedabad on 12 February 1985 as Gujarat Superphosphate Industries and took its present name in 2003. It held 507 product registrations as of 30 September 2024, and as of 30 September 2025 ran five manufacturing sites and employed 1,221 permanent staff. It sells into 37 countries.

Revenue is product sales, mostly formulations: Fiscal 2024 formulations revenue was ₹7,542.74 million against ₹3,959.10 million from technicals, with revenue from outside India of ₹1,241.49 million. Earnings track agrochemical prices — total income slipped from ₹1,206.05 crore in FY23 to ₹1,158.23 crore in FY24 on falling product prices, then recovered to ₹1,301.06 crore in FY25. Margin, not volume, drove profit: EBITDA rose from ₹81.28 crore in FY23 to ₹164.03 crore in FY25, and PAT from ₹17.57 crore to ₹81.42 crore. The structural drag is borrowings — ₹321.13 crore outstanding at 30 September 2025 — which the fresh issue was primarily meant to repay.

The company on paper

Legal name: GSP Crop Science Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 12 Feb 1985
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U24120GJ1985PLC007641
Sector: Materials · Crop-protection agrochemicals — insecticides, herbicides, fungicides and plant growth regulators, in both technicals and formulations
Employees: 1,221
Registered office: 404, Lalita Complex, Rasala Road, Mithakhali Six Road, Navrangpura, Ahmedabad 380009, Gujarat, India
Promoters: Bhavesh Vrajmohan Shah, Tirth Kenal Shah, Vilasben Vrajmohan Shah, Falguni Kenal Shah, Alpha Trust, Kappa Trust
Promoter holding, pre-issue: 98.3%
Promoter holding, post-issue: 71.7%
Website: gspcrop.in

The numbers

Financial performance

Revenue has compounded at 3.9% 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

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

60% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹240 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹160 Cr
Total issue size: ₹400 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.6% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

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 at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.64×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

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

Outcome

How it actually listed

Issue price: ₹320.00
Listed at: ₹328.00
Listing gain: up 2.5%
Since listing: up 32.0%
Against the issue price: up 35.3%

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.

Lots

Shares applied for: 46
At cut-off price: ₹320.00
Amount blocked: ₹14,720

One lot is 46 shares at ₹14,720. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

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.

~100%

chance of one lot, per application

Retail subscription: 0.42×
Applicants per share available: 0.4× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹328.00

listed at, 2.5% against the issue price

Issue price: ₹320.00
Premium said: —
If allotted 46 shares: ₹368

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

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

What works

Profit after tax rose at both transitions the record carries: Rs 17.57 Cr in FY23, Rs 55.54 Cr in FY24 and Rs 81.42 Cr in FY25. The FY25 figure is 4.63 times the FY23 one (81.42 / 17.57).
EBITDA margin also widened at both transitions. Rs 81.28 Cr of EBITDA on Rs 1,206.05 Cr of revenue in FY23 is 6.74%; Rs 130.41 Cr on Rs 1,158.23 Cr in FY24 is 11.26%; Rs 164.03 Cr on Rs 1,301.06 Cr in FY25 is 12.61%. FY24 EBITDA was 60.45% above FY23 on revenue 3.97% lower.
Net worth rose at both transitions, from Rs 363.47 Cr in FY23 to Rs 370.46 Cr in FY24 (up 1.92%) and Rs 450.03 Cr in FY25 (up 21.48%).
The shares listed at Rs 328 against the Rs 320 band top, closed the first day at Rs 356.25 — 8.61% above the listing price — and last traded at Rs 436.35 on 23 October 2026, 36.36% above that band top and 22.48% above the first-day close.

What to weigh against it

On the closing day, 18 March 2026, the retail portion was subscribed 0.42 times, against QIB at 2.66 times and NII at 3.14 times, with the issue 1.64 times overall.
Borrowings do not move in one direction across the record: Rs 324.26 Cr at FY23, Rs 235.44 Cr at FY24 (down 27.39%) and Rs 295.60 Cr at FY25 (up 25.55%). The record's business-model note puts them at Rs 321.13 Cr on 30 September 2025. Against FY25 net worth of Rs 450.03 Cr, the FY25 balance is 0.66 times.
Revenue fell 3.97% from Rs 1,206.05 Cr in FY23 to Rs 1,158.23 Cr in FY24. The record's own business-model note describes that as total income slipping on falling product prices, and states that earnings track agrochemical prices.
The record's business-model note gives Fiscal 2024 formulations revenue of Rs 7,542.74 mn against Rs 3,959.10 mn from technicals — formulations 1.91 times technicals — with revenue from outside India of Rs 1,241.49 mn, or 10.79% of the Rs 11,501.84 mn those two lines together produced. The record carries no segment or geography breakdown for FY25.

Easy to miss in the prospectus

Borrowings against the fresh issue. The record shows Rs 295.60 Cr at FY25 and Rs 321.13 Cr on 30 September 2025, and states the Rs 240 Cr fresh issue was primarily meant to repay borrowings — Rs 240 Cr is 74.74% of that Rs 321.13 Cr. Later balance-sheet disclosures carry the figure to set beside these.
Margin. EBITDA margin on record is 6.74% in FY23, 11.26% in FY24 and 12.61% in FY25, and the record's business-model note says margin rather than volume drove profit and that earnings track agrochemical prices. Subsequent margin disclosures are the comparison point for those three numbers.
The record holds no valuation block, no anchor book, no allocation split, no post-issue share count and no peer set, so neither an earnings multiple nor a market capitalisation can be computed from it. The latest price it carries is Rs 436.35 on 23 October 2026.

Straight from the filing

Read it yourself

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

GSP Crop Science — Draft Red Herring Prospectus dated 2024-12-2020 Dec 2024The first draft, filed for review. No price band and no dates.Opens on bseindia.com

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: Equirus Capital Private Limited, Motilal Oswal Investment Advisors Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Reconciled to GSP Crop Science's own prospectus and to exchange disclosures, then cross-checked against 10 other independently published compilations of the same filing. 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: 16 Mar 2026
Closes: 18 Mar 2026
Allotment: 20 Mar 2026
Lists: 24 Mar 2026
Revenue (FY25): ₹1,301 Cr
Profit (FY25): ₹81.42 Cr

Timeline

Every step in this issue's calendar has passed.

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.