GSP Crop Science IPO is a mainboard IPO that will open for subscription between March 16, 2026 and March 18, 2026. The company plans to raise ₹400 Crores through this IPO. The shares are proposed to be listed on BSE and NSE. In this article, we will review GSP Crop Science IPO details, company profile, financials, strengths, risks and whether investors should subscribe to this IPO or avoid it.
GSP Crop Science IPO Details
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IPO Open Date: March 16, 2026
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IPO Close Date: March 18, 2026
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Listing Date (Tentative): March 24, 2026
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Issue Size: ₹400 Crores
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Fresh Issue: ₹240 Crores
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Offer for Sale: ₹160 Crores
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Price Band: ₹304 to ₹320 per share
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Face Value: ₹10 per share
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Lot Size: 46 shares
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Minimum Investment: ₹14,720
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Listing: BSE and NSE
GSP Crop Science IPO Issue Structure
GSP Crop Science IPO is a book building issue of ₹400 Crores.
The IPO consists of:
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Fresh Issue: 75,00,000 shares aggregating to ₹240 Crores
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Offer For Sale (OFS): 50,00,000 shares aggregating to ₹160 Crores
After the IPO, the company’s total outstanding shares will increase from 3,90,18,750 shares to 4,65,18,750 shares.
GSP Crop Science IPO Lot Size
Investors can apply for a minimum of 46 shares and in multiples thereafter.
Retail Investors
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Minimum: 1 Lot – 46 Shares – ₹14,720
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Maximum: 13 Lots – 598 Shares – ₹1,91,360
Small HNI (sNII)
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Minimum: 14 Lots – 644 Shares – ₹2,06,080
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Maximum: 67 Lots – 3,082 Shares – ₹9,86,240
Big HNI (bNII)
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Minimum: 68 Lots – 3,128 Shares – ₹10,00,960
About GSP Crop Science Ltd
GSP Crop Science Limited was incorporated in 1985 and operates in the agrochemical sector.
The company manufactures and supplies various crop protection products including:
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Insecticides
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Herbicides
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Fungicides
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Plant growth regulators
These products help farmers improve crop productivity and protect crops from pests, weeds and diseases.
The company offers two major product categories:
1) Formulations
Formulations include active ingredients and additives used in crop protection products.
As of September 2025, the company had 395 registrations for formulations.
2) Technicals
Technicals are concentrated active ingredients used in the manufacturing of agrochemical products.
The company had 129 technical registrations as of September 2025.
Global Presence
GSP Crop Science serves customers across 20 states in India.
The company also exports products to 37 countries, including:
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United States
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Brazil
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Uruguay
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Vietnam
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Singapore
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UAE
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Australia
The company has also built strong research and development capabilities, receiving 102 patents and having 108 patent applications under process.
Competitive Strengths
Some of the key strengths of the company include:
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Diversified portfolio of agrochemical products
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Strong domestic and international presence
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Robust in-house research and development capabilities
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Multiple product registrations and patents
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Experienced promoters and management team
GSP Crop Science Financials
Below are the company’s financial highlights (₹ Crores):
FY2023
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Total Income: ₹1,206 Cr
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Profit After Tax: ₹17.57 Cr
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EBITDA: ₹81.28 Cr
FY2024
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Total Income: ₹1,158 Cr
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Profit After Tax: ₹55.54 Cr
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EBITDA: ₹130.41 Cr
FY2025
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Total Income: ₹1,301 Cr
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Profit After Tax: ₹81.42 Cr
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EBITDA: ₹164.03 Cr
Sep 2025 (6 months)
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Total Income: ₹847.61 Cr
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Profit After Tax: ₹81.07 Cr
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EBITDA: ₹138.86 Cr
The company has shown strong growth in profitability between FY23 and FY25.
Key Performance Indicators (KPI)
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ROE: 18.38% (Mar 2025) | 15.62% (Sep 2025)
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ROCE: 19.80% (Mar 2025) | 15.45% (Sep 2025)
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Debt / Equity: 0.58 (Mar 2025) | 0.55 (Sep 2025)
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EBITDA Margin: 12.74% (Mar 2025) | 16.45% (Sep 2025)
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PAT Margin: 6.26% (Mar 2025) | 9.56% (Sep 2025)
The company shows improving margins and moderate leverage levels.
GSP Crop Science IPO Valuation
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EPS (Post IPO): ₹21.22
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Price Band: ₹304 – ₹320
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P/E Ratio: ~15x
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Price to Book Value: 2.77x
Compared with many agrochemical companies, the IPO appears reasonably priced.
Objects of the IPO
The company plans to utilise the IPO proceeds for:
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Repayment or prepayment of borrowings – ₹170 Crores
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General corporate purposes
Reducing debt may improve the company’s balance sheet going forward.
Promoters of the Company
The promoters include:
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Bhavesh Vrajmohan Shah
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Tirth Kenal Shah
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Vilasben Vrajmohan Shah
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Falguni Kenal Shah
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Alpha Trust
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Kappa Trust
Risks of GSP Crop Science IPO
Investors should also consider the following risks:
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Agrochemical demand depends on agricultural cycles
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Export markets may face regulatory challenges
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Competition from established agrochemical companies
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Raw material price volatility
Should You Invest in GSP Crop Science IPO?
GSP Crop Science operates in the agrochemical industry, which has strong long-term demand due to the need for improving agricultural productivity.
The company has:
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Diversified agrochemical product portfolio
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Strong R&D capabilities
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International presence
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Improving profitability
At the same time, the business is exposed to agriculture cycles and regulatory risks.
Considering the reasonable valuation and improving financial performance, long-term investors with high risk appetite may consider this IPO.
However, investors should also review grey market premium (GMP) trends and overall market conditions closer to the IPO opening.
