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GSP Crop Science Limited
An Ahmedabad-based research-driven agrochemical manufacturer producing insecticides, fungicides, herbicides, and plant growth regulators for Indian and export markets.
₹304–₹320
Price Band
46 Shares
Lot Size
₹14720
Min Investment
1 lot @ ₹320
₹400 Cr
Issue Size
+₹12
GMP Today
Est. ₹332 (3.8%)
1.61×
Subscribed
Day 3
₹10
Face Value
Grey Market Premium (GMP)
Updated 18 Mar · 17:30 IST+₹12
Current GMP
Grey Market Premium
₹332
Est. Listing Price
Upper band + GMP
+3.75%
Expected Return
From upper band ₹320
GMP Trend
⚠️ Disclaimer: GMP is an unofficial grey market indicator and does not guarantee listing performance.
Subscription Status
Day 3 · 18 Mar 20262.10×
QIB
Qualified Institutional
2.45×
NII / HNI
Non-Institutional
0.88×
Retail
Individual Investors
| Category | Shares Offered | Shares Bid | Subscription | Progress |
|---|---|---|---|---|
| QIB | – | 2.10× | ||
| NII | – | 2.45× | ||
| Retail | – | 0.88× | ||
| Total | – | – | 1.61× |
About the Company
GSP Crop Science Limited is an Ahmedabad-based agrochemical company engaged in the research, development, and manufacturing of crop protection products including insecticides, fungicides, herbicides, and plant growth regulators. With revenues of ₹1,301 crore in FY25 and PAT of ₹81 crore, the company serves Indian farmers and exports to global markets. The IPO comprised a fresh issue of ₹240 crore and an offer for sale of ₹160 crore by promoters, listing on NSE and BSE on March 24, 2026.
Headquarters
Ahmedabad, Gujarat, India
Industry
Agrochemicals / Crop Protection
Issue type
Fresh Issue + OFS
Promoter
Vilasben Shah, Bhavesh Shah family group
✅ Strengths
- PAT grew from ₹17.6 Cr (FY23) to ₹81.4 Cr (FY25) — a 4.6x jump in two years
- EBITDA margin expanded from 6.7% (FY23) to 12.6% (FY25)
- Strong promoter backing with 98.25% pre-IPO stake — high skin in the game
- India's farm sector demand for crop protection products remains structurally strong
- Fresh issue proceeds fund R&D and capacity expansion
⚠️ Risks
- Revenue decline from ₹1,203 Cr (FY23) to ₹1,152 Cr (FY24) before recovery
- Agrochemical business is highly seasonal and weather-dependent
- map[Regulatory risk:crop protection products are subject to periodic CIBRC bans]
- Subdued listing — only 3.84% premium on BSE despite low valuation
- Overall IPO subscribed just 1.61x — muted institutional demand
Financial Performance
FY23 · FY24 · FY25Revenue (₹ Cr)
PAT (₹ Cr)
FY23
FY24
FY25
| Metric | FY23 | FY24 | FY25 | Growth (YoY) |
|---|---|---|---|---|
| Revenue (₹ Cr) | 1203 | 1152 | 1301 | Stable |
| EBITDA (₹ Cr) | 81 | 130 | 164 | Stable |
| PAT (₹ Cr) | 18 | 55 | 81 | Stable |
| EPS (₹) | 4.22 | 13.19 | 19.45 | ▲ 47.5% |
| EBITDA Margin | 6.7% | 11.3% | 12.6% | – |
Analyst Review
6
/ 10 overall
Neutral ⚠️
Weak listing, wait for dip
Allotment & Listing
✓
16 Mar
IPO Opens
Subscription window opens for all categories
✓
18 Mar
IPO Closes
Last day to apply – 5:00 PM deadline
✓
20 Mar
Allotment Date
Basis of allotment to be finalized
21 Mar
Refund Initiation
Unallotted funds credited to bank accounts
21 Mar
Credit to Demat
Shares credited to allottees' demat accounts
24 Mar
Listing Day 🎯
Expected listing on NSE & BSE at 10:00 AM
🎯 Listing Performance
₹320
Issue Price
₹332
Listing Price
0.0%
Listing Gain
₹332
Current Price