GSP Crop Science IPO is a book-built issue worth ₹400 Crore. The issue is a mix of fresh issue of 0.75 crore shares aggregating to ₹240.00 crores and offer for sale of ₹160.00 crores. The IPO will open for subscription on March 16, 2026, and close on March 18, 2026.
The basis of allotment is expected to be finalised on March 20, 2026, with tentative listing scheduled on BSE and NSE for March 24, 2026. The price band for the GSP Crop Science IPO has been fixed at ₹304 to ₹320 per share.
Investors can bid for the GSP Crop Science IPO with a minimum of 1 lot, having 46 Shares. For retail investors, the minimum investment required is ₹14,720. For high-net-worth investors (bHNI), the lot size stands at 68 lots, equal to 3,128 shares, amounting to ₹10,00,960.
Equirus Capital Pvt Ltd is the book running lead manager (BRLM), and MUFG Intime India Pvt Ltd is the registrar of the issue. Detailed information is available at the GSP Crop Science IPO RHP.
GSP Crop Science IPO Objectives
- Repayment or pre-repayment of all or a portion of certain outstanding borrowings availed by the Company
- General corporate purposes.
About GSP Crop Science Limited
Incorporated in 1985, GSP Crop Science Limited is an agrochemical company engaged in the manufacturing of insecticides, herbicides, fungicides, and plant growth regulators.
The company provides comprehensive crop protection solutions designed to help farmers enhance agricultural productivity. Its offerings include formulations, which combine active ingredients with additives, and technicals, which are concentrated active ingredients used in the production of agrochemical products. These solutions help control pests, weeds, and crop diseases effectively.
GSP Crop Science Limited maintains a diverse portfolio of in-house manufactured agrochemicals, delivering crop protection solutions through the development, manufacturing, supply, and distribution of both formulations and technicals to meet evolving customer requirements.
The company has served customers across 20 states in India during the six months ended September 30, 2025, as well as in Fiscal Years 2025, 2024, and 2023.
As of September 30, 2025, the company had obtained 524 product registrations across its formulations and technicals portfolio. Its sustained focus on innovation has resulted in 102 granted patents, with 108 additional patent applications under review as of March 10, 2026.
Industry Outlook
- India’s agriculture sector remains a cornerstone of the economy, contributing around 18% to India’s Gross Value Added (GVA) in FY2025 while ensuring national food security. The sector continues to benefit from improved farming practices, technological advancements, increased investments, and supportive government policies.
- The Indian agriculture market reached an estimated ₹12,906.8 billion in GVA in FY2025, growing at a CAGR of 3.1% between FY2020 and FY2025. The market is projected to expand further to ₹15,313.1 billion by FY2030, reflecting an expected CAGR of 3.5% during FY2026–FY2030.
- Agricultural output in India reached approximately 899.8 million tons in FY2025, registering a CAGR of 3.8% between FY2020 and FY2025. Production is expected to increase to 988.7 million tons by FY2030, though at a slower CAGR of 2.0% during FY2026–FY2030.
- The sector faces challenges from extreme weather events, irregular rainfall patterns, and declining reservoir levels, which affect irrigation and crop yields. These disruptions can damage crops, increase production costs, and lead to supply constraints, contributing to higher food prices and market volatility.
How To Apply for the GSP Crop Science IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the GSP Crop Science IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of GSP Crop Science IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of GSP Crop Science IPO
404, Lalita Complex, Rasala Road, Mithakhali Six Road, Navrangpura, Ahmedabad 380 009, Gujarat, India
Phone:+91 79 61915165
E-mail:cs@gspcrop.com
GSP Crop Science IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not more than 15% of the Offer |
GSP Crop Science IPO Lot Size Details
| Application | Lots | Shares | Amount (₹) |
| Retail (Min) | 1 | 46 | ₹14,720 |
| Retail (Max) | 13 | 598 | ₹1,91,360 |
| S-HNI (Min) | 14 | 644 | ₹2,06,080 |
| S-HNI (Max) | 67 | 3,082 | ₹9,86,240 |
| B-HNI (Min) | 68 | 3,128 | ₹10,00,960 |
GSP Crop Science IPO Promoter Holding
Bhavesh Vrajmohan Shah, Tirth Kenal Shah, Vilasben Vrajmohan Shah, Falguni Kenal Shah, Alpha trust and Kappa Trust are the promoters of the company.
| Share Holding Pre-Issue | 98.32% |
| Share Holding Post Issue | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for GSP Crop Science IPO
| KPI (Sep 30, 2025) | Value |
| ROCE (%) | 15.45 |
| ROE (%) | 15.62 |
| PAT Margin (%) | 9.56 |
| EBITDA Margin (%) | 16.45 |
GSP Crop Science IPO Registrar and Lead Managers
GSP Crop Science IPO Lead Managers
Equirus Capital Pvt Ltd.
Registrar for GSP Crop Science IPO
MUFG Intime India Pvt Ltd
Contact Number:+91 810 811 4949
Email Address:gspcrop.ipo@in.mpms.mufg.com
Financial Performance of GSP Crop Science Limited
| Particulars | For the six months ended September 30, 2025 | For the year ended March 31, 2025 | For the year ended March 31, 2024 | For the year ended March 31, 2023 |
| Revenue from Operations (₹ million) | 8,442.91 | 12,873.85 | 11,521.61 | 12,033.09 |
| Gross Profit (₹ million) | 3,181.41 | 5,093.67 | 4,072.67 | 3,263.86 |
| Gross Margin (%) | 37.68% | 39.57% | 35.35% | 27.12% |
| EBITDA (₹ million) | 1,388.56 | 1,640.33 | 1,304.05 | 812.82 |
| EBITDA Margin (%) | 16.45% | 12.74% | 11.32% | 6.75% |
| Restated Net Profit (₹ million) | 810.65 | 814.20 | 555.40 | 175.73 |
| PAT Margin (%) | 9.56% | 6.26% | 4.80% | 1.46% |
| Return on Equity (%) | 15.62%* | 18.38% | 15.00% | 4.79% |
GSP Crop Science Peer Comparison
| Name of the company | Face Value (₹ per share) | Basic EPS 2025 (₹) | P/E as on March 5, 2026 | RONW (%) | NAV (₹) |
| GSP Crop Science Limited | 10.00 | 21.20 | N.A. | 18.38% | 115.34 |
| Listed peers | |||||
| PI Industries Limited | 1.00 | 109.44 | 28.25 | 16.35% | 669.47 |
| Sumitomo Chemical India Limited | 10.00 | 10.13 | 39.23 | 17.42% | 58.12 |
| Dhanuka Agritech Limited | 2.00 | 65.55 | 15.13 | 21.18% | 311.17 |
| Rallis India Limited | 1.00 | 6.43 | 40.12 | 6.61% | 97.92 |
| Bharat Rasayan Limited | 10.00 | 339.14 | 4.14 | 12.47% | 2,719.44 |
| India Pesticides Limited | 1.00 | 7.14 | 21.57 | 9.15% | 78.01 |
| Excel Industries Limited | 5.00 | 67.87 | 13.13 | 5.37% | 1,263.83 |
| Heranba Industries Limited | 10.00 | 0.77 | 252.92 | 0.37% | 210.13 |
Strengths and Opportunities of GSP Crop Science Limited
- Well-diversified agrochemical portfolio covering insecticides, herbicides, fungicides, and plant growth regulators.
- Strong domestic and international B2B customer relationships enabling wider market reach.
- Robust in-house R&D capabilities focused on innovation and new product development.
- Advanced manufacturing facilities capable of producing a wide range of products sustainably.
- Experienced promoters and a professional management team are driving strategic growth.
- Strategy to expand into international markets by leveraging a diversified product portfolio.
- Focus on expanding product range and customer base while increasing wallet share with existing clients.
Risks and Threats of GSP Crop Science Limited
- Dependence on regulatory approvals (CIBRC registrations) may impact operations if approvals are delayed or denied.
- Increasingly stringent agrochemical regulations could raise compliance costs and operational risks.
- Failure to meet strict quality and technical standards may lead to loss of customers and reputational damage.
- Exposure to international regulatory requirements could affect expansion and overseas sales.
- High dependence on raw material costs may pressure profitability if prices increase.
- Reliance on a limited number of suppliers creates supply chain disruption risk.
- Significant dependence on raw material imports from China exposes the company to geopolitical and supply risks.
