Mahamaya Lifesciences IPO is a book-built issue worth ₹70.44 crore. The issue comprises a fresh issue of 0.56 crore shares aggregating to ₹64.28 crore and an offer for sale of 0.05 crore shares aggregating to ₹6.16 crore. The IPO opens for subscription on November 11, 2025, and closes on November 13, 2025. The allotment is expected to be finalised on November 14, 2025, with a tentative listing on the BSE SME platform scheduled for November 18, 2025.
The IPO is priced in a band of ₹108 – ₹114 per share. Retail investors must apply for a minimum of 2 lots comprising 2,400 shares, requiring an investment of ₹2,73,600 at the upper price band. HNI investors must apply for a minimum of 3 lots (3,600 shares), amounting to ₹4,10,400.
Oneview Corporate Advisors Private Limited is the book-running lead manager to the issue, and Kfin Technologies Limited is the registrar. Mansi Share & Stock Broking Private Limited is the market maker for the IPO.
For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Mahamaya Lifesciences IPO RHP.
Industry Outlook
- India’s agrochemical sector is evolving rapidly, fuelled by rising farm output, changing crop patterns, and a growing focus on sustainable farming. As one of the world’s top five agrochemical producers, India plays a key role in crop protection through insecticides, herbicides, fungicides, and biopesticides.
- Between 2019 and 2023, the industry grew at a CAGR of 13.3% to USD 1,342 million and is expected to expand at 7.6% CAGR from 2023 to 2029. Pesticide production reached 258 thousand tonnes in 2022–23, while exports rose at a CAGR of 8.1% from 2018–19 to 2022–23, totalling ₹43,223 crore (US$5.50 billion). Despite being a major exporter, India still depends on imports, with China contributing 51.97% of total imports in 2022–23.
- Government programmes such as “Make in India” are promoting domestic manufacturing to reduce import reliance. Additionally, the global “China plus one” strategy is supporting India’s emergence as a preferred manufacturing hub.
- Globally, the Asia-Pacific region dominates crop protection demand due to commercial farming and weed management needs, followed by Europe and North America, where the United States and Canada drive regional growth.
Mahamaya Lifesciences IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Upgrade the existing pesticide formulation plant in Dahej, Gujarat, with advanced equipment to boost production of fungicides, insecticides, bio-fermented formulations, and herbicides, enhancing efficiency and product range.
- Establish a new technical-grade pesticide facility within the Dahej premises for backward integration, reducing supplier dependence, improving cost control, and ensuring consistent quality.
- Construct a dedicated warehouse with modern machinery to optimise logistics, strengthen inventory management, and support timely domestic and international deliveries.
- Fund working capital to manage higher demand, ensure smooth raw material procurement, and maintain adequate inventory across operations.
About Mahamaya Lifesciences Limited
Mahamaya Lifesciences Limited was originally incorporated as Mahamaya Life Sciences Private Limited on 7 May 2002 under the Companies Act, 1956. The company’s name was subsequently changed to Mahamaya Lifesciences Private Limited on 15 February 2016. Following its conversion into a public limited company, it was renamed Mahamaya Lifesciences Limited on 19 November 2024, pursuant to a special resolution passed at the Extra-Ordinary General Meeting held on 29 October 2024.
The company is engaged in the manufacturing and supply of pesticide formulations, catering to both domestic agrochemical firms and multinational corporations. Initially focused on importing and registering technical-grade pesticide molecules not produced in India, Mahamaya Lifesciences has evolved into a full-fledged manufacturer, offering both bulk formulations and branded products.
Its manufacturing facility, located in Dahej, Gujarat, commenced operations in December 2021. From this site, the company produces a wide range of crop protection solutions, including insecticides, fungicides, herbicides, and bio-fermented formulations. These products are marketed across key agricultural states such as Punjab, Haryana, Rajasthan, Uttar Pradesh, Gujarat, Maharashtra, Andhra Pradesh, and Telangana through an established dealer network.
Internationally, Mahamaya Lifesciences exports to countries including the Dominican Republic, Turkey, Egypt, and the United Arab Emirates, maintaining strict compliance with global manufacturing standards. The company benefits from the extensive experience of its promoters and senior management, who bring over three decades of industry expertise.
How To Check the Allotment Status of the Mahamaya Lifesciences 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.
How To Apply for Mahamaya Lifesciences 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 Mahamaya Lifesciences 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.
Contact Details of Mahamaya Lifesciences IPO
Registered office: Unit No: DPT – 033, Ground Floor, Plot No: 79 – 80, DLF Prime Tower, F – Block, Okhla, Phase – 1, New Delhi – 110020, India.
Phone: +91 11 4656 1474
E-mail: cs@mahamayalifesciences.com
Mahamaya Lifesciences IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 3,09,600 (5.01%) |
| QIB Shares Offered | 29,28,000 (47.39%) |
| − Anchor Investor Shares Offered | 17,52,000 (28.36%) |
| − QIB (Ex. Anchor) Shares Offered | 11,76,000 (19.03%) |
| NII (HNI) Shares Offered | 8,82,000 (14.27%) |
| − bNII > ₹10L | 5,88,000 (9.52%) |
| − sNII < ₹10L | 2,94,000 (4.76%) |
| Retail Shares Offered | 20,59,200 (33.33%) |
| Total Shares Offered | 61,78,800 (100.00%) |
Mahamaya Lifesciences IPO Promoter Holding
The promoters of the company are Mr. Krishnamurthy Ganesan, Mrs. Lalitha Krishnamurthy, and Mr. Prashant Krishnamurthy.
| Share Holding Pre-Issue | 77.27% |
| Share Holding Post Issue | 56.35% |
Key Performance Indicators for Mahamaya Lifesciences IPO
| KPI | Value |
| EBITDA Margin (%) | 9.2 |
| PAT Margin (%) | 4.8 |
| Net Profit Margin (%) | 51.74 |
| Return on Capital Employed (ROCE) (%) | 32.07 |
Mahamaya Lifesciences IPO Prospectus
Mahamaya Lifesciences IPO Registrar and Lead Managers
Oneview Corporate Advisors Private Limited
Registrar for Mahamaya Lifesciences IPO
KFin Technologies Limited
- Contact Number: +91 40 6716 2222
- Email Address: ipo@kfintech.com
Mahamaya Lifesciences IPO Registrar
Financial Performance of Mahamaya Lifesciences Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 | Year ending on March 31, 2022 |
| Total Income (₹ Lakh) | 26,717.31 | 16,282.75 | 13,739.91 |
| EBITDA (₹ Lakh) | 2,464.44 | 1,335.84 | 891.37 |
| PAT (₹ Lakh) | 1,294.31 | 521.86 | 375.06 |
| EBIT (₹ Lakh) | 2,287.16 | 1,187.75 | 764.15 |
| Return on Equity (RoE) (%) | 34.94% | 23.67% | 21.34% |
| Return on Capital Employed (RoCE) (%) | 23.15% | 16.16% | 20.00% |
| Capital Employed (₹ Lakh) | 9,881.26 | 7,352.18 | 3,820.69 |
Mahamaya Lifesciences Limited Peer Details Comparison
| Current Market Price (₹) | Face Value (₹) | EPS (Basic & Diluted) (₹) | P/E Ratio | RoNW (%) | NAV per Share (₹) | |
| Mahamaya Lifesciences Limited | [●] | 10 | 7.6 | [●] | 26.19 | 27.82 |
| Nova Agritech Limited | 51.63 | 2 | 3.05 | 16.93 | 12.47 | 23.76 |
| Bhagiradha Chemicals & Industries Limited | 282.3 | 1 | 1.14 | 247.63 | 2.03 | 52.61 |
Strengths and Opportunities of Mahamaya Lifesciences IPO
- Over two decades of experience in agrochemical manufacturing and regulatory compliance.
- Offers 278 registered products including insecticides, fungicides, herbicides, and biopesticides.
- Operates from Dahej, Gujarat—an industrial hub with strong infrastructure and logistics.
- Led by professionals with over 30 years of domain expertise in agrochemicals and international trade.
Risks and Threats of Mahamaya Lifesciences IPO
- Over 70% of revenue comes from top ten customers, posing dependency concerns.
- Absence of binding agreements with customers and suppliers may lead to demand and supply volatility.
- Heavy reliance on imported inputs (over 79% in Q1 FY26) exposes the company to global price shifts.
- Failure to obtain or renew product registrations from Indian and overseas authorities could impact operations.
