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Listed
Pesticides & Agrochemicals
GSP Crop Science Limited IPO
₹400 Cr · Fresh Issue & OFS · Pesticides & Agrochemicals
Price Band
₹304 – ₹320
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹400 Cr
Fresh Issue & OFS
Market Cap
₹1488.60 Cr
At upper band
P/E Ratio
18.1x
P/S: 1.2x
Listing Date
24 Mar 2026
BSE & NSE
IPO Timeline
✓
Opens
16 Mar 2026
✓
Closes
18 Mar 2026
✓
Allotment
19 Mar 2026
✓
Refund
20 Mar 2026
✓
Listing
24 Mar 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 0.7× sector midpoint (18.1x P/E vs. 26x sector average) with strong balance sheet (0.58x D/E) and 20.8% PAT CAGR, meeting Subscribe criteria. However, revenue declined 14.5% over two years and NPM of 9.6% is below the 15% threshold that would justify premium valuations, warranting caution on execution risk.
Listing Performance
Issue Price
₹320
Allotment price
Listing Price
₹332.3
+3.84% on listing day
Current Price (CMP)
₹471.5
+47.3% vs issue
Listed On
24 Mar 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Valuation discount to sector peers
At 18.1x P/E, the company trades at 0.7× the chemicals/agrochemicals sector midpoint of 26x, placing it in the lower quartile despite profitable operations. This 30% discount to sector norms provides a margin of safety for retail investors and aligns with Subscribe criteria for SME IPOs.
✓ Strength
Strong balance sheet and cash generation
Debt-to-equity ratio of 0.58x is conservative and well below the 1.5x threshold, with 40% of IPO proceeds (₹170 Cr) earmarked for debt repayment. ROCE of 19.8% and EBITDA margin of 12.74% demonstrate efficient capital deployment and operational discipline.
⚠ Risk
Sharp revenue contraction in latest year
Revenue collapsed 35% from ₹1,301 Cr (FY-1) to ₹848 Cr (FY0), despite two-year CAGR of -14.5%. This recent deterioration raises questions about market share loss, pricing pressure, or one-time disruptions that are not fully explained in the prospectus narrative.
⚠ Risk
Thin net profit margins limit upside
NPM of 9.6% is significantly below the 15% threshold that would justify premium valuations, indicating limited pricing power or cost control challenges in the agrochemical sector. Any margin compression from input costs or competition could materially impact earnings.
₹ Valuation
Fair valuation with margin caveat
P/E of 18.1x is 30% below the 26x sector midpoint and P/S of 1.2x is reasonable for agrochemicals. However, the valuation assumes stabilization of revenues; if the downtrend continues, the multiple could re-rate downward despite current discount positioning.
👁 Watch
Monitor revenue stabilization post-listing
Investors must track Q1 FY2026 revenue trends closely to confirm whether the FY0 decline was cyclical or structural. Sustained revenue recovery above ₹1,100 Cr annually would validate the valuation; further contraction would signal deeper competitive or market headwinds.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "GSP Crop Science Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹1287.39 Cr
Net Profit
₹82.14 Cr
Industry
Pesticides & Agrochemicals
Issue Type
Fresh Issue & OFS
Promoters
BHAVESH VRAJMOHAN SHAH, TIRTH KENAL SHAH, VILASBEN VRAJMOHAN SHAH, FALGUNI KENAL SHAH, ALPHA TRUST AND KAPPA TRUST
Lead Managers
Equirus Capital and Motilal Oswal Investment Advisors
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.7× sector midpoint (18.1x P/E vs. 26x sector average) with strong balance sheet (0.58x D/E) and 20.8% PAT CAGR, meeting Subscribe criteria. However, revenue declined 14.5% over two years and NPM of 9.6% is below the 15% threshold that would justify premium valuations, warranting caution on execution risk.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹304 – ₹320.
The IPO opens on 16 Mar 2026. It closes on 18 Mar 2026. Allotment is expected on 19 Mar 2026. Refunds initiate on 20 Mar 2026. Listing on BSE and NSE is on 24 Mar 2026.
The lead managers for the IPO are Equirus Capital and Motilal Oswal Investment Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 24 Mar 2026 at ₹332.3 against an issue price of ₹320 (+3.84% on listing day). The current market price (CMP) is approximately ₹471.5 (+47.3% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 18 Mar 2026. The company trades at 0.7× sector midpoint (18.1x P/E vs. 26x sector average) with strong balance sheet (0.58x D/E) and 20.8% PAT CAGR, meeting Subscribe criteria. However, revenue declined 14.5% over two years and NPM of 9.6% is below the 15% threshold that would justify premium valuations, warranting caution on execution risk.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 18 Mar 2026. The IPO is priced at a P/E of 18.1x. Market cap at issue price is ₹1488.60 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 18 Mar 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'GSP Crop Science Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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