Updated on 24.03.2026|12:32 PM
GSP Crop Science Limited has announced its Initial Public Offering (IPO). It is an Ahmedabad-based agrochemical company with over four decades of operational history.
The subscription will open on March 16, 2026, and close on March 18, 2026, with a price band of ₹304 to ₹320 per share. You can track all the upcoming and live IPOs at our IPO hub page which is updated regularly.
The company manufactures crop protection solutions, including insecticides, herbicides, fungicides, and plant growth regulators. The IPO comprises a fresh issue of shares worth ₹240 crore and an Offer for Sale (OFS) of 50 lakh equity shares by promoters, aiming to raise approximately ₹400 crore at the upper price band.
Proceeds from the fresh issue will be utilised to repay outstanding borrowings (₹170 crore) and for general corporate purposes. The company had 524 registrations across agrochemical formulations and technicals and had been granted 102 patents as of September 2025.
In this article, you will find the GSP Crop Science IPO GMP today, allotment date, price band, and a detailed review. For the daywise subscription of the IPOs, check our updated daywise IPO subscription page.
Briefs of GSP Crop Science IPO Details:
- Price Band: ₹304 – ₹320 per equity share
- IPO Open / Close Dates: March 16, 2026 – March 18, 2026
- Lot Size: 46 Shares (Minimum Investment: ₹14,720)
- Issue Size: 1,25,00,000 Equity Shares / ~₹400 Crores
- Fresh Issue: ₹240 Crores
- Offer for Sale (OFS): ₹160 Crores
- Registrar: MUFG Intime India Pvt. Ltd.
- Listing Exchange: BSE, NSE
For the investors who have registrar level queries like refunds, credit of shares, and allotment, can find our detailed MUFG IPO allotment guide quite useful.
WHAT IS THE GSP Crop Science IPO GMP Today?
For the GMP of this and other IPOs, check our regularly updated IPO GMP section.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 320.00 | 328.00 | 2.50 |
What Are The Important GSP Crop Science IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Monday, March 16, 2026
- IPO Close Date: Wednesday, March 18, 2026
- Basis of Allotment Date: Friday, March 20, 2026
- Refund Initiation Date: Monday, March 23, 2026
- Credit of Shares: Monday, March 23, 2026
- Listing Date: Tuesday, March 24, 2026
What Are The Objectives of GSP Crop Science IPO?
The company proposes to utilise the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Debt Repayment: A significant portion of ₹170 Crores is earmarked for the prepayment or repayment of outstanding borrowings. This move will deleverage the balance sheet and reduce finance costs, directly aiding profitability.
- General Corporate Purposes: The remaining funds will be used to meet ongoing operational contingencies and strategic business initiatives.
How is The Financial Performance of GSP Crop Science?
The following table summarises the company's financial performance based on restated consolidated financial statements for continuing operations.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Sep 25 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 847.61 | 1,301.06 | 1,158.23 | 1,206.05 |
Profit After Tax (PAT) | 81.07 | 81.42 | 55.54 | 17.57 |
EBITDA | 138.86 | 164.03 | 130.41 | 81.28 |
Total Borrowing | 321.13 | 295.60 | 235.44 | 324.26 |
Assets | 1,491.69 | 1,228.50 | 980.34 | 1,132.13 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported a Total Income of ₹1,301.06 Crores in FY25, recovering from a slight dip in FY24. The strong momentum continued in H1 FY26, with ₹847.61 Crores, largely driven by the 'Kharif' cropping season and the successful sales of branded formulations such as PCT410 and Liger.
Profit After Tax (PAT):
GSP Crop Science has demonstrated exceptional bottom-line growth. PAT surged from ₹17.57 Crores in FY23 to ₹81.42 Crores in FY25. Notably, profit for the first half of FY26 (₹81.07 Crores) nearly matches the entire FY25 profit, reflecting the impact of high-margin patented products and the strategic exit from the low-margin plasticiser business.
EBITDA:
Operational efficiency has improved remarkably, with EBITDA jumping to ₹164.03 Crores in FY25. The EBITDA margin expanded significantly from 6.75% in FY23 to 12.74% in FY25, indicating stronger pricing power derived from an extensive patent portfolio.
Total Borrowing:
Total borrowings stood at ₹321.13 Crores as of September 2025. The planned utilisation of ₹170 Crores from the IPO proceeds for debt repayment is a prudent step that will dramatically improve the Debt-to-Equity ratio and free up cash flows.
Assets:
The asset base has expanded consistently to ₹1,491.69 Crores by September 2025, driven by ongoing capital expenditure, including the new R&D pilot plant and capacity expansion at Saykha, Gujarat, which supports its backward integration strategy.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹21.20, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 15.09x at the upper end of the price band (₹320).
P/E Ratio = ₹320(Price) / ₹21.20Earnings Per Share)
P/E Ratio ≈ 15.09x
Peer Comparison Table (FY 2025 Data):
| Company | P/E Ratio | RoNW (%) | EPS (₹) |
GSP Crop Science | 15.09 | 18.38 | 21.20 |
| PI Industries | 28.25 | 16.35 | 109.44 |
| Sumitomo Chemical | 39.23 | 17.42 | 10.13 |
| Dhanuka Agritech | 15.13 | 21.18 | 65.55 |
| Rallis India | 40.12 | 6.61 | 6.61 |
Analysis:
GSP Crop Science is entering the market at a P/E multiple of approximately 15.09x based on its FY25 EPS.
Compared with the broader agrochemical industry's average P/E of 30.81x and peers such as PI Industries (28.25x), the issue is priced very attractively.
Additionally, GSP has a Return on Net Worth (RoNW) of 18.38%, compared with larger peers such as PI Industries and Rallis India, indicating highly efficient capital utilisation.
What Are The Industry Outlook GSP Crop Science ?
Growth Potential:
The Indian agrochemical industry is structurally poised for growth, benefiting from the global "China Plus One" sourcing strategy. Domestic demand is also rising as farmers increasingly adopt crop protection chemicals to improve yields amid shrinking arable land.
Market Trends:
There is a clear shift towards patented and proprietary formulations that deliver better efficacy and margins than generic technicals. GSP's focus on building a robust R&D pipeline (102 granted patents) aligns perfectly with this industry transition.
What Are The Strengths and Risks of GSP Crop Science IPO?
Strengths:
- Strong R&D Moat: With 102 patents and a growing share of revenue from patented products (17.1% in H1 FY26), the company has strong protection against generic pricing pressure.
- Deleveraging Strategy: Using IPO proceeds to repay substantial debt (₹170 Crores) will immediately boost post-listing net profitability.
- Backward Integration: The new facilities in Gujarat reduce import dependence and improve gross margins by manufacturing key intermediates in-house.
Risks:
- Raw Material Dependence: The company relies heavily on China, which accounted for over 42% of its raw material purchases in H1 FY26, exposing it to supply chain and geopolitical risks.
- Weather Sensitivity: The agrochemical business is highly dependent on the Indian monsoon and the 'Kharif' crop cycle. Erratic weather patterns can directly impact farmer demand.
- High Sales Returns: The B-to-C model involves stocking distributors, resulting in relatively high sales returns (over 8% of gross revenue), which can affect cash flow and inventory management.
Key Considerations for Investors
This section is neutral and for informational purposes only.
- Valuation: At ~15x P/E, the valuation leaves room for upside relative to industry averages, especially given the recent surge in profitability.
- Financial Health: The transition to a pure-play agrochemical company and the focus on debt reduction are strong positive indicators for future margin sustainability.
- Risk Profile: Investors must weigh the attractive valuation and R&D strengths against the inherent risks of monsoon dependency and supply chain concentration in China.
Key Takeaways
- IPO Price: ₹320 per share (Upper Band).
- Min Investment: ₹14,720 (46 Shares).
- Financials: Revenue ₹1,301 Cr (FY25);
- Allotment: March 20, 2026
- Listing: BSE & NSE on March 24, 2026.
FAQs on GSP Crop Science IPO
What is GSP Crop Science IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can find more details about GMP of this and other IPOs at our updated gmp section.
What is GSP Crop Science IPO price band?
The price band is fixed at ₹304 to ₹320 per equity share.
What is GSP Crop Science IPO allotment date?
The allotment status is expected to be finalised on Friday, March 20, 2026.
How to check GSP Crop Science IPO allotment status?
Investors can check the status on the website of MUFG Intime India Pvt. Ltd. (the Registrar) or via the BSE/NSE IPO allotment portals. You can also check our detailed IPO allotment information guide which has all the key information.
What is GSP Crop Science IPO listing date?
The shares are tentatively scheduled to list on Tuesday, March 24, 2026.
Investment Perspective on GSP Crop Science IPO
GSP Crop Science offers a compelling value proposition in the agrochemical space, backed by strong R&D, expanding margins, and an attractive valuation multiple. The debt reduction strategy adds to its appeal. However, dependence on seasonal factors and imported raw materials is a key risk.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
