GSP Crop Science Ltd IPO

About GSP Crop Science Ltd

The Company was originally incorporated as Gujarat Superphosphate Industries Private Limited as a private limited company under the Companies Act, 1956 through a certificate of incorporation dated February 12, 1985 issued by the Registrar of Companies, Gujarat at Ahmedabad (RoC). The name of the Company was thereafter changed to GSP Crop Science Private Limited and a fresh certificate of incorporation dated September 19, 2003 was issued by the RoC. The name of the Company was thereafter changed to GSP Crop Science Limited upon conversion to a public limited company pursuant to a Board resolution dated September 26, 2024, a special resolution passed in the extraordinary general meeting of the Shareholders held on October 7, 2024, and consequently a fresh certificate of incorporation dated November 6, 2024, was issued by the RoC to reflect the change in name.

As per the ICRA Report, the size of the agrochemicals market in India reached Rs. 366 billion during Fiscal 2025, reflecting a compound annual growth rate (CAGR) of 12.4% from Fiscals 2020 to 2025. The agrochemical industry is characterized by intense competition, which necessitates continuous innovation. With its varied agro-climatic conditions and extensive agriculture terrain, India stands as one of the foremost producers and consumers of agrochemicals on a global scale. Our key listed peers in the sector includes PI Industries Limited, Sumitomo Chemical India Limited, Dhanuka Agritech Limited, Rallis India Limited, Bharat Rasayan Limited, India Pesticides Limited, Excel Industries Limited, Heranba Industries Limited, Crystal Crop Protection Limited and Tagros Chemicals India Private Limited. Recent developments in agriculture practices, improved technology, rise in investments coupled with favourable government policies have led to robust growth in the sector. Agrochemicals play a key role in improving crop yield and prevention against pests and diseases. With the food demand projected to reach $1.2 trillion by Fiscal 2026, agrochemicals are essential in addressing food security challenges and driving growth in the sector. The industry has been encountering obstacles, including rigorous regulatory requirements and the prevalence of counterfeit products. Nevertheless, the Indian agrochemical market is set for consistent growth, bolstered by advancements in agriculture technology, increased mechanization, and ongoing initiatives to boost agriculture productivity to satisfy the food needs of an expanding population. Indian agrochemical companies are investing heavily in backward integration, investing on the production of off-patent molecules to reduce dependency on imports from China.

The Company is a research-driven agrochemical company, specializing in the development and manufacturing of insecticides, herbicides, fungicides and plant growth regulators in India, with over 40 years of experience in the agrochemical industry. The company operates under two distinct businesses which are categorized as (i) Formulations; and (ii) Technicals. Details of revenue generated from Formulations and Technicals for the six months ended September 30, 2025 and for Fiscals 2025, 2024 and 2023,