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GSP Crop Science IPO
1.60xsubscribed

GSP Crop Science IPO

Pesticides & Agrochemicals
listed
₹13,984Min. investment

GSP Crop Science Limited IPO Details

SectorPesticides & Agrochemicals
Price range₹304 – ₹320
IPO type
Regular
Lot size46 shares
Issue size₹400Cr
Red Herring Prospectus
Read
Market cap
₹1,488CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹1,287.3CrLower than sector avg
Growth rate3Y CAGR
3.43%

GSP Crop Science IPO Subscription Status

Date
QIB
NII
Retail
Total
16-Mar-26
1.1 times (X)
0.28 times (X)
0.11 times (X)
0.47 times (X)
17-Mar-26
1.1X
2.33X
0.2X
0.96X
18-Mar-26
2.43X
3.04X
0.4X
1.6X

As on 16-Mar-26, 5:00 PM

GSP Crop Science IPO Timeline

  1. Pre-apply
    13 Mar 2026
  2. Bid start
    16 Mar 2026
  3. Bid end
    18 Mar 2026
  4. Allotment
    20 Mar 2026
  5. Release of funds
    23 Mar 2026
  6. Demat transfer
    23 Mar 2026
  7. Listing
    24 Mar 2026

About GSP Crop Science Limited

Incorporated in 1985, GSP Crop Science is an agrochemical company based in India. It has more than four decades of experience in the crop protection industry. The company develops and manufactures various agrochemical products that play an important role in protecting the crops of farmers and increasing their yield. The company’s main activities include the development and manufacturing of various types of products, including insecticides, herbicides, fungicides, and plant growth regulators. Its activities include the manufacturing and marketing of two types of products: Technicals and Formulations. The company’s products are distributed among the farmers and corporate customers of various countries.
GSP Crop Science has registered 524 products as of September 30, 2025. Out of the total registered products, the company has registered 395 formulations and 129 technicals. Its branded products include names such as SLR 525, Platform, PCT-410, All Rounder, Afford, Aurthor, Liger, Raavan, Element, Runway, and Fighter, which cover insecticides, herbicides, and fungicides used for different crops.
The company has five manufacturing facilities located at Odhav (Ahmedabad), Kathwada (Ahmedabad), Nandesari (Vadodara), Samba (Jammu & Kashmir), and Saykha (Dahej, Gujarat). The total installed capacity of the company is 15,120 MTPA for technical products, 43,672 MTPA for formulations, and 5,400 MTPA for intermediates. Formulations have gradually become the company’s main revenue driver, which accounted for 59.07% of revenue in FY23 and has gradually increased to 70.56% in FY25 and further to 71.81% in H1FY26.
Among the various types of products, the sales of insecticides contribute the most to the company’s revenue. They contribute 58.79% of the company’s total product sales in H1FY26. This is followed by fungicides at 15.28%, herbicides at 14.89%, and PGRs and others at 11.05%. The PGRs and other categories have registered the fastest growth. Its share in the company’s revenue has grown from 2.23% in FY23 to 11.05% in H1FY26.
Most of the company’s revenue contribution comes from the domestic markets, which stood at 90.43% of the total revenue in H1FY26 (₹763.52 crore), while the international market contributed the remaining 9.57% of the company’s revenue (₹80.77 crore) in H1FY26. Domestic market revenue comes from both B2B and B2C sales. It has operations in 20 states, and it has a large B2C distribution network, with 5,644 distributors in FY25 and 4,801 distributors in H1FY26.
The company has 102 granted patents, along with 108 more patent applications in process. The percentage of revenue generated from patented products has grown substantially from 5.83% in FY23 to 17.10% in H1FY26. Over the past few years, the company has served 8,924 customers across India and abroad. The major B2B customers of the company are Bharat Rasayan Limited, Dharmaj Crop Guard Limited, Indogulf Cropsciences Limited, SML Limited, Willowood Chemicals Limited, Agrico Organics Limited, among others. The top 10 customers of the company generated only 22.87% of total revenue in H1FY26 compared to 32.70% in FY23.
The company currently caters to customers in 37 countries across Latin America, Asia Pacific excluding India, North America, and others. Hence, the company has a well-established presence globally. Latin America, especially Brazil, is a significant growth market with a strong base of agricultural demand. As per the ICRA Report, the Brazilian agrochemical market was estimated at $14.3 billion in 2024. It is also expected to register a ~10.0% CAGR during the period of 2025-2030 and reach $25.8 billion. Also, Latin America accounted for ~31% of the total global agrochemical market in 2025. Hence, the Latin American market plays a crucial role in the overall global agrochemical industry.
With its well-established R&D and manufacturing infrastructure and a wide range of products, the company aims at expanding its operations in Brazil, Uruguay and other Latin American markets, as these markets are considered underpenetrated with high demand potential. Hence, the company would be able to leverage the overall industry growth as the overall agrochemical industry in the world is expected to register a CAGR of ~5.6% during the period of 2025-2030 and reach $108.9 Bn. Now, GSP Crop Science Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹240 crore and an offer for sale of ₹160 crore. The total issue size of the IPO is ₹400 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for the GSP Crop Science IPO?

You can pre-apply for the GSP Crop Science IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘GSP Crop Science IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for the GSP Crop Science IPO?

If you are interested in this investment opportunity but unsure how to apply for the GSP Crop Science IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the GSP Crop Science IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘GSP Crop Science IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check GSP Crop Science IPO allotment status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the GSP Crop Science IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your GSP Crop Science IPO allotment status will be mentioned

Gsp Crop Science Limited IPO Analysis

IPO REVIEW

GSP Crop Science IPO | Analysis Video

Should you apply?

Watch our analysts break down the Gsp Crop Science Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Strong patent portfolio

The company currently enjoys 102 granted patents and has a further 108 patent applications under process. Further, its patent-based product revenue has increased significantly from 5.83% of product revenues in FY23 to 17.10% in H1FY26. Products with patent rights enjoy superior pricing power and face less competition during the patent rights validity period. These factors help the company sustain profitability in a very competitive agrochemical industry.

First-mover advantage

The company has also gained an early-mover advantage in developing complex formulation combinations. It enjoys exclusive patent rights for over 10 unique formulations. These formulations include popular products like Platform, Raavan, Afford, and Liger. Further, it has been an early mover in developing indigenous products in India in high-tech products like Chlorantraniliprole, Clothianidin, Pymetrozine, Azoxystrobin, and Pyraclostrobin.

Diversified customer relationship

The firm has built a large and diverse customer base across both domestic and international markets. It served a total of 8,924 customers during H1FY26 and the past three financial years combined. Further, the top 10 customers accounted for only 22.87% of revenues in H1FY26 compared to 32.70% in FY23.

Strong and scalable manufacturing

The company has five manufacturing plants located at various places in Gujarat and Jammu & Kashmir. The total installed capacity of the company is 15,120 MTPA for technicals, 43,672 MTPA for formulations, and 5,400 MTPA for intermediates. The newly commissioned Saykha plant at Dahej is a plant for intermediates. The backward integration strategy is also a part of this plant to reduce dependence on imported raw materials, mainly from China, which currently accounts for more than 42% of imports.

Objectives of Gsp Crop Science Limited IPO

Repayment of borrowings
70.83%
The company will make a repayment of ₹170 crore for the borrowings availed by the business.
General corporate purposes
29.17%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹1,287.3Cr3.43%₹81.42Cr₹1,488Cr15.090.58
This sector (avg.)₹2,166.44Cr---₹120.15Cr₹7,758.76Cr32.380.50
₹46,637Cr---₹820Cr₹59,422.93Cr28.320.77
₹7,977.8Cr---₹1,660.2Cr₹48,475.25Cr32.060.02
₹3,148.52Cr---₹506.44Cr₹20,447.5Cr38.480.02

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

GSP Crop Science IPO Contact Details

Company NameGSP Crop Science Limited

How to apply for GSP Crop Science IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Gsp Crop Science Limited IPO FAQs