As an investor, it can be very challenging to decide whether the GSP Crop Science IPO is a good or bad investment. Not anymore. On this blog, we will provide you with all the necessary details related to the GSP Crop Science IPO to help you decide whether to Apply or Not. Read on to know the IPO risks, strengths, valuation, financial details, and expert opinion to make your investment decision better.
Strengths:
- GSP Crop Science offers a wide range of crop protection solutions to help farmers increase productivity and maximize farm production.
- The firm is backed by a diversified customer base both domestically and internationally.Â
- The company is supported by experienced promoters who have 40 years of experience in the agrochemicals industry.
- With support of strong in-house R&D, the firm is focused on offering innovative and most effective techno-chemical crop protection solutions.
Weaknesses:Â
- The firm relies only on a few suppliers for its raw materials. Unable to buy raw materials on time from these suppliers can negatively impact the business and its operations.
- Around 62% of the company’s revenue comes from the states of Gujarat, Maharashtra, Andhra Pradesh, Rajasthan, and Karnataka. Any problem occurs in these regions can badly affect the business.
- GSP Crop Science does not have a long-term agreement with its customers. Unable to keep or attract new ones can impact the financial condition.
- Over the past five years, the company’s sales have increased by only 7.34%, which is considered weak and slow growth.
GSP Crop Science IPO ReviewÂ
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Canara Bank | |
| DRChoksey FinServ | |
| Emkay Global | |
| Hem Securities | |
| IDBI Capital | |
| Marwadi Shares | |
| Nirmal Bang | |
| SBICAP Securities | |
| Sharekhan | |
| SMC Global | |
| Sushil Finance | |
| Swastika Investmart | |
| Ventura Securities | |
| Geojit | |
| Reliance Securities | |
| Capital Market | |
| BP Wealth | |
| ICICIdirect | |
| Choice Broking |
Promoters & Track Records, if anyÂ
- Bhavesh Vrajmohan Shah, aged 54 years, is a Promoter and is also the Chairman and Managing Director of the Company. He holds 9,535,650 of Equity shares, representing 24.44% of paid-up capital.
- Tirth Kenal Shah, aged 30 years, is a Promoter and is also the Whole-Time Director of the Company. He holds 2,005,800 equity shares, representing 5.14% of paid-up capital.
- Falguni Kenal Shah, aged 54 years, is a Promoter of the Company. She holds 1,500 equity shares, representing -% of paid-up capital.
- Vilasben Vrajmohan Shah, aged 79 years, is a Promoter of the Company. She holds 8,512,500 equity shares, representing 21.82% of paid-up capital.
- Alpha Trust holds 4,855,575 equity shares, representing 12.44% of paid-up capital.
- Kappa Trust holds 10,423,875 equity shares, 26.71% of paid-up capital.Â
Peer Comparison with the Company
| Name of the Company | Face Value(â‚ą) | EPS Basic(â‚ą) | EPS Diluted | RONW (%) | P/E Ratio | NAV(â‚ą) |
| GSP Crop Science | 10 | 21.20 | 21.20 | 18.38% | 15.34 | 115.34 |
| Peers group | ||||||
| PI Industries Limited | 1 | 109.44 | 109.42 | 16.35% | 28.25 | 669.47 |
| Sumitomo Chemical India Limited | 10 | 10.13 | 10.13 | 17.42% | 39.23 | 58.12 |
| Dhanuka Agritech Limited | 2 | 65.55 | 65.55 | 21.18% | 15.13 | 311.17 |
| Rallis India Limited | 1 | 6.43 | 6.43 | 6.61% | 40.12 | 97.92 |
| Bharat Rasayan Limited | 10 | 339.14 | 339.14 | 12.47% | 4.14 | 2,719.44 |
| India Pesticides Limited | 1 | 7.14 | 7.14 | 9.15% | 21.57 | 78.01 |
| Excel Industries Limited | 5 | 67.87 | 67.87 | 5.37% | 13.13 | 1,263.83 |
| Heranba Industries Limited | 10 | 0.77 | 0.77 | 0.37% | 252.92 | 210.13 |
Industry Peer Group P/E ratioÂ
The industry peer group P/E ratio ranges from the lowest of 4.14 to the highest of 252.92, with an average P/E ratio of 51.81.
Expansion
- Funds of â‚ą170 crore will be used to repay and/or prepay certain outstanding borrowings of the company.
- Lastly, the remaining funds will be used for general corporate purposes.
GSP Crop Science IPO—Should You Apply or Not?
GSP Crop Science, which operates in the crop protection segment, is coming with its IPO and will open for subscription from March 16 onwards. GSP Crop Science has been engaged in providing a wide range of agrochemical solutions to help protect crops from diseases, insects, and weeds since 1985, improving crop protection.Â
The firm has built a strong network spanning 20 states in India, while it also exports its products to 37 countries. Moreover, GSP Crop Science has been one of the few companies to introduce and manufacture its own formulations in the Indian agrochemicals market. As of March 10, 2026, 108 patent applications are under process. Financially, in FY25, the firm reported a revenue of â‚ą1,301.06 crore, a 12.33% of growth over the previous year of â‚ą1,158.23 crore. Additionally, in FY25, the PAT rose to â‚ą81.42 crore, compared to â‚ą55.54 crore in FY24, indicating a strong improvement in profitability.
Moving on to its valuation, the company is asking for a PE of 15.34x on the upper price band. When compared to the industry’s average PE, the IPO seems to be reasonably priced. As of March 14, there has been no movement in the GSP Crop Science GMP.Â
If GMP and subscription numbers stay in support, then investors can apply for short-term goals after evaluating market sentiment. Investors with long-term goals and a high risk appetite can apply for this IPO, given the reasonable valuations and growing financial performance. Connect with IPO Watch to get the latest updates on GMP and IPO insights.
Please note:Â
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
