GSP CROP SCIENCE LIMITED

Manufactures and sells agrochemical products, including technicals (active ingredients) and formulations, through three revenue streams. Domestic B2B contributes 40% of revenue (sells technicals to other formulators), domestic B2C contributes 40% (sells formulations through 5,000 distributors and 24 C&F locations to farmers), and exports contribute 20% across 37 countries. The business runs an integrated model with two technical manufacturing plants and one intermediate plant, with a current product mix of about 75% formulations and 25% technicals. Technical plants are presently operating at 70-75% utilisation, with management indicating peak technicals revenue potential of INR1,900-2,000 crores at around 90% utilisation. R&D is patent-led, with 102 patents received, 108 in the pipeline and 12 commercialised so far; a 10-15% price hike was implemented from 1 April 2026 to pass on raw material cost inflation. Raw materials are the largest cost at 61.5% of revenue, followed by other operating expenses at 17.5%. The firm listed on NSE and BSE in March 2026 through an IPO of 75 lakh fresh shares at Rs 320 each.