NSE: GSPCROP · BSE: 544733
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic B2B (40%), Domestic B2C (40%), Exports (20%). Integrated, patent-led agrochemical manufacturer with formulation and technicals capabilities
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,517 |
| EBITDA (ex other income) | 181 |
| margin % | 11.9 |
| Owners' profit | (3) |
| EPS, as reported (₹) | 24.93 |
| ROE % · ROCE % | 12.3 · 20.2 |
| Debt / equity (x) | 0.34 |
| Cash from operations | 59 |
| Capex | (77) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 270 | 402 | 386 |
| Profit before tax | (8) | 27 | 35 |
| Net profit | (6) | 20 | 26 |
| EPS (₹) | (1.38) | 5.09 | 5.67 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UPL LIMITED | 43,856 | 21.5 | 1.06 | 6.0 | 5.4 | 5.5 | 6.0 | 16.3 |
| PI INDUSTRIES LTD | 31,709 | 27.2 | 2.82 | 15.0 | 11.8 | 14.5 | 8.0 | 25.3 |
| SUMITOMO CHEM INDIA LTD | 16,936 | 29.2 | 4.99 | 21.1 | 16.0 | 20.8 | 4.1 | 28.9 |
| BAYER CROPSCIENCE LTD | 14,727 | 21.4 | 4.97 | — | 23.2 | 27.3 | — | 22.7 |
| SHARDA CROPCHEM LTD. | 5,819 | 9.3 | 1.86 | 4.7 | 21.7 | 25.2 | 17.1 | 20.5 |
| DHANUKA AGRITECH LTD | 3,842 | 13.2 | 2.74 | 8.6 | 21.2 | 27.0 | 12.7 | 27.4 |
| RALLIS INDIA LTD | 3,610 | 22.5 | 2.13 | 12.2 | 9.7 | 12.5 | — | 0.9 |
| NACL INDUSTRIES LIMITED | 2,645 | 221.4 | 3.87 | 33.4 | 0.7 | 1.4 | 5.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 47.5 | 19.0 | 22 of 24 | 9% |
| P/B | 2.7 | 2.1 | 18 of 28 | 37% |
| ROCE | 15.6 | 12.5 | 8 of 29 | 75% |
| ROE | 12.3 | 9.2 | 7 of 28 | 78% |
| Debt / Equity | 0.3 | 0.3 | 16 of 29 | 46% |
| EBITDA margin | 13.2 | 14.8 | 16 of 28 | 44% |
| Market cap | 2075 | 1362 | 10 of 29 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · RTA compliance certificate for Q2 FY27 filed with BSE and NSE | compliance | minimal | — | — |
| 12 Oct 2026 · CFO Mr. Pranav Chitre resigns, last day October 30, 2026 | management changes | high | — | — |
| 12 Oct 2026 · CFO Mr. Pranav Chitre resigns, last working day October 30, 2026 | management changes | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · GSP Crop Science to interact with investors at Arihant Bharat Connect on Sept 30 | board shareholder meetings | low | — | — |
| 19 Sept 2026 · 41st AGM voting results: all 7 resolutions approved with near-unanimous support | board shareholder meetings | low | — | — |
| 18 Sept 2026 · GSP Crop Science schedules virtual investor and analyst meet on Sep 24, 2026 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · GSP Crop Science appoints Independent Director and amends MOA | management changes | medium | — | — |
| 18 Sept 2026 · GSP Crop Science: New Independent Director appointed, MOA objects amended at AGM | management changes | medium | — | — |
| 18 Sept 2026 · 41st AGM concluded; all 7 resolutions passed; Rs 1 final dividend declared | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.