Indogulf Cropsciences
Book Building issueMainboardNSE₹200 Cr issue
0.00%
Listing gain over issue price
Issue size
₹200 Cr
1 lot at cut-off
₹14,985
Lot size
135shares
Open
26 Jun 2025
Close
30 Jun 2025
Allotment
01 Jul 2025
Listing
03 Jul 2025
Listing performance
Issue price
₹111
Listed at
₹111
Listing-day close
₹110.80
Latest price
₹58.66
Close on 23 Oct 2026
Listing gain
0.00%
Return since issue
-47.15%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Jun 2025 – 30 Jun 2025
- Listing date
- 03 Jul 2025
- Face value
- ₹10 per share
- Issue price
- ₹111 per share
- Lot size
- 135 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹200 Cr
- Market cap at offer price
- ₹702 Cr
- Promoter holding
- 96.86% → 68.00% pre-issue → post-issue
- ISIN
- INE05J901018
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Systematix Corporate Services Ltd.
- Registered office
- 501, Gopal Heights, Plot No-D-9, Netaji Subhash Place, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 52,43,242 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 135 shares per lot, in multiples, at ₹111
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 135 | ₹14,985 |
| Retail (max) | 13 | 1,755 | ₹1,94,805 |
| S-HNI (min) | 14 | 1,890 | ₹2,09,790 |
| S-HNI (max) | 66 | 8,910 | ₹9,89,010 |
| B-HNI (min) | 67 | 9,045 | ₹10,03,995 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
52,43,242
Anchor portion
₹58.20 Cr
at ₹111 per share
Valuation and performance
Valuation at offer price
₹111 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.79 | 4.57 |
| P/E (×) | 19.17 | 24.29 |
| Price to book (×) | 1.13 | — |
| Market cap | — | ₹702 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 12.19%
- ROCE
- 11.93%
- Debt / equity
- 0.67
- PAT margin
- 5.11%
- EBITDA margin
- 10.09%
- NAV per share
- ₹97.98
- Price to book
- 1.13
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Indogulf Cropsciences
Indogulf Cropsciences Limited is an Indian agrochemical company incorporated in 1993, originally as Jai Shree Rasayan Udyog Limited and renamed in 2015. The company manufactures crop protection products, plant nutrients, and biologicals at facilities in Samba (Jammu & Kashmir) and multiple locations in Haryana (Nathupur and Barwasni). It is one of the first indigenous manufacturers of key technical products like Pyrazosulfuron Ethyl and Spiromesifen. The company generates revenue through domestic B2C and B2B sales as well as exports to over 34 countries. For Fiscal 2024, the company reported gross revenue of ₹5,718.95 million with crop protection accounting for 91.55%, plant nutrients for 3.40%, and biologicals for 5.05%. The company has been recognized as a 'Two Star Export House' by the Government of India.
Company Analysis
from RHPIndogulf Cropsciences Limited manufactures and exports crop protection products, plant nutrients, and biologicals for the agriculture and agrochemical industries.
Indogulf Cropsciences Limited is an Indian agrochemical company incorporated in 1993, originally as Jai Shree Rasayan Udyog Limited and renamed in 2015. The company manufactures crop protection products, plant nutrients, and biologicals at facilities in Samba (Jammu & Kashmir) and multiple locations in Haryana (Nathupur and Barwasni). It is one of the first indigenous manufacturers of key technical products like Pyrazosulfuron Ethyl and Spiromesifen. The company generates revenue through domestic B2C and B2B sales as well as exports to over 34 countries. For Fiscal 2024, the company reported gross revenue of ₹5,718.95 million with crop protection accounting for 91.55%, plant nutrients for 3.40%, and biologicals for 5.05%. The company has been recognized as a 'Two Star Export House' by the Government of India.
AgrochemicalsCrop protectionPlant nutrientsBiologicalsAgriculture
Objects of the Issue
- Funding working capital requirements of our Company ₹650.00 million p.24
- Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by our Company ₹341.17 million p.24
- Capital expenditure of our Company for setting up an in-house dry flowable (DF) plant at Barwasni, District Sonipat, Haryana ₹140.00 million p.24
- General corporate purposes p.24
- Repayment or prepayment of certain borrowings availed by our Company p.59
- Funding capital expenditure for setting up an in-house dry flowable plant at Barwasani, Sonipat, Haryana p.59
- Funding working capital requirements p.59
- General corporate purposes p.59
- Funding working capital requirements of our Company ₹650.00 million p.114
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company ₹341.17 million p.114
- Capital expenditure for setting up an in-house dry flowable (DF) plant at Barwasni, District Sonipat, Haryana ₹140.00 million p.114
- General corporate purposes p.114
- Funding capex p.393
- Working capital requirements p.393
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value ₹ 10 each aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value ₹ 10 each aggregating up to ₹ 1,600.00 million
- Offer for Sale
- Up to 3,603,603 Equity Shares of face value ₹ 10 each aggregating up to ₹ [●] million (comprising 1,540,960 Equity Shares by Om Prakash Aggarwal (HUF) and 2,062,643 Equity Shares by Sanjay Aggarwal (HUF))
- Price Band
- [●] to [●] per Equity Share (to be determined)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹ 10 each
Business Model
The company manufactures and sells crop protection products (including insecticides, herbicides, fungicides), plant nutrients, and biologicals. Revenue is generated through domestic branded sales (B2C), institutional sales (B2B), and exports. Products are sold on credit with payment terms ranging from 15 to 150 days for branded sales, 5 to 90 days for institutional sales, and up to 180 days for exports. The company maintains its own manufacturing facilities and distribution network.
Business Segments
Manufacturing and sale of crop protection products including insecticides, herbicides, fungicides and other plant protection chemicals
Manufacturing and sale of plant nutrient products
Manufacturing and sale of biological crop protection products
Manufacture and sale of crop protection formulations and products for controlling pests, diseases, and weeds in agriculture
Manufacture and distribution of plant nutrients for agricultural use
Manufacture and distribution of biological crop protection products
Manufactures and sells crop protection products including pesticides and related formulations
Manufactures and sells plant nutrient products
Manufactures and sells biological formulations for agriculture
Refers to various practices, techniques, and strategies employed to safeguard crops from insects, diseases, weeds, and other threats, thereby ensuring their healthy growth, development, and productivity. It aims to minimize yield losses and maintain crop quality while minimizing negative environmental impacts. The company manufactures and offers a variety of insecticides, fungicides, herbicides, plant growth regulators and efficacy enhancers.
Plant nutrients are aimed at enhancing the soil fertility, stimulate root development and boost crop yields. The company manufactures various types of speciality fertilizers, deficiency corrector, and micronutrients. These products are designed to strengthen the plants and enhance their yields. Plant nutrients comprise straight fertilizers, soil health/stress management products, bio-fertilizers, and bio-stimulants.
Biologicals empower farmers with a comprehensive approach to crop management, offering novel solutions to combat pests and diseases, build resilience against abiotic stress, and unlock improved nutrient use efficiency. It also mitigate the impact of environmental stresses, and optimize nutrient uptake and soil well-being. These products include bio-stimulants and bio-fertilizers.
Manufacturing and sale of fertilizer products
Manufacturing and sale of liquid fertilizer products
Manufacturing and sale of liquid pesticide products
Manufacturing and sale of wettable powder pesticide products
Manufacturing and sale of technical agrochemical products
Manufacture and distribution of crop protection products including pesticides and fungicides in various formulations
Manufacture and distribution of plant nutrients products
Manufacture and distribution of biological products for agriculture
SWOT Analysis
Strengths
- • Indigenous manufacturing of key crop protection products with high purity standards(p.21)
- • Established export presence across multiple countries with government recognition(p.21)
- • Well-known branded products with strong brand recall among farmers(p.35)
- • Diversified product portfolio across crop protection, plant nutrients and biologicals(p.21)
- • Multiple manufacturing facilities across geographically dispersed locations(p.34)
- • Diversified product portfolio across agrochemicals(p.43)
- • Established distribution network across India and exports(p.44)
- • Strong revenue growth trajectory(p.48)
- • Experienced management team with agrochemicals industry expertise(p.49)
- • Diversified product portfolio with specialized products across crop protection, plant nutrients, and biologicals(p.130)
- • Established distribution network in India and abroad(p.130)
- • Backward integrated manufacturing infrastructure(p.130)
- • Strong R&D and product development capabilities(p.130)
- • Experienced Promoters and strong management team(p.130)
- • Strong government support and subsidies for agricultural inputs including fertilizers and bio-fertilizers(p.190)
- • India is a top global producer and exporter of agrochemicals with competitive cost advantages(p.162)
- • Rising demand driven by growing population and constrained arable land requiring higher productivity(p.190)
- • Significant production capacity growth in bio-fertilizers with supportive government schemes(p.199)
- • Large addressable market with low per-hectare pesticide consumption offering growth potential(p.181)
- • Diversified product portfolio across three verticals enabling broad market reach(p.217)
- • Established pan-India and international distribution network with extensive dealer presence(p.220)
- • NABL-certified R&D laboratory with track record of patent development(p.225)
- • Backward integration reducing cost and supply chain dependence(p.225)
- • ISO-certified manufacturing facilities with multiple production capabilities(p.245)
- • Experienced promoters with 30+ years in agrochemicals industry(p.226)
- • Strong market position with recognition as Two Star Export House(p.217)
- • Consistent margin stability compared to industry peers(p.215)
- • 31+ years of industry experience from promoter(p.268)
- • 30+ years of industry experience from Managing Director(p.268)
- • Long-standing company history since 1993(p.268)
- • Experienced senior management team with 20+ years in agrochemicals(p.268)
- • Established production and operational capability(p.281)
- • Diversified geographical customer base reducing credit concentration(p.387)
- • Significant capital expenditure demonstrating investment in growth capacity(p.386)
- • Improved liquidity position with declining total obligations(p.386)
- • Moderate leverage with total borrowings to equity ratio of 0.78(p.392)
- • Access to multiple financing sources including secured and unsecured facilities(p.393)
Weaknesses
- • Significant quality control dependency and past product contamination incident(p.33)
- • High trade receivables and extended collection periods impacting cash flows(p.36)
- • Significant under-utilization of manufacturing capacity(p.34)
- • High dependence on external suppliers with no long-term contracts(p.37)
- • Negative operating cash flows in multiple periods(p.40)
- • High inventory holding periods requiring significant working capital(p.40)
- • Significant customer concentration risk(p.42)
- • Low capacity utilization at manufacturing facilities(p.44)
- • High employee attrition affecting operational stability(p.46)
- • Significant indebtedness and leverage(p.50)
- • Untraceable corporate records and regulatory compliance issues(p.52)
- • Outstanding legal proceedings and criminal cases(p.47)
- • Heavy dependence on China for critical pesticide raw materials and intermediates(p.184)
- • Low pesticide production capacity utilization at approximately 65% average over five years(p.181)
- • Inconsistent production of organic fertilizers with significant year-on-year volatility(p.203)
- • Domestic chemical pesticide consumption declining despite global growth trends(p.186)
- • Soil health challenges with widespread nutrient deficiencies across states limiting productivity(p.169)
- • High debt-to-equity ratio creating financial leverage risk(p.215)
- • Declining interest coverage ratio indicating weaker debt servicing ability(p.215)
- • Concentration in crop protection products creating product portfolio risk(p.218)
- • Revenue concentration among top customers limiting market diversification(p.244)
- • Lower capacity utilization rates indicating underutilized manufacturing(p.241)
- • High financial leverage and borrowing exposure(p.270)
- • Significant current borrowings relative to equity(p.322)
- • Asset held for sale unresolved after FY 2022-23(p.314)
- • Concentration of key management in promoter family(p.271)
- • Recent rapid changes in company secretary position(p.282)
- • Exposure to regulatory and customs disputes affecting cash flows(p.399)
- • Multiple tax litigations pending across direct and indirect tax matters(p.401)
- • Criminal proceedings and misbranding allegations against company and promoters(p.399)
- • Dependence on bank borrowings with interest rate exposure(p.389)
- • Material customer concentration risk despite diversified portfolio claims(p.390)
Opportunities
- • Growing global and Indian agrochemical market with expected CAGR expansion(p.23)
- • Capacity expansion strategy to increase production capabilities(p.34)
- • Development of new product formulations and technical expertise(p.24)
- • Increasing application of crop protection products and market growth(p.23)
- • Enhancement of distribution and working capital through IPO proceeds(p.24)
- • Expansion of distribution network in export markets(p.44)
- • Diversification of product portfolio into new segments(p.49)
- • Capacity expansion and modernization(p.61)
- • Geographic expansion within India and internationally(p.44)
- • Listing provides benefits of enhanced visibility and brand name amongst customers(p.114)
- • Setting up in-house dry flowable (DF) plant to expand manufacturing capacity(p.114)
- • Funding working capital requirements to support business expansion(p.114)
- • Significant global market growth projected at 6.3% CAGR through 2029 across all regions(p.156)
- • Strong growth in bio-fertilizers and bio-stimulants with government promotion of organic farming(p.190)
- • Substantial opportunities from off-patent pesticide molecules worth approximately USD 5 billion by FY27(p.190)
- • Growing APAC region represents 42% of global market with projected 5.9% CAGR during 2024-2029(p.157)
- • Government initiatives including PLI scheme and Make in India promoting domestic backward integration and manufacturing(p.180)
- • Expansion of production capacity in Barwasni facility(p.226)
- • Launch of dry flowable plant for new product categories(p.227)
- • Growth in plant nutrients and biologicals segments with higher margins(p.227)
- • International market expansion into high-growth regions(p.227)
- • Growing government support for agricultural income improvement(p.209)
- • Rising adoption of organic farming and bio-fertilizers(p.209)
- • Export market expansion capability(p.324)
- • Diverse product portfolio across agrochemical segments(p.328)
- • Growing domestic market presence(p.324)
- • Geographic expansion through manufacturing facilities(p.319)
- • Government support through export incentives(p.324)
- • Capacity expansion through significant capital investment program(p.386)
- • Growth through foreign trade expansion with AEO certification(p.406)
- • Product portfolio expansion with multiple registered trademarks and patents(p.407)
- • Agrochemical market growth driven by agricultural sector expansion(p.390)
- • Export market penetration via established foreign trade infrastructure(p.406)
Threats
- • Climatic and seasonal cyclicality significantly affecting agricultural demand(p.41)
- • Regulatory compliance requirements for product registration and licensing(p.19)
- • Raw material supply disruptions and cost volatility(p.37)
- • Government policy changes and subsidy reductions impacting farmer spending(p.41)
- • Increased competition and pricing pressures in the agrochemical industry(p.40)
- • Currency fluctuations affecting export competitiveness and raw material costs(p.37)
- • Labour-related disruptions in manufacturing operations(p.19)
- • Regulatory risk from product registrations and approvals(p.42)
- • Competition from multinational and domestic competitors(p.52)
- • Substitute agrochemical products and alternative crop protection measures(p.47)
- • Dependence on critical utilities and infrastructure(p.54)
- • Foreign exchange volatility affecting exports(p.56)
- • Geographic concentration of manufacturing facilities in northern India(p.49)
- • Input cost volatility and raw material supply risks(p.50)
- • Agricultural industry cyclicality and monsoon dependency(p.44)
- • Global regulatory pressure and proposed bans on widely-used pesticides affecting market access and exports(p.192)
- • Erratic monsoon patterns and climate change adversely impacting agricultural productivity and demand(p.152)
- • Global geopolitical tensions and supply chain disruptions impacting raw material prices and availability(p.175)
- • Environmental concerns and soil degradation limiting pesticide and chemical fertilizer adoption(p.158)
- • New tariff policies and trade tensions potentially disrupting global demand and markets(p.148)
- • High R&D costs and extended development timelines for new molecules(p.209)
- • Weak distribution systems limiting reach to remote areas(p.209)
- • Proliferation of spurious pesticide products harming industry reputation(p.209)
- • Farmer lack of awareness regarding proper pesticide application(p.209)
- • GM seeds reducing demand for pesticides through built-in pest resistance(p.210)
- • Intense competition from domestic and international players(p.210)
- • High regulatory and entry barriers requiring substantial capital investment(p.210)
- • Low adoption rates of bio-fertilizers due to farmer unfamiliarity and cost(p.210)
- • Poor infrastructure and equipment constraints in bio-fertilizer production(p.210)
- • Lack of effective regulatory framework for bio-fertilizers limiting market development(p.210)
- • Short shelf-life of bio-fertilizers requiring additional processing costs(p.211)
- • Seasonal demand variability for bio-fertilizers affecting production planning(p.211)
- • Exposure to agrochemical industry cyclicality and commodity price volatility(p.324)
- • Dependence on bank credit facilities and working capital financing(p.322)
- • Competition and pricing pressure in agrochemical sector(p.324)
- • Interest rate and finance cost inflation(p.325)
- • Regulatory and compliance obligations in multiple jurisdictions(p.291)
- • Cyclical nature of agrochemical business with seasonal vulnerability(p.390)
- • Foreign exchange exposure from international trade transactions(p.389)
- • Regulatory compliance risk across multiple jurisdictions and certifications(p.404)
- • Competitive intensity in agrochemical industry expected to intensify(p.391)
- • Floating interest rate exposure on variable rate borrowings(p.393)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Om Prakash Aggarwal | Promoter | 14.51% | — |
| Sanjay Aggarwal | Promoter | 26.23% | — |
| Anshu Aggarwal | Promoter | 17.36% | — |
| Arnav Aggarwal | Promoter | 17.62% | — |
| Om Prakash Aggarwal (HUF) | Promoter Group Selling Shareholder | 3.16% | — |
| Sanjay Aggarwal (HUF) | Promoter Group Selling Shareholder | 4.74% | — |
| Om Prakash Aggarwal (HUF) | Promoter Group | — | — |
| Sanjay Aggarwal (HUF) | Promoter Group | — | — |
| Om Prakash Aggarwal | Promoter | 14.51% | — |
| Sanjay Aggarwal | Promoter | 26.23% | — |
| Anshu Aggarwal | Promoter | 17.36% | — |
| Arnav Aggarwal | Promoter | 17.62% | — |
| Abhiprakash Venture Trust | Promoter Group | 7.09% | — |
| Om Prakash Aggarwal (HUF) | Promoter Group | 3.16% | — |
| Sanjay Aggarwal (HUF) | Promoter Group | 4.74% | — |
| Om Prakash Aggarwal | Promoter | — | — |
| Sanjay Aggarwal | Promoter | — | — |
| Om Prakash Aggarwal | Promoter | 22.09% | — |
| Sanjay Aggarwal | Promoter | 27.00% | — |
| Anshu Aggarwal | Promoter | 18.00% | — |
| Arnav Aggarwal | Promoter | 2.00% | — |
| Sanjay Aggarwal | Promoter/Promoter Group | — | — |
| Om Parkash Aggarwal | Promoter/Promoter Group | — | — |
| Anshu Aggarwal | Promoter/Promoter Group | — | — |
| Om Prakash Aggarwal | Promoter | — | — |
| Sanjay Aggarwal | Promoter | — | — |
| Anshu Aggarwal | Promoter | — | — |
| Om Prakash Aggarwal (HUF) | Promoter Group | — | — |
| Om Prakash Aggarwal (HUF) | Promoter Group Selling Shareholder | — | — |
| Sanjay Aggarwal (HUF) | Promoter Group Selling Shareholder | — | — |
Leadership
Om Prakash Aggarwal · Chairman and Whole-time Director
Sanjay Aggarwal · Managing Director
Manoj Gupta · Chief Financial Officer
Sakshi Jain · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Indogulf Cropsciences IPO FAQs
What is the lot size of Indogulf Cropsciences IPO?
The minimum lot size of Indogulf Cropsciences IPO is 135 shares. One lot costs ₹14,985 at the cut-off price.
When does Indogulf Cropsciences IPO open and close?
Indogulf Cropsciences IPO opened for subscription on 26 Jun 2025 and closed on 30 Jun 2025.
What is the listing date of Indogulf Cropsciences IPO?
Indogulf Cropsciences IPO listed on 03 Jul 2025.