Mahamaya Lifesciences
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 18 Nov 2025 | ₹0 | 0.00% | ₹0 | ₹114 | ₹0 |
| 17 Nov 2025 | ₹0 | 0.00% | ₹0 | ₹114 | ₹0 |
| 16 Nov 2025 | ₹0 | 0.00% | ₹0 | ₹114 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 11 Nov 2025 – 13 Nov 2025
- Listing date
- 18 Nov 2025
- Face value
- ₹1 per share
- Issue price
- ₹114 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹70.44 Cr
- Market cap at offer price
- ₹267 Cr
- Promoter holding
- 77.27% → 56.35% pre-issue → post-issue
- ISIN
- INE0U9D01019
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Oneview Corporate Advisors Pvt.Ltd.
- Registered office
- Unit No: DPT 033, Ground Floor, Plot No: 79 80, DLF Prime Tower, Block, Okhla, Phase-1, 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 | 17,52,000 | — | — |
| Market maker | 3,09,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹114
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,36,800 |
| S-HNI (min) | 2 | 2,400 | ₹2,73,600 |
| S-HNI (max) | 7 | 8,400 | ₹9,57,600 |
| B-HNI (min) | 8 | 9,600 | ₹10,94,400 |
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.
Valuation and performance
Valuation at offer price
₹114 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.29 | 7.01 |
| P/E (×) | 15.64 | 16.26 |
| Price to book (×) | 9.40 | — |
| Market cap | — | ₹267 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 26.19%
- ROCE
- 23.15%
- Debt / equity
- 1.08
- PAT margin
- 4.84%
- EBITDA margin
- 9.22%
- NAV per share
- ₹12.13
- Price to book
- 9.40
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Mahamaya Lifesciences
Mahamaya Lifesciences Limited is an agrochemical company incorporated in India that specializes in manufacturing pesticide formulations and supplying bulk formulations to Indian agrochemical companies and multinational corporations (MNCs). The company began by importing and registering vital pesticide molecules (technical grade) not produced domestically in India, obtaining registrations from the Central Insecticides Board and Registration Committee (CIBRC), and subsequently marketed these molecules as both technical products and value-added end-use formulations. The company operates manufacturing facilities and serves both domestic and international markets, with operations covering pesticide formulations including active ingredients like Emamectin Benzoate. It maintains a distribution network of over 310 dealers and has expanded into international markets including the USA, Hong Kong, Qatar, UAE, Dominican Republic, and Egypt.
Company Analysis
from RHPMahamaya Lifesciences manufactures and supplies pesticide formulations and technical-grade pesticides for the Indian agrochemical industry and international markets.
Mahamaya Lifesciences Limited is an agrochemical company incorporated in India that specializes in manufacturing pesticide formulations and supplying bulk formulations to Indian agrochemical companies and multinational corporations (MNCs). The company began by importing and registering vital pesticide molecules (technical grade) not produced domestically in India, obtaining registrations from the Central Insecticides Board and Registration Committee (CIBRC), and subsequently marketed these molecules as both technical products and value-added end-use formulations. The company operates manufacturing facilities and serves both domestic and international markets, with operations covering pesticide formulations including active ingredients like Emamectin Benzoate. It maintains a distribution network of over 310 dealers and has expanded into international markets including the USA, Hong Kong, Qatar, UAE, Dominican Republic, and Egypt.
Objects of the Issue
- Purchase of Equipment for existing Formulation plant 375.34 Lakhs p.26
- Funding capital expenditure towards setting up of a new technical manufacturing plant 2942.35 Lakhs p.26
- Construction of Warehouse Building and Purchase of Machinery 252.53 Lakhs p.26
- Funding working capital requirement of our Company 1800.00 Lakhs p.26
- General Corporate purposes p.26
- Purchase of Equipment for existing Formulation plant ₹375.34 Lakhs p.81
- Funding capital expenditure towards setting up of a new technical manufacturing plant ₹2,942.35 Lakhs p.84
- Construction of Warehouse Building and Purchase of Machinery ₹252.53 Lakhs p.95
- Funding working capital requirement of our Company ₹1,800.00 Lakhs p.97
- General corporate purposes p.99
Issue Structure
- Total Issue
- Up to 61,78,800 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to 56,38,800 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Up to 5,40,000 Equity Shares (3,70,000 by Mr. Krishnamurthy Ganesan and 1,70,000 by Mrs. Lalitha Krishnamurthy) aggregating up to ₹ [●] Lakhs
- Price Band
- ₹ [●] to ₹ [●] per Equity Share (to be decided)
- Lot Size
- [●] Equity Shares (Bid Lot)
- Face Value
- ₹ 10/- per Equity Share
Business Model
The company earns revenue through manufacturing and selling pesticide formulations and technical-grade pesticides. Revenue comes from sales to domestic agrochemical companies and MNCs, as well as exports. The company has diversified its customer base, with top ten customers representing 71.35% of sales for the period ended June 30, 2025 (down from 76.26% in FY2025). Raw materials constitute approximately 82.95% of sales costs, with 79.33% being imported and 3.62% domestic as of June 30, 2025.
Business Segments
SWOT Analysis
- • Specialized manufacturer of pesticide formulations with niche product focus(p.26)
- • Strategic expansion reducing customer concentration risk(p.35)
- • Diversified into new international markets including USA and Hong Kong(p.35)
- • Niche product portfolio with limited competition(p.36)
- • Long-standing customer relationships ensuring repeat orders(p.36)
- • Strong management focus on quality and supplier relationships(p.36)
- • Established manufacturing presence with backward integration strategy(p.84)
- • Strong financial performance with improving margins(p.104)
- • Capacity expansion to meet market demand(p.79)
- • Existing manufacturing infrastructure and land(p.84)
- • Experienced management with deep agrochemical sector expertise(p.128)
- • Early-mover advantage through product identification and registration(p.128)
- • Established dealer network across multiple Indian states(p.129)
- • Focus on safer, eco-friendly biological crop care solutions(p.127)
- • Diversified product portfolio across multiple agrochemical categories(p.129)
- • Strong intellectual property position with trademark registrations(p.146)
- • Experienced managing director with 22 years in agrochemical sector(p.165)
- • Executive director with 10 years agrochemical experience and finance expertise(p.165)
- • Strong board composition with independent directors having specialized expertise(p.166)
- • Promoters hold significant shareholding providing long-term commitment(p.178)
- • Revenue growth trajectory over past years(p.187)
- • Established track record in agrochemical manufacturing and formulation(p.248)
- • Revenue growth and improved profitability(p.252)
- • Strong net worth and balance sheet(p.297)
- • Compliance with SME listing eligibility criteria(p.297)
- • Diversified product portfolio across geographies(p.280)
- • High customer concentration with top 10 customers representing majority of sales(p.34)
- • No long-term customer contracts creating order uncertainty(p.34)
- • No long-term supplier contracts for raw materials(p.36)
- • Raw materials constitute significant portion of expenses at 83-95% of sales(p.36)
- • Unsecured loans of Rs 1,012.86 Lakhs can be recalled anytime(p.40)
- • Negative cash flows in certain periods(p.39)
- • Underutilized manufacturing capacity(p.41)
- • Promotional delays in ESIC and EPF payments due to technical issues(p.36)
- • No ownership of corporate office, warehouse and office-cum-godown(p.41)
- • Reliance on non-binding distribution agreements with over 310 dealers(p.45)
- • Significant short-term borrowing obligations(p.54)
- • High inventory holding periods straining working capital(p.98)
- • Dependence on external borrowings for working capital(p.97)
- • Limited cash position relative to liabilities(p.54)
- • High dependence on top customers(p.137)
- • Significant debt burden relative to equity(p.127)
- • Reliance on imported raw materials and technical ingredients(p.136)
- • Limited manufacturing capacity utilization despite installed capacity(p.141)
- • Small workforce with concentrated R&D resources(p.130)
- • Export sales constitute a small portion of total revenues(p.137)
- • High dependence on promoter group for decision-making and operations(p.165)
- • Significant debt burden relative to equity base(p.186)
- • Contested income tax demands and ongoing disputes(p.239)
- • Concentrated manufacturing at single location creating operational risk(p.216)
- • High inventory levels relative to production(p.186)
- • High dependency on few customers(p.254)
- • Significant debt burden and leverage(p.298)
- • Concentration of imported raw materials(p.242)
- • Intangible assets under development with long gestation periods(p.243)
- • Pending income tax demands and disputed adjustments(p.266)
- • Indian agrochemical industry growing at 7.6% CAGR from 2023-2029(p.26)
- • India's strong export position with exports growing at 8.1% CAGR(p.26)
- • Government initiatives supporting organic farming and farmer financial aid(p.26)
- • Increasing global demand and Make in India initiative(p.26)
- • Expansion into new geographic markets and customer segments(p.44)
- • Growing awareness and adoption of biopesticides(p.26)
- • Expansion of formulation manufacturing capacity(p.80)
- • Backward integration into pesticide technical manufacturing(p.84)
- • New warehouse and logistics infrastructure(p.94)
- • Increased working capital to support growth(p.79)
- • Public market access and enhanced visibility(p.79)
- • Expand into new geographic markets through international registrations(p.129)
- • Capitalize on India's projected agrochemical export growth(p.126)
- • Expand bio-products segment given rising demand for sustainable solutions(p.130)
- • Establish technical manufacturing facility to reduce import dependence(p.129)
- • Develop online sales channels for branded products(p.137)
- • Benefit from government schemes promoting agrochemical manufacturing(p.123)
- • Expansion through new product development and registration(p.238)
- • Growing agrochemical market with export potential(p.208)
- • Expansion of manufacturing capacity and infrastructure(p.217)
- • Government export support schemes and duty drawbacks(p.208)
- • Expansion into new pesticide molecules and markets(p.248)
- • Growth in agro-product demand(p.252)
- • International expansion through subsidiary and registrations(p.246)
- • Capacity utilization improvements(p.254)
- • Organic farming and sustainable agriculture initiatives(p.243)
- • Monsoon and weather dependency affecting crop production(p.39)
- • Extreme weather events and natural disasters impact crop production(p.39)
- • Commodity crop price fluctuations affecting farmer spending(p.41)
- • Intense competition from multinational corporations with greater resources(p.42)
- • Need for product registration and re-registration from regulatory authorities(p.36)
- • Pest resistance development reducing product effectiveness over time(p.42)
- • Counterfeit products threat to brand reputation(p.41)
- • Regulatory changes and GST implementation uncertainties(p.47)
- • Political instability and changes in government policies(p.47)
- • Foreign exchange rate fluctuations on import-dependent operations(p.48)
- • Raw material supply disruptions from international suppliers(p.36)
- • Natural calamities and force majeure events(p.48)
- • Economic slowdown and GDP contraction risks(p.49)
- • COVID-19 and communicable disease outbreaks(p.49)
- • Indian infrastructure constraints(p.49)
- • Foreign exchange volatility affecting returns(p.49)
- • Complex foreign investment restrictions and tax implications(p.50)
- • Intense competitive pressure from larger multinational and domestic players(p.142)
- • Significant market dependence on monsoon and weather patterns(p.116)
- • Heavy dependence on China for pesticide technical imports(p.121)
- • Volatility in raw material prices and supply chain disruptions(p.114)
- • Risk from spurious and counterfeit pesticide products in market(p.122)
- • Regulatory risks and stringent compliance requirements(p.122)
- • Customs duty disputes and regulatory uncertainties(p.238)
- • Foreign exchange volatility impacting import costs(p.208)
- • Commodity price volatility for raw materials(p.187)
- • Highly competitive agrochemical industry(p.190)
- • Regulatory and compliance requirements in agriculture sector(p.209)
- • Seasonality of business operations(p.254)
- • Customs and import-related regulatory risks(p.265)
- • Exchange rate volatility affecting imports(p.242)
- • Regulatory compliance and product registration requirements(p.249)
- • Competitive industry conditions(p.249)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Krishnamurthy Ganesan | Promoter and Selling Shareholder | 30.88% | 21.86% |
| Mrs. Lalitha Krishnamurthy | Promoter and Selling Shareholder | 23.20% | 16.88% |
| Mr. Prashant Krishnamurthy | Promoter | 23.20% | 17.61% |
| Krishnamurthy Ganesan | Promoter | 30.88% | 21.86% |
| Lalitha Krishnamurthy | Promoter | 23.20% | 16.88% |
| Prashant Krishnamurthy | Promoter | 23.20% | 17.61% |
| Krishnamurthy Ganesan | Promoter | — | — |
| Lalitha Krishnamurthy | Promoter | — | — |
| Prashant Krishnamurthy | Promoter | — | — |
| Mr. Krishnamurthy Ganesan | Promoter/Managing Director | 30.88% | — |
| Mrs. Lalitha Krishnamurthy | Promoter/Whole-time Director | 23.195% | — |
| Mr. Prashant Krishnamurthy | Promoter/Executive Director | 23.195% | — |
| Krishnamurthy Ganesan | Promoter | — | — |
| Lalitha Krishnamurthy | Promoter | — | — |
| Prashant Krishnamurthy | Promoter | — | — |
| Krishnamurthy Ganesan | Promoter | — | — |
| Lalitha Krishnamurthy | Promoter | — | — |
Leadership
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.