Mahamaya Lifesciences IPO Overview
Dahej (Gujarat) agrochemical manufacturer raising ₹70.44 cr (₹64.28 cr fresh + ₹6.16 cr OFS). Price: ₹108-114. Lot: 2,400 shares (₹2.73L min). Funds for technical plant (₹29.42 cr), working capital (₹18 cr), equipment, warehouse. 278 registered products: insecticides, herbicides, fungicides, biopesticides, biofertilizers. Lead: Oneview Corporate. Competes with UPL, Dhanuka, PI Industries, Rallis, Bayer.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | SME |
| IPO Open Date | 11 November 2025 (Tuesday) |
| IPO Close Date | 13 November 2025 (Thursday) |
| Anchor Investor Bidding | 10 November 2025 (Monday) – Raised ₹19.97 crore |
| Allotment Date | 14 November 2025 (Friday) – Expected |
| Credit to Demat | 17 November 2025 |
| Refund Initiation | 17 November 2025 |
| Listing Date | 18 November 2025 (Tuesday) – Tentative |
| Price Band | ₹108 – ₹114 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Min Investment (Retail) | ₹2,73,600 (2 lots / 2,400 shares at upper band) |
| HNI Investment | ₹4,10,400 (3 lots / 3,600 shares) minimum |
| Issue Size | ₹70.44 crore total |
| Fresh Issue | ₹64.28 crore (91.3%) – 56,38,200 shares |
| Offer for Sale (OFS) | ₹6.16 crore (8.7%) – 5,40,800 shares by promoters |
| Total Shares Offered | 61,78,800 equity shares (initial); 53,29,200 fresh + 5,40,800 OFS (revised) |
| Listing | BSE SME (Emerge Platform) |
| Post-Issue Market Cap | ₹266.82 crore (at upper price band) |
| Anchor Book Raised | ₹19.97 crore from anchor investors (17.52 lakh shares) |
Issue Break-up
| Category | Allocation | Shares |
| Anchor Portion | 28.35% (of total) | 17,52,000 shares (₹19.97 cr raised) |
| QIB (Net of Anchor) | 19.04% | 11,76,000 shares |
| NII (High Net Worth Individuals) | 14.27% | 8,82,000 shares |
| Retail Individual Investors | 33.33% | 20,59,200 shares |
| Market Maker | 5% | 3,09,600 shares |
Selling Shareholders (OFS ₹6.16 crore)
Promoters Selling 5,40,800 shares:
- Mr. Krishnamurthy Ganesan – Managing Director
- Mrs. Lalitha Krishnamurthy
- Mr. Prashant Krishnamurthy
Note: OFS represents 8.7% of total issue. Majority (91.3%) is fresh capital for company.
Objects of the Issue (Fund Utilization)
Fresh Issue Proceeds (₹64.28 crore / ₹642.8 million) will be used for:
- Setting Up New Technical Manufacturing Plant – ₹29.42 crore (45.8%)
- Establish technical-grade pesticide manufacturing unit
- Backward integration to produce Active Pharmaceutical Ingredients (APIs)
- Reduce dependency on imported technical materials
- Working Capital Requirements – ₹18 crore (28%)
- Raw material procurement and inventory management
- Receivables financing and operational expenses
- Purchase of Equipment – ₹3.75 crore (5.8%)
- Advanced manufacturing and quality control machinery
- Laboratory equipment for R&D and quality assurance
- Warehouse Construction – To be funded (specific allocation TBD)
- Additional storage capacity for raw materials and finished goods
- Temperature-controlled storage for sensitive formulations
- General Corporate Purposes – Balance amount (approximately 20%)
- Marketing, product registrations, strategic initiatives
Strategic Focus:
- Backward integration through technical plant reduces reliance on imports (currently 79%+ imported inputs)
- Capacity expansion to meet growing domestic and export demand
- Enhance self-reliance and improve margins through in-house API production
- Strengthen working capital position for business scalability
OFS Proceeds (₹6.16 crore):
- Goes to promoters – partial exit/liquidity
Note: Fresh issue dominates (91.3%), indicating genuine growth capital infusion rather than promoter exit.
Lead Managers & Registrar
Book Running Lead Manager (BRLM):
- Oneview Corporate Advisors Private Limited
Registrar:
- Kfin Technologies Limited
- Phone: +91-40-6716 2222 / +91-40-7961 1000
- Website: https://ipostatus.kfintech.com/
Market Maker:
- Mansi Share and Stocks Broking Private Limited
Promoters & Management
Key Promoters:
- Mr. Krishnamurthy Ganesan – Managing Director (Partial OFS participant)
- Over 30 years of experience in agrochemical industry
- Founded Mahamaya in 2002
- Expertise in product registration, marketing, and international trade
- Educational background: Agricultural Engineer
- Mrs. Lalitha Krishnamurthy – Promoter (Partial OFS participant)
- Mr. Prashant Krishnamurthy – Promoter (Partial OFS participant)
Company History:
- Originally incorporated: May 7, 2002 as Mahamaya Life Sciences Private Limited
- Name changed: February 15, 2016 to Mahamaya Lifesciences Private Limited
- Converted to Public Limited: November 19, 2024 as Mahamaya Lifesciences Limited
- Manufacturing facility commissioned: December 2021 at Dahej, Gujarat
Company Contact:
- Registered Office: Unit No: DPT – 033, Ground Floor, Plot No: 79 – 80, DLF Prime Tower, F – Block, Okhla, Phase – 1, New Delhi – 110020
- Manufacturing Facility: Dahej GIDC, Gujarat
- Phone: +91-11-46561474
- Website: www.mahamayalifesciences.com
COMPANY OVERVIEW
Establishment & Background:
- Incorporated on May 7, 2002 (23 years of operations)
- Industry: Agrochemicals – Pesticide Formulations & Technical Manufacturing
- Headquarters: New Delhi (Registered Office); Dahej, Gujarat (Manufacturing Facility)
- Converted to public limited company on November 19, 2024
- Founder-led by Mr. Krishnamurthy Ganesan with 30+ years agrochemical experience
Business Model:
- Integrated agrochemical company engaged in manufacturing, formulation, registration, marketing, and export of crop protection products
- Initially focused (2002-2021) on importing and registering vital pesticide molecules not produced in India
- Evolved post-2021 into full-scale manufacturer of pesticide formulations at Dahej facility
- Product Portfolio: Insecticides, herbicides, fungicides, bio-stimulants, biopesticides, biofertilizers
- Two business segments:
- Bulk Formulations – Supplying to Indian agrochemical companies and MNCs
- Branded Products – Marketing under own brands through dealer network
- Value Proposition: Early-mover advantage (4-5 years) in registering new molecules, technical expertise, quality compliance (BIS, FAO norms)
Market Position:
- 278 registered products across various therapeutic categories
- Positioned as growing player in India’s agrochemical sector valued at $1,342 million (2023)
- India is world’s 4th largest agrochemical producer, 5th largest exporter
- Indian agrochemical market projected to grow at 7.6% CAGR (2023-2029)
- Established registrations in international markets providing export capability
Operations:
- Manufacturing Facility: Dahej GIDC, Gujarat (commissioned December 2021)
- In-house R&D and Quality Assurance laboratories at Dahej ensuring BIS and FAO compliance
- 278 registered products:
- Insecticides: Acetamiprid, Buprofezin, Emamectin Benzoate, Imidacloprid, Flonicamid, Spinosad
- Herbicides: Bispyribac Sodium, Pretilachlor
- Fungicides
- Bio-products: Norwegian seaweed extract-based bio-stimulants
- Novel molecules: Pymetrozine, Spirotetramat
- Domestic reach: Punjab, Haryana, Rajasthan, Uttar Pradesh, Gujarat, Maharashtra, Andhra Pradesh, Telangana (via dealer network)
- Export markets: Dominican Republic, Egypt, Turkey, Jordan, Ethiopia, UAE
- Supply chain: Heavily reliant on imported raw materials (79%+ in Q1 FY26, primarily from China)
- Global presence: Participates in international exhibitions (CAC Shanghai, AgroChemEx, ICSCE)
Company Strengths
- Early-Mover Advantage in Product Registration:
- Expertise in identifying and registering new pesticide molecules 4-5 years ahead of competitors
- Introduced vital products: Acetamiprid, Buprofezin, Emamectin Benzoate, Imidacloprid, Paraquat Dichloride, Pretilachlor
- Flonicamid, Spinosad, Pymetrozine, Spirotetramat registrations providing differentiation
- Registration data applicable across multiple countries reducing replication costs
- First-to-market positioning enables premium pricing and market capture
- Diverse Product Portfolio – 278 Registered Products:
- Broad range covering insecticides, herbicides, fungicides, biopesticides, biofertilizers, bio-stimulants
- Norwegian seaweed extract-based bio-products aligned with sustainable agriculture trends
- Specialty chemicals and plant growth regulators
- Diversification reduces dependency on single product/category
- Addresses varied crop protection needs across seasons and geographies
- Strong Revenue & Profit Growth Trajectory:
- Revenue increased 64% from ₹162.83 cr (FY24) to ₹267.17 cr (FY25)
- PAT surged 148% from ₹5.22 cr (FY24) to ₹12.94 cr (FY25)
- Demonstrates scalability and operational leverage
- Growing profitability indicating improving margins and efficiency
- Consistent upward trajectory from FY23 onwards
- In-House Manufacturing & Quality Infrastructure:
- State-of-the-art manufacturing facility at Dahej, Gujarat (December 2021)
- In-house R&D and Quality Assurance laboratories
- BIS (Bureau of Indian Standards) and FAO (Food and Agriculture Organization) compliant
- Vertical integration post-2021 improving margins vs pure trading model
- Quality certifications enhancing credibility with domestic and international clients
- International Market Presence & Export Capability:
- Product registrations in Dominican Republic, Egypt, Ethiopia, Jordan, UAE, Turkey
- Active export business diversifying revenue beyond domestic market
- Participation in global exhibitions (CAC China, AgroChemEx, ICSCE) expanding network
- Generating registration data applicable across countries reducing entry barriers
- Export market provides hedge against domestic monsoon/crop pattern volatility
- Experienced Leadership & Domain Expertise:
- Founder-promoter Mr. Krishnamurthy Ganesan with 30+ years agrochemical experience
- Deep understanding of product registration, regulatory compliance, and market dynamics
- Established relationships with suppliers (overseas manufacturers) and customers (agrochemical companies, MNCs)
- Continuity from 2002 inception to listed entity (2025)
- Strategic Location – Dahej GIDC, Gujarat:
- Dahej is established industrial hub with strong infrastructure
- Proximity to ports facilitating import of raw materials and export of finished products
- Access to skilled labor and logistics networks
- Gujarat’s supportive industrial policies and agrochemical ecosystem
- Planned Backward Integration:
- ₹29.42 crore (45.8% of IPO proceeds) allocated for technical manufacturing plant
- Will produce Active Pharmaceutical Ingredients (APIs) reducing import dependency
- Currently 79%+ inputs imported (China 51.97% of India’s agrochemical imports)
- Backward integration improves margins, supply chain security, and strategic independence
- Industry Tailwinds – Growing Agrochemical Market:
- India’s agrochemical sector grew at 13.3% CAGR (2019-2023) to $1,342 million
- Projected 7.6% CAGR (2023-2029)
- Pesticide production: 258 thousand tonnes (2022-23)
- Exports rose 8.1% CAGR (2018-23) to ₹43,223 crore ($5.50 billion)
- Government focus on doubling farmer income, increasing agricultural productivity
- Rising awareness of integrated pest management (IPM) and sustainable agriculture
- Focus on Sustainable & Bio-Based Products:
- Norwegian seaweed extract bio-stimulants aligned with global sustainability trends
- Biopesticides and biofertilizers portfolio
- Eco-friendly crop protection solutions gaining traction globally
- Regulatory push toward safer, less toxic agrochemicals favors innovative players
Key Risks & Challenges
- Extreme Customer Concentration Risk – Top 10 at 70-83%:
- Top 10 customers contributed:
- Q1 FY26: ₹59.23 cr (71.35% of sales)
- FY25: ₹201.45 cr (76.26%)
- FY24: ₹134.32 cr (83.14%)
- FY23: ₹97.48 cr (71.12%)
- Loss of or reduced business from major customers materially impacts revenue
- No long-term binding agreements with customers – operates on order-by-order basis
- Revenue visibility limited and unpredictable
- Top 10 customers contributed:
- Heavy Reliance on Imported Raw Materials – 79%+ from China:
- Over 79% of raw material procurement in Q1 FY26 was imported
- China contributes 51.97% of India’s total agrochemical imports (2022-23)
- Vulnerable to:
- Global commodity price fluctuations
- Currency exchange rate volatility (INR-USD, INR-CNY)
- Geopolitical tensions and trade policy changes
- Supply chain disruptions (COVID-like scenarios)
- Raw material costs as % of sales: 82.95% (Q1 FY26), 84.68% (FY25), 80.26% (FY24), 94.11% (FY23)
- Significant raw material price increases directly erode profitability
- No Long-Term Supplier Agreements – Supply Volatility:
- Absence of binding agreements with raw material suppliers
- Operates on spot/short-term procurement creating supply uncertainty
- Supplier bargaining power increases during shortages
- Quality consistency challenges with changing suppliers
- Price negotiation disadvantages vs competitors with long-term contracts
- Weather & Monsoon Dependency:
- Agricultural demand closely tied to monsoon performance and cropping patterns
- Unfavorable weather (droughts, floods, cyclones) reduces pest activity or damages crops
- Lower pest pressure decreases pesticide demand
- Agrochemical sales peak during monsoon season – seasonal revenue concentration
- Climate change increasing unpredictability of weather patterns
- Pest Resistance & Product Efficacy Risk:
- Pests developing resistance to pesticide formulations over time
- Reduces long-term effectiveness and product lifecycle
- Farmers shifting to alternative products/competitors
- Need for continuous R&D investments to develop new molecules
- Registration of new products time-consuming and expensive
- Intense Competition from Established Giants:
- Competes with large domestic players: UPL, Dhanuka Agritech, PI Industries, Rallis India, Crystal Crop Protection, Bharat Rasayan, Coromandel International
- Global MNCs: Syngenta, Bayer CropScience, Corteva Agriscience, BASF, Sumitomo Chemical, FMC
- Competitors have superior scale, R&D budgets, distribution networks, brand recognition
- Price-based competition from smaller regional players
- Difficulty in competing for large-volume orders vs established brands
- Regulatory & Registration Renewal Risks:
- Dependent on obtaining and renewing product registrations from:
- Indian authorities (Central Insecticides Board & Registration Committee – CIBRC)
- Overseas regulators in export markets
- Failure to obtain/renew registrations disrupts operations and revenue
- Stringent compliance requirements (BIS, FAO norms, GLP, environmental standards)
- Any adverse regulatory action, product bans, or license suspensions catastrophic
- Evolving regulations on pesticide usage, residue limits, environmental impact
- Dependent on obtaining and renewing product registrations from:
- Working Capital Intensity:
- ₹18 crore (28% of IPO proceeds) allocated to working capital
- Raw material procurement requires upfront capital
- Extended credit periods to customers (trade receivables)
- Inventory carrying costs (raw materials + finished goods)
- Cash conversion cycle mismatches strain liquidity
- Agrochemical business inherently working capital intensive
- Single Manufacturing Facility Concentration:
- ALL manufacturing operations at Dahej, Gujarat (single location)
- Any disruption (fire, natural disaster, regulatory action, labor strike, power outage) halts entire production
- No backup or alternate facility
- Geographic concentration creates operational vulnerability
- IPO proceeds also allocated to same Dahej location (no diversification)
- Small Scale & Limited Financial Track Record:
- Revenue of ₹267.17 crore (FY25) – relatively small compared to industry giants
- Market cap post-IPO ₹266.82 crore – micro-cap company
- Limited track record as listed entity (SME debut)
- Scalability untested against larger competitors
- SME listing on BSE – lower liquidity vs mainboard
- Sudden Profit Surge – Sustainability Concerns:
- PAT grew 148% YoY (FY24 to FY25) – exceptionally high
- Revenue grew 64% but profit grew 148% – disproportionate
- Margin expansion sustainability needs monitoring post-IPO
- Pre-IPO earnings inflation concerns typical in SME space
- Investors should assess if growth rates maintainable
- Generic Products & Limited Pricing Power:
- Most products are generic pesticides (post-patent expiry molecules)
- Limited differentiation in commodity agrochemical formulations
- Price-sensitive market with intense competition
- Farmers prioritize cost over brand in many categories
- Margin compression risk from competitive pricing
- Environmental & Safety Concerns:
- Pesticide industry facing increasing scrutiny over environmental and human health impacts
- Growing movement toward organic farming and reduced chemical usage
- Regulatory push for banning/restricting certain molecules
- Reputational risks from any product safety incidents or misuse
- SME Listing – Liquidity Constraints:
- BSE SME platform has lower trading volumes than mainboard
- Limited institutional investor interest
- Price discovery challenges and higher volatility
- Difficulty in exiting positions during market downturns
- Limited analyst coverage
Disclaimer: This information is based on publicly available sources including SEBI RHP/DRHP filings and company disclosures. Investors should conduct their own research and consult with financial advisors before making investment decisions. Past performance is not indicative of future results. The company operates in a highly competitive, weather-dependent agrochemical sector with extreme customer concentration (70-83%), heavy import dependency (79%+), and no long-term customer/supplier agreements. SME investments carry higher risks than mainboard listings. Grey Market Premium is unofficial.
