About
Indogulf Cropsciences, established in 1993 and headquartered in New Delhi is a prominent agrochemical company specializing in the manufacturing and distribution of crop protection products, plant nutrients, and biologicals. The company offers a diverse portfolio of over 400 products, including insecticides, herbicides, fungicides, and plant growth regulators, catering to both domestic and international markets across more than 34 countries. With a strong emphasis on research and development, Indogulf has pioneered the indigenous production of technical-grade pesticides like Spiromesifen and Pyrazosulfuron Ethyl in India. Recognized as a “Two-Star Export House” by the Government of India, the company continues to expand its global footprint while promoting sustainable agricultural practices.
IPO schedule
| Issue open date |
2025-06-26 |
| Issue close date |
2025-06-30 |
| UPI mandate deadline |
2025-06-30 (5 PM) |
| Allotment finalization |
2025-07-01 |
| Refund initiation |
2025-07-02 |
| Share credit |
2025-07-02 |
| Listing date |
2025-07-03 |
| Mandate end date |
2025-07-15 |
| Lock-in end date for anchor investors (50%) |
2025-07-31 |
| Lock-in end date for anchor investors (remaining) |
2025-09-29 |
Financials
| Financial Year Ended |
March 2022 |
March 2023 |
March 2024 |
December 2024 |
| Total Assets |
597.81 |
542.25 |
517.51 |
413.59 |
| Revenue |
466.31 |
555.79 |
552.19 |
490.23 |
| Profit After Tax |
21.68 |
28.23 |
22.42 |
26.36 |
| Net Worth |
265.43 |
231.65 |
203.25 |
180.51 |
*All figures are in ₹ Crores.
Issue size
| Funds Raised in the IPO |
Amount |
| Overall |
₹200 crores |
| Fresh Issue |
₹160 crores |
| Offer for sale |
₹40 crores |
Utilisation of proceeds
| Purpose |
INR crores (%) |
| Funding working capital requirements of the Company |
65 (40.63%) |
| Repayment/prepayment of certain borrowings |
34.12 (21.33%) |
| Capital expenditure for setting up a dry flowable (DF) plant |
14 (8.75%) |
| General corporate purposes |
46.88 (29.29%) |
Strengths
- Among India’s few manufacturers of Pyrazosulfuron Ethyl with 97% purity.
- Recognized as a Two Star Export House, exporting to 34+ countries.
- Integrated operations with technical, formulation, and fertilizer plants across four locations.
- Consistent financial performance with stable operating and net profit margins over FY22–FY24.
- Strong R&D backed by NABL-certified lab and six granted patents since FY19.
Risks
- Dependent on regulatory approvals for manufacturing and marketing agrochemicals.
- Raw material cost volatility could impact profitability.
- Working capital intensive operations with moderate debt levels.
- Export risks including currency fluctuations and compliance with international norms.
- Any lapses in quality control can lead to order cancellations and litigation.
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