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Gurugram: Agrochemical manufacturer Mahamaya Lifesciences Ltd is set to launch its initial public offering (IPO) on November 11, 2025, aiming to raise ₹70.4 crore through a combination of fresh equity issuance and an offer for sale (OFS).
The price band for the IPO has been fixed at ₹108 to ₹114 per share, with the issue comprising a total of 61.78 lakh shares. This includes a fresh issue of 56.38 lakh shares and an OFS of 5.4 lakh shares by promoter Krishnamurthy Ganesan and his spouse.
The anchor book will open for institutional investors on November 10, followed by the public issue from November 11 to November 13. The share allotment is expected to be finalized on November 14, and trading on the BSE SME platform is likely to begin on November 18.
Strong Fundamentals and Expanding Operations
Founded in 2002 and headquartered in Gurugram, Mahamaya Lifesciences specializes in the manufacturing of pesticide formulations and bulk formulations for the agrochemical sector. The company serves both Indian agribusinesses and global corporations, positioning itself as a key player in India’s growing crop protection market.
The company plans to deploy the IPO proceeds toward several growth-oriented projects:
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₹3.75 crore for the purchase of new equipment for its existing formulation plant,
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₹29.4 crore for establishing a new technical manufacturing unit,
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₹2.5 crore for constructing a warehouse and purchasing additional machinery, and
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₹18 crore to bolster working capital.
The balance will be utilized for general corporate purposes, strengthening the company’s balance sheet and operational capabilities.
Financial Performance Highlights
Mahamaya Lifesciences has demonstrated robust financial growth in recent years. For the quarter ending June 2025, the company reported a profit of ₹4.1 crore on a revenue of ₹83 crore.
In the financial year ending March 2025, profit surged 148% year-on-year to ₹12.9 crore, compared to ₹5.2 crore in FY24. Revenue also saw a sharp 63.5% rise, climbing from ₹161.6 crore to ₹264.1 crore, driven by higher demand for pesticide formulations and increased export activity.
Market Position and Outlook
With a diverse product mix and a growing clientele, Mahamaya Lifesciences competes with established peers like Nova Agritech and Bhagiradha Chemicals & Industries. Industry analysts believe the company’s focus on both technical manufacturing and value-added formulation products could help it capture a larger share of India’s agrochemical export market.
Merchant banker Oneview Corporate Advisors is managing the IPO, while the shares will be listed on the BSE SME platform.
As India’s agriculture sector modernizes and farm incomes rise, Mahamaya Lifesciences’ planned capacity expansion and steady profit growth position it well to benefit from increasing domestic and international demand for crop protection solutions.
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