Company Overview

GSP Crop Science Limited (formerly GSP Crop Science Private Limited) is a public limited company incorporated in 1985, primarily engaged in manufacturing agrochemicals including insecticides, pesticides, and herbicides. The company submitted its 41st Annual Report for FY 2025-26 under SEBI Regulations 30 and 34, highlighting strong financial performance and corporate developments.

Financial Performance for FY26

Standalone Results:

  • Revenue from Operations: ₹16,059.06 million (14% increase from FY25 ₹14,086.94 million)
  • Profit After Tax (Continue Operation): ₹898.35 million (17.7% increase from FY25 ₹755.90 million)
  • Total Comprehensive Income: ₹896.46 million

Consolidated Results:

  • Revenue from Operations: ₹15,171.06 million (17.84% increase from FY25 ₹12,873.85 million)
  • Net profit: ₹947.11 million (FY25: ₹821.37 million)
  • EPS: ₹24.93 (FY25: ₹21.38)

IPO Completion and Capital Structure

Successfully completed Initial Public Offering of 12,500,000 Equity Shares at ₹320 per share, raising ₹4,000 million comprising:

  • Fresh Issue: 7,500,000 Equity Shares aggregating ₹2,400 million
  • Offer for Sale: 5,000,000 Equity Shares aggregating ₹1,600 million
  • Listing Date: March 24, 2026 on BSE and NSE
  • Post-IPO Share Capital: ₹465.1875 million comprising 46,518,750 equity shares
  • Net proceeds utilization: ₹965 million for debt repayment, ₹107.64 million for corporate purposes

Operational Highlights and Subsidiaries

  • Manufacturing Facilities: 5 plants across India (Odhav, Kathwada, Nandesari, Samba, Saykha)
  • R&D Capabilities: 2 in-house R&D centers with 35 scientists
  • Geographical Presence: Exports to 40 countries; subsidiary in Brazil; incorporating subsidiary in Uruguay
  • Subsidiary Performance: Rajdhani Petrochemicals (₹1,244.64 million revenue), GSP Intermediates (loss of ₹151.80 million), GSP Agroquimica Do Brasil (loss of ₹32.42 million)

Financial Position and Ratios

As at March 31, 2026:

  • Total assets: ₹15,467.64 million
  • Property, plant and equipment: ₹1,484.83 million
  • Inventories: ₹3,562.25 million
  • Trade receivables: ₹5,525.68 million
  • Cash and cash equivalents: ₹1,553.21 million
  • Total equity: ₹7,702.81 million
  • Borrowings: ₹2,604.09 million

Key Ratios:

  • Current ratio: 1.64 (FY25: 1.30)
  • Debt-equity ratio: 0.34 (FY25: 0.66)
  • Return on equity: 15.50% (FY25: 19.80%)
  • Net profit margin: 6.24% (FY25: 6.32%)

Corporate Governance and AGM Matters

Board Composition: 8 Directors (4 Executive, 4 Independent including 1 woman Independent Director)

41st AGM Resolutions (Scheduled September 18, 2026):

  • Final dividend recommendation: 10% i.e., ₹1 per fully paid-up equity share
  • Ratification of M/s. Dalwadi & Associates as Cost Auditor for FY27 at ₹400,000 remuneration
  • Appointment of M/s. Chirag Shah & Associates as Secretarial Auditor for 5 years from FY27 at ₹200,000 annual fee
  • Amendment of Memorandum of Association to align with listed company requirements
  • Appointment of Mr. Narayanan Pulukhool Nair as Independent Director for 5-year term

Credit Ratings and Regulatory Compliance

  • India Ratings: Upgraded from IND A (-)/Positive Outlook to IND A/Stable Outlook
  • ICRA: Upgraded from [ICRA]A-(Stable Outlook) to [ICRA]A (Stable Outlook)
  • Financial statements prepared in accordance with Indian Accounting Standards (Ind AS)
  • Received unmodified audit opinion from M S K C & Associates LLP

Related Party Transactions

Total related party transactions during FY26: ₹1,380.71 million, including sales to Indo GSP Chemicals (₹350.25 million) and purchases from Rajdhani Petrochemicals (₹1,190.57 million).