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Indogulf Cropsciences IPO
Price Band
₹105.0–111.0
Issue Size
₹200.41 Cr
Lot Size
135 shares
Min Investment
₹14,985
GMP
+₹18.0 (16.22%)
Issue Price
₹111.0
Subject to Sauda
₹1800
Paid only if allotted
Indogulf Cropsciences IPO AI Summary
- Indogulf Cropsciences IPO is listed on BSE, NSE in the Pesticides & Agrochemicals sector.
- Price band: ₹105.0–₹111.0 per share, lot size 135 shares (min. investment ₹14,985).
- Subscription window: 26 Jun–30 Jun 2025, listing on 03 Jul 2025.
- Current GMP is +₹18.0 (16.22%), an estimated listing price of ₹129 — unofficial and can change daily.
Indogulf Cropsciences Limited is set to launch its IPO with an issue price of ₹111.0, aiming to raise ₹200.41 Cr. The company has a strong presence in the agrochemical sector, supported by a diverse product range and a solid distribution network. Investors should consider the potential for listing gains while being mindful of the inherent risks associated with IPO investments.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Indogulf Cropsciences IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 30 Jun 2025 — not a current signal.
11 of 13 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Indogulf Cropsciences IPO Grey Market Premium (GMP) Today
GMP
+₹18.0
GMP %
+16.22%
Est. Listing
₹129.0
Updated: 25 Jul 2026 14:14
About the Company
Incorporated in 1993, Indogulf Cropsciences Limited is engaged in manufacturing crop protection products, plant nutrients, and biologicals in India. The company manufactured Spiromesifen technical with 96.5% purity in 2019 and is one of the first indigenous manufacturers of Pyrazosulfuron Ethyl technical with 97% purity in India. The company operates four manufacturing facilities in Samba (Jammu & Kashmir) and Nathupur (Haryana), covering approximately twenty acres, including two sites in Nathupur and one in Barwasni, Haryana. The company has a sales network across 22 states and 3 Union Territories in India, with 169 business partners, 5,772 distributors, and 129 partners in 34 countries worldwide. The company’s flexible, multi-purpose facilities allow diverse product manufacturing, adapting to customer needs. Its competitive advantage is strengthened by high regulatory barriers in the agrochemical industry, including costs and complex approvals. Product Portfolio: Plant Nutrients: The company manufactures specialty fertilizers, bio-simulants, and performance products, including straight fertilizers and soil health products, to enhance soil fertility, stimulate root growth, and improve crop yields. Crop Protection Products: The company manufactures crop protection products, including insecticides, fungicides, herbicides, and bio-stimulants, designed to safeguard crops from pests, diseases, and weeds, ensuring healthy growth and productivity. Biologicals: The company offers biological products, including bio-stimulants and bio-fertilizers, to improve crop growth, nutrient uptake, stress tolerance, and overall sustainability, with products like Biogold, Indo Breeza, and Indo Mychoriza. As of August 31, 2024, the company had 640 permanent employees. Competitive Strengths: Diversified product portfolio and specialized products across all three verticals. Established distribution network in India and abroad. Backward integrated manufacturing infrastructure. Strong R&D and product development capabilities. Experienced Promoters and a strong management team.
Company Financials (₹ Cr)
As of 2024-12-31
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 597.81 | 542.25 | 517.51 | 413.59 |
| Total Income | 466.31 | 555.79 | 552.19 | 490.23 |
| Profit After Tax | 21.68 | 28.23 | 22.42 | 26.36 |
| EBITDA | 44.78 | 55.74 | 49.04 | 47.24 |
| NET Worth | 265.43 | 231.65 | 203.25 | 180.51 |
| Reserves and Surplus | 216.64 | 208.01 | 179.60 | 156.87 |
| Total Borrowing | 206.30 | 154.56 | 189.22 | 101.38 |
Key Ratios
EPS
₹5.79
NAV
₹97.98
ROE
12.2%
ROCE
11.93%
RoNW
12.19%
P/B Value
1.13
P/E Ratio
19.18
Market Cap
₹701.54 Cr
PAT Margin
5.11%
Debt/Equity
0.67
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Dharmaj Crop Guard Limited | 106.33 | 12.35% | 18.02 | 13.13 | 13.13 |
| India Pesticides Limited | 7.17 | 72.9% | 41.62 | 5.24 | 5.24 |
| Heranba Industries Limited | 213.19 | 4.04% | 35.34 | 8.72 | 8.72 |
| Bhagiradha Chemicals & Industries Ltd. | 397.59 | 4.4% | 101.81 | 17.5 | 16.1 |
| Best Agrolife Limited | 273.64 | 16.42% | 12.23 | 44.94 | 44.94 |
| Basant Agro Tech (india) Ltd. | 19.22 | 2.27% | 44.58 | 0.43 | 0.43 |
| Aries Agro Ltd. | 200.2 | 7.07% | 17.47 | 14.94 | 14.94 |
| Indogulf Cropsciences Limited This IPO | 97.98 | 12.19% | — | 12 | 11.94 |
Promoters
Om Prakash Aggarwal, Sanjay Aggarwal, Anshu Aggarwal and Arnav Aggarwal
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding working capital requirements of the Company 65.00 2 Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the Company 34.12 3 Capital expenditure of the Company for setting up an in-house dry flowable (DF) plant at Barwasni, District Sonipat, Haryana 14.00 4 General Corporate Purposes 27.85 5 Issue Expenses 23.78 Total 164.74
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹490.23 Cr in the period ending 31 Mar 2022, rising to ₹552.19 Cr by 31 Mar 2023, then slightly decreasing to ₹555.79 Cr by 31 Mar 2024, and further declining to ₹466.31 Cr by 31 Dec 2024, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹26.36 Cr in the period ending 31 Mar 2022, increasing to ₹22.42 Cr by 31 Mar 2023, then rising to ₹28.23 Cr by 31 Mar 2024, before dropping to ₹21.68 Cr by 31 Dec 2024, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Indogulf Cropsciences has an implied P/E ratio of 19.18 at the issue price, compared to peers trading in a range of approximately 12.23 to 101.81.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected premium of a stock over its issue price in the grey market before it officially lists on the stock exchange. A positive GMP suggests that the stock is likely to list at a higher price than its issue price, while a negative GMP indicates the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance, considering factors such as market conditions and the company's growth potential.
Who May Want to Wait
Investors who prefer stable returns and are risk-averse may want to avoid IPOs, particularly in sectors like agrochemicals that can be influenced by regulatory changes, market fluctuations, and agricultural cycles.
IPO Timeline, Explained
The IPO will open for subscription from June 26, 2025, and close on June 30, 2025. Allotment of shares is expected on July 1, 2025, with the listing date set for July 3, 2025.
Listing Gains — The Risk
Listing gains can be unpredictable and depend on various factors such as market sentiment, demand for the stock, and overall market conditions. Investors should be aware that while some IPOs may experience significant gains on the listing day, others may not perform as well, leading to potential losses.
This evaluation is generated from Indogulf Cropsciences's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Indogulf Cropsciences IPO GMP today?
Indogulf Cropsciences IPO GMP today is +₹18.0 (16.22%), indicating an estimated listing price of ₹129. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Indogulf Cropsciences IPO?
The price band of Indogulf Cropsciences IPO is ₹105.0–₹111.0 per share.
When does Indogulf Cropsciences IPO open and close?
Indogulf Cropsciences IPO opens on 26 June 2025 and closes on 30 June 2025.
When does Indogulf Cropsciences IPO list on the stock exchange?
Indogulf Cropsciences IPO listed on 03 July 2025 at ₹129.0.
What is the lot size for Indogulf Cropsciences IPO?
The lot size for Indogulf Cropsciences IPO is 135 shares, requiring a minimum investment of ₹14,985.
What is the price band for the Indogulf Cropsciences IPO?
The price band for the IPO is ₹105.0 to ₹111.0.
What is the minimum investment required for this IPO?
The minimum investment required is ₹14,985.
What is the lot size for the Indogulf Cropsciences IPO?
The lot size is 135 shares.
When does the Indogulf Cropsciences IPO open and close?
The IPO opens on June 26, 2025, and closes on June 30, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected price at which the stock may list compared to its issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
26 Jun 2025
Close
30 Jun 2025
Allotment
01 Jul 2025
Listing
03 Jul 2025
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