Pesticides & Agrochemicals · Founded 1985 · www.gspcrop.in · BSE 544733 · NSE GSPCROP · ISIN INE713R01022
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Business
GSP Crop science Ltd. operates in the Pesticides & Agrochemicals sector. The company is involved in the manufacturing, formulation, and distribution of various crop protection products, including insecticides, herbicides, fungicides, and plant growth regulators. Its core business model revolves around developing and marketing these chemical solutions to farmers to protect crops from pests, diseases, and weeds, thereby improving agricultural productivity and yield. The company generates revenue through the sale of these agrochemical products to a network of distributors, retailers, and directly to large farming operations.
Revenue Mix
The company primarily operates within the Pesticides & Agrochemicals segment. Without specific financial disclosures, a detailed breakdown of revenue by product type (e.g., insecticides, herbicides, fungicides) or geographical contribution is not available. However, given its sector, its revenue is predominantly derived from the sales of a portfolio of crop protection chemicals.
Industry
The Indian Pesticides & Agrochemicals industry is diverse, characterized by a mix of multinational corporations and a large number of domestic players. It is highly dependent on agricultural cycles, monsoon patterns, and government policies. GSP Crop science Ltd. is positioned as a domestic player within this competitive landscape. Its positioning likely involves catering to specific crop protection needs across various regions of India, competing on product effectiveness, distribution reach, and pricing against both larger, established players and other regional competitors. The industry also faces the challenge of developing newer, safer, and more effective formulations while adhering to strict regulatory standards.
MOAT
Without specific details, it is challenging to ascertain a strong, durable competitive advantage for GSP Crop science Ltd. Potential moats in the agrochemical industry could include a strong distribution network reaching remote farming communities, proprietary formulations or robust R&D capabilities leading to new product patents, significant brand loyalty for specific products, or cost leadership in manufacturing. As a domestic player, GSP Crop science Ltd. might possess regional market understanding and distribution strengths, but a clear, long-term competitive moat is not evident from the given information alone.
Growth Drivers
Increasing Food Demand: Growing population and demand for food will drive the need for higher agricultural productivity, necessitating the use of agrochemicals.
Low Per Capita Agrochemical Consumption: India's per-hectare agrochemical consumption is lower than global averages, indicating significant headroom for growth.
Farmer Awareness & Education: Increased awareness among farmers about the benefits of crop protection for yield improvement.
New Product Introductions: Development and commercialization of new, effective, and environmentally safer agrochemical formulations.
Export Opportunities: Potential to expand sales into international markets, leveraging manufacturing capabilities.
Risks
Monsoon Dependency: Indian agriculture is heavily reliant on monsoons, and erratic weather patterns can significantly impact demand for agrochemicals.
Raw Material Volatility: Fluctuations in the prices of crude oil and other chemical intermediates can affect manufacturing costs and profitability.
Regulatory Changes: Strict and evolving environmental and safety regulations for agrochemicals can lead to product bans, higher compliance costs, and R&D hurdles.
Intense Competition: The presence of numerous domestic and international players creates pricing pressure and competition for market share.
Counterfeit Products: The market faces challenges from spurious or counterfeit agrochemicals, which can erode trust and market share.
Pest Resistance: Continuous use of certain chemicals can lead to pest resistance, necessitating investment in new formulations.
Management & Ownership
GSP Crop science Ltd. is a promoter-driven company. This indicates that a founding family or group holds a significant ownership stake and typically exercises substantial control over the company's strategic direction and operations. Specific details regarding the management's individual track record or the full ownership structure beyond being promoter-led are not provided.
Outlook
GSP Crop science Ltd. operates in a fundamental sector critical for food security, suggesting a resilient underlying demand for its products. The long-term trajectory for agrochemical consumption in India appears positive due to population growth, increasing agricultural intensification, and relatively low current usage levels. However, the company faces significant challenges typical of the sector, including reliance on unpredictable weather patterns, stringent regulatory oversight, and intense competition from both large domestic and multinational players. Profitability can be impacted by volatile raw material prices and the need for continuous R&D to develop new, effective, and compliant products. The company's future performance will depend on its ability to innovate, expand its distribution network, manage operational efficiencies, and adapt to evolving agricultural practices and regulatory environments.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Dec 2024 | Dec 2025 |
|---|---|---|
| Net Sales | 276 | 270 |
| Other Income | 1 | 2 |
| Total Income | 277 | 272 |
| Total Expenditure | 273 | 257 |
| Operating Profit | 3 | 15 |
| Interest | 8 | 10 |
| Depreciation | 6 | 8 |
| Exceptional Income / Expenses | 0 | -5 |
| Profit Before Tax | -11 | -8 |
| Provision for Tax | -5 | -2 |
| Profit After Tax | -6 | -6 |
| Adjustments | 0 | 1 |
| Profit After Adjustments | -6 | -5 |
| Adjusted Earnings Per Share | -1.5 | -1.4 |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 688 | 743 | 903 | 1077 | 1191 | 1203 | 1152 | 1287 | 546 |
| Other Income | 1 | 1 | 4 | 11 | 11 | 3 | 6 | 14 | 3 |
| Total Income | 689 | 744 | 908 | 1088 | 1203 | 1206 | 1158 | 1301 | 549 |
| Total Expenditure | 609 | 667 | 832 | 949 | 1062 | 1125 | 1028 | 1137 | 530 |
| Operating Profit | 80 | 77 | 76 | 140 | 141 | 81 | 130 | 164 | 18 |
| Interest | 25 | 26 | 25 | 18 | 24 | 37 | 34 | 31 | 18 |
| Depreciation | 24 | 21 | 18 | 18 | 20 | 21 | 20 | 23 | 14 |
| Exceptional Income / Expenses | -55 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5 |
| Profit Before Tax | -23 | 30 | 34 | 103 | 97 | 23 | 77 | 110 | -19 |
| Provision for Tax | 1 | 5 | 12 | 36 | 25 | 6 | 21 | 28 | -7 |
| Profit After Tax | -24 | 25 | 21 | 68 | 72 | 18 | 56 | 81 | -12 |
| Adjustments | 0 | -0 | -0 | 0 | 3 | 4 | 6 | 2 | 1 |
| Profit After Adjustments | -24 | 25 | 21 | 68 | 76 | 21 | 61 | 83 | -11 |
| Adjusted Earnings Per Share | -5.4 | 5.7 | 4.8 | 15.3 | 17.1 | 5.2 | 15.7 | 21.4 | -2.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 12% | 3% | 7% | 0% |
| Operating Profit CAGR | 26% | 5% | 17% | 0% |
| PAT CAGR | 45% | 4% | 31% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 20% | 13% | 15% | 10% |
| ROCE Average | 21% | 15% | 18% | 14% |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 288 | 314 | 331 | 396 | 469 | 363 | 370 | 450 |
| Minority's Interest | -1 | -1 | 0 | 0 | 0 | 0 | -0 | 2 |
| Borrowings | 28 | 32 | 15 | 10 | 120 | 98 | 55 | 76 |
| Other Non-Current Liabilities | -15 | -17 | -12 | -10 | -14 | -7 | -11 | -18 |
| Total Current Liabilities | 382 | 433 | 397 | 511 | 676 | 669 | 569 | 720 |
| Total Liabilities | 683 | 761 | 731 | 907 | 1250 | 1124 | 983 | 1230 |
| Fixed Assets | 167 | 161 | 159 | 161 | 166 | 169 | 177 | 214 |
| Other Non-Current Assets | 16 | 24 | 17 | 17 | 40 | 58 | 71 | 87 |
| Total Current Assets | 500 | 576 | 555 | 729 | 1044 | 897 | 735 | 929 |
| Total Assets | 683 | 761 | 731 | 907 | 1250 | 1124 | 983 | 1230 |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 24 | 16 | 9 | 6 | 51 | 123 | 20 | 30 |
| Cash Flow from Operating Activities | 54 | 57 | 80 | 114 | -44 | 104 | 207 | 38 |
| Cash Flow from Investing Activities | -16 | -13 | -23 | -19 | -42 | -47 | -19 | -80 |
| Cash Flow from Financing Activities | -36 | -51 | -59 | -50 | 157 | -159 | -178 | 30 |
| Net Cash Inflow / Outflow | 2 | -8 | -2 | 45 | 71 | -102 | 9 | -12 |
| Closing Cash & Cash Equivalent | 27 | 9 | 6 | 51 | 123 | 20 | 30 | 18 |
| # | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -5.39 | 5.72 | 4.82 | 15.33 | 17.11 | 5.18 | 15.68 | 21.38 |
| CEPS(Rs) | -0.07 | 10.38 | 8.83 | 19.41 | 20.86 | 9.36 | 19.32 | 26.87 |
| DPS(Rs) | 0 | 0.33 | 0.47 | 0.67 | 0.73 | 0.13 | 0.67 | 0.75 |
| Book NAV/Share(Rs) | 65.22 | 70.93 | 74.89 | 89.52 | 105.96 | 88.18 | 94.94 | 115.34 |
| Core EBITDA Margin(%) | 11.23 | 10.26 | 6.7 | 9.41 | 8.98 | 5.18 | 8.79 | 9.71 |
| EBIT Margin(%) | 0.25 | 7.61 | 5.46 | 8.9 | 8.37 | 3.97 | 7.82 | 9.08 |
| Pre Tax Margin(%) | -3.26 | 4.1 | 3.14 | 7.57 | 6.72 | 1.54 | 5.41 | 7.08 |
| PAT Margin (%) | -3.38 | 3.41 | 2.01 | 4.96 | 5.02 | 1.16 | 3.93 | 5.26 |
| Cash Profit Margin (%) | -0.05 | 6.18 | 3.66 | 6.28 | 6.4 | 2.54 | 5.33 | 6.77 |
| ROA(%) | -3.5 | 3.51 | 2.88 | 8.27 | 6.7 | 1.48 | 5.27 | 7.36 |
| ROE(%) | -8.28 | 8.42 | 6.65 | 18.63 | 16.73 | 4.22 | 15.13 | 19.85 |
| ROCE(%) | 0.36 | 11.1 | 11.46 | 23.5 | 18.23 | 8.16 | 17.09 | 20.81 |
| Receivable days | 112.15 | 107.13 | 85.52 | 76.45 | 88.49 | 98.93 | 95.42 | 83.91 |
| Inventory Days | 104.39 | 122.19 | 86.47 | 67.97 | 85.7 | 87.67 | 74.4 | 70.17 |
| Payable days | 111.91 | 143.12 | 122.47 | 139.2 | 158.36 | 148.13 | 143.55 | 139.06 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.32 | 0.29 | 0.19 | 0.09 | 0.18 | 0.26 | 0.19 | 0.23 |
| EV/Core EBITDA(x) | 2.71 | 2.78 | 2.3 | 0.71 | 1.55 | 3.8 | 1.7 | 1.84 |
| Net Sales Growth(%) | 0 | 8 | 21.62 | 19.22 | 10.6 | 1.01 | -4.25 | 11.74 |
| EBIT Growth(%) | 0 | 3066.44 | 2.95 | 108.84 | -0.78 | -50.02 | 83.4 | 27.2 |
| PAT Growth(%) | 0 | 206.18 | -15.37 | 215.77 | 6.75 | -75.7 | 216.05 | 46.6 |
| EPS Growth(%) | 0 | 206.09 | -15.65 | 217.85 | 11.66 | -69.72 | 202.59 | 36.37 |
| Debt/Equity(x) | 0.74 | 0.64 | 0.51 | 0.35 | 0.68 | 0.89 | 0.64 | 0.66 |
| Current Ratio(x) | 1.31 | 1.33 | 1.4 | 1.43 | 1.55 | 1.34 | 1.29 | 1.29 |
| Quick Ratio(x) | 0.78 | 0.65 | 0.87 | 0.84 | 0.99 | 0.82 | 0.89 | 0.78 |
| Interest Cover(x) | 0.07 | 2.17 | 2.36 | 6.69 | 5.08 | 1.63 | 3.25 | 4.55 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2025 | Mar 2026 |
|---|---|---|
| Promoter | 0 | 71.73 |
| FII | 0 | 11.85 |
| DII | 0 | 1 |
| Public | 0 | 15.43 |
| Others | 0 | 0 |
| Total | 0 | 100 |
| # | Dec 2025 | Mar 2026 |
|---|---|---|
| Promoter | 0 | 3.34 |
| FII | 0 | 0.55 |
| DII | 0 | 0.05 |
| Public | 0 | 0.72 |
| Others | 0 | 0 |
| Total | 0 | 4.65 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +12% | +3% | +7% | — |
| Operating Profit CAGR | +26% | +5% | +17% | — |
| PAT CAGR | +45% | +4% | +31% | — |
| Share Price CAGR | — | — | — | — |
| ROE Average | +20% | +13% | +15% | +10% |
| ROCE Average | +21% | +15% | +18% | +14% |
| # | Dec 2025 | Mar 2026 |
|---|---|---|
| Promoter | 0 | 71.73 |
| FII | 0 | 11.85 |
| DII | 0 | 1 |
| Public | 0 | 28.27 |
| Others | 0 | 0 |
| Total | 100 | 100 |
| # | Dec 2025 | Mar 2026 |
|---|---|---|
| Promoter | 0 | 3.34 |
| FII | 0 | 0.55 |
| DII | 0 | 0.05 |
| Public | 0 | 1.32 |
| Others | 0 | 0 |
| Total | 0 | 4.65 |
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