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Indogulf Cropsciences Limited IPO

Indogulf Cropsciences Limited is an agrochemical manufacturing company engaged in the formulation, distribution, and export of crop protection products, plant nutrients, and biologicals. Established with a mission to support sustainable agriculture, the company provides a wide portfolio of products that include insecticides, herbicides, fungicides, plant growth regulators, and environmentally friendly bio-products.

RHP DRHP

Min Investment

₹14,985

Lot Size

135 Shares

Price Range

₹111.0

Issue Size (₹ Cr.)

₹200.0

IPO Type

BSE NSE, Mainboard

Key Metrics

Face Value

₹ 10

GMP

₹ 11.0

Subscription

0.42x

EPS

₹ 4.57

P/E Ratio

24.27 x

RoNW

12.19%

ROE

12.2%

Debt to Equity (₹ Cr.)

0.67

Timeline

IPO Opened26/06/2025Thursday

IPO Close30/06/2025Monday

Allotment01/07/2025Tuesday

Refund02/07/2025Wednesday

Listing03/07/2025Thursday

Strengths

Comprehensive Product Range The company manufactures a wide variety of agrochemical products, including insecticides, herbicides, fungicides, plant growth regulators, and bio-products, which helps it cater to diverse agricultural needs.
Strong Export Network Indogulf exports to more than 30 countries and holds "Two Star Export House" recognition, which enhances its global visibility and reduces dependence on domestic markets.
Solid Distribution and Client Base With a well-established domestic network of over 5,700 distributors and over 150 institutional clients, the company benefits from strong market reach and recurring demand.
Consistent Financial Growth The company has shown steady improvement in its revenue and profitability over the years, supported by operational efficiencies and increased market penetration.
Experienced Manufacturing Infrastructure Operating through four strategically located manufacturing units, the company has built capacity to scale up operations and introduce new formulations, including dry flowable granules.

Weaknesses

Exposure to Seasonal Demand Fluctuations The company's sales are heavily dependent on the agricultural cycle and monsoon conditions, which can lead to uneven revenues across quarters.
Raw Material Price Volatility A significant portion of inputs are imported, making the company vulnerable to international price fluctuations, currency exchange rates, and supply chain disruptions.
Regulatory Compliance Pressure Operating in the agrochemical industry requires adherence to multiple regulatory frameworks across different geographies, which can increase operational complexity and compliance costs.
Working Capital Intensity High receivables and inventory levels due to extended credit to distributors and dealers place strain on the company’s cash flow and require ongoing funding.
Product Concentration Risk A substantial portion of revenue comes from a limited set of high-demand products. Any shift in usage patterns or regulatory bans could significantly impact overall performance.