Mahamaya Lifesciences
- Mahamaya Lifesciences is coming out with an initial public offering (IPO) of 61,78,800 equity shares in a price band of Rs 108-114 per equity share.
- The issue will open on November 11, 2025 and will close on November 13, 2025.
- The shares will be listed on SME Platform of BSE.
- The face value of the share is Rs 10 and is priced 10.80 times of its face value on the lower side and 11.40 times on the higher side.
- Book running lead manager to the issue is Oneview Corporate Advisors.
- Compliance Officer for the issue is Shilpi Bhardwaj.
Profile of the company
Mahamaya Lifesciences specializes in the manufacturing of pesticide formulations and supply bulk formulations catering to both Indian agrochemical companies, as well as multinational corporations (MNCs). It began its journey by focusing on import and registration of vital pesticide molecules (Technical) that were not produced domestically in India. It imported these molecules after lot of product research and worked on registering them with the Central Insecticides Board and Registration Committee (CIBRC) under the Department of Agriculture, Government of India. After successful registration it marketed these molecules both as technical and as value added end use formulations for both domestic manufacturers and MNCs.
Since its inception in 2002, the company has expanded from the sale of technical to companies, to establishing its own manufacturing facility/plant for formulations in December 2021, located at Dahej, Gujarat. From this manufacturing facility, it produces and sells bulk formulations, branded products (own brand products), and export them to customers. Domestically, it markets its own branded products across states such as Punjab, Haryana, Rajasthan, Uttar Pradesh, Gujarat, Maharashtra, Andhra Pradesh, and Telangana through a well-established dealer network. Internationally, it exports its products to countries including the Dominican Republic, Turkey, Egypt, and the UAE, ensuring full adherence to all manufacturing and compliance standards.
The company, backed by over three decades of experience from its promoters, and senior managerial personnel possesses a deep understanding of both Technical and formulation supplies, which are essential to the pesticide industry. It specialises in safer environment friendly products. With its research and development capabilities, it identifies the latest, safer molecules, conduct field trials at State Agricultural Universities and carry out toxicology and chemistry studies at CIBRC approved laboratories. It invests in registration of new molecules, which are, once approved and registered are distributed within India. With an advanced formulation plant, the company supplies products across the country and has marketing agreements with multinationals corporations.
Proceed is being used for:
- Purchase of equipment for existing formulation plant
- Funding capital expenditure towards setting up of a new technical manufacturing plant
- Construction of warehouse building and purchase of machinery
- Funding working capital requirement of the company
- General corporate purposes
Industry Overview
India's agrochemical industry has experienced remarkable growth in recent years. It has established itself as a key player in the global market. With a strong focus on partnerships and regulatory compliance, India is set to address both domestic agricultural needs and global challenges effectively. The country's increasing income levels and youthful population are driving a consumption-driven economy. This leads to increased demand across various sectors. This situation enables Indian manufacturers to offer competitive pricing for generic agrochemicals. Thus, attracting global attention and driving export volumes. India's reputation for cost effectiveness and product quality positions it as a preferred destination for agrochemical manufacturing. The 'Make in India' initiative by the government has also played a crucial role in advancing the agrochemical industry by promoting domestic manufacturing, reducing regulatory barriers and facilitating infrastructure development.
Additionally, initiatives like Aatmanirbhar Bharat Abhiyan highlights the importance of self-reliance and resilience in key sectors like agrochemicals. This aims to reduce dependency on imports and enhance competitiveness. The proposed production-linked incentive system for the agrochemical sector is also expected to further boost domestic manufacturing, create employment opportunities and elevate the country’s global competitiveness. India's strict laws and regulations regarding chemical manufacturing, particularly fertilisers and pesticides, have earned global recognition. Mandated by the Insecticides Act of 1968 and The Insecticide Rules of 1971, India implements meticulous checks and balances before releasing pesticides into the market. Overseen by the Central Insecticides Board and Registration Committee, operating under the Industries (Development and Regulation) Act of 1951, ensures adherence to global standards. Such adherence to strict regulations not only ensures the safety of humans and animals but also builds trust among consumers worldwide. This reinforces India's reputation as a reliable source of high-quality agrochemicals
India's agrochemical exports are projected to exceed Rs 80,000 crore ($9.61 billion) over the next four years, contingent upon a supportive industry environment. Agrochemical exports reached Rs 43,223 crore ($5.50 billion) in the 2022-23 fiscal year, surpassing domestic consumption. To achieve this growth, the report emphasizes the need for government action, including streamlining licensing processes, enhancing storage and sales infrastructure, incentivizing biopesticide production, and simplifying the registration of new products. ACFI also advocates for trade agreements with countries that have relaxed maximum residue level (MRL) norms and suggests reducing the Goods and Services Tax (GST) on agrochemicals from 18% to 5%. Despite being the fourth-largest global producer of agrochemicals, India still relies heavily on imports, particularly from China. The report notes that India's agrochemical usage is lower than the global average, with just 400 grams per hectare compared to 2.6 kg per hectare worldwide. The 'Make in India' initiative is a crucial opportunity to address these challenges and position India as a global agrochemical manufacturing and export hub.
Pros and strengths
Capability to introduce vital products for Indian Agriculture: The company is leveraging its strength in identifying the products and markets ahead of the curve and registering them thereby gaining an early mover advantage. This strategy provides it with a market edge of 4-5 years compared to competition. With the vast experience of promoters, it is able to identify and introduce vital products into the market as Technical and Formulations. The products that were not manufactured in India are imported after registration by generating necessary data as required by CIBRC. Some of the products currently under registration include Flonicamid, Spinosad, Pymetrozine, Spirotetramat. Products like Spirotetramat and Spinosad are known for safer to environment, users and crops. Additionally, it has introduced Norwegian seaweed extract based Bio-stimulants formulations.
Development of export opportunities of products: Over the past decade, the company has made investment in registering its products with trusted partners globally. Currently, it has active registration countries like in Dominican Republic, Egypt, Ethiopia, Jordan, UAE, and Turkey. Many companies prefer partners who can supply high quality products along with data support for registration of the product in their respective countries. To meet this demand, the company is investing in generating data that can be utilised across the multiple markets, giving it competitive advantage over other exporters. The key strategies for expanding exports include participating in international exhibitions such as CAC (China International Agrochemical & Crop Protection Exhibition), ACE (AgroChemEx), and ICSCE (International Crop Science Conference and Exhibition) where it can connect with potential partners and explore new business opportunities.
Established distribution network across various geographies through many dealers: It markets, sells, and distributes its diverse range of products to farmers across India through an established distribution network of dealers spread across in various states. Its network consists of more than 310 dealers, many of whom are actively purchasing and distributing its products as of June 30, 2025. This dealer network spans eight Indian states, including, Punjab, Haryana, Maharashtra, Rajasthan, Uttar Pradesh, Gujarat, Telangana and Andhra Pradesh as of June 30, 2025.
Risks and concerns
Maximum revenue comes from limited customers: The company derived maximum revenue from limited customers. Its top ten customers constituted 71.35%, 76.26%, 83.14% and 71.12% of its total sales for the period ended June 30, 2025 and for the financial year ended March 31, 2025, March 31, 2024, March 31, 2023 respectively. Absence of large number of customers and reliance on smaller customers base for its business may generally involve several risks. These risks may include, but are not limited to, reduction, delay or cancellation of orders, failure to negotiate favourable terms with customer, the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.
Unfavourable global weather patterns may have an adverse effect on export business: As the company primarily serve the agriculture sector, its export business is sensitive to global weather conditions that impact crop patterns, including extreme events such as droughts and natural disasters. Growing concerns about the effects of carbon dioxide and other greenhouse gases on global temperatures, weather patterns, and the frequency and intensity of extreme weather events could further increase these risks. Adverse weather conditions can also lead to fluctuations in commodity prices, influencing grower’s decisions on what crops to plant and in what quantities, which could, in turn, affect the demand for its products. Therefore, any unfavourable weather patterns may negatively impact its business, operational results, and financial condition. The loss resulting from shutdown of operations at its manufacturing facility could have an adverse effect on the company.
Rely on its distribution network to sell products to the farmers: The company relies to a significant extent on the relationships it has with its third-party dealers for its branded business, as they lay a significant role in enhancing customer awareness of its products and maintaining its brand names. As of June 30, 2025, it had more than three hundred and ten dealers. It may not be able to effectively manage its existing distribution network as it does not have any long-term contracts with any of its dealers. It is also exposed to the risk of its dealers failing to obtain requisite licenses and selling permissions or adhering to the standards in respect of sales and after-sales service in their direct contacts with customers, which in turn could adversely affect its customers perception of its brands and products and brand revenues. It seeks to increase the penetration of its products by expanding its distributor network targeted at different customer groups and geographies. There can be no assurance that it will be able to successfully identify or appoint new dealers. If it is unable to effectively manage its distribution network, its brand business, financial and results of operations may be adversely affected.
Outlook
Mahamaya Lifesciences is engaged in manufacturing, registration and export of finest crop protection products and bioproducts for crop & soil health management and to help the farming community for more productivity. The company has capability to introduce vital products for Indian Agriculture. The company also has ability to develop brands. On the concern side, majority of revenue comes from few customers and absence of large number of customers, dependence on few customers and creating a customer concentration risk which may have an adverse impact on its business operations and financial performance. Moreover, the company relies on its distribution network to sell its products to the farmers and any failure to effectively manage its distribution partners could hamper its business, financial and its results of operations.
The company is coming out with a maiden IPO of 61,78,800 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 108-114 per equity share. The aggregate size of the offer is around Rs 66.73 crore to Rs 70.44 crore based on lower and upper price band respectively. On performance front, revenue from operations stood at Rs 26,414.86 lakh in FY25 as compared to Rs 16,157.08 lakh in FY24, representing significant increase of 63.49%. Moreover, the profit after tax for the financial year ending March 31, 2025 stood at Rs 1,294.31 lakh in comparison to profit after tax of Rs 521.86 lakh in the financial year ending March 31, 2024.
The company has set up manufacturing facility in Dahej, Gujarat, to meet the increasing domestic and international demand for its formulated products. To cater to this rising demand, the company continuously strive to add more and more products to its portfolio based on its own market assessment of demand and supply position of these products. It has obtained registrations for vital molecules for local manufacturing in India and plan to expand its existing formulation facility and to establish a new agrochemical technical manufacturing facility in its existing plant situated at Dahej. This will reduce its dependence on other manufacturers, enhancing profit margins by addressing both domestic and export market requirements for formulated products. The establishment of this technical manufacturing facility will strengthen its ability to produce agrochemicals for the Indian market, complementing its formulation business and supporting its export operations thereby enhancing profit margins.
