Mahamaya Lifesciences Limited IPO

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Mahamaya Lifesciences Limited was incorporated on May 7, 2002. The company is engaged in the manufacturing and marketing of pesticide formulations, catering to both domestic and international agrochemical markets. Initially, Mahamaya focused on the import and registration of pesticide molecules not produced in India, later transitioning into domestic manufacturing. It established its formulation plant in December 2021 at Dahej, Gujarat, producing bulk and branded formulations for sale in India and abroad.

Products and Operations

Mahamaya offers a diverse product portfolio that includes insecticides, fungicides, herbicides, biostimulants, biopesticides, and biofertilizers.
As of June 30, 2025, it had 136 insecticide, 71 fungicide, 58 herbicide, 9 biostimulant, 3 biopesticide, and 1 biofertilizer products.
Key brands include MAYAMECTIN, MAYAIMIDA, MAYAPRID, MAYASHIELD, UCHIT EW 370, and MAYAMRIT.

The company serves states such as Punjab, Haryana, Rajasthan, Uttar Pradesh, Gujarat, Maharashtra, Andhra Pradesh, and Telangana through a network of over 310 dealers and exports to Dominican Republic, Egypt, Ethiopia, Jordan, UAE, and Turkey.

Manufacturing and Quality

The Dahej facility operates under strict quality and compliance norms. The company’s in-house R&D team conducts field trials and toxicology studies at CIBRC-approved labs to ensure product safety and regulatory compliance. It also partners with multinational corporations for technical collaboration and data-supported product registration.

Research and Development

Mahamaya emphasizes innovation in safer, eco-friendly molecules and biological crop care products. The company’s R&D activities focus on bio-stimulants, bio-fertilizers, and low-toxicity insecticides, fungicides, and herbicides, positioning it as a forward-looking, sustainable agrochemical manufacturer.

Core Strengths

1. Experienced Leadership: Led by a management team with strong industry expertise in crop protection.
2. Early Mover Advantage: Proven ability to identify and register high-potential molecules ahead of competitors.
3. Expanding Exports: Active product registrations in multiple countries with participation in major global exhibitions like CAC (China) and ACE (AgroChemEx).
4. Strong Branding: Portfolio of well-recognized agricultural brands supported by direct marketing and farmer outreach.
5. Supplier Relations: Strong relationships with raw material suppliers and international partners ensuring consistent quality and cost efficiency.

Objects of the Mahamaya Lifesciences Limited IPO:

The net proceeds of the Fresh Offer are proposed to be utilised in the following manner: i. Purchase of Equipment for existing Formulation plant (₹3.75 cr) ii. Capital expenditure towards setting up of a new technical manufacturing plant (₹ 29.42 cr) iii. Construction of Warehouse Building and Purchase of Machinery (₹2.52 cr) iv. Funding working capital requirement (₹18 cr) v. General Corporate purposes

Mahamaya Lifesciences Limited IPO Details:

Open Date: Nov 11 2025
Close Date: Nov 13 2025
Total Shares: 61,78,800
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 70.44 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 108-114 Per Equity Share
Listing At: BSE SME
Listing Date: Nov 18 2025

Promoters And Management:

1. Mr. Krishnamurthy Ganesan – Managing Director & Promoter, aged 75, holds B.Sc. and M.Sc. degrees from the University of Madras and a diploma in German. He has over 22 years of experience in the agrochemical sector and has led the company since 2002. He oversees operations, quality assurance, R&D, regulatory affairs, and brand sales, driving the company’s strategic vision and stakeholder value. 2. Mr. Prashant Krishnamurthy – Executive Director, CFO & Promoter, 41, Mr. Prashant holds a B.Com from Delhi University and an M.Sc. in Information Systems from Warwick University. On the board since 2014, he manages day-to-day operations, finance, imports, exports, production, and marketing, ensuring operational efficiency and financial transparency aligned with company goals. 3. Mrs. Lalitha Krishnamurthy – Whole-time Director & Promoter, aged 69, holds a B.Sc. and an Executive Master’s in International Business from IIFT. She has over two decades of experience in agrochemicals and oversees HR, legal, secretarial, and investor relations, including liaison with banks and stakeholders for business expansion and corporate governance.

Financials of Mahamaya Lifesciences Limited IPO:

Particulars 3M FY 2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 84.03 267.17 162.82 137.39
EBITDA (Cr) 8.03 24.64 13.35 8.91
EBITDA Margins 9.56% 9.22% 8.20% 6.49%
PAT (Cr) 4.1 12.94 5.21 3.75
PAT Margins 4.88% 4.84% 3.20% 2.73%
ROCE 7.30% 23.15% 16.16% 20.00%
Debt to Equity Ratio(In Times) 1.09 1.2 2.29 1.26
Operating Cash Flows 1.44 0.52 -22.66 1.06

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Mahamaya Lifesciences Limited 267.17 9.22% 4.84% 23.15% 1.09 266.81 20.62
Nova Agritech Limited 294 14% 9.18% 16.40% 0.25 433 16.4
Bhagiradha Chemicals & Industries Limited 440 8% 3.18% 5.19% 0.13 3,212 265
Note: Forward P/E is 16.26 According to FY2026 PAT

Lead Manager of Mahamaya Lifesciences Limited IPO:

  1. Oneview Corporate Advisors Pvt. Ltd.

Registrar of Mahamaya Lifesciences Limited IPO:

  1. Kfin Technology Private Limited

Discussion on Mahamaya Lifesciences Limited IPO:

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