Mahamaya Lifesciences Limited IPO
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:
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:
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:
Registrar of Mahamaya Lifesciences Limited IPO:
Discussion on Mahamaya Lifesciences Limited IPO:
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