Indogulf Cropsciences
IPO
IPO Breakdown
- Allotment Date 01 July 2025
- Listing Date 03 July 2025
- Lot Size (Retail) 135 Shares (₹14,985)
- Issue Breakdown Fresh Issue: ₹160 Cr OFS: ₹40 Cr
- Face Value ₹10
- Retail Portion 35%
IPO Overview
IPO or Initial Public Offering is a process through which a privately-owned company seizes its stock in the market in order to be listed in a Stock exchange. On June 26-30, 2025, three firms Indogulf Cropsciences, Moving Media Entertainment (2 issues), and Valencia India are entering the stage with their IPO. These companies cut across various industries such as agri-biotech, media rent and multi sector conglomerates. It is a good lineup to consider in case you are trailing fresh listings to make gains or long-term plays.
Key Takeaways
Indogulf Cropsciences
- Price Band: ₹105 - ₹111
- Issue Size: ₹200 Cr
- Listing Date: 03 July 2025
Moving Media Ent.
- Price Band: ₹66 - ₹70
- Issue Size: ₹43.30 Cr
- Listing Date: 03 July 2025
Moving Media Ent.
- Price Band: ₹95 - ₹110
- Issue Size: ₹48.95 Cr
- Listing Date: 03 July 2025
Valencia India Ltd
- IPO & Price Details: To Be Announced
GMP Snapshot
Indogulf Cropsciences
Unofficial grey market quotes suggest a listing price of around ₹122 at the upper band of ₹111.
Moving Media Ent. (#1)
Implied listing price: ~₹78 at the upper band of ₹70.
GMP Trend: Indogulf Cropsciences IPO
Price Band Details – Indogulf Cropsciences IPO
| Component | Detail |
|---|---|
| Price Band | ₹105 to ₹111 per share |
| Face Value | ₹10 per equity share |
| Issue Type | Book Built Issue |
| Lot Size (Retail) | 135 shares (₹14,985 per lot at upper band) |
| Total Issue Size | ₹200 Crores
|
Financial Snapshot – Indogulf Cropsciences
| Year | FY22 | FY23 | FY24 |
|---|---|---|---|
| Revenue (₹ Cr) | 487.21 | 549.66 | 552.23 |
| EBITDA (₹ Cr) | 47.24 | 49.04 | 55.74 |
| EBITDA Margin | — | — | ~10.1% |
| Profit After Tax (₹ Cr) | 26.36 | 22.42 | 28.23 |
| PAT Margin | — | — | ~5.1% |
| Assets (₹ Cr) | 413.59 | 517.51 | 542.25 |
| Net Worth (₹ Cr) | 180.51 | 203.25 | 231.65 |
| Total Debt (₹ Cr) | 101.38 | 189.22 | 154.56 |
| EPS (₹) | 11.21 | 9.53 | 12.00 |
| Op. Cash Flow (₹ Cr) | 7.01 | 57.01 | 53.34 |
| Capex Cash Outflow (₹ Cr) | 10.02 | 19.29 | 5.23 |
| Financing Activity (₹ Cr) | 16.09 | 75.20 | 48.89 |
| Cash & Equivalents (₹ Cr) | 4.79 | 3.69 | 2.92 |
Financial Highlights & Insights
Steady Growth
Revenue increased consistently from ₹487 Cr in FY22 to ₹552 Cr in FY24, showing stable business momentum.
Rising Profitability
EBITDA improved nearly 18% YoY, while PAT rose ~26% in FY24—indicating stronger bottom-line performance.
Stronger Balance Sheet
Net worth climbed steadily as the company reduced debt from ₹189 Cr to ₹155 Cr in one year.
Healthy Cash Flows
Operating cash flows remained robust (~₹50–57 Cr), giving the company flexibility for investments and repayments.
Lot Size – Indogulf Cropsciences IPO
| Lot Size (Retail) | 135 shares |
| Minimum Investment | ₹14,985 (at ₹111 upper band) |
| Maximum for Retail | 14 lots (1,890 shares) |
| Maximum Investment | ₹2,09,790 |
Peer Comparison – Indogulf vs Listed Agri-Tech Firms
| Particulars | Indogulf | UPL Ltd | Rallis India | Bharat Rasayan |
|---|---|---|---|---|
| Revenue (FY24) ₹ Cr | 552.2 | 41,000+ | 2,600+ | 1,250+ |
| PAT (₹ Cr) | 28.2 | ~1,600 | ~180 | ~140 |
| EBITDA Margin (%) | ~10.1% | ~20% | ~13% | ~19% |
| PE Ratio (Post IPO est.) | ~9.2x | ~13x | ~17x | ~22x |
| ROE (%) | ~12.2% | ~14% | ~11% | ~15% |
| Market Cap (₹ Cr) (Est.) | ~530 | 52,000+ | 5,000+ | 3,500+ |
| Listed on SME/Main Board | Main Board | Main Board | Main Board | Main Board |
Interpretation
High Growth Potential
The company has very high growth potential due to the PE ratio (~9.2x) being low as well as lot size of entry being very low as Indogulf is a micro-cap company competing in the big leagues of the agri-chem industry.
Satisfactory Performance
Although it is smaller, it is performing satisfactorily in terms of profit margins and increasing health in the balance sheet.
Niche Expansion Strategy
Indogulf is also planning a niche expansion in biochemicals and micronutrients, against giants such as UPL, and this niche can do well in the ESG and organic forms boom.
FY22-FY25 Revenue Growth – Indogulf Cropsciences
Indogulf Cropsciences has demonstrated steady revenue performance over the past three years, scaling its operations cautiously in the competitive agrochemicals sector. Based on company trajectory and industry estimates, FY25 is expected to witness a modest uptick post-IPO, driven by capital deployment and capacity expansion.
Revenue & Growth (FY22–FY25)
Year-wise Revenue Table
| Financial Year | Revenue (₹ Crores) | YoY Growth (%) |
|---|---|---|
| FY22 | ₹487.21 Cr | – |
| FY23 | ₹549.66 Cr | +12.8% |
| FY24 | ₹552.23 Cr | +0.5% |
| FY25 (Est.) | ₹590–₹610 Cr* | +6.8% to +10.4% (est.) |
*FY25 numbers are projected estimates based on company documents and growth plans.
Analysis & Projections
-
FY22-FY23: Strong Recovery Phase
This period showed a strong recovery, likely backed by pent-up rural demand, a favorable monsoon, and successful product diversification.
-
FY24: Market Consolidation
FY24 showed top-line stagnation, hinting at a focus on operational optimization and market consolidation. This likely led to improved cash flows and EBITDA margins.
-
FY25 (Estimate): Post-IPO Growth
A revenue bump is expected, driven by:
- New capital infusion of ₹160 Cr from the IPO.
- Scaling manufacturing and increasing export capability.
- Entering new agri-nutrient product groups.
- Progressive demand for sustainable and biological crop inputs.
Total Debt Trend – FY22 to FY24
Debt Reduction Over 3 Years (₹ Crores)
| Financial Year | Total Debt (₹ Crores) |
|---|---|
| FY22 | ₹101.38 Cr |
| FY23 | ₹189.22 Cr |
| FY24 | ₹154.56 Cr |
The Story of the Debt
FY23: The Pre-IPO Surge
Debt surged to ₹189 Cr, likely to fund working capital requirements or business expansion activities in preparation for the upcoming IPO.
FY24: Strategic Deleveraging
A significant reduction to ₹154.56 Cr reflects proactive measures towards deleveraging and reinforcing the balance sheet ahead of the public offering.
FY25: The IPO Impact
The trend is set to improve further, as ₹160 Cr from the fresh IPO issue will be used to partly repay existing debts, significantly strengthening the company's financial health.
Conclusion - Main Points
Stable Financials
Indogulf Cropsciences shows stable revenue (at 550+ Cr) with improving profitability and cash flows over the last 3 years.
Sharp News: Fund Usage
80% of the IPO money is being used for business expansion and debt reduction, not for promoter-exit, which is a positive sign.
Debt Reduction
The firm has already reduced debt in FY24 and plans to enhance its balance sheet further post-IPO, signaling financial discipline.
Sectoral Strength
Agrochemicals, crop nutrients, and biotechnology-based inputs represent a strong and fundamental industry with consistent demand.
Low Cost of Entry
The retail lot size is less than ₹15,000, making it an affordable and accessible investment for small retail investors.
Not Speculative
This is not a "high-risk, high-reward" stock. The business model is down-to-earth, aiming for steady income over the long term.
Hues of Investor-Friendly
With a positive GMP, decent valuation (~9x PE), and good fundamentals, it is a worthwhile investment to consider for listing gains or as a long-term holding.
Disclaimer
This article is for non-professional educational and informational purposes only and it should not be deemed as a piece of advice to invest in, sell, or retain any financial securities. Investors are recommended to consult a SEBI-registered financial advisor before making any investment decisions. IPO investments are exposed to market risks, and principal loss may occur. GMP (Grey Market Premium) is informal and speculative. The author or the publisher makes no guarantees regarding the correctness or comprehensiveness of the information and data presented.
Frequently asked questions (FAQs)
1. When does Indogulf Cropsciences have IPOs?
The IPO is on June 26, 2025 and close June 30, 2025. The allotment is set to be done by July 1, and the listing is set on July 3, 2025.
2.How much does the price band and lot size cost?
The contemporary pricing band is between 105 and 111 per share. Retail investors have the minimum lot size of 135, which is equivalent to 14985 at maximum price band.
3.What is the size of its IPO?
The aggregate size of the issue comprises 200 crores including 160 cr on a fresh issue basis and 40 cr OFS.
4.How is the IPO proceed going to be used?
Debt repayment, work-ing capital requirements and general corporate requirements are the main purposes to which proceeds of the fresh issue shall be utilized.
5.What is GMP (Grey Market Premium)?
At the last update, the GMP stands at ~ 11/- per share implying that perhaps the share may list at 122 (approximately) which is approximately 10 percent above the upper band.
6.Is Indogulf company an investment worthwhile?
Indogulf is stable based on revenues, better margins, as well as a focus on reducing its debt. It can be interesting to investors who are interested in long-term growth in its agri-inputs sector.
7.Is the IPO on the mainboard or SME?
Indogulf Cropsciences will be coming out with a main board IPO and the shares will be listed on NSE and BSE.