Mahamaya Lifesciences IPO
Mahamaya Lifesciences Ltd. is launching its SME IPO of Rs. 70.44 crore, comprising a fresh issue of Rs. 64.28 crore (0.56 crore shares) and an offer for sale of Rs. 6.16 crore (0.05 crore shares).
The issue opens for subscription on November 11, 2025, and closes on November 13, 2025. The basis of allotment is expected on November 14, 2025, and the shares will list on BSE SME with a tentative listing date of November 18, 2025.
👉 GMP | Reviews | Subscription | Allotment
IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Allotment Date | November 14, 2025 |
| Refunds Initiation | November 17, 2025 |
| Credit to Demat | November 17, 2025 |
| Listing Date | November 18, 2025 |
IPO Key Details
| Particulars | Details |
|---|---|
| Issue Size | Rs. 70.44 crore |
| Price Band | Rs. 108 – Rs. 114 per share |
| Face Value | Rs. 10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | Rs. 2,73,600 (2 lots / 2,400 shares) |
| Issue Type | Book Building Issue |
| Listing | BSE SME |
| Lead Manager | Oneview Corporate Advisors Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
| Market Maker | Mansi Share & Stock Broking Pvt. Ltd. |
Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 3,09,600 (5.01%) |
| QIB Shares Offered | 29,28,000 (47.39%) |
| NII (HNI) Shares Offered | 8,82,000 (14.27%) |
| Retail Shares Offered | 20,59,200 (33.33%) |
| Total Shares Offered | 61,78,800 (100.00%) |
Application Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,400 | ₹2,73,600 |
| Retail (Max) | 2 | 2,400 | ₹2,73,600 |
| S-HNI (Min) | 3 | 3,600 | ₹4,10,400 |
| S-HNI (Max) | 7 | 8,400 | ₹9,57,600 |
| B-HNI (Min) | 8 | 9,600 | ₹10,94,400 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 77.27% |
| Promoter Holding Post-Issue | 56.35% |
Promoters: Mr. Krishnamurthy Ganesan, Mrs. Lalitha Krishnamurthy, and Mr. Prashant Krishnamurthy
About the Company
Incorporated in 2002, Mahamaya Lifesciences Ltd. manufactures, registers, and exports a wide range of crop protection products and bioproducts aimed at improving soil and crop health.
The company produces pesticide formulations and technical-grade products, supplying to leading Indian agrochemical players and MNCs. It holds multiple global product registrations in countries such as Egypt, Jordan, UAE, Dominican Republic, and Turkey.
Its branded products include MAYAMRIT GR, MAYAMRIT SL, MAYAGIBB, and UCHIT EW 370, while exports include popular formulations like Wiper, Lancha, and Typic.
Competitive Strengths
-
Strong R&D and global registration network.
-
Capable of developing new technical and branded products.
-
Established relationships with Indian and global agrochemical firms.
-
Experienced promoters with decades of industry expertise.
-
Strong export presence with sustainable manufacturing focus.
Financials (Rs. in crore)
| Particulars | FY23 | FY24 | FY25 | Q1 FY26 |
|---|---|---|---|---|
| Total Income | 137.40 | 162.83 | 267.17 | 84.04 |
| EBITDA | 8.91 | 13.36 | 24.64 | 8.04 |
| PAT | 3.75 | 5.22 | 12.94 | 4.10 |
| Net Worth | 19.44 | 24.66 | 49.42 | 53.50 |
| Total Borrowings | 24.37 | 54.63 | 58.11 | 57.72 |
Key Indicators (as of FY25)
| Indicator | Value |
|---|---|
| ROE | 34.94% |
| ROCE | 23.15% |
| Debt/Equity | 1.08 |
| RoNW | 26.19% |
| PAT Margin | 4.84% |
| EBITDA Margin | 9.22% |
| Price to Book Value | 9.40 |
| Market Capitalization | Rs. 266.82 crore |
Peer Comparison
| Company | EPS (Rs.) | P/E (x) | RoNW (%) | EBITDA Margin (%) |
|---|---|---|---|---|
| Mahamaya Lifesciences | 7.01 | 16.25 | 26.19 | 9.22 |
| Hemani Industries Ltd. | 9.80 | 20.5 | 22.3 | 8.7 |
| India Pesticides Ltd. | 8.90 | 22.4 | 19.2 | 10.5 |
| Rallis India Ltd. | 6.70 | 28.2 | 12.4 | 8.1 |
(Peers considered from listed agrochemical sector)
Objects of the Issue
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Purchase of equipment for existing formulation plant – Rs. 3.75 crore
-
Setting up new technical manufacturing plant – Rs. 29.42 crore
-
Construction of warehouse and machinery – Rs. 2.53 crore
-
Working capital requirements – Rs. 18.00 crore
-
General corporate purposes
Company Contact
Mahamaya Lifesciences Ltd.
Unit No: DPT – 033, Ground Floor,
Plot No: 79 – 80, DLF Prime Tower,
Block, Okhla, Phase – 1
Delhi, New Delhi, 110020
📞 +91-1146561474
✉ cs@mahamayalifesciences.com
🌐 https://www.tixnatools.com/
Lead Manager
One View Corporate Advisors Pvt ltd
Registrar
Kfin Technologies Ltd.
📞 04067162222, 04079611000
✉ mahamaya.ipo@kfintech.com
🌐 https://ipostatus.kfintech.com/
Chanakya View
Mahamaya Lifesciences is a well-established agrochemical manufacturer with strong export credentials and a fast-growing branded portfolio. Revenue grew 64% and profit surged 148% in FY25, reflecting strong operational efficiency. The company’s high ROE (34.9%) and healthy ROCE (23%) indicate efficient capital use despite moderate margins.
The valuation at a P/E of 16.25x appears reasonable compared to peers, considering its smaller base and growth trajectory. The IPO proceeds will strengthen manufacturing capacity and working capital, supporting future expansion.
Chanakya Verdict: Apply for medium to long-term; valuation justified by growth visibility and export strength.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
