In November 2025, India’s SME IPO market continues to see strong activity, with specialty and export-oriented businesses coming to the public markets. Mahamaya Lifesciences Limited, an agrochemicals and crop-protection company with growing exports and product registrations, is opening its IPO on November 11, 2025. Below is a structured look at the company, its IPO, and the sector outlook:
About Mahamaya Lifesciences Ltd.
Incorporated in 2002, Mahamaya Lifesciences Limited is engaged in the manufacturing, registration, and export of crop protection products and bioproducts for crop and soil health management. It started as an importer/trader of critical pesticide formulations and now manufactures and supplies bulk and branded formulations to Indian agrochemical companies and MNCs.
Key business lines:
- Bulk formulation sales – Acetamiprid, Buprofezin, Emamectin Benzoate, Imidacloprid, Paraquat Dichloride, etc.
- Technical sales – Acetamiprid Technical 99% min, Atrazine Technical 95% min, Imidacloprid Technical 95% min, Emamectin Benzoate Technical 95% min.
- Branded products – MAYAMRIT GR, MAYAMRIT SL, MAYAGIBB, UCHIT EW 370
- Export formulations – To countries like Dominican Republic, Egypt, Ethiopia, Jordan, UAE, Turkey.
The company invests in global product registrations and supplies high-quality formulations with regulatory data support. As of the latest period, it serves domestic clients and exports to multiple geographies.
Promoters:
- Mr. Krishnamurthy Ganesan
- Mrs. Lalitha Krishnamurthy
- Mr. Prashant Krishnamurthy
Mahamaya Lifesciences IPO Details
| Particulars | Details |
| IPO Date | November 11, 2025 to November 13, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹108 to ₹114 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 61,78,800 shares (aggregating up to ₹70.44 Cr) |
| Reserved for Market Maker | 3,09,600 shares (aggregating up to ₹3.53 Cr) |
| Fresh Issue (Ex Market Maker) |
53,29,200 shares (aggregating up to ₹60.75 Cr) |
| Offer for Sale | 5,40,000 shares of ₹10 (aggregating up to ₹6.16 Cr) |
| Net Offered to Public | 58,69,200 shares (aggregating up to ₹66.91 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,77,66,200 shares |
| Share Holding Post Issue | 2,34,05,000 shares |
| Lead Manager | Oneview Corporate Advisors Pvt. Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Market Maker | Mansi Share & Stock Broking Pvt. Ltd. |
Important IPO Timeline
| Event | Date |
| IPO Open Date | November 11, 2025 (Tue) |
| IPO Close Date | November 13, 2025 (Thu) |
| Allotment Date (Tentative) | November 14, 2025 (Fri) |
| Initiation of Refunds | November 17, 2025 (Mon) |
| Credit of Shares to Demat | November 17, 2025 (Mon) |
| Listing Date (Tentative) | November 18, 2025 (Tue) |
| Cut-off time for UPI mandate confirmation | 5 PM on November 13, 2025 |
IPO Reservation
| Investor Category | Shares Offered | % of Issue |
| Market Maker | 3,09,600 | 5.01% |
| QIB | 29,28,000 | 47.39% |
| NII | 8,82,000 | 14.27% |
| Retail | 20,59,200 | 33.33% |
| Total | 61,78,800 | 100.00% |
Anchor investors: 17,52,000 shares (₹19.97 Cr) on Nov 10, 2025
- 50% lock-in till Dec 14, 2025
- Remaining till Feb 12, 2026
Mahamaya Lifesciences IPO Lot Size
| 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 |
Mahamaya Lifesciences Ltd. Financials
The company has shown sharp growth in FY25 vs FY24 — revenue up 64% and PAT up 148%, which the reviewer also flagged as “boosted” and worth watching for sustainability.
Key Company Financials (₹ in crore):
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 218.87 | 188.35 | 112.07 | 77.88 |
| Total Income | 84.04 | 267.17 | 162.83 | 137.40 |
| Profit After Tax | 4.10 | 12.94 | 5.22 | 3.75 |
| EBITDA | 8.04 | 24.64 | 13.36 | 8.91 |
| Net Worth | 53.50 | 49.42 | 24.66 | 19.44 |
| Reserves & Surplus | 35.73 | 31.66 | 23.41 | 18.19 |
| Total Borrowing | 57.72 | 58.11 | 54.63 | 24.37 |
Key Performance Indicators (as of Mar 31, 2025):
| KPI | 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 | 9.40 |
| Market Cap (at issue) | ₹266.82 Cr |
EPS & P/E Ratio
| Pre IPO | Post IPO | |
| EPS | ₹7.29 | ₹7.01 |
| P/E | 15.65x | 16.25x |
Promoter Holding:
| Pre-Issue | Post-Issue | |
| Promoter Holding | 77.27% | 56.35% |
Objects of the Issue
| S.No. | Objects of the Issue | Amount (₹ Cr) |
| 1 | Purchase of equipment for existing formulation plant | 3.75 |
| 2 | Capex for setting up new technical manufacturing plant | 29.42 |
| 3 | Construction of warehouse building & purchase of machinery | 2.53 |
| 4 | Funding working capital requirements | 18.00 |
| 5 | General corporate purposes | Balance |
Mahamaya Lifesciences Ltd.: Industry Outlook
- India is a large, fast-growing agrochemical market, supported by rising crop intensity, export opportunities, and replacement of older molecules.
- Companies that import, register, and then formulate newer molecules for Indian conditions can scale faster, especially if they also export to Asia/Africa/Middle East, as Mahamaya does.
- Global registration-led models create entry barriers but also need continuous capex and working capital.
- Government focus on better farm yields and pest management supports demand for specialized formulations.
Mahamaya Lifesciences IPO: Peer Comparison
Mahamaya Lifesciences IPO can be compared with other players in the agrochemical sector such as Dharmaj Crop Guard Ltd, Insecticides India Ltd, Heranba Industries Ltd, PI Industries Ltd, and Sharda Cropchem Ltd. Analyzing these peers provides investors with a broader understanding of Mahamaya Lifesciences’ market positioning, scale of operations, and growth potential within India’s fast-evolving agrochemical industry.
People Also Read:
- Emmvee Photovoltaic IPO Opens: Key Details Investors Shouldn’t Miss
- PhysicsWallah IPO Opens: Key Details Investors Shouldn’t Miss
- Pine Labs IPO Opens: Key Details Investors Shouldn’t Miss
- Shining Tools IPO Opens: Key Details Investors Shouldn’t Miss
- Curis Lifesciences IPO Opens: Key Details Investors Shouldn’t Miss
Conclusion
Mahamaya Lifesciences Ltd. offers a play on agrochemicals + exports + product registrations. The company has:
- visible growth in FY25 numbers,
- a clear plan to add a technical plant,
- and well-defined use of IPO proceeds.
However, two things a cautious investor may note:
- The FY25 jump in revenue and PAT is sharp — sustainability needs to be watched.
- Valuation looks fully/closely priced for an SME issue, and the minimum application amount is high.
For investors comfortable with SME liquidity and the agri-inputs story, it can be looked at with a medium-to-long-term view.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
