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Mahamaya Lifesciences Limited, incorporated in 2002, specializes in manufacturing and supplying pesticide formulations and bulk formulations to Indian agrochemical companies and multinational corporations. The company initially focused on importing and registering pesticide molecules not produced in India. In 2021, it established its own manufacturing facility in Dahej, Gujarat, from where it produces bulk formulations, its own branded products, and exports to countries like the Dominican Republic, Turkey, and Egypt. Mahamaya Lifesciences leverages its promoters' extensive experience for R&D, product registration, and developing safer, eco-friendly chemical and biological crop care solutions, including bio-stimulants and bio-fertilizers.
Nov 11, 2025
Nov 13, 2025
Nov 18, 2025
SME
Closed
70.44 Cr
64.28 Cr
6.16 Cr
₹108 - ₹114
1200
The net proceeds from the fresh issue are proposed to be utilized for the following objectives:
Funding the purchase of new equipment for the existing formulation plant to manufacture fungicides, insecticides, bio-fermented formulations, and herbicides.
Financing the capital expenditure required for setting up a new technical manufacturing plant as part of a backward integration strategy.
Funding the construction of a new warehouse building and the purchase of associated machinery to enhance storage capacity.
Meeting the working capital requirements of the company to support its growing scale of operations.
Financing general corporate purposes, including strategic initiatives and other business needs.
9.4
—
34.94%
23.15%
26.19%
—
4.84%
9.22%
9.4
Experienced management team and promoters with significant expertise in the crop protection sector.
Strong research and development capabilities for creating new products and improving existing processes.
Established distribution network with over 310 dealers across eight Indian states.
Capability to identify and register new, safer, and eco-friendly molecules, providing an early-mover advantage.
High dependency on a few key customers, with the top ten customers contributing to over 71% of sales.
Absence of long-term agreements with both customers and suppliers, leading to uncertainty in demand and supply.
Significant reliance on imported raw materials, which constituted over 79% of material costs recently.
History of negative cash flows from operating and investing activities in certain financial periods.
Expanding into the growing bio-products and herbicide segments to meet demand for sustainable agriculture.
Leveraging the 'China plus one' strategy to increase export volumes and capture global market share.
Government initiatives like 'Make in India' and Production Linked Incentive (PLI) schemes to boost domestic manufacturing.
Increasing global and domestic demand for food grains, driving the need for effective crop protection solutions.
Intense competition from large multinational corporations and numerous domestic players in a fragmented market.
Business is highly dependent on seasonal factors, monsoon patterns, and unpredictable weather conditions.
Risk from counterfeit and spurious products that can damage brand reputation and reduce sales.
Potential changes in government regulations, environmental laws, and tax policies that could adversely affect operations.
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