Mahamaya Lifesciences IPO

Mahamaya Lifesciences IPO is an SME IPO of 1,076,000 equity shares with a face value of ₹10 aggregating up to ₹4.30 crores. The company plans to raise ₹70.44 crores through a book-built process, with the price band set at ₹108–₹114 per share. The market lot is 2,400 shares, and it is going for listing on the BSE SME Exchange on November 18th, 2025.

Company Background

Founded in 2002 and headquartered in New Delhi, Mahamaya Lifesciences Ltd. is a leading manufacturer and supplier of pesticide formulations, including bulk formulations for both Indian agrochemical companies and multinational corporations (MNCs). The company is focused on biological (natural) crop care—bio-stimulants, plant growth regulators, bio-fertilizers, and new environmentally safe pesticides. Mahamaya began the business of importing and registering critical pesticide molecules with the Central Insecticides Board and Registration Committee (CIBRC), followed by Indian sales and exports.

Operations and Product Range

Facility and Production

Mahamaya Lifesciences has established its own manufacturing plant at Dahej, Gujarat, which became operational in December 2021. The facility focuses on large-scale formulation production, enabling bulk branded product supply both domestically and internationally.

Brands and Market Presence

The company utilizes a strong dealer network of over 300 dealers in the states of Punjab, Haryana, Rajasthan, Uttar Pradesh, Gujarat, Maharashtra, Andhra Pradesh, and Telangana. It exports internationally to the Dominican Republic, Turkey, Egypt, and the UAE. Mahamaya has built a product profile comprising novel, low-toxic products aimed toward sustainable agriculture and safer crop protection.

Revenue Channels

The Mahamaya Lifesciences IPO’s revenue streams consist largely of sales of technical molecules, including branded formulations and bulk contract manufacturing to Indian and multinational customers. Total revenue increased from ₹90.16 crore in FY22 to ₹162.83 crore in FY24, while EBITDA margins improved to 8.20% on a year-on-year basis from 6.64%.

Management and Shareholding

Promoters and Shareholding

The Mahamaya Lifesciences IPO is promoted by Mr. Krishnamurthy Ganesan, Mrs. Lalitha Krishnamurthy, and Mr. Prashant Krishnamurthy. The company’s management has expertise in agricultural chemicals, regulatory affairs, distribution, and exports. The promoter holding pre-IPO is around 77.27%, while post-IPO, promoters will hold around 64.32%, indicating some dilution but retaining significant control over the company.

Board Composition

Mahamaya Lifesciences IPO’s board comprises Mr. Krishnamurthy Ganesan (Managing Director), with 40 years of experience in the agrochemical sector, Mrs. Lalitha Krishnamurthy (Whole-time Director), and Mr. Prashant Krishnamurthy (Executive Director), concentrating on business operations and exports promotion. The company also has independent directors with financial and corporate governance expertise to support growth and compliance.