Mahamaya Lifesciences Limited, incorporated in 2002, is engaged in providing high-quality Agriculture Crop Protection Solutions through manufacturing and supply of pesticide formulations. It earns revenue from both domestic sales and exports of agrochemicals, supplying to Indian agrochemical firms and multinational corporations (MNCs). The company also imports essential technical molecules not manufactured in India, formulates them domestically, and markets value-added products.

Its key clients include leading Indian and global agrochemical companies. The company operates through multiple manufacturing and storage facilities located in Thane, Karnal, Halol, Bathinda, Guntur, Bellary, Khammam, Jaipur, Pune, and Ahmedabad, ensuring a robust supply chain network across India. Facilities are insured for over ₹100 crore under various Bajaj Allianz and TATA AIG insurance policies, ensuring strong asset protection and continuity of operations.

The company offers a diverse product portfolio comprising insecticides, fungicides, herbicides, and plant growth regulators. Its formulated products extend the product life cycle of client molecules through improved efficacy and shelf life. The company has a strong order book with active domestic contracts and export tie-ups through its wholly owned subsidiary in Sharjah (UAE), ensuring efficient order execution and timely delivery.

Mahamaya Lifesciences plans capacity expansion and product diversification under its capex plan, focused on introducing advanced crop protection molecules and backward integration for raw materials. The company is also exploring strategic mergers and collaborations to enhance R&D and global reach, ensuring sustainable long-term growth.

The company employs over 300 professionals, maintains export presence in UAE, Colombia, and Africa, and operates through multiple Indian states. Its principal banker is ICICI Bank Limited, supporting working capital and expansion funding.

Management and Vision

The company is led by Mr. Krishnamurthy Ganesan (Managing Director) and Mr. Prashant Krishnamurthy (CFO), supported by an experienced technical and marketing team. The management envisions scaling Mahamaya Lifesciences into a global agrochemical brand, focusing on innovation, sustainability, and customer satisfaction.

Their short-term vision includes expanding domestic distribution, while long-term goals involve export-led growth through its UAE subsidiary. The company plans to fund its capex through internal accruals, IPO proceeds, and strategic debt instruments. Management emphasizes deleveraging, as evident from the company’s reduced leverage ratio of 1.18:1 in FY2025 from 2.22:1 in FY2024, showcasing prudent financial planning.

Industry Overview

Mahamaya Lifesciences operates in the Indian agrochemical industry, valued at USD 6.5 billion in FY2024, projected to grow at a CAGR of 8–9% to reach USD 10 billion by 2028. The global agrochemical market stands at USD 240 billion, expected to grow at 5–6% CAGR, driven by population growth and demand for food security.

India is the fourth largest global producer of agrochemicals, with rising exports to Latin America, Asia, and Africa. Major players include UPL, Bayer CropScience, PI Industries, and Sumitomo Chemical India. The government’s focus on “Atmanirbhar Bharat” and Pesticide Management reforms further support domestic manufacturing, benefiting mid-sized firms like Mahamaya Lifesciences.

Key Risk Factors

1. Dependence on Imports: The company imports technical-grade molecules, making it vulnerable to currency fluctuation and global supply disruptions, especially from China.
2. Regulatory Risks: Any change in pesticide registration norms or export policies may affect product approvals and market access.
3. Working Capital Intensity: High inventory levels and receivable cycles could impact liquidity and short-term cash flow.
4. Competition: The Indian agrochemical sector faces strong competition from multinational and domestic firms, pressuring margins.
5. Environmental Compliance: Non-adherence to environmental and safety norms can result in penalties or suspension of operations.
6. Customer Concentration: Significant portion of revenue comes from a few large clients; loss of a key customer may affect profitability.
7. Commodity Price Volatility: Fluctuations in crude oil–based raw materials could impact input costs and margins.

Key Strengths, Moat & Opportunities

1. Strong Product Portfolio: Offers a wide range of pesticides and crop protection solutions, catering to diverse crops and geographies.
2. Pan-India Network: Extensive warehousing and distribution infrastructure across multiple states ensures strong last-mile delivery.
3. Export-Driven Subsidiary: The UAE subsidiary serves as a gateway for exports to the Middle East, Africa, and Latin America.
4. Innovation and R&D Focus: Continuous development of new formulations and patented brands enhances client retention and product differentiation.
5. Financial Prudence: Improvement in profitability metrics, with total income rising to ₹26,717.31 lakh in FY2025 and PAT margins strengthening over years.
6. Growth Opportunities: India’s agrochemical export potential and rising global food demand present a significant growth runway for the company.