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Summary:
• GSP has developed 102 granted patents, with another 108 in the pipeline, while patented products now contribute 17% of revenue.
• Company continues to strengthen manufacturing through technicals, intermediates and R&D, reducing dependence on China and expanding innovative product offerings.
• Strong nine-month FY26 performance saw revenue of Rs. 1,114 crore, EBITDA rise 32% to Rs. 153 crore and PAT increase to Rs. 75 crore despite industry challenges.
The Print Times
GSP Crop Science Limited has highlighted its long-term innovation-driven growth strategy, backed by manufacturing capabilities, research and development, patent-led product differentiation and a diversified business model, while reporting strong financial performance for the first nine months of FY26.
Speaking during the Q3 FY26 Earnings Conference Call, Mr. Bhavesh Shah, Chairman and Managing Director, said the company, established in 1985, has built its competitive strength around manufacturing, R&D and patents.
He said GSP operates two technical manufacturing plants and one intermediate plant, enabling the company to manufacture several technical products domestically. Over the past 15 years, the company has introduced ten technical products in India that were previously imported from multinational companies. As part of its China-plus-one strategy, GSP also established an intermediate manufacturing facility last year to reduce dependence on Chinese imports, a strategy it plans to continue in the future.
On the research front, Mr. Shah said the company operates separate technical and formulation R&D divisions. The technical R&D team develops innovative manufacturing processes for off-patent molecules years before patent expiry, allowing early commercialization. He cited the example of CTPR, where GSP developed an innovative manufacturing process and commercially launched the product in October 2022, making it one of India's largest technical manufacturers of the product.
The formulation R&D division has also introduced several first-of-their-kind formulations in India, including the SLR suspo-emulsion formulation, further strengthening the company's innovation pipeline.
Patent-led product development continues to be a major growth driver. GSP has secured 102 patents, with another 108 patent applications under process. Over the past three years, the company has commercialized 12 patented products, increasing the contribution of patented products to overall business from 3% to 17%.
Mr. Shah said GSP has a presence across 23 states and serves major crops including paddy, sugarcane, corn, wheat, vegetables and pulses, with particular strength in paddy and pulse crops.
Despite adverse weather conditions affecting the agrochemical industry last year, including nearly 60 days of continuous rainfall, the company continued to perform well due to its diversified business model comprising domestic B2B, domestic B2C and export operations, along with its focus on innovative and patented products.
Explaining the company's business strategy, the management said GSP operates as an integrated agrochemical company with technical manufacturing and formulation capabilities. Domestic B2B and domestic B2C businesses each contribute around 40% of total revenue, while exports account for the remaining 20%. The domestic B2C business reaches farmers through a network of nearly 5,000 distributors supported by 24 C&F locations, while exports extend to 37 countries.
The company said its differentiation strategy focuses on identifying off-patent molecules, developing innovative combinations with existing or newer molecules, and securing patents for these combinations to provide multiple crop solutions through a single product.
One such success has been PCT-410, a three-way seed treatment combination launched three years ago. The product has grown into a Rs. 50-70 crore brand within a short period by improving seed germination and crop yield. Following its success under GSP's own brand, the company has also licensed the product to co-marketing partners to expand market reach.
On the financial front, GSP reported nine-month FY26 revenue of Rs. 1,114 crore, with EBITDA rising 32% year-on-year to Rs. 153 crore. Profit after tax increased to Rs. 75 crore, compared with Rs. 59.6 crore in the corresponding period last year. The PAT included an exceptional provision of Rs. 4.5 crore related to the implementation of the new labour wage code.
The management said its integrated manufacturing model, patent-led innovation, diversified business verticals and continued investment in new technologies position the company for sustainable long-term growth.
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