GSP Crop Science Ltd IPO

The company requires certain approvals and licenses, including certain registrations from the Central Insecticides Board and Registration Committee ("CIBRC") for its products. Regulations governing the production, sale, and use of agrochemicals have become increasingly stringent. Any failures to successfully obtain such registrations or renew or maintain the company's statutory and regulatory permits and approvals required to operate its business and manufacturing facilities would adversely affect the company's operations, results of operations and financial condition.

The company is subject to stringent technical specifications and quality requirements in relation to the company's Technicals and Formulations. The company's failures to comply with the quality standards and technical specifications may lead to loss of business from such customers and could negatively impact its reputation, which would have an adverse impact on the company's business prospects and results of operations.

The company is requireds to comply with the applicable regulations of the international geographies where the company undertakes business as well as obtain registrations from foreign governmental authorities through its customers/or directly from foreign regulatory authorities to enable sale of the company's products in such international jurisdictions. Further, the company's International Business is subject to regulatory risks that could adversely affect its business and results of operations.

The company's cost of materials consumed constituted a majority of the total expenses incurred in the six months ended September 30, 2025, and Fiscals 2025, 2024, and 2023. Any further increase in the company's costs of materials consumed or the company's inability to reasonably offset its costs with the prices of the company's products may have an adverse impact on the company's profitability.

The company depends on a few suppliers for supply of raw materials. Any failures to procure such raw materials from these suppliers may have an adverse impact on the company's manufacturing operations and results of operations.

The company is dependents on China for imports of the company's raw materials, with imports of raw materials from China constituting 42.08%, 37.99%, 35.28%, and 31.85% of its purchases for continuing operations in the six months ended September 30, 2025, and Fiscals 2025, 2024, and 2023, respectively. Any interruption in imports, specifically from China, may have an adverse impact on the company's manufacturing operations and results of operations.

The company derives 57.37%, 62.03%, 60.81%, and 58.78% of the company's revenue from continuing operations for the six months ended September 30, 2025, and Fiscals 2025, 2024, and 2023, respectively from its customers situated in Gujarat, Maharashtra, Andhra Pradesh, Rajasthan and Karnataka. Any instability in the business or financial performance of the company's customers situated in these states could materially affect its business, financial condition, and results of operations.

The company typicallys does not enter into long-term agreements with its customers. Any inability to retain the company's customers or find replacement customers for its products may have a material adverse impact on the company's profitability, financial condition and results of operations.

The company is dependents on the company's distribution network for the distribution of Formulations in the company's B-to-C Domestic Business. Any inability to expand or effectively manage or any disruption in the company's distribution network will adversely affect its business and results of operations.

The company's business is sensitive to seasonal vagaries and adverse weather conditions which affect the agrochemical industry. Seasonal variations and unfavourable local and global weather patterns may have an adverse effect on the company's business, results of operations and financial condition.