Mahamaya LifesciencesShare price, financial results, shareholding and management
- Market cap
- ₹426 cr
- Stock P/E
- 25.8peers 14.5
- Book value
- ₹52.1
- Price to book
- 3.49
- EV / operating profit
- -
- Market cap to sales
- 1.30
- ROCE · FY26
- 20.0%
- ROE · FY26
- 19.2%
- ROE, 3-year average
- 25.9%
- Operating margin · FY26
- 10.1%peers 9.1%
- Sales growth, 3 years
- 33.9%
- Profit growth, 3 years
- 60.4%
- Debt to equity
- 0.75peers 0.60
- Borrowings
- ₹91 cr
- Interest cover
- 3.9×
- Cash from business / op. profit
- -91%
- Debtor days
- 78
- Pledged
- 0.00%
- Promoter holding
- 56.39%
- Change in promoter holding
- +0.04 pts
- Shareholders
- 691
- 52-week high / low
- ₹205 / ₹111
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Mahamaya Lifesciences share price chart
Close on 6 Nov 2026 · +1.59% on the day · Vol 3,600
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +4.1%
- 3 months
- +7.2%
- 6 months
- -4.0%
- Traded a day, 20 days
- ₹0.38 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +24% | +27% |
| 3 years, a year | +34% | +60% |
About Mahamaya Lifesciences: business, products and customers
Mahamaya Lifesciences makes pesticides and other crop care products at a plant in Gujarat, supplying them in bulk to other farm chemical companies and under its own brands to farmers through dealers. Its shares trade on BSE SME.
Mahamaya Lifesciences began in 2002 by importing pesticide active ingredients (called technicals) and registering them with India's pesticide regulator, then supplying them to Indian and multinational agrochemical companies. In December 2021 it opened its own formulation plant at Dahej in Gujarat, where technicals are mixed into ready-to-use insecticides, fungicides, herbicides and growth products. It now earns from four lines: bulk formulations for other companies, technical sales, its own brands such as Mayamectin, Uchit and Mayamrit, and a small export business.
Its branded packs go from the factory to state warehouses and then to more than 310 dealers in eight states, mostly in the north and west of India, who pass them on to farmers. Exports were 4.7% of FY25 sales, to countries including the Dominican Republic, Turkey, Egypt and the UAE, with a subsidiary in Sharjah meant to help that business.
Read more about the business
The model explains the thin margins: most of what it supplies is built on technicals it purchases, largely imported, so materials took about 84% of FY25 income and gross margin was 16.4% in FY26. Stock has to be built ahead of the farming seasons and dealers are given credit, so inventory and money owed by customers grow with sales, which is why cash from operations was negative in FY26 even as profit rose. The money raised in the November 2025 share sale at ₹114 is mainly for a plant to make technicals in house, which the company says will cut its dependence on other manufacturers and raise margins.
The offer document compares the company with two listed agrochemical makers, Nova Agritech and Bhagiradha Chemicals and Industries, as businesses in a similar line, while saying they are not strictly comparable in nature and size. It describes the Indian market as highly fragmented, with multinationals, large Indian companies and many small formulators, and says Mahamaya competes through early registration of new molecules and its own research.
From the offer document (Red Herring Prospectus, October 2025: business, risk factors, basis for offer price, management discussion) and the FY26 annual report.
Read the deeper study ↓In its favour
- Sales have grown fast: 34% a year over three years.
- It earns a high return on the money it uses: ROCE 20% in FY26.
To watch
- The technical manufacturing plant, now due in FY2027-28, with ₹0.76 cr of its ₹29.4 cr spent by March 2026 (Annual report FY26, p.22 and p.94).
- The handover on 1 November 2026: Prashant Krishnamurthy becomes Managing Director and Amarendra Mohapatra Chief Financial Officer; the company secretary also resigned on 31 July 2026 (Annual report FY26, p.19 and p.23).
- Inventory of ₹141.1 cr and receivables of ₹70.8 cr at March 2026, which grew faster than sales in FY26 (Annual report FY26, p.101 and p.128).
- The customs appeal against a penalty over imported Emamectin Benzoate technical found below declared purity, carried as a ₹0.60 cr contingent liability (Offer document, p.265; Annual report FY26, p.125).
- Customers take longer to pay than before: 78 days in FY26, against 37 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Mahamaya Lifesciences revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew roughly in step with sales.
SME companies report every six months.
Mahamaya Lifesciences half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 146 | 163.06 | 165.81 |
| Expenses | 133 | 147.97 | 148.51 |
| Operating profit | 13 | 15.10 | 17.29 |
| OPM | 9.0% | 9.3% | 10.4% |
| Interest | 4 | 3.85 | 4.29 |
| Depreciation | 1 | 1.10 | 1.15 |
| Profit before tax | 10 | 11.41 | 12.46 |
| Net profit | 7 | 8.37 | 8.15 |
Mahamaya Lifesciences profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 90 | 137 | 161 | 266 | 328.87 |
| Expenses | 84 | 128 | 148 | 241 | 295.77 |
| Operating profit | 6 | 9 | 13 | 25 | 33.10 |
| OPM | 7.0% | 6.0% | 8.0% | 9.0% | 10.1% |
| Other income | 0 | 0 | 1 | 1 | 1.16 |
| Interest | 2 | 3 | 6 | 7 | 8.14 |
| Depreciation | 1 | 1 | 1 | 2 | 2.24 |
| Exceptional and other items | 1 | · | · | · | · |
| Profit before tax | 4 | 5 | 7 | 17 | 23.88 |
| Tax rate | 25.0% | 20.0% | 28.6% | 23.5% | 30.8% |
| Net profit | 3 | 4 | 5 | 13 | 16.52 |
| EPS ₹ | 1.99 | 2.74 | 3.81 | 7.21 | 8.33 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Mahamaya Lifesciences profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 7.0% | 6.0% | 8.0% | 9.0% | 10.1% |
| Tax rate | 25.0% | 20.0% | 28.6% | 23.5% | 30.8% |
| ROCE | · | 20.8% | 21.3% | 25.7% | 20.0% |
| ROE | · | 23.5% | 23.3% | 35.1% | 19.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Mahamaya Lifesciences debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Mahamaya Lifesciences balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 18 | 23 |
| Reserves | 14 | 18 | 23 | 32 | 99 |
| Net worth | 15 | 19 | 24 | 50 | 122 |
| Borrowings | 19 | 24 | 55 | 58 | 91 |
| Other liabilities | 22 | 35 | 33 | 80 | 97 |
| Total liabilities | 56 | 78 | 112 | 188 | 310 |
| Fixed assets | 20 | 21 | 21 | 27 | 35 |
| Capital work in progress | 2 | 2 | 3 | 4 | 8 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 34 | 55 | 88 | 157 | 267 |
Mahamaya Lifesciences cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 2 | 1 | -23 | 0 | -30 |
| Cash from investing | -3 | -3 | -2 | -7 | -16 |
| Cash from financing | 1 | 2 | 24 | 9 | 81 |
| Net cash flow | 0 | 0 | -1 | 2 | 35 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 37 | 25 | 64 | 67 | 78 |
| Inventory days | 93 | 109 | 137 | 167 | 194 |
| Days payable | 83 | 87 | 61 | 92 | 88 |
| Cash conversion cycle | 47 | 48 | 140 | 142 | 184 |
| Working capital days | 8 | 9 | 14 | 29 | 49 |
Mahamaya Lifesciences peers and competitors
Listed SME companies in the same industryBy sales, Mahamaya Lifesciences is number 2 of the 7 listed SME companies in fertilizers & agrochemicals.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Aristo Bio-Tech And Lifescience | 64 | 8.9 | 364 | 7.2 | 4.4% | 0.80 |
| Mahamaya Lifesciences | 426 | 25.8 | 329 | 16.5 | 10.1% | 0.75 |
| Crop Life Science | 106 | 16.3 | 207 | 6.5 | 8.6% | 0.64 |
| Anya Polytech & Fertilizers | 210 | 25.0 | 178 | 8.4 | 9.5% | 0.85 |
| Balaji Phosphates | 257 | 25.1 | 170 | 10.2 | 11.1% | 0.47 |
| Dhansa Labs | 70 | 12.7 | 142 | 5.5 | 7.7% | 0.48 |
| Shivchem Agro | 36 | 11.1 | 33.4 | 3.3 | 18.1% | 0.56 |
| Median of the 6 others | 88 | 14.5 | 174 | 6.8 | 9.1% | 0.60 |
Mahamaya Lifesciences shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Mahamaya Lifesciences shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Nov 25 | Mar 26 | Sep 26 | |
|---|---|---|---|
| Promoters | 56.35% | 56.35% | 56.39% |
| Foreign investors (FIIs) | 6.39% | - | - |
| Indian institutions (DIIs) | 4.67% | - | - |
| Number of shareholders | 1,034 | 584 | 691 |
Mahamaya Lifesciences study: the business from its own documents
Read from 2 of the company's own documentsMahamaya Lifesciences key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹328.9 cr
- Up 24.5% on FY25, the first year after listing.Annual report FY26, p.16
- Profit after tax
- ₹16.5 cr
- Up 29% on FY25, about five rupees in every hundred of sales.Annual report FY26, p.16
- Inventory
- ₹141.1 cr
- Stock at March 2026, up 41% in a year, against sales up 24.5%.Annual report FY26, p.101 and p.128
- Cash from operations
- ₹29.5 cr outflow
- FY26 profit went into stock and customer dues; the share sale and bank loans filled the gap.Annual report FY26, p.103
- Top ten customers
- 76.3%
- Share of FY25 sales, with no long-term supply agreements.Offer document, p.34 and p.138
Show 5 more facts
- Top five suppliers
- 76.7%
- Share of FY25 purchases; the company does not hedge raw material prices.Offer document, p.35 and p.138
- Solid formulation capacity
- 2,000 MT a year
- Nearly double the 1,040 MT line that ran above full use in FY25.Annual report FY26, p.8; Offer document, p.94 and p.140
- Technical plant
- FY2027-28
- Revised completion for the ₹29.4 cr plant funded by the share sale; ₹0.76 cr spent by March 2026.Annual report FY26, p.22 and p.94
- Share sale money unspent
- ₹32.8 cr
- Held in a monitoring account and permitted deposits at March 2026, waiting for the plant projects.Annual report FY26, p.22 and p.94
- New managing director
- 1 Nov 2026
- Prashant Krishnamurthy takes over from founder Krishnamurthy Ganesan, and a new finance chief starts the same day.Annual report FY26, p.23
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company gives no sales or profit guidance. Its dated plans are the projects funded by the share sale: the board revised the timelines so that the expansion of the existing formulation plant falls in FY2026-27 and the new technical manufacturing plant in FY2027-28, saying scope, capacity and amounts are unchanged. The annual report also says the company plans to put the rest of its committed capital into its Sharjah subsidiary in FY2026-27.
| What management said | When | What happened |
|---|---|---|
| New technical manufacturing plant at Dahej funded from the share sale | Offer document, October 2025 | ₹0.76 cr spent by March 2026; completion moved to FY2027-28 |
| ₹18 cr of share sale money for working capital | Offer document, October 2025 | Fully used by March 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Mahamaya Lifesciences earns a thin margin turning purchased pesticide ingredients into finished products for other companies and for farmers under its own brands.
Its weak spots are a few large customers and suppliers, stock and customer dues that soak up cash, and a margin plan that rests on a plant not yet built.
WatchCan it set its own prices?Not much. Most of its cost is ingredients from a handful of suppliers, and the company warns it may not be able to pass on price rises.
AverageHow strong is it against rivals?It has registration know-how and an early start on some new molecules, but competes with multinationals and many formulators in a crowded market.
WatchWho are its customers?Mostly other agrochemical companies and dealers, and a few large buyers make up most of sales, with no long-term contracts.
WatchDoes it need a lot of money?Yes. The plant is modest, but stock and customer dues grow with every rise in sales and need funding.
AverageCan it keep finding new work?It keeps adding registered products, brands and dealers, but has no order book, so each season's sales depend on fresh orders.
AverageDo good and bad years swing a lot?The company calls its business seasonal and weather-dependent, though sales have risen in each of the last four years.
Who runs Mahamaya Lifesciences?
Promoters, directors and officers; tap a name for the background
KGKrishnamurthy GanesanPromoter and Managing Director (Chairman and Executive Director from 1 November 2026) · holds 21.86%
Holds bachelor's and master's degrees in science from the University of Madras. Set up Mahamaya Consultants in 2000 to advise on pesticide registration, founded the crop science magazine Agrolook, and co-founded the company in 2002; on the board since 7 May 2002. Oversees quality, research, registrations and domestic brand sales. Paid ₹75 lakh in FY26. Will step down as managing director at the close of 31 October 2026 as part of what the board calls a planned succession, and become Chairman and Executive Director at a proposed salary of ₹1 crore a year.
Offer document, p.26, p.165 and p.168; Annual report FY26, p.10, p.33 and p.147PKPrashant KrishnamurthyPromoter, Executive Director and Chief Financial Officer (Managing Director from 1 November 2026) · holds 17.61%
Bachelor of Commerce from the University of Delhi and a master's in information systems and management from the University of Warwick; on the board since 25 August 2014. Runs day-to-day operations, procurement, imports and exports, finance and sales. Son of Krishnamurthy Ganesan and Lalitha Krishnamurthy, as the documents state. Paid ₹99.83 lakh in FY26. The board approved elevation to Managing Director for five years from 1 November 2026, subject to shareholder approval, at ₹1.2 crore a year plus a commission of up to 0.25% of net sales.
Offer document, p.26, p.165; Annual report FY26, p.33, p.148 and p.149LKLalitha KrishnamurthyPromoter and Whole-time Director · holds 16.88%
Science graduate of the University of Madras with an executive master's in international business from the Indian Institute of Foreign Trade. The annual report cites more than three decades of experience in product development, sales and marketing, including roles at NIIT, NIS and Bank of Punjab. Oversees human resources, legal and secretarial work, bank limits and investor relations; on the board since 7 May 2002. Wife of Krishnamurthy Ganesan, as the documents state. Paid ₹51 lakh in FY26.
Offer document, p.26, p.165; Annual report FY26, p.10, p.33 and p.150AMAmarendra MohapatraChief Financial Officer from 1 November 2026
A chartered accountant and law graduate with more than 17 years in finance, audit, tax and compliance. The board approved the appointment on 25 August 2026, when Prashant Krishnamurthy gave up the finance chief role.
Annual report FY26, p.10, p.23 and p.148GKGopal Krishna RajuIndependent Director and Audit Committee Chairman
A practising chartered accountant, also a cost accountant and company secretary, and a partner of K Gopal Rao and Co. Reappointment for a second three-year term from 11 December 2026 was put to shareholders.
Offer document, p.165 and p.166; Annual report FY26, p.19 and p.23CDCharudatta Digambar MayeeIndependent Director
A plant pathologist with a PhD from the Indian Agricultural Research Institute, former Agriculture Commissioner to the Government of India and President of the South Asia Biotechnology Centre. Chairs the Nomination and Remuneration Committee.
Offer document, p.166; Annual report FY26, p.10 and p.19SKSekhar Kavasseri RajagopalanIndependent Director
Worked at Bayer Vapi from 2003 to 2020, as its Managing Director from 2012 to 2020.
Offer document, p.166Mahamaya Lifesciences latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters 56.35% to 56.39%.
Mahamaya Lifesciences announcements
4 on record, latest first; each opens the filing on the exchange
- Company UpdatePublication of Executive Interview in AgroPages Magazine (2026 India Focus Issue)PDF ↗
- Company UpdateCertificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- AGM/EGMproceedings of 24th Annual General Meeting held on September 29, 2026PDF ↗
- Insider Trading / SASTIntimation of Closure of Trading WindowPDF ↗
Mahamaya Lifesciences annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Mahamaya Lifesciences share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Mahamaya Lifesciences' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,34,05,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Mahamaya Lifesciences
What does Mahamaya Lifesciences do?
Mahamaya Lifesciences makes pesticides and other crop care products at a plant in Gujarat, supplying them in bulk to other farm chemical companies and under its own brands to farmers through dealers. Its shares trade on BSE SME.
What is the share price of Mahamaya Lifesciences?
₹182 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Mahamaya Lifesciences?
₹426 cr at the close on 6 Nov 2026, on 2,34,05,000 shares.
What is the P/E of Mahamaya Lifesciences?
25.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Mahamaya Lifesciences' revenue and profit?
Revenue ₹329 cr and profit after tax ₹17 cr in FY26.
Who are the promoters of Mahamaya Lifesciences?
Krishnamurthy Ganesan, Prashant Krishnamurthy, Lalitha Krishnamurthy; promoters held 56.39% at 30 Sept 2026.
What is Mahamaya Lifesciences' website?
www.mahamayalifesciences.com/home
More SME companies like Mahamaya Lifesciences
Other listed SME companies in fertilizers & agrochemicals, the closest in size first, each read from its own documents.
- Balaji PhosphatesBALAJIPHOS · NSE Emerge · Fertilizers & Agrochemicals · listed 2025Market cap ₹300 cr
- Anya Polytech & FertilizersANYA · NSE Emerge · Fertilizers & Agrochemicals · listed 2025Market cap ₹212 cr
- Crop Life ScienceCLSL · NSE Emerge · Fertilizers & Agrochemicals · listed 2023Market cap ₹171 cr
- Dhansa LabsDHANSA · NSE Emerge · Fertilizers & Agrochemicals · listed 2024Market cap ₹70 cr
- Aristo Bio-Tech And LifescienceARISTO · NSE Emerge · Fertilizers & Agrochemicals · listed 2023Market cap ₹68 cr
- Shivchem AgroSHIVCHEM · BSE SME · Fertilizers & AgrochemicalsMarket cap ₹22 cr
Built from 1 offer document, 1 annual report, 4 exchange announcements, 3 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.