Gamp Services Limited IPO

01At a glance

What the company does: validation, qualification and compliance work for factories that regulators inspect, mostly pharmaceutical plants: checking clean rooms, sterilisers, utilities and computer systems and writing the evidence, plus distribution of instruments from nine global makers and, since May 2026, small-scale making of data loggers (DRHP p.240, DRHP p.241, DRHP p.262, DRHP p.406).

Who pays it: manufacturers, with the pharmaceutical industry bringing 87.39% of FY26 revenue (DRHP p.243). The document does not name customers; the largest was 10.26% of FY26 revenue and the top ten 42.00% (DRHP p.262, DRHP p.263).

Why it is raising money: ₹40.1 crore of the fresh issue is earmarked for validation instruments, data logger machines and IT hardware, and the balance for acquisitions not yet identified and general corporate purposes (DRHP p.132). The offer for sale proceeds go to the three promoters, not the company (DRHP p.131).

How fast it has grown: revenue from operations from ₹19.1 crore in FY24 to ₹45.8 crore in FY26, about 54.9% a year, and profit after tax from ₹3.0 crore to ₹11.0 crore, about 89.8% a year (our arithmetic, DRHP p.96). The company states the same rates, 54.90% and 89.80% (DRHP p.243).

The one thing to understand: the business on record is largely a partnership firm that two of the promoters started in 2016 and moved into the company on March 31, 2026 for ₹1.8 crore (DRHP p.292). Under common-control accounting the restated figures show the firm and the company together for every year, and they leave a negative capital reserve of ₹10.2 crore at June 30, 2026 (DRHP p.377, DRHP p.433). The three promoters own 99.99% before the offer (DRHP p.321).

02The business, in plain words

What GAMP Services does

The company was incorporated in Vadodara as GAMP Services Private Limited on August 3, 2020 and began operations on December 28, 2020 (DRHP p.289). On March 31, 2026 it took over, as a going concern on a slump sale basis, the business of M/s. Gamp Services, a partnership firm set up in 2016 by Girish Agrawal and Sanjeevkumar Mahendrakumar Patel, for ₹1.8 crore (DRHP p.292). It became a public company with a fresh certificate dated June 9, 2026 (DRHP p.289).

The work comes in three verticals (DRHP p.241, DRHP p.242):

• Services: thermal validation of sterilisers and cold rooms, commissioning and qualification of new plants, clean room validation including multi-camera smoke studies, computer system validation and data integrity, and hydrogen peroxide bio-decontamination. Services were 71.34% of FY26 revenue (DRHP p.34).
• Distribution: instruments from global makers for which the company is an authorised channel partner, 28.66% of FY26 revenue (DRHP p.242).
• Data loggers: wireless temperature and humidity recorders made at a leased unit in Vadodara from May 2026, 1.32% of revenue in the June 2026 quarter (DRHP p.242, DRHP p.261).

A medicine maker building a sterile filling line hires the company → its engineers bring calibrated sensors, particle counters and smoke generators to the site → they test the rooms, machines and software against a written protocol → the company is paid per work order, typically completed over three to six months (DRHP p.257).

The service work depends on owned instruments carried to customer sites. At June 30, 2026 the company owned 24 wired thermal validation systems, 2 wireless systems with 85 wireless loggers, 4 particle counters, 10 aerosol photometers, 5 bio-decontamination systems and 1,088 data loggers, among others (DRHP p.134). It had 212 permanent employees at September 30, 2026, 164 of them in operations and maintenance (DRHP p.276).

Earnings equation: Services revenue = work orders executed × value per order. The document gives customers served, 153 in FY24 and 286 in FY26 (DRHP p.269), and the value of ongoing and largest completed orders (DRHP p.256, DRHP p.257), but not the number of orders or an average order value.

03Where the money comes from

By vertical, share of revenue from operations (DRHP p.242):

The other services row adds commissioning, bio-decontamination and other services, which include maintenance, calibration and commission from overseas makers (our arithmetic, DRHP p.242). Data loggers were 1.32% of the June 2026 quarter (DRHP p.242).

By customer industry, pharmaceuticals were 86.96% of FY24 revenue and 87.39% of FY26; high-tech industries such as semiconductors, aerospace and electric vehicles were 1.90% and 5.04% (DRHP p.243). By place, Gujarat was 29.93% of FY26 revenue and Telangana 11.23%; customers outside India were 5.82% of FY26 and 22.21% of the June 2026 quarter (DRHP p.266, DRHP p.267). Export sales including supplies to special economic zone units were 30.54% of FY26 revenue (DRHP p.408).

GAMP Services customers: how concentrated the revenue is

Source: DRHP p.262, DRHP p.263. Customers are not named. The largest customer in FY26 was a public limited company in Gujarat; in the June 2026 quarter it was a foreign company in Saudi Arabia (DRHP p.271, DRHP p.270). Customers in Saudi Arabia and Kuwait brought 14.40% of June 2026 quarter revenue (DRHP p.50). Read from the filing: revenue depends on a few customers only in part; the ten largest bring between two fifths and a half of each year's sales.

On the supply side, the ten largest suppliers were 92.83% of FY26 purchases, and the largest, a US company, 51.51% (DRHP p.273). Imports were 88.47% of FY26 purchases of traded goods (DRHP p.407).

04The growth record

GAMP Services financials: revenue, profit and margins

Source: DRHP p.96, DRHP p.95, DRHP p.97, DRHP p.151, converted from ₹ lakh. Revenue from operations went from ₹19.1 crore in FY24 to ₹45.8 crore in FY26 (DRHP p.96). Profit after tax went from ₹3.0 crore in FY24 to ₹11.0 crore in FY26 (DRHP p.96). The June 2026 quarter is not annualised and has no comparative quarter (DRHP p.424).

Our arithmetic over FY24 to FY26: revenue grew about 54.9% a year and profit after tax about 89.8% a year (our arithmetic, DRHP p.96); EBITDA grew about 85.4% a year (our arithmetic, DRHP p.151). EBITDA margin moved from 23.14% to 33.14%, up 1,000 basis points, so 23.1% → 33.1% rounded (DRHP p.151). Revenue rose 86.94% in FY25 and 28.35% in FY26 (DRHP p.151). Return on equity was 64.45%, 84.39% and 65.88% in FY24 to FY26 and return on capital employed 73.96%, 105.97% and 84.99% (DRHP p.418).

Two notes on the table. First, the restated statements treat the March 31, 2026 takeover of the partnership firm as a common-control combination, so every year combines the firm and the company (DRHP p.377). Second, the company's KPI "net worth" of ₹29.9 crore at March 2026 and ₹37.8 crore at June 2026 is higher than total equity of ₹19.7 crore and ₹27.6 crore; the gap equals the negative capital reserve of ₹10.2 crore at June 30, 2026 (our arithmetic, DRHP p.151, DRHP p.95, DRHP p.433). The auditor, Ruparel & Bavadiya, reports no reservation, qualification or emphasis of matter (DRHP p.443).

What sits around the record:

• Cash against profit: operating cash flow was ₹9.8 crore in FY26 against profit after tax of ₹11.0 crore (DRHP p.97, DRHP p.96). In the June 2026 quarter it was ₹0.19 crore against profit of ₹5.8 crore, after receivables rose by ₹3.2 crore, the ₹1.8 crore takeover payable was paid and ₹1.5 crore of tax was paid (DRHP p.440).
• Money owed by customers: trade receivables were ₹2.6 crore at March 2024, ₹7.0 crore at March 2026 and ₹10.2 crore at June 2026 (DRHP p.95). Receivable days, year-end receivables over the year's revenue, were 49 in FY24 and 56 in FY26 (our arithmetic, DRHP p.95, DRHP p.96).
• Stock: inventories rose from ₹1.8 crore at March 2025 to ₹5.1 crore at March 2026, mostly instruments held for resale (DRHP p.435).
• Other income: ₹0.24 crore in FY26, about 1.6% of profit before tax (our arithmetic, DRHP p.96).
• Debt and cash: borrowings were ₹0.25 crore at March 2026 and ₹0.19 crore at June 2026 (DRHP p.417). At September 30, 2026 borrowings were ₹3.6 crore, almost all a secured term loan (DRHP p.404). Cash and cash equivalents were ₹1.3 crore and other bank balances ₹4.4 crore at March 2026 (DRHP p.95).
• Concentration: the largest customer was 10.26% of FY26 revenue and the top ten 42.00% (DRHP p.262, DRHP p.263). Pharmaceutical customers were 87.39% (DRHP p.243). The ten largest suppliers were 92.83% of FY26 purchases (DRHP p.273).
• Related parties: rent paid to the promoters was ₹0.42 crore in FY26 (DRHP p.71). A promoter group firm, GXP Solutions, was lent ₹1.1 crore and repaid ₹1.9 crore in FY26 (DRHP p.71).
• Contingent liabilities: ₹0.56 crore of disputed GST and income tax at June 30, 2026, and capital commitments of ₹5.9 crore (DRHP p.442).
• Cases: no material case against the promoters (DRHP p.450).
• The issue: 31,93,500 new shares and 15,00,000 offered by the promoters (DRHP p.91); ₹40.1 crore of the proceeds is earmarked for capital expenditure (DRHP p.132).
• Industry: validation, compliance consulting and digitalisation services, which is Business services and staffing in the fixed list (DRHP p.160).

05What the growth is made of

• Services: sale of services rose from ₹14.1 crore in FY24 to ₹25.4 crore in FY25 and ₹31.4 crore in FY26 (DRHP p.428, DRHP p.426). In FY25 commissioning and qualification grew from ₹0.16 crore to ₹2.1 crore as the company began offering end-to-end engagements to existing customers, and export services rose from ₹4.6 crore to ₹10.3 crore (DRHP p.428). In FY26 the company names new customers, more work in Karnataka, Tamil Nadu and Puducherry, and more instruments and staff (DRHP p.426).
• Distribution: sale of goods rose from ₹4.2 crore in FY24 to ₹9.8 crore in FY25 and ₹13.1 crore in FY26 (DRHP p.428, DRHP p.426). The cost of goods sold was 65.02% of sale of goods in FY26 against 69.56% in FY25 (DRHP p.427).
• Commission: commission from instrument makers was ₹0.75 crore in FY24, ₹0.52 crore in FY25 and ₹1.3 crore in FY26 (DRHP p.428, DRHP p.426).
• Customers and spend: customers served rose from 153 in FY24 to 227 in FY25 and 286 in FY26 (DRHP p.269). Revenue per customer served was about ₹0.12 crore in FY24 and ₹0.16 crore in FY26 (our arithmetic, DRHP p.269, DRHP p.96).
• People: employees rose from 143 at March 2025 to 200 at March 2026 (DRHP p.427). Employee costs fell from 26.42% of revenue in FY24 to 19.12% in FY26 (DRHP p.54).

The document does not give the number of work orders or their average value, so the services increase cannot be split into more orders against larger orders.

The latest quarter: revenue of ₹19.5 crore in the three months to June 2026 is 42.47% of the whole of FY26 (DRHP p.432). Export sales of traded goods in the quarter, ₹2.9 crore, were higher than in all of FY26, ₹1.9 crore, on supply orders for overseas customers (DRHP p.424). The company says the quarter should not be annualised (DRHP p.44).

06Earnings quality

The item that needs explaining is the equity line. The common-control accounting records a capital reserve of minus ₹10.2 crore at June 30, 2026 (DRHP p.433), and FY26 financing cash flow shows a ₹12.5 crore outflow described as the impact of the business combination on account of changes in partners' capital (DRHP p.442). The company's KPIs, including return on net worth, use a net worth that leaves this reserve out (our arithmetic, DRHP p.151, DRHP p.95).

Margins rose as fixed teams and instruments were spread over more work, the company says (DRHP p.408). Travel was 11.82% of FY26 total income and testing and calibration ₹3.2 crore (DRHP p.408, DRHP p.427). The effective tax rate was about 24.9% in FY26 (our arithmetic, DRHP p.96).

07The balance sheet

Source: DRHP p.95, DRHP p.417; the cash row adds cash and other bank balances (our arithmetic, DRHP p.95). Lease liabilities were ₹0.84 crore at June 30, 2026, for two Vadodara premises leased from the promoters (DRHP p.98, DRHP p.431).

After June: borrowings were ₹3.6 crore at September 30, 2026, of which a secured term loan of ₹3.6 crore (DRHP p.404). An Axis Bank business loan of ₹3.0 crore, for 180 months, is secured on an office unit in Hyderabad that the company owns from July 30, 2026, and is guaranteed by all three promoters (DRHP p.294, DRHP p.281). The fresh issue is stated in shares, not rupees, so the balance sheet after the issue cannot be computed at this stage (DRHP p.131).

Contingent liabilities at June 30, 2026 were a GST demand of ₹0.45 crore and income tax demands of ₹0.11 crore; capital commitments were ₹5.9 crore (DRHP p.442, DRHP p.99).

08What the money is for

GAMP Services IPO objects: what the money is for

Source: DRHP p.132, DRHP p.136, DRHP p.137, DRHP p.138, converted from ₹ lakh; the bio-decontamination row adds ₹1.6 crore and ₹1.1 crore (our arithmetic, DRHP p.137, DRHP p.138). The total capital expenditure is ₹40.1 crore (DRHP p.132).

Instruments: the costs come from vendor quotations certified by Multi Engineers Private Limited, an independent chartered engineer, in a cost vetting report of October 16, 2026, which is not an appraisal (DRHP p.132, DRHP p.143). No order or advance has been placed, freight, duty and installation of about 15% are excluded and will come from internal accruals, and orders are planned from February 2027 to March 2028, with delivery by August 2028 (DRHP p.139, DRHP p.140). For comparison, property, plant and equipment was ₹9.3 crore at March 2026 (DRHP p.95). The company says the gain in data logger capacity cannot be quantified yet (DRHP p.141).

Acquisitions and general purposes: each up to 25% of gross proceeds and together up to 35%; no acquisition has been identified (DRHP p.132, DRHP p.42). As the fresh issue is not above ₹100 crore, no monitoring agency is required (DRHP p.143).

Pre-IPO placement: up to 6,38,700 shares may be placed before the RHP, reducing the fresh issue (DRHP p.131).

Into the business 31,93,500 new shares; the amount depends on a price not yet set (DRHP p.91). To selling shareholders 15,00,000 shares; the amount depends on a price not yet set (DRHP p.91).

09Who is selling

GAMP Services IPO offer for sale: who is selling

Source: DRHP p.92, DRHP p.119; the last column is our arithmetic (our arithmetic, DRHP p.92, DRHP p.119). The offer for sale is 15,00,000 shares, about 12.4% of the 1,21,06,499 shares outstanding before the offer (our arithmetic, DRHP p.91). Beside it, the company issues 31,93,500 new shares (DRHP p.91).

Average cost of acquisition per share, as certified by an independent chartered accountant: ₹12.15 for Sanjeevkumar Mahendrakumar Patel, ₹7.01 for Girish Agrawal and ₹0.57 for Gaurav M Shah (DRHP p.1, DRHP p.126).

10Promoters

The promoters are Sanjeevkumar Mahendrakumar Patel, Girish Agrawal and Gaurav M Shah, identified as such by a board resolution of September 28, 2026 (DRHP p.322).

• Sanjeevkumar Mahendrakumar Patel, 51, Chairman and Whole-time Director, an instrumentation engineer with over 27 years of experience, earlier Senior Manager, Sales at AIMIL Limited (DRHP p.300).
• Girish Agrawal, 52, Executive Director and Chief Financial Officer, an electronics engineer with over 26 years in analytical instrumentation, earlier at AIMIL Limited (DRHP p.300).
• Gaurav M Shah, 43, Executive Director and Chief Executive Officer, an instrumentation engineer with an MBA and over 19 years of experience, earlier Business Manager at AIMIL Limited, a director since May 13, 2021 (DRHP p.300, DRHP p.299).

The document states that Gaurav M Shah is the brother of Girish Agrawal's spouse (DRHP p.301). The board has three independent directors, all appointed on July 11, 2026 (DRHP p.305).

Pay: director remuneration was ₹0.44 crore in FY24, ₹0.90 crore in FY25 and ₹0.41 crore in FY26 (DRHP p.71). Current terms allow each of the three a basic salary of up to ₹2.00 lakh a month and variable pay of up to ₹3.00 lakh a month (DRHP p.302, DRHP p.303).

Relatives on the payroll: the document lists salaries in FY26 to Neha Agrawal and Kinnaree Sanjeevbhai Patel, each ₹0.06 crore, to Devarsh Sanjeevkumar Patel and to Shreya Agrawal (DRHP p.100). It states Patel Kinnaree Sanjeevbhai is the spouse and Devarsh Sanjeevkumar Patel the son of Sanjeevkumar Mahendrakumar Patel, and Agrawal Neha Girish the spouse and Agrawal Shreya the daughter of Girish Agrawal (DRHP p.324, DRHP p.325).

Premises: the registered office (₹1.0 lakh a month), the manufacturing unit (₹1.28 lakh a month) and an Ahmedabad sales office are leased from the promoters (DRHP p.280). A godown is leased from the spouse of the validation head, Parmar Meghrajsinh Sanjaysinh (DRHP p.295, DRHP p.317).

Other businesses: the promoter group entities are Singlepeak Technologies Private Limited, GXP Solutions, Singlepeak Technologies, Singlepeak Lube Technologies, Zabarmal Rudmal Agrawal and Agrawal Supermarket (DRHP p.325). Two promoters left the board of GXP Solutions Private Limited on September 4, 2024, and the partnership firm M/s. Gamp Services was dissolved on October 13, 2026 (DRHP p.324).

Guarantees and pledges: all three guarantee the Axis Bank loan of ₹3.0 crore (DRHP p.294). No promoter shares are pledged (DRHP p.124).

Promoter economics: Sanjeevkumar Mahendrakumar Patel and Girish Agrawal subscribed 5,000 shares each at ₹10 in August 2020 (DRHP p.111). Gaurav M Shah was allotted 5,000 shares at ₹215 in March 2024 for one third of the company (DRHP p.111, DRHP p.322). A 174:1 bonus followed in June 2025 (DRHP p.111). In July 2025 Gaurav M Shah transferred 2,93,000 shares to Girish Agrawal at ₹12 a share (DRHP p.124).

The two founders took 7,50,000 shares at ₹100 in September and October 2025, ₹7.5 crore in all, and all three took 84,000 shares at ₹250 in May 2026 before a 5:2 bonus (DRHP p.111, DRHP p.112, DRHP p.442). The weighted average cost of shares acquired in the last one year is ₹2.41 and in the last three years ₹8.03 (DRHP p.126).

11Who already owns it

GAMP Services promoter holding before and after the IPO

Source: DRHP p.119, DRHP p.129. The share after is our arithmetic on 1,53,00,000 shares, the 1,21,06,499 before the offer plus the 31,93,500 new shares, assuming no pre-IPO placement (our arithmetic, DRHP p.91). Promoters hold 1,21,06,464 shares, 99.99% (DRHP p.321). After the offer they would hold 1,06,06,464 shares, about 69.3% (our arithmetic, DRHP p.91, DRHP p.92). The company has eight shareholders (DRHP p.120); the two outside the promoter group, Rajesh Patel and Parmar Meghrajsinh Sanjaysinh, hold seven shares each (DRHP p.129).

No fund or company outside the promoters holds 1% or more (DRHP p.119). There is no employee stock option scheme (DRHP p.116).

Lock-in: promoter shares equal to 20% of the post-offer capital for three years and the rest for one year; other pre-offer shares for six months (DRHP p.127, DRHP p.128).

12What changed just before the IPO

• Revenue and profit: revenue from operations went from ₹19.1 crore in FY24 to ₹45.8 crore in FY26 and profit after tax from ₹3.0 crore to ₹11.0 crore (DRHP p.96).
• Receivables: receivable days of 49 in FY24 and 56 in FY26 (our arithmetic, DRHP p.95, DRHP p.96).
• Promoter pay: ₹0.44 crore in FY24 and ₹0.41 crore in FY26, after ₹0.90 crore in FY25 (DRHP p.71).
• New promoter: Gaurav M Shah allotted 5,000 shares at ₹215 on March 6, 2024 (DRHP p.111).
• Bonus issues: 174:1, 26,10,000 shares on June 10, 2025 (DRHP p.111); 5:2, 86,47,499 shares on May 23, 2026 (DRHP p.112).
• Fresh money: 7,50,000 shares at ₹100 in September and October 2025 and 84,000 shares at ₹250 in May 2026, all to promoters (DRHP p.111, DRHP p.112).
• Pre-IPO placement: none so far; up to 6,38,700 shares may be placed before the RHP (DRHP p.131).
• Last allotment before the IPO: the bonus shares at nil in May 2026; the last for cash was ₹250 a share on May 18, 2026 (DRHP p.112).
• Business takeover: the partnership firm's business taken over on March 31, 2026 for ₹1.8 crore, paid in the June 2026 quarter (DRHP p.292, DRHP p.434).
• Subsidiary: 55% of GAMP Lifetech Private Limited bought for ₹0.55 crore, a subsidiary from August 29, 2026; it developed the Facility One software the data loggers use under an exclusivity agreement of September 15, 2026 (DRHP p.292, DRHP p.296, DRHP p.297).
• Manufacturing: data logger making began in May 2026 (DRHP p.261).
• New loan: a ₹3.0 crore Axis Bank loan against the Hyderabad office (DRHP p.294).
• Board: three independent directors from July 11, 2026; company secretary from March 5, 2026; CEO and CFO designations on July 23, 2026 (DRHP p.305, DRHP p.318).
• Filings: an adjudication and a compounding application under the Companies Act filed in September 2026 (DRHP p.44).
• Auditor: no change of statutory auditor in the three years before filing (DRHP p.105).
• Dividend: none in FY24 to FY26 or since (DRHP p.326).
• Became a public company: fresh certificate dated June 9, 2026 (DRHP p.289).

13Capacity and expansion

Source: DRHP p.261, DRHP p.134, DRHP p.140, DRHP p.141. The data logger unit produced 67 units against an assessed 150 in the quarter, on one standard design, eight hours a day and 25 days a month (DRHP p.261). Production is assembly and light engineering, with casings and some parts made by vendors on job work (DRHP p.48). The proceeds would add eight smoke study set-ups to the five owned and 17 bio-decontamination systems to the five owned (DRHP p.140).

14Market size and industry structure

GAMP Services industry: market size and growth

As claimed: the chapter is taken from "Industry Research Report on Validation, Compliance Consulting and Digitalisation Services Industry in India" dated October 16, 2026, by CARE Analytics and Advisory Private Limited, commissioned and paid for by the company for the offer (DRHP p.160). The commissioned report puts the Indian validation and compliance consulting services market at USD 2,200 million in CY25, up from USD 1,290 million in CY20, about 11.3% a year (DRHP p.174). It puts the global market at USD 35 billion in CY25 (DRHP p.173).

The part that is addressable: the company's service work sits mostly in validation. The report sizes Indian validation services at USD 790 million in CY25, up from USD 479 million in CY20, about 10.5% a year (DRHP p.175). For the data logger line it sizes the Indian temperature data logger market at about USD 29 to 30 million in CY25 (DRHP p.218).

What the company is today: at the document's own reference rate of ₹95.9832 to the US dollar, used for its equipment quotes, USD 790 million is about ₹7,583 crore (our arithmetic, DRHP p.138, DRHP p.175). FY26 revenue of ₹45.8 crore is about 0.6% of that, and services revenue alone a little less; the report's years are calendar years and the company's are financial years (our arithmetic, DRHP p.96, DRHP p.175).

Size over time: the report projects Indian validation and compliance consulting at USD 3,721 million by CY30, about 11.1% a year, and Indian validation services at USD 1,290 million by CY30, about 10.3% a year (DRHP p.174, DRHP p.175). It projects the global market at USD 50 billion by CY30 (DRHP p.173) and the Indian temperature data logger market at about USD 44 to 45 million by CY30 (DRHP p.218). These projections are the report's own.

Segments: the report splits validation into process validation, 29% of CY25, equipment validation 24%, software validation 20%, design validation 14% and compliance validation 13% (DRHP p.176). It sizes Indian compliance consulting separately at USD 1,144 million in CY25 (DRHP p.177), and Indian environmental monitoring systems at USD 824 million in CY25 (DRHP p.224). The company's thermal, clean room and qualification work falls in equipment and process validation, and its computer system work in software validation, as the report describes those segments (DRHP p.176).

What drives demand: the report names pharmaceutical exports, with Indian medicines reaching over 200 markets and more than 60% of pharmaceutical exports going to strictly regulated destinations, the United States about 34% (DRHP p.177). It cites India's pharmaceutical exports of USD 31.15 billion in FY26 (DRHP p.186), the rising share of processed food in agri-food exports, from 13.7% in FY15 to 20.4% in FY25 (DRHP p.177), wider mandatory product certification, with 124 products added in 2025 (DRHP p.183), and the shift from one-time qualification to periodic revalidation (DRHP p.175).

Structure: the report calls the landscape fragmented across global instrument makers, domestic integrators and specialists (DRHP p.227). It profiles seven unnamed peers from primary research; the company delivers ten of the service categories mapped, against three to seven for the others (DRHP p.234, DRHP p.235). The company itself says no listed company in India or abroad does a similar business (DRHP p.148).

Inputs and trade: the instruments the company resells and uses are mostly imported, 88.47% of FY26 traded goods purchases (DRHP p.407), from makers in the United States, China, France, Germany, Japan and the United Kingdom (DRHP p.36). The company does not hedge its foreign currency exposure (DRHP p.443).

Rules: customers answer to regulators such as the USFDA, EMA, MHRA and CDSCO (DRHP p.241), and in India to CDSCO, FSSAI and the Bureau of Indian Standards (DRHP p.175). The company holds ISO 9001:2015 certification, an importer exporter code and registrations under the battery waste rules (DRHP p.141).

What the chapter says can go wrong: changing regulation that draws in new competitors, fragmented customers with weak records that make work slower and costlier, import dependence for electronic parts, rising technical complexity that requires constant spending on instruments, gaps in testing and certification facilities, and cost-conscious smaller customers that spend on compliance only when they must (DRHP p.228, DRHP p.229).

15Competitive position

GAMP Services competitors

Source: DRHP p.234, DRHP p.235. Peers are not named, and the report gives no revenue, margin or debt for them, so a financial comparison cannot be made from the document.

What the company puts forward: experienced promoters, long customer relationships, authorised partnership with nine global instrument makers, a single provider from requirement specifications to performance qualification, and three verticals (DRHP p.147, DRHP p.262). Against that, as the document itself states: pharmaceutical customers bring most revenue, the largest supplier is half of purchases, the data logger line has no patent, and the software it uses belongs to a subsidiary (DRHP p.34, DRHP p.273, DRHP p.63, DRHP p.49).

16Peers the company named

Peers named in the offer document: none. The document states that there are no listed companies in India or globally that engage in a similar business, and gives no industry comparison (DRHP p.148).

The company's FY26 diluted EPS was ₹10.45 and its net asset value ₹28.52 a share at March 31, 2026 (DRHP p.147, DRHP p.148). With no price band, no P/E can be stated.

17Risks, in plain words

GAMP Services IPO risks

Customers: one industry: pharmaceutical customers were 87.39% of FY26 revenue (DRHP p.243) → a slowdown in their plant spending or inspections would cut demand (DRHP p.34) → high-tech customers were 5.04% (DRHP p.243).

Customers: the largest ten: the top ten were 42.00% of FY26 revenue and 47.99% of the June 2026 quarter (DRHP p.38) → there are no long-term firm commitments from customers (DRHP p.407) → the largest was 10.26% in FY26 (DRHP p.262).

Suppliers: imported instruments: the ten largest suppliers were 92.83% of FY26 purchases, the largest 51.51% (DRHP p.273) → loss of a distribution arrangement or a change in duty or currency would hit the distribution line and the service instruments (DRHP p.407) → distribution was 28.66% of FY26 revenue (DRHP p.242).

Business: the takeover of the firm: the record before March 31, 2026 was earned largely by a partnership firm of two promoters (DRHP p.43) → the company says it may not keep the same customers, margins or efficiency (DRHP p.44) → the June 2026 quarter is the first after the takeover (DRHP p.44).

Business: capital spending: ₹40.1 crore of instruments and hardware, with no order placed and costs outside the quotes of about 15% (DRHP p.132, DRHP p.139) → prices, delivery or currency may move (DRHP p.41) → property, plant and equipment was ₹9.3 crore at March 2026 (DRHP p.95).

Issue-specific: unidentified acquisitions: up to 25% of gross proceeds for acquisitions not yet found, within 35% with general purposes (DRHP p.132) → the money may sit in deposits if none is found (DRHP p.43) → the subsidiary bought in 2026 cost ₹0.55 crore (DRHP p.292).

Financial: cash and receivables: operating cash flow was ₹0.19 crore in the June 2026 quarter against profit of ₹5.8 crore (DRHP p.53) → receivables were ₹10.2 crore at June 30, 2026 (DRHP p.51) → ₹2.76 lakh was over a year old (DRHP p.51).

Business: Middle East exposure: Saudi Arabia and Kuwait were 14.40% of June 2026 quarter revenue (DRHP p.50) → conflict or travel limits could delay work and payments (DRHP p.50) → the share was 0.07% in FY26 (DRHP p.267).

Promoters: control and dealings: promoters hold 99.99% before the offer and about 69.3% after it (DRHP p.321; our arithmetic, DRHP p.91) → they lease the company its offices, guarantee its loan, and relatives are on the payroll (DRHP p.280, DRHP p.294, DRHP p.100) → rent to promoters was ₹0.42 crore in FY26 (DRHP p.71).

Regulation: past lapses: 43 late statutory payments in FY25 and 10 in FY26, delays in Registrar filings, and pending compounding and adjudication applications (DRHP p.65, DRHP p.44) → penalties may follow (DRHP p.44) → interest on statutory dues was ₹0.24 crore in FY26 (DRHP p.427).

18Litigation and regulatory matters

Cases against GAMP Services and its promoters

Summary: against the company, its subsidiary, directors and promoters, no material civil case, no criminal case and no regulatory action (DRHP p.449, DRHP p.450). SEBI: no disciplinary action against the promoters in five years, as the section's scope states (DRHP p.448). Creditors: 27 creditors were owed ₹2.5 crore at June 30, 2026, five of them small enterprises owed ₹0.17 crore (DRHP p.451). Company law: an adjudication application over keeping 2024 share application money outside a separate account, and a compounding application over the late appointment of the first auditor, both filed in September 2026 (DRHP p.44).

19Related-party transactions

Source: DRHP p.71, DRHP p.100, DRHP p.101, converted from ₹ lakh. Of the takeover payable, ₹1.6 crore was due to Girish Agrawal and ₹0.20 crore to Sanjeevkumar Mahendrakumar Patel (DRHP p.100). Loans from directors are interest free and repayable on demand (DRHP p.404). In the June 2026 quarter the company bought ₹0.12 crore from GAMP Lifetech Private Limited (DRHP p.100).

What appeared or changed in the two years before filing: the takeover payable in FY26; salaries to Devarsh Sanjeevkumar Patel and Shreya Agrawal from FY26 (DRHP p.100); new leases from the promoters in June and August 2026 (DRHP p.280); the GAMP Lifetech purchase and exclusivity agreement in 2026 (DRHP p.292, DRHP p.297); and the end of the GXP Solutions loan, nil at March 2026 (DRHP p.435).

20What the offer document does not say

The price band, the rupee size of the fresh issue and of the offer for sale, offer expenses and the post-offer shareholding are blank (DRHP p.91, DRHP p.145, DRHP p.129). Customers and suppliers are not named. The number of work orders, average order value and repeat-customer rate are not given. Profit or margin by vertical is not given. Utilisation of the service instruments is not disclosed.

The terms, length and exclusivity of the nine distribution arrangements are not given. The cost of the Hyderabad office bought in July 2026 is not stated in the property table (DRHP p.281). The interest, if any, on loans to GXP Solutions and their purpose are not stated. No acquisition target is named (DRHP p.42).

Some inconsistencies are recorded as document matters, not business ones: the chartered engineer's capacity certificate is dated October 16, 2026 on one page and September 16, 2026 on another (DRHP p.261, DRHP p.49); the largest customer's FY24 share is 8.17% in one table and 8.16% in another (DRHP p.262, DRHP p.272); offices are given as Vadodara and Ahmedabad in one place and Vadodara, Indore and Ahmedabad in another (DRHP p.243, DRHP p.408);

the thermal validation fleet is given as 24 wired and 2 wireless systems with 85 wireless loggers on one page and as 15 Kaye validator systems and 100 wireless loggers on another (DRHP p.134, DRHP p.139); and the combined customer base of 464 at June 30, 2026 is not reconciled with 286 customers served in FY26 (DRHP p.243, DRHP p.269).

21Five questions for management

1. How many work orders were executed in FY24 and FY26, and how much of the services growth came from more orders rather than larger ones?
2. Which share of FY26 revenue came from customers that were also customers of the partnership firm before April 2023?
3. What EBITDA margin did the services and distribution verticals each earn in FY26 and the June 2026 quarter?
4. What drove the 40.90% EBITDA margin in the June 2026 quarter, and how much came from the export instrument orders to Saudi Arabia and Kuwait?
5. On what terms, including interest and purpose, were ₹1.1 crore lent to GXP Solutions in FY26?

1Sources and cited facts

This study was read from 1 document the company filed. The 176 figures it cites are listed under the document each came from, with the page and the sentence as printed.