Mahamaya Lifesciences reported FY26 revenue of ₹328.87 crore, marking a 24.5% increase year-on-year. The agrochemical firm disclosed these figures alongside strategic updates in an executive interview published in AgroPages Magazine.

Profit after tax rose 29.0% to ₹16.52 crore, while EBITDA expanded 32.6% to ₹34.26 crore. The company listed on the BSE SME platform in November 2025, transitioning from a private entity to a public company to fund capacity expansion and working capital needs.

Strategic deployment of IPO proceeds

The company is channeling IPO funds primarily into the phased development of its technical manufacturing facility at Dahej, Gujarat. This project supports backward integration, aiming to reduce dependence on imported technical inputs and enhance cost competitiveness. The formulation facility expansion and new R&D pilot plant are targeted for completion by December 2026, with commercial technical production expected in 2027.

Management noted that the implementation timeline was rescheduled without changing the underlying project scope. This adjustment reflects the detailed engineering and validation requirements typical of technical manufacturing units.

Financial performance metrics

The following table summarizes the key financial growth drivers for FY26:

Revenue growth was driven by higher domestic volumes, improved utilization at the Dahej site, and a better contribution from formulated products, including semi-synthetic derivatives like emamectin benzoate. The company maintains a diversified portfolio across insecticides, fungicides, herbicides, and biological products.

Balance sheet strengthening

A notable shift occurred in the company’s leverage profile during the fiscal year. The net debt-to-equity ratio improved significantly from 1.18x to 0.74x. This reduction indicates that IPO proceeds were effectively utilized to strengthen the balance sheet, providing greater financial flexibility for future investments and reducing reliance on debt financing.

Market expansion and product pipeline

Mahamaya continues to expand its branded domestic presence, having initiated operations in South India during FY26 with plans to extend into Central India. Internationally, the company has secured registrations in markets including Australia, Egypt, Turkey, and the UAE. Further approvals are pending in Latin American countries such as Brazil and Colombia.

The product pipeline includes recent commercial launches such as KAZERO™ and ARUBA™, with planned introductions of ARUBA TWIN™ and biological solutions like MAHAFLORA™ for FY27. Management emphasized a strategy of complementing its core B2B business with growing own-brand and export segments to improve realization and diversify revenue sources.

Mahamaya Lifesciences Limited held its 24th Annual General Meeting on September 29, 2026, via video conferencing. The meeting focused on adopting financial statements for FY26 and significant changes to the board's leadership structure. All nine resolutions proposed were passed with a 100% majority in favor.

Leadership re-designations approved

The shareholders voted on several special business items concerning the company's top management. The primary resolution involved the re-designation of Mr. Krishnamurthy Ganesan from Managing Director to "Executive Director & Chairman," effective November 1, 2026, accompanied by a revision in his remuneration. Similarly, Mr. Prashant Krishnamurthy was re-designated from Executive Director to "Managing Director," with a corresponding update to his compensation package, also effective November 1, 2026.

Mrs. Lalitha Krishnamurthy, serving as Whole Time Director, also saw a revision in her remuneration. These changes reflect a strategic realignment of roles within the promoter group and senior management team. Notably, for these specific remuneration and designation changes, the promoter and promoter group abstained from voting due to their interest in the resolutions, relying on public shareholder approval.

Board composition updates

The AGM addressed the continuity and expansion of the board's independent directorship. Dr. Gopal Krishna Raju and Dr. Charudatta Digambar Mayee were both approved for re-appointment as non-executive independent directors for a second term of three years, effective December 11, 2026. Additionally, Dr. Bhagirath Choudhary was regularized and appointed as a non-executive independent director for a first term of three years, effective August 25, 2026, strengthening the board's oversight capacity.

Mr. Prashant Krishnamurthy was also appointed in place of himself, who was liable to retire by rotation, ensuring his continued presence on the board.

Financial adoption and other approvals

Members received and adopted the audited financial statements for the financial year ended March 31, 2026, along with the reports of the Board of Directors and auditors. The meeting also ratified the remuneration payable to the cost auditor for FY27.

Voting was conducted through remote e-voting from September 26 to September 28, 2026, with additional e-voting facilities available during the meeting. The scrutinizer’s report will be submitted to stock exchanges and published on the company website.

Voting participation summary

For resolutions where promoters had an interest (Resolutions 3, 4, and 5), only public shareholders voted. The total votes polled from public institutions and non-institutions amounted to 3,609,000, all cast in favor. For all other resolutions, including financial adoption and independent director appointments, promoters participated, bringing the total valid votes to 16,806,600, with zero dissenting votes across all items.

Director profiles and relationships

The disclosures provided additional context on the newly appointed or re-designated directors:

• Dr. Bhagirath Choudhary: Founder Director of South Asia Biotechnology Centre (SABC), an agricultural engineer with over 25 years of experience in sustainable agriculture and pest management. He is not related to any other director.
• Dr. Gopal Krishna Raju: Chartered Accountant with three decades of experience in finance, taxation, and insolvency management. He is not related to any other director.
• Dr. Charudatta Digambar Mayee: Agricultural scientist with experience in plant pathology and policy; former Vice Chancellor of Marathwada Agricultural University. He is not related to any other director.
• Mr. Krishnamurthy Ganesan: Co-founder of Mahamaya Lifesciences with over four decades in the agrochemical industry. He is the father of Mr. Prashant Krishnamurthy and husband of Mrs. Lalitha Krishnamurthy.
• Mr. Prashant Krishnamurthy: Holds a Master's degree from University of Warwick, UK, overseeing international business operations. He is the son of Mr. Krishnamurthy Ganesan and Mrs. Lalitha Krishnamurthy.