GAMP Services IPO

Strengths · 7

• 01Revenue from operations rose from Rs 19.09 crore in FY2024 to Rs 35.69 crore in FY2025 and Rs 45.81 crore in FY2026.
• 02EBITDA margin moved from 23.14% in FY2024 to 31.48% in FY2025 and 33.14% in FY2026, and PAT margin was 23.94% in FY2026.
• 03Borrowings are small at Rs 0.25 crore on 31 March 2026, with a debt-equity ratio of 0.01 and a current ratio of 2.40.
• 04Operating activities generated Rs 9.83 crore of cash in FY2026 against Rs 4.16 crore in FY2025.
• 05The customer base widened from 153 customers in FY2024 to 286 in FY2026, and the top customer gave only 10.26% of FY2026 revenue.
• 06The three promoters have 19 to 27 years of experience in instrumentation, validation and compliance, and held 99.99% of the company before the issue.
• 07The distribution business has 9 global OEM partners and gave Rs 13.13 crore of revenue in FY2026.

Risks · 10

• 01Life science customers, mainly pharmaceutical, gave 87.39% of FY2026 revenue from operations, so a slowdown in that industry would hit the company directly.
• 02The top ten customers gave 42.00% of FY2026 revenue and 47.99% in the three months ended 30 June 2026.
• 03The top ten suppliers made up 92.83% of FY2026 purchases, and foreign suppliers among them made up 87.82%, which exposes the company to supply chain and currency risk.
• 04The distribution business depends on 9 global OEM partners and none of the arrangements is exclusive.
• 05Gujarat and Telangana together gave 41.17% of FY2026 revenue from operations.
• 06The company took over its business from a partnership firm only on 31 March 2026, so the history as a company is short and may not show future performance.
• 07The planned capex of Rs 40.05 crore is not yet backed by purchase orders, so costs and timelines can change.
• 08Part of the money will go to unidentified acquisitions and general corporate purposes, with no target named; together they can be up to 35% of gross proceeds.
• 09Promoters are selling 15,00,000 shares in the offer for sale at an average cost of Rs 0.57 to Rs 12.15 per share, so that money goes to them and not to the company.
• 10A GST demand of Rs 44.86 lakh (IGST plus penalty) was raised against the acquired firm and moved to the company, which has appealed. Receivable turnover fell to 2.26 times in the June 2026 quarter from 7.26 times in FY2026.

GAMP Services Limited, based in Vadodara, Gujarat, is a compliance and validation company. It provides validation, qualification and instrumentation solutions to customers in regulated industries. It also supplies and distributes specialised instruments and technology sourced from global equipment makers (OEMs).

The company works in three verticals. Services is the main one and covers thermal validation, commissioning, qualification and validation, clean room validation, computer system validation and data integrity, and bio-decontamination. Distribution covers instruments it sells as an authorised channel partner of global OEMs. The third vertical is data logger manufacturing, which began in Fiscal 2027.

It sells only to businesses. Life science customers such as pharmaceutical, medical device, and food and beverage companies gave 87.39% of revenue from operations in FY2026. The rest comes from high-tech industries such as aerospace and defence, electric vehicles, batteries, renewable energy and semiconductors. The company served 286 customers in FY2026 and 227 in FY2025.

Gujarat gave 29.93% of FY2026 revenue and Telangana gave 11.23%. Overseas customers gave 5.82% of FY2026 revenue from operations. In the three months ended 30 June 2026 this share was 22.21%, with sales to customers in 12 countries including Saudi Arabia, Kuwait and the U.S.A.

On 31 March 2026 the company took over the business of M/s. Gamp Services, a partnership firm of two of its promoters, Girish Agrawal and Sanjeevkumar Mahendrakumar Patel, as a going concern under a Business Transfer Agreement. The three promoters were earlier with AIMIL Limited, an instrumentation company. The company has one manufacturing facility and office, two sales offices, one godown and one owned office.

The industry

The Indian validation services market grew from USD 479 million in CY20 to USD 790 million in CY25, a CAGR of 10.5%, according to the CARE report. It is projected to reach USD 1,290 million by CY30, a modelled CAGR of 10.3%. The report says validation is moving from one-time qualification to lifecycle validation, which creates repeat demand for periodic review and revalidation. The global portable temperature and humidity data logger market was about USD 2-3 billion in CY25 and is estimated at USD 3-4 billion by CY30, a CAGR of about 8%.

Customer concentration: Top 5 customers gave 30.88% of FY2026 revenue from operations (31.77% in FY2025), and the top 10 gave 42.00% (47.96% in FY2025).