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Mahamaya Lifesciences: Blending Into the Tide and Standing Out in the Agrochemicals Industryqrcode

Oct. 28, 2024

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Oct. 28, 2024

Mahamaya Lifesciences Pvt. Ltd., established in 2002 and headquartered in New Delhi, has rapidly grown into a significant player in India's agrochemical landscape. With a state-of-the-art manufacturing facility in Gujarat, backed by advanced R&D capabilities, Mahamaya has introduced several key products to the Indian market. The company boasts over 350 formulation registrations and has expanded its reach to international markets, including Turkey, Egypt and the UAE.


In this exclusive interview, Krishnamurthy Ganesan, Founder and Managing Director, and Prashant Krishnamurthy, Executive Director, offer valuable insights into the current state and future of India's agrochemical industry. Despite a projected market decline in FY 2024, they remain optimistic about long-term growth prospects. The executives discuss Mahamaya's strategic initiatives, including production capacity expansion, investments in R&D for safer formulations, and a shift towards direct farmer engagement.


As Mahamaya aims to establish itself as a pan-India brand and a leading exporter over the next five years, this interview provides a comprehensive look at how a dynamic Indian company is navigating the evolving agrochemical landscape while contributing to the advancement of agriculture both domestically and internationally.


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Krishnamurthy Ganesan

Founder and Managing Director

Prashant Krishnamurthy

Executive Director


The crop protection market in India is estimated to decline by 7-8% in FY 2024. What factors do you believe have contributed to this decline and how do you see the market evolving in the coming years?


Major factors that have caused this decline are: India’s export revenue which contributes to around 50% of India’s total revenue. The exports have been sluggish this year due to efforts in reducing the inventory levels by mncs and global players causing an overall decline in the total market. 


Secondly the inflow of lower priced products from China putting pressure on supply and profitability. 


Thirdly the Erratic monsoon and unfavorable climatic conditions that caused less consumption of Crop protection products resulting in inventory build-up. 


However, we expect the decline to be around 3-4% owing to favorable weather conditions and good monsoon in the later half of the year. Overall the domestic agrochemical market is expected to grow at a CAGR of 5% over the next 5 years to reach USD 4 Billion (Domestic). Inventory levels are expected to realign with long-term norms, potentially accelerating re-stocking processes, especially if shipment costs remain elevated.


What do you see as the biggest challenges facing India's agrochemical industry today, and how is Mahamaya Lifesciences positioning itself to address them?


The major challenges faced by the Indian agrochemical Industry today are mainly:


The availability of raw materials and lack of large manufacturing facilities. Vital raw materials like yellow phosphorus and many other important intermediates are imported from China. Any price fluctuations or disruptions in supply will cause serious impact in the production, price and profitability of Indian manufacturers. Many companies are establishing facilities to manufacturer intermediates and raw materials but it will take time to cope up with the industry demand.


Huge R&D cost and long duration for registration to manufacture technical. Due to this most Indian manufacturer still are dependent on generic molecules and formulations or products going off-patent.  


Low usage and lack of adequate awareness of crop protection amongst the farmers. The per hectare usage of agrochemicals in India is still very low i.e. 0.27 kg per hectare when compared to leading crop protection markets. Also, there is a huge disparity in planted area and crop protection usage in India. There is significant potential simply from increasing per hectare usage at par with the global average. This would lead to improved yields and higher exportable surpluses, to the benefit of both the agriculture economy and the overall economy in the country.


Over the past few years, the number of fly-by-night operators and traders has increased drastically in India despite more strict regulations by the regulatory bodies and the Indian government causing a disruption in price and demand. 


Mahamaya since its inception has focused mainly on the registration of vital molecules that are difficult to manufacture in India for Import e.g. Emamectin Benzoate, Spinosad. It also has registration for indigenous manufacturing of other vital generic molecules. Investment in formulation R&D and introduction of new combination products, increasing farmer’s awareness through campaigns and other marketing activities are other measures taken by Mahamaya to overcome these challenges. 


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Can you tell us about your recent expansion in production capabilities?


Mahamaya is invested in a state of the art formulation plant in Dahej to meet its domestic and global demand. In the last few years there has been a huge increase in demand of our formulated products. To meet this demand we are investing in expansion of our formulation production capacity. We have expanded Emamectin Benzoate 5% SG production capacity from 780 MT p.a. to 1800MT p.a. With increasing demand of herbicides, we are expanding our capacity of herbicide plant from 1300KL p.a. to 3900KL p.a. 


You've been approved to manufacture 50 vital active ingredients. How will this affect your product offerings and market position? 


Mahamaya has received registration of some vital off-patent molecules for Indigenous manufacturing in India and is investing in a Technical plant in Dahej, Gujarat for the manufacturing of these molecules. This will reduce our dependency on other Indian manufacturers for TC products to meet our requirement for domestic and export market for formulation products increasing the profit margins. 


With this Mahamaya will be able to increase B2B sales of formulated products to other Indian and global customers.


You've invested in R&D for a new generation of safe formulations. Can you share some insights into your current research focus?


Since the cost and time involved in R&D of new chemistry is huge, Mahamaya is investing heavily in formulation R&D to focus on developing and patenting new safer formulations and combinations products which would be helpful to improve the productivity and help increase the farmer’s income.


The new developments would have greater efficacy and less insect/pest resistance, low- toxic and safer to the environment and the user.


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You are currently exporting to 10 countries and expect to register in many more. What new markets are you targeting, and why?


Mahamaya has also invested in registration of products with our reliable partners in the last decade globally. Currently we have active registration projects in more than 25 countries majorly in Middle East and African countries and ASEAN countries. Most of the registrations expected to be approved in 2024- 2025. Mahamaya is now targeting Latin American and South American countries for registration and supply of our products with the agrochemical market in these areas is estimated to grow by USD 6.41 billion at a CAGR of 5% between 2023 and 2028. 


Your company has been transitioning from B2B to direct farmer engagement. What challenges and opportunities do you foresee in this shift?


Mahamaya launched its brand business in the year 2019 just months before Covid shocked the world. There have been various challenges faced by us during these times specially for a new brand like Mahamaya in reaching the farmers, marketing and maintaining the supply chain. However, Mahamaya was able to cope up with this situation and has established its brand in some states like Punjab, Haryana, Maharashtra, Gujarat, UP and Rajasthan and currently we have more than 500 distributors across these states. We also plan to launch our products in Rabi Season in the southern states of India Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.


Major Challenges faced are high credit period ranging from 120-180 days, small local companies operating in a State/district level offering products at very low price.


Increased Farmers awareness and farmers willingness to spend more on crop protection products in the last 5-10 years can be considered a big opportunity for the manufactures. Government of India initiative and push to make India a manufacturing hub also provides favorable environment for investment in R&D and capacity expansion.


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Are there any new partnerships or collaborations on the horizon that you are especially excited about?


Mahamaya has recently collaborated with many companies for TC supply, co-marketing products, toll manufacturing (P2P) agreements with Multinational and big Indian Companies. 


We are especially excited about our collaboration with a Taiwanese company for registration and marketing of two TC products in India which are recommended for organic farming also by EPA. The registration are expected to be completed in 2025 and 2026, Mahamaya’s collaboration with FMC India for Cyantraniliprole 10.26% OD a patented product based on CYAZYPYR® technology which we have launched with the Brand name KANSHUDO™ in the Indian market. 


How do you balance the needs of the Indian market with your growing export business?


Balance between demand for domestic and export market is crucial for any manufacturer so that the product reaches the end user at right time. For efficient and timely supply pre-planning with risk management plan is the key for Mahamaya. MAHAMAYA follows a PPRR model, which stands for prevention, preparedness, response, and recovery.


We at Mahamaya plan all the activities on quarterly basis. The first step is sales forecast and its analysis identification of Peak and lean Season and planning of production. Lean season are generally used for maintenance and other activities so that there is no disruption during peak season.


Diversify suppliers – Mahamaya has a diverse supplier’s base to reduce any disruptions in supply of RM and PM.


Our investment in expansion of production capacity will take care of both domestic and export requirements majorly. 


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What are Mahamaya's priorities for business development over the next five years?


Over the next 5 years Mahamaya’s main focus would be on the below three points: 


Pan India Brand Company – over the next 5 years Mahamaya plans to be a major player in Indian market with its presence in most of the states. Currently Mahamaya is offering 30+ Products in brand which we expect to double in the next five years through new developments of its own and collaborations with MNCs. Adding more biological products in our product range, for which separate R&D is being planned. The aim is to provide affordable products which are safe to the environment and farmers, less toxic and more efficient to the farmers globally. 


Become a self-sufficient company – through investment in R&D, technical synthesis, reducing its dependence on external resources thereby increasing the profit margin and fast delivery.


Establish itself as leading exporter – with many export registration likely to be approved in next one year in over 25 countries, we plan to achieve an export turnover of 100Cr over the next 5 years adding new partners from across the globe.




This story was initially published in the 2024 India FocusDownload the magazine to read more stories.


Please contact Christina Xie at christina@agropages.com if you would like to share your company story, contribute articles or advertising with AgroPages.


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