Crystal Crop IPO
UpcomingMainboardOpens 18 November 2026Closes 20 November 2026
Crystal Crop Protection Limited is an Indian agri-inputs company built around two pillars, agrochemicals and seeds, with offerings tailored to Indian farming conditions. Crop protection covers herbicides, fungicides and…
Crystal Crop Protection Limited is an Indian agri-inputs company built around two pillars, agrochemicals and seeds, with offerings tailored to Indian farming conditions. Crop protection covers herbicides, fungicides and insecticides sold under 170+ brands in a range of farmer-friendly pack sizes; crop nutrition and natural solutions include bio-stimulants, bio-protectants, plant growth regulators, liquid fertilizers and micronutrients; and the seeds business spans cotton, cereals, oilseeds, fodder crops, vegetables and flowers, sold across India and exported to markets such as Japan, the USA and Thailand. It follows a vertically integrated model linking R&D, seed breeding, technology-enabled manufacturing and distribution, with an R&D centre in Sonipat, Haryana and manufacturing across Haryana, Gujarat, Jammu & Kashmir, Maharashtra, Telangana and Karnataka. As of 30 September 2025, formulation plants had an installed capacity of 75,962 MT and technicals facilities 3,456 MT, and products reach the market through over 13,000 distributors and 36 distribution centres. Incorporated in 1994, it is promoted by the Aggarwal family. Its material subsidiary is Saffire Crop Science Private Limited.
Show moreShow less
Key ratios
As per RHP / filingsTimeline
IPO Opens
18 Nov 2026
IPO Closes
20 Nov 2026
Allotment
23 Nov 2026
Listing
26 Nov 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 18 November 2026 |
| IPO Close Date | 20 November 2026 |
| Allotment Date | 23 November 2026 |
| Listing Date | 26 November 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,960 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,480 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,09,440 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,87,360 |
BHNIAbove ₹10,00,000 | 67 | ₹10,02,320 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 50.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 35.00% |
| Total | 100.00% |
IPO Objectives
- Repayment/pre-payment, in full or part, of certain borrowings availed by the Company (₹247.94 Crore / ₹2,479.42 million).
- Investment in the Material Subsidiary, Saffire Crop Science Private Limited, for repayment/pre-payment of all or a portion of certain of its outstanding borrowings (₹22.06 Crore / ₹220.58 million).
- Funding inorganic growth through unidentified acquisitions and strategic initiatives, and general corporate purposes (capped at 35% of Gross Proceeds).
Strengths
- Strong R&D capabilities backed by advanced technology infrastructure and collaborations, with an R&D centre at Sonipat and multinational innovation partners.
- Deep connect with Indian farmers resulting in strong brand equity, supported by over 170 crop-protection brands and a farmer-centric, rural-focused go-to-market approach.
- Operational excellence with a multi-pronged go-to-market strategy, reaching the market through 13,000+ distributors and 36 distribution centres across India.
- Vertically integrated manufacturing operations across six states (formulations, technicals and seed processing) backed by robust R&D and a strong supply chain.
- Proven track record of strategic acquisitions and successful integration of growth opportunities (acquiring brands and businesses from leading MNCs).
- Diversification across business verticals (agrochemicals and seeds), geographies, product categories and crops, including a growing export footprint.
- Multi-generational promoter leadership supported by a qualified, experienced management team and a marquee investor.
Weaknesses
- Low return ratios relative to scale, with FY26 RoNW of 7.14% and RoE of 7.94% on a net worth of about ₹1,826 Crore, despite revenue of over ₹3,150 Crore.
- Thin and volatile margins typical of agri-inputs, with a FY26 PAT margin of just 4.56%; profitability is sensitive to raw-material costs and product mix.
- No long-term agreements with the majority of customers and distributors - sales are via short-term, non-exclusive purchase orders that are terminable and carry no minimum volume.
- Dependence on the agriculture cycle, monsoon and seasonality, which drive demand for agrochemicals and seeds and can cause sharp swings between quarters and years.
- Acquisition-led growth model carries integration, execution and goodwill/impairment risk, and much of the fresh-issue proceeds not used for debt go to unidentified future acquisitions.
- Working-capital intensity, with net working capital of 139 days (FY26) and 141-174 days in prior years, tying up capital in inventory and receivables.
- Leverage and debt-funded balance sheet, with net debt to equity of 0.41 (FY26) rising to 0.65 (FY25); a large part of fresh proceeds (₹247.94 Crore) is earmarked for debt repayment.
- Significant related-party transactions and continued high promoter shareholding post-Offer, which concentrate control and could give rise to conflicts of interest.
- Regulatory and registration risk inherent to pesticides and seeds (product registrations, bans and label restrictions) and exposure to imported raw materials.
Financial Performance
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 4,498.27 | 3,927.24 | 3,538.43 | 2,541.92 |
| Revenue (₹ Cr.) | 1,209.21 | 3,180.98 | 2,731.94 | 2,271.71 |
| PAT (₹ Cr.) | 135.78 | 144.91 | 118.39 | 87.24 |
| Net Worth (₹ Cr.) | 1,964.41 | 1,825.68 | 1,424.36 | 1,324.7 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Crystal Crop Protection | 1.7 | 23.8 | 7.14% | 1,825.68 |
| Bayer Crop Science Limited | 4.9 | 20.93 | 23.41% | 2,966 |
| Sumitomo Chemical India | 4.81 | 31.83 | 15.12% | 3,394 |
| Dhanuka Agritech Limited | 2.32 | 14.29 | 16.21% | 1,403 |
Subscription Details
No daily bids available.
No subscription statistics available.
Company Details
- Crystal Crop Protection Limited
- Registered Office: 206, 2nd Floor, Span Trade Centre, Opp. Kochrab, Gandhi Ashram, Near Paldi Char Rasta, Ashram Road, Ellisbridge, Ahmedabad - 380006, Gujarat, India (Corporate Office: B-95, Wazirpur Industrial Area, New Delhi - 110052)
- +91 11 49007100
- investor@crystalcrop.com
- https://www.crystalcropprotection.com
Registrar Details
- MUFG Intime India Private Limited
- https://www.in.mpms.mufg.com
Frequently Asked Questions
What is the primary business of Crystal Crop Protection Limited?
When does the Crystal Crop Protection IPO open and close?
What is the structure of the IPO?
What is the price band and minimum lot size for retail investors?
How did the company perform financially in FY26?
What are the objects of the Issue?
Crystal Crop IPO News & Updates
Follow the latest updates for Crystal Crop IPO, including grey market moves and allotment news.
Crystal Crop IPO IPO Pages
Open related pages for this IPO: details, GMP, subscription, allotment, review, FAQ, registrar, timeline, and news.
Crystal Crop IPO Details
Issue size, price, financials, and company info
Crystal Crop IPO GMP
Live grey market premium and listing estimate
Crystal Crop IPO Subscription
QIB, NII, Retail, SHNI and BHNI subscription
Crystal Crop IPO Allotment
Allotment date, chances, and check by PAN
Crystal Crop IPO Review
SWOT, strengths, risks, and IPO review
Crystal Crop IPO FAQ
Common questions on dates, GMP, and allotment
Crystal Crop IPO Registrar
Registrar website and how to check allotment
Crystal Crop IPO Timeline
Open, close, allotment, and listing dates
Crystal Crop IPO News
Updates, blogs, and latest IPO news
Sources
We match Crystal Crop IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Private LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.