Crystal Crop Protection IPO

Crystal Crop Protection Limited is an Indian agrochemical and seeds company engaged in the development, manufacture and distribution of crop protection products, natural crop solutions, plant nutrition solutions and seeds. Its product portfolio includes herbicides, fungicides, insecticides, seed treatment products and field-crop/vegetable seeds.

IPO status: upcoming
IPO type: Mainboard
Exchange: NSE/BSE
Price band: ₹259 – ₹272
Issue size: ₹3,550.03 crore
Issue opens: 18 Nov 2026
Issue closes: 20 Nov 2026
Allotment date: 23 Nov 2026
Listing date: 26 Nov 2026
Registrar: MUFG Intime India
Face value: 10

About Crystal Crop Protection

Crystal Crop Protection IPO dates and issue details

Issue opening: 18 Nov 2026; closing: 20 Nov 2026; basis of allotment: 23 Nov 2026; expected listing: 26 Nov 2026.

Latest recorded grey market premium (GMP)

₹45 per share · Updated 14 Nov 2026

GMP is an unofficial market indication and does not guarantee the actual listing price.

Published IPO research

01 overview

Company Name: Crystal Crop Protection Limited
Ipo Category: Mainboard
Ipo Status: RHP filed; book-built IPO scheduled for November 2026
Industry: Agrochemicals, crop protection products, plant nutrition solutions and seeds
Business Tagline: Indian agrochemical and seeds company engaged in development, manufacture and distribution of crop protection products, natural crop solutions, plant nutrition solutions and seeds.
Issue Type: Fresh issue and offer for sale
Face Value: 10
Fresh Issue Amount: 3,550.03
Ofs Shares: 37,02,694
Opening Date: 2026-11-18
Closing Date: 2026-11-20
Listing Exchange: BSE Limited, National Stock Exchange of India Limited
Registrar Name: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
Registrar Url: https://in.mpms.mufg.com/
Drhp Url: https://www.sebi.gov.in/

02 company

Company Description: Crystal Crop Protection Limited is an Indian agrochemical and seeds company engaged in the development, manufacture and distribution of crop protection products, natural crop solutions, plant nutrition solutions and seeds. Its product portfolio includes herbicides, fungicides, insecticides, seed treatment products and field-crop/vegetable seeds.
Incorporation Date: 1994-07-13
Corporate History: Originally incorporated as Jai Bharat Crop Chemical Private Limited on 13 July 1994; renamed Crystal Crop Protection Private Limited in 2010; converted to a public limited company and renamed Crystal Crop Protection Limited in January 2018.
Business Model: Develops, manufactures and distributes crop protection products, natural crop solutions, plant nutrition solutions and seeds through domestic branded, domestic corporate and international business channels.
Products Services: Crop protection products: herbicides, fungicides, insecticides and related formulations, Natural crop solutions and plant nutrition solutions, Seeds, including field-crop, vegetable and flower seeds, Technical agrochemical products and intermediates
Industry Segments: Crop protection products and natural crop solutions, Seeds business, Plant nutrition solutions
Geographic Presence: Domestic operations across India and international sales/export markets; detailed country-wise revenue mix requires further extraction.
Customer Profile: Farmers reached through distributors and dealers; the company also serves corporate customers and international customers in agrochemical markets.
Competitive Advantages: Diversified crop protection and seed portfolio, Established distribution network, In-house technical and formulation manufacturing capabilities, Acquisition-led portfolio expansion and backward integration initiatives
Growth Strategy: Enhance manufacturing capabilities for crop protection products and plant nutrition solutions through backward integration, Continue R&D and technology collaborations, Pursue inorganic growth through acquisitions, Expand domestic and international business

03 financials

Revenue From Operations: period: FY2024; value: 22,299.27, period: FY2025; value: 26,905.1, period: FY2026; value: 31,519.68, period: 3M ended 2026-06-30; value: 11,971.49
Profit After Tax: period: FY2024; value: 872.37, period: FY2025; value: 1,183.92, period: FY2026; value: 1,449.14, period: 3M ended 2026-06-30; value: 1,357.83
Profit Before Tax: period: FY2024; value: 1,062.16, period: FY2025; value: 1,674.06, period: FY2026; value: 1,933.91, period: 3M ended 2026-06-30; value: 1,822.97
Total Borrowings: period: FY2024; value: 5,772.93, period: FY2025; value: 9,470.23, period: FY2026; value: 8,200.39, period: As at 2026-06-30; value: 9,520.23
Cash Equivalents: period: FY2024; value: 296.91, period: FY2025; value: 243.05, period: FY2026; value: 749.78, period: As at 2026-06-30; value: 1,411.42
Other Income: period: FY2024; value: 417.86, period: FY2025; value: 414.26, period: FY2026; value: 290.11, period: 3M ended 2026-06-30; value: 120.62
Total Income: period: FY2024; value: 22,717.13, period: FY2025; value: 27,319.36, period: FY2026; value: 31,809.79, period: 3M ended 2026-06-30; value: 12,092.11
Depreciation Amortisation: period: FY2024; value: 955.92, period: FY2025; value: 1,271.31, period: FY2026; value: 1,983.51, period: 3M ended 2026-06-30; value: 508.02
Finance Costs: period: FY2024; value: 490.39, period: FY2025; value: 617.94, period: FY2026; value: 891.6, period: 3M ended 2026-06-30; value: 206.37
Tax Expense: period: FY2024; value: 190.79, period: FY2025; value: 490.14, period: FY2026; value: 484.77, period: 3M ended 2026-06-30; value: 465.14
Total Assets: period: FY2024; value: 25,419.21, period: FY2025; value: 35,384.25, period: FY2026; value: 39,272.44, period: As at 2026-06-30; value: 44,982.71
Net Worth: period: FY2024; value: 13,246.98, period: FY2025; value: 14,243.59, period: FY2026; value: 18,256.78, period: As at 2026-06-30; value: 19,644.07
Current Borrowings: period: FY2024; value: 2,356.92, period: FY2025; value: 3,195.42, period: FY2026; value: 5,558.21, period: As at 2026-06-30; value: 6,896.45
Long Term Borrowings: period: FY2024; value: 3,416.01, period: FY2025; value: 6,274.81, period: FY2026; value: 2,642.18, period: As at 2026-06-30; value: 2,623.78
Trade Receivables: period: FY2024; value: 5,795.17, period: FY2025; value: 6,629.8, period: FY2026; value: 6,046.07, period: As at 2026-06-30; value: 8,106.56
Inventory: period: FY2024; value: 7,447.63, period: FY2025; value: 11,032.2, period: FY2026; value: 13,790.72, period: As at 2026-06-30; value: 15,713
Trade Payables: period: FY2024; value: 2,657.63, period: FY2025; value: 7,240.01, period: FY2026; value: 7,846.07, period: As at 2026-06-30; value: 11,214.35
Financial Basis: Consolidated
Financial Periods: FY2024, FY2025, FY2026, 3M ended 2026-06-30
Currency: INR
Unit: ₹ million unless otherwise stated
Audit Status: Audited FY2024, FY2025 and FY2026; special-purpose interim financial information for three months ended June 30, 2026. Auditor report contains modified opinion.

04 business quality

Revenue Growth Drivers: Revenue from operations increased from ₹22,299.27 million in FY2024 to ₹26,905.10 million in FY2025 and ₹31,519.68 million in FY2026. The RHP attributes growth to product portfolio, distribution, domestic branded/corporate and international business.
Profit Quality Analysis: Profit after tax increased from ₹872.37 million in FY2024 to ₹1,183.92 million in FY2025 and ₹1,449.14 million in FY2026. The independent auditor report includes a modified opinion relating to recognition of an insurance claim receivable of ₹162.95 million.
Margin Trend Analysis: EBITDA and margin trends should be taken from the RHP KPI section and reconciled with the restated consolidated financial statements before publication; this initial file does not calculate an EBITDA series.
Working Capital Analysis: Inventory and trade receivables increased materially between FY2024 and FY2026. Review working-capital intensity and seasonal inventory requirements against the detailed cash-flow and operating-cycle disclosures.

05 ipo objects

Objects Of Issue: object: Funding capital expenditure requirements for setting up a new manufacturing facility at Dahej, Gujarat; unit: INR million; source pages: 159, 160, object: Repayment and/or prepayment, in full or in part, of certain outstanding borrowings; unit: INR million; source pages: 159, 160, object: General corporate purposes; unit: INR million; source pages: 159, 160
Proceeds Assessment: Fresh issue proceeds accrue to the company; OFS proceeds accrue to the promoter selling shareholder. Detailed object-wise allocations need final verification from the Objects of the Offer section.

06 peer comparison

Peer Selection Rationale: The RHP presents these companies in its peer comparison table for the financial year ended March 31, 2025. Comparability should be assessed carefully because business mix and reporting bases differ.
Peer Companies: Kaveri Seed Company Limited, Sumitomo Chemical India Limited, Bayer CropScience Limited, Rallis India Limited, Dhanuka Agritech Limited
Comparability Notes: The RHP notes that peer financial information is consolidated unless only standalone information is available. Peer metrics should not be compared without checking reporting basis and business mix.

10 management

Promoters: Nand Kishore Aggarwal, Ankur Aggarwal, Komal Aggarwal, Ankur Aggarwal KNK Family Trust
Auditor Observations Summary: The independent auditor report on the restated consolidated financial information is modified. It discusses an insurance claim receivable of ₹162.95 million rejected by the insurer; the matter is pending before the Supreme Court after an NCDRC order in favour of the company. The auditor states that the receivable should be treated as a contingent asset rather than recognised.
Litigation Summary: The RHP auditor report describes litigation concerning an insurance claim receivable of ₹162.95 million; the insurer has appealed the NCDRC order before the Supreme Court and the matter is pending.

11 documents

Source Register: document: Crystal Crop Protection Limited Red Herring Prospectus dated 12 November 2026; pages: 1–3, 99–102, 159–160, 183–192, 304–338, 447–448; purpose: Issue terms, company profile, financial summary, objects, peers, business and auditor report
Document Version: Red Herring Prospectus dated 12 November 2026
Research Version: Version 1 – RHP initial extraction
Change Log: Created initial Crystal Crop Protection RHP research extraction; unverified and draft-only.