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Crystal Crop Protection Ltd IPO
Crystal Crop Protection Ltd
₹14,245 /55 sharesMinimum investment
IPO details
Minimum investment
₹14,245
Price range
₹259 - ₹272
Lot size
55
Issue size
455.71 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
18 Nov 2026
IPO open date
20 Nov 2026
IPO close date
23 Nov 2026
Allotment date
23 Nov 2026
Funds unblock or debit
26 Nov 2026
Tentative listing date
About
Founded in
1994
MD/CEO
Mr Ankur Aggarwal
Parent organisation
Crystal Crop Protection Ltd
Crystal Crop Protection Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to have dedicated R&D facilities for crop protection products and seeds, including its Key Research Development Centre (KRDC) in Sonipat, Haryana, which is recognised by the Department of Science and Technology and has received GLP compliance certification. As of the date of the prospectus, it had applied for 28 patents, of which 18 were granted in India and two outside India. It also had 14 patents commercialised as of March 31, 2026.
As of June 30, 2026, the company had 139 domestic registrations for technical-grade products, 601 domestic formulation registrations and 147 export registrations for technicals and formulations. Its seed portfolio comprised over 275 hybrid varieties, including 111 field crop varieties, 139 vegetable seed varieties, and 25 marigold varieties. It also held 63 plant variety protection (PVP) registrations across cotton, pearl millet, sorghum, and mustard.
The company has entered into product development and technology collaborations with multinational companies such as Bayer, BASF, Corteva, Cibus, and Traitomic. These arrangements cover crop protection formulations, herbicide-tolerant mustard varieties, insect-resistant cotton seeds, and gene-editing research in mustard. It has also collaborated with the World Vegetable Centre on developing disease-resistant okra varieties.
The company has acquired several established agrochemical brands, including Bavistin from BASF; Proclaim, Tilt, and Blue Copper from Syngenta; Dursban and Nurelle D from Dow AgroSciences; and Gramoxone from Syngenta. Its seed business has also expanded through acquisitions from Bayer, Syngenta, Kohinoor Seeds, and I&B Seeds. These acquisitions have added established products and brands to its existing portfolio.
The company claims to operate four crop protection formulation manufacturing units with an aggregate installed capacity of 75,962 MT and two technical-grade manufacturing units with a combined capacity of 4,717 MT as of June 30, 2026. It also operates three seed processing units with a combined installed capacity of 49,935.79 MT. Its formulation manufacturing units are accredited with ISO 9001:2015 quality management and ISO 14001:2015 environmental management system standards.
As of June 30, 2026, the company had a distribution network of 14,717 independent distributors across 23 states and four union territories. Its network also included 34 distribution centres and three regional distribution centres. The company had 729 employees supporting its crop protection sales network and 489 employees supporting its seeds business.
The company’s portfolio covers crop protection products, natural crop solutions, technical-grade active ingredients, and hybrid seeds across field crops, vegetables, and flowers. It also exports crop protection products and seeds to multiple international markets. As of June 30, 2026, it held 53 product registrations across 14 overseas jurisdictions, including Europe and Brazil.
The company, its promoters, and one of its directors are subject to ongoing criminal and regulatory proceedings relating to alleged violations of the Foreign Trade Policy (2009–2014) and the Handbook of Procedures of the Directorate General of Foreign Trade. Any adverse outcome in these proceedings could negatively affect the company’s business, financial condition, cash flows, and reputation.
A significant portion of the company’s revenue from operations is derived from its domestic business in India. Domestic sales contributed Rs 1,160.05 crore (96.90%), Rs 3,006.38 crore (95.38%), Rs 2,622.64 crore (97.48%), and Rs 2,180.76 crore (97.80%) to revenue from operations in the three months ended June 30, 2026, FY26, FY25, and FY24, respectively. Further, crop protection products and natural crop solutions contributed Rs 793.34 crore (63.20%), Rs 2,476.56 crore (80.42%), Rs 2,201.01 crore (81.74%) and Rs 1,836.72 crore (83.40%) during the same periods. Any adverse changes in the Indian crop protection and natural crop solutions industry, a decline in domestic demand, or failure to introduce new products in response to changing regulatory and market requirements could negatively affect the company’s business and financial condition.
The company’s business is exposed to climatic conditions, pest attacks and seasonal variations in agricultural activity. Adverse weather conditions, including droughts, floods, unseasonal rainfall and heat waves, can affect crop yields, sowing patterns, pest incidence and farmers’ demand for crop protection products, natural crop solutions and seeds. The company’s sales, inventory requirements, capacity utilisation and working capital needs are also dependent on Kharif and Rabi cropping seasons, and any mismatch between inventory build-up and actual demand could result in higher holding costs, product obsolescence, stock-outs and lower margins. Any adverse changes in weather conditions, pest outbreaks or cropping patterns could negatively affect the company’s business, cash flows and financial performance.
The company, its subsidiaries, promoters, directors, key managerial personnel, and senior management personnel are involved in various ongoing legal proceedings amounting to Rs 341.95 crore as of June 30, 2026, representing 16.76% of the company’s net worth. Any adverse judgments or penalties in these proceedings could result in additional payments, higher expenses, and increased current or contingent liabilities, adversely affecting the company’s business, financial condition, results of operations, and cash flows.
The company’s crop protection and seeds businesses require significant investment in research and development, while new products may take 5–7 years to reach the market due to stringent testing and regulatory approval requirements. Any failure to develop commercially viable products, obtain timely registrations or respond to technological advancements and changing customer preferences could result in delays, higher costs, or loss of market share to competitors, adversely affecting the company’s business and cash flows.
The company recorded negative cash flows from investing activities amounting to Rs 90.69 crore, Rs 215.90 crore, Rs 673.43 crore, and Rs 229.71 crore in the three months ended June 30, 2026, FY26, FY25, and FY24, respectively. These outflows primarily arose from purchases of property, plant and equipment, intangible assets and investments, along with payments towards asset and business acquisitions. The company also recorded negative cash flows from financing activities amounting to Rs 95.10 crore in FY24, mainly due to repayments of current and non-current borrowings, dividend payments, lease liabilities, and finance costs, partially offset by proceeds from current borrowings. Sustained outflows could adversely affect its liquidity, working capital requirements, and financial condition.
The company had trade receivables of Rs 810.66 crore as of June 30, 2026, indicating a significant amount of funds outstanding from its customers. Any delay or failure in recovering these receivables could adversely affect the company’s cash flows, working capital position, and financial condition.
As of August 31, 2026, the company and its subsidiaries had consolidated outstanding financial indebtedness of Rs 974.51 crore. Any difficulty in servicing or refinancing these borrowings could adversely affect the company’s cash flows, financial condition, and results of operations.
Application details
For Crystal Crop Protection IPO, eligible investors can apply as Regular & Employee.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹259 - ₹272 | Upto ₹2 Lakhs | 55 |
| Employee | ₹234 - ₹247 | Upto ₹5 Lakhs | 55 |
| High Networth Individual | ₹259 - ₹272 | ₹2 - ₹5 Lakhs | 55 |