Crystal Crop Protection IPO
Crystal Crop Protection IPO is a Mainboard book-built issue comprising a fresh issue of 1,30,51,580 equity shares aggregating approximately ₹354.77 crore and an Offer for Sale of 37,02,694 equity shares aggregating approximately ₹100.71 crore. The total i
Crystal Crop Protection IPO Details
Crystal Crop Protection IPO bidding is scheduled to start on November 18, 2026, and close on November 20, 2026. The allotment is expected to be finalised on November 23, 2026. Crystal Crop Protection shares are proposed to list on BSE and NSE on November 26, 2026.
Crystal Crop Protection IPO Timeline (Tentative)
Crystal Crop Protection IPO is scheduled to open for subscription on November 18, 2026, and close on November 20, 2026. The basis of allotment is expected to be finalised on November 23, 2026. Refund initiation and credit of shares to successful applicants' Demat accounts are scheduled for November 25, 2026. The company's shares are tentatively expected to list on BSE and NSE on November 26, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Nov 18, 2026 |
| IPO Close Date | Fri, Nov 20, 2026 |
| Basis of Allotment | Mon, Nov 23, 2026 |
| Initiation of Refunds | Wed, Nov 25, 2026 |
| Credit of Shares to Demat | Wed, Nov 25, 2026 |
| Listing Date | Thu, Nov 26, 2026 |
Crystal Crop Protection IPO Lot Size
The Crystal Crop Protection IPO lot size is 55 shares. At the upper price band of ₹272 per share, one lot requires an investment of ₹14,960. Retail investors can apply for a minimum of one lot and a maximum of 13 lots. The application amount for each investor category is calculated using the upper price band.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 55 | 14,960 |
| Retail (Max) | 13 | 715 | 1,94,480 |
| S-HNI (Min) | 14 | 770 | 2,09,440 |
| S-HNI (Max) | 66 | 3,630 | 9,87,360 |
| B-HNI (Min) | 67 | 3,685 | 10,02,320 |
Crystal Crop Protection IPO Reservation
Crystal Crop Protection IPO comprises a fresh issue and an Offer for Sale by existing shareholders. The QIB category is reserved for not more than 50% of the net offer, while the Non-Institutional Investor category will receive not less than 15%. Retail Individual Investors are entitled to not less than 35% of the net offer. The final category-wise share allocation will depend on the offer structure and valid applications received during the bidding period.
Crystal Crop Protection IPO Subscription
The Crystal Crop Protection IPO subscription status will indicate the level of investor demand across Qualified Institutional Buyers, Non-Institutional Investors and Retail Individual Investors. The subscription figures will be updated during the bidding period after the issue opens. The final subscription data will be available after the closing of the IPO.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Crystal Crop Protection
Crystal Crop Protection Limited is an Indian crop solutions company with agrochemicals and seeds as its core business segments. The company provides a wide range of agricultural products designed to support crop protection, crop nutrition and farm productivity. Its product portfolio includes herbicides, fungicides, insecticides and natural crop solutions, along with seeds for field crops, vegetables and flowers.
The company's crop protection portfolio includes branded formulations and technical products used for managing weeds, insects and plant diseases. Its natural crop solutions include bio-stimulants, bio-protectants, plant growth regulators, liquid fertilisers and micronutrients. The company also operates in the seeds segment, supplying products across different crop categories.
Crystal Crop Protection has developed a diversified portfolio of more than 174 crop protection product brands. Its business includes branded crop protection formulations, technical manufacturing, seed development and distribution. The company also exports formulations and technical products to countries including Bangladesh, Nepal and markets across Africa and Asia. Its seeds business covers cotton, cereals, oilseeds, fodder crops, vegetables and flowers, with sales in India and exports to countries such as Japan, the United States and Thailand.
The company follows an integrated business model supported by research and development, seed breeding, manufacturing facilities and a broad distribution network. Its manufacturing presence extends across Haryana, Gujarat, Jammu and Kashmir, Maharashtra, Telangana and Karnataka. The company's research and development centre is located in Sonipat, Haryana.
As of September 30, 2025, the company's formulation manufacturing installed capacity was 75,962 MT, while its technical manufacturing capacity was 3,456 MT. It also had a distribution network of more than 13,000 distributors and 36 distribution centres, helping it reach farmers and customers across different agricultural markets.
Strengths
- Diversified Product Portfolio: The company offers a wide range of crop protection products, natural crop solutions and seeds, serving different agricultural requirements.
- Established Brand Presence: Its portfolio includes more than 174 crop protection product brands, supporting its presence in the agricultural inputs market.
- Research and Development Capabilities: In-house research, product development and seed-breeding capabilities support the company's product portfolio and innovation activities.
- Integrated Manufacturing Operations: Manufacturing facilities across multiple states support its formulation and technical production activities.
- Wide Distribution Network: A network of more than 13,000 distributors and 36 distribution centres provides access to farmers and customers across India.
- Diversified Business Segments: The company operates across crop protection, natural crop solutions and seeds, reducing dependence on a single product category.
- Export Presence: The company exports crop protection formulations, technicals and seeds to selected international markets.
Risks to Consider
- Agricultural and Seasonal Dependence: The company's business is linked to agricultural activity, crop patterns, monsoon conditions and seasonal demand. Unfavourable weather may affect product demand and business performance.
- Regulatory Requirements: Agrochemicals and seeds are subject to regulatory approvals, registrations and usage requirements. Changes in regulations or restrictions on products may affect operations.
- Borrowings and Debt Obligations: The company has significant borrowings. Its financial performance may be affected by interest expenses, repayment obligations and changes in financing costs.
- Raw Material Price Fluctuations: Changes in the cost and availability of raw materials may affect manufacturing expenses and operating margins.
- Competition: The company operates in a competitive agricultural inputs market with domestic and international participants.
- Distribution and Credit Risks: The business depends on distributors and dealers to reach customers. Delayed payments or defaults may affect working capital and cash flows.
- Product Registration and Development: Delays in obtaining registrations, approvals or commercialising new products may affect the company's business plans.
- Export Market Exposure: Changes in foreign regulations, trade policies, currency movements and demand conditions may affect its international business.
Crystal Crop Protection Financials (₹ Cr)
Crystal Crop Protection has reported total income of ₹2,731.94 crore for FY2025, compared with ₹2,271.71 crore in FY2024 and ₹2,532.89 crore in FY2023. Profit after tax increased from ₹76.60 crore in FY2023 to ₹87.24 crore in FY2024 and ₹118.39 crore in FY2025. For the six months ended September 30, 2025, the company reported total income of ₹1,995.86 crore and PAT of ₹153.51 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| Six Months Ended 30 Sep 2025 | 1,995.86 | 153.51 | 3,859.23 | 1,748.90 |
| FY2025 | 2,731.94 | 118.39 | 3,542.90 | 1,600.10 |
| FY2024 | 2,271.71 | 87.24 | 2,541.92 | 1,488.39 |
| FY2023 | 2,532.89 | 76.60 | 2,472.07 | 1,408.10 |
KPIs & Valuation
The company's financial ratios provide an overview of its profitability, capital efficiency and financial position. For FY2025, Crystal Crop Protection reported a return on equity of 8.31% and a return on capital employed of 16.43%. Its debt-to-equity ratio was 0.65, while the PAT margin and EBITDA margin stood at 4.33% and 11.72%, respectively.
Objects of the Issue
Crystal Crop Protection IPO comprises a fresh issue of equity shares along with an Offer for Sale by existing shareholders. The company proposes to use the net proceeds from the fresh issue primarily for repayment or prepayment of borrowings, investment in its material subsidiary Saffire Crop Science Private Limited for repayment of its borrowings, and funding inorganic growth, strategic initiatives and general corporate purposes. The proceeds from the Offer for Sale will be received by the respective selling shareholders. The company proposes to utilise the net proceeds from the fresh issue for the following purposes:
- Repayment or prepayment, in full or part, of certain borrowings availed by the company.
- Investment in its material subsidiary, Saffire Crop Science Private Limited, for repayment or prepayment of certain outstanding borrowings.
- Funding inorganic growth through unidentified acquisitions and strategic initiatives.
- General corporate purposes.
- The Offer for Sale component will provide an exit opportunity to the participating selling shareholders. The company will not receive proceeds from the shares sold under the Offer for Sale.
Promoters, Lead Managers & Registrar
Crystal Crop Protection Limited is promoted by Nand Kishore Aggarwal, Ankur Aggarwal, Komal Aggarwal and Ankur Aggarwal KNK Family Trust. The IPO is managed by IIFL Capital Services Limited, DAM Capital Advisors Limited and Motilal Oswal Investment Advisors Limited as the Book Running Lead Managers. MUFG Intime India Private Limited is the registrar to the issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | 022-49186000 |
| crystalcrop.ipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com |
Crystal Crop Protection IPO Review
Crystal Crop Protection operates in the agricultural inputs sector through its crop protection and seeds businesses. The company has developed a diversified portfolio of branded formulations, technical products, natural crop solutions and seeds. Its manufacturing infrastructure, research and development capabilities and extensive distribution network support its operations across different agricultural markets.
The company's financial performance reflects its presence in a sizeable agricultural inputs business. For FY2025, it reported total income of ₹2,731.94 crore and profit after tax of ₹118.39 crore. For the six months ended September 30, 2025, total income stood at ₹1,995.86 crore, while profit after tax was ₹153.51 crore. Its EBITDA for the same period was ₹333.22 crore. The company also reported a net worth of ₹1,748.90 crore as of September 30, 2025.
One of the important aspects of the IPO is the proposed use of fresh issue proceeds for debt repayment and investment in the material subsidiary. Reducing borrowings may help the company manage its financing obligations, while its proposed investment in acquisitions and strategic initiatives may support future business expansion. Its broad product portfolio and distribution network are additional factors to consider.
However, investors should also evaluate the company's borrowing levels, working capital requirements, exposure to agricultural seasonality, regulatory risks and competition. The agrochemical and seed businesses are influenced by crop patterns, weather conditions, product approvals and input costs. Investors should review the final issue valuation and the complete risk disclosures before making an investment decision.
How to Apply
Crystal Crop Protection IPO applications can be submitted through ASBA or UPI-enabled broker platforms during the bidding period. The IPO is scheduled to open on November 18, 2026, and close on November 20, 2026. The minimum retail application is one lot of 55 shares, requiring ₹14,960 at the upper price band of ₹272 per share.
Through UPI
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Log in to your stockbroker's mobile application or website.
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Navigate to the IPO section.
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Select Crystal Crop Protection IPO.
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Enter the number of lots you want to apply for.
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Select your bid price. Retail investors may generally choose the cut-off option when available.
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Enter your valid UPI ID.
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Submit the IPO application.
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Open your UPI application after receiving the mandate request.
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Approve the mandate using your UPI PIN.
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The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's Draft Red Herring Prospectus and subsequent offer-document updates for detailed information about its business operations, financial performance, risk factors, IPO structure, promoters and utilisation of issue proceeds. The company's investor relations section provides access to IPO-related documents and disclosures.
Last updated Nov 13, 2026.