Crystal Crop Protection IPO: Date, Price, Allotment, GMP & Review | Finowings

Crystal Crop Protection IPO- Complete Overview 

Crystal Crop Protection IPO is a Mainboard IPO with an issue size of Rs. 455.49 Cr Shares by Crystal Crop Protection Limited, which is a crop solutions company with agrochemicals and seeds as its core offerings. Its portfolio includes crop protection products such as herbicides, fungicides and insecticides, along with natural crop solutions like bio-stimulants, bio-protectants, plant growth regulators, liquid fertilizers and micronutrients. 

It also offers seeds for field crops, vegetable crops and flowers. The offerings are customized for Indian farmers through research and development (“R&D”) including collaborations with various multinational companies, delivering relevant solutions that aim to enhance farm economics, yield, productivity and profitability.

Product Portfolio:

• Crop protection products and natural crop solutions

• Seed business

Its products are designed specifically for Indian farmers and are supported by strong in-house research and development, as well as collaborations with multinational companies. The company follows a fully integrated business model that combines R&D, seed breeding, backward-integrated and technology-enabled manufacturing, and a pan-India distribution network, with a strong focus on farmers’ needs.

This new IPO is to be launched on 18 November 2026, and its ‘initial public offering’ will end on 20 November 2026.

Crystal Crop Protection IPO Details

This Mainline IPO comprises a combination of fresh issue of 1.31 crore shares (Rs. 354.77 Cr) and offer for sale of 37.03 lakh shares (Rs. 100.71 Cr). The Crystal Crop Protection IPO listing date (expected) might be Thursday, Nov 26, 2026, and the listing on the BSE and NSE. 

The Crystal Crop Protection IPO price band is Rs. 259 to Rs. 272.

IPO Timetable (Tentative)

The Crystal Crop Protection IPO date is from Nov 18 to Nov 20, with IPO allotment on Nov 23, refund initiation on Nov 25, and listing on Nov 26, 2026.

If you want to apply for the IPO, click to open a Demat Account.

Industry Overview & Outlook

The market was valued at about USD 6 billion in FY26, up from USD 4.3 billion in FY21, and is expected to reach approximately USD 9.3 billion by FY31.

Crystal Crop Protection Company Financial Performance

Crystal Crop Protection- Profit & Loss

(Amount in Cr)

Crystal Crop Protection- Balance Sheet

(Amount in Cr)

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Crystal Crop Protection IPO- Business Model 

Crop Protection Products & Natural Crop Solutions (the larger revenue contributor)

• Insecticides, herbicides, fungicides, and combination products.

• Natural/biological solutions such as bio-stimulants, bio-fertilizers, and micronutrients (under the GreenAg division).

• Sold under two main brands: Crystal and Saffire.

• They manufacture both technical-grade active ingredients and ready-to-use formulations.

Seeds Business

• Hybrid and open-pollinated seeds for field crops (e.g., cotton, rice, maize, etc.), vegetables, and flowers (including marigold).

• Sold under brands such as Indus Seeds and others.
  
  

How Revenue is Generated

Domestic Branded Sales - Products are sold through a large network of independent distributors and dealers across 23 states and union territories. Farmers buy them for crop protection and higher yields. This is the biggest chunk of revenue.

Domestic Corporate / Institutional Sales - Supply of products (including technicals and bulk formulations) to other companies, government tenders, and large buyers.

International / Export Sales - Formulations and technicals are exported to various countries in Asia, Africa, and other regions.

Ancillary Products - They also sell sprayers (self-propelled boom sprayers and conventional sprayers) that complement the crop-protection products.

Revenue Bifurcation

(Source: RHP)

The Objective of the Issue

• Repayment/pre-payment, in full or part, of certain borrowings availed by the Company. ~ Rs. 247.94 Cr.

• Investment in Material Subsidiary namely Saffire Crop Science Private Limited for repayment/ pre-payment, in full or in part, of all or a portion of certain of its outstanding borrowings. ~ Rs. 22.06 Cr.
  
  

Peers of Crystal Crop Protection

Evaluation of P/E Ratio

Considering the period ended on FY26 with an EPS of Rs. 11.43 from the last year, the resulting P/E ratio is 23.79x.

Crystal Crop Protection IPO Valuation

IPO's Strengths 

• Strong R&D capabilities backed by advanced technology infrastructure and collaborations

• A deep connect with Indian farmers resulting in strong brand equity

• Operational excellence with focus on our multi-pronged go-to-market strategy

• Vertically integrated manufacturing operations backed by robust R&D capabilities and strong supply chain.
  
  

IPO's Weaknesses

• Agrochemical and seed sales heavily rely on favorable monsoon rainfall patterns and seasonal crop cycles (like Kharif), making performance vulnerable to weather shocks.

• Sourcing intermediate chemicals and raw materials exposes the company to global price volatility and supply chain disruptions (including dependency on Chinese intermediates).

• Strict government regulations, pesticide bans, or restrictions (such as past glyphosate or organophosphate crackdowns) can suddenly impact specific high-margin formulations.
  
  

Crystal Crop Protection IPO GMP Today

Crystal Crop Protection IPO GMP is Rs. 28 as of November 14, 2026, when this information was written. 

IPO Other Details

Crystal Crop Protection IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (55 Shares) amounting to Rs. 14960 and 13 Lots (715 Shares) for Rs. 1,94,480, respectively, while for HNI investors, the minimum Lot is 14 (770 Shares) amounting to Rs. 2,09,440.

Crystal Crop Protection IPO Reservation

Promoters and Management of Crystal Crop Protection Ltd. 

• Nand Kishore Aggarwal

• Ankur Aggarwal

• Komal Aggarwal 

• Ankur Aggarwal KNK Family Trust.

IPO Lead Managers

IIFL Capital Services Ltd.  

Dividend Policy

The company has paid a dividend of Rs. 1.07, Rs. 0.67, Rs. 0.74 in the FY26, FY25, and FY23 respectively. 

 Crystal Crop Protection IPO Review: Subscribe or Avoid?

Crystal Crop Protection IPO is a mainboard offering from an integrated agrochemicals and seeds company that manufactures crop protection products (insecticides, herbicides, fungicides) and natural solutions under the Crystal and Saffire brands, along with field crop, vegetable and flower seeds.

Strengths include its vertically integrated model with in-house R&D, manufacturing and pan-India distribution, diversified product portfolio, and collaborations with multinationals that support innovation and farmer connect. 

Weaknesses include high dependence on monsoon and seasonal crop cycles, exposure to raw material price volatility (including Chinese intermediates), regulatory risks in the agrochemical sector, and relatively moderate profitability margins (PAT ~4.6%, ROE ~7.9%).

Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor. 

Crystal Crop Protection IPO News

Crystal Crop Protection DRHP

Crystal Crop Protection RHP

Crystal Crop Protection IPO Allotment Status

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Finowings IPO Analysis

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DISCLAIMER: DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is only for educational purposes. Always discuss with your SEBI-registered financial advisor for investment-related decisions. p>