Crystal Crop Protection IPO
UPCOMINGMAINBOARDUpcoming Issue
₹801.43 Cr
Opens
18 Nov 2026
Fresh / OFS
₹600.00 Cr / ₹201.43 Cr
- Price Band
- ₹259 – ₹272
- Lot Size
- 55
- Lot Value
- ₹14,960
- Open Date
- 18 Nov18 Nov 2026
- Close Date
- 20 Nov20 Nov 2026
- Min Investment
- ₹14,960
About Crystal Crop Protection
Use of IPO Proceeds
Promoters
Nand Kishore Aggarwal
Chairman Emeritus · age 74
Pre-issue: 33.94%
Ankur Aggarwal
Chairman and Managing Director · age 43
Pre-issue: 10.04%
Investment Analysis
Quick Analysis: 5 strengths · 6 risk factors· Exchange: NSE,BSE
Strengths (5)
- •Vertically integrated manufacturing backed by robust R&D and supply chain
- •Strong brand recognition and farmer trust built over many years
- •Successful history of strategic acquisitions expanding market reach
- •Growing network of active distributors across India
- •Innovation focus with new product launches driving revenue growth
Risk Factors (6)
- •Significant revenue from domestic India business; reduction in demand or negative trends in crop protection industry could adversely affect operations.
- •Business subject to climatic conditions and seasonal cycles; unfavorable weather patterns may materially impact operations and financial performance.
- •Operations depend on manufacturing units; unscheduled disruption or prolonged shutdown could materially damage profitability and cash flows.
- •Agrochemical industry highly regulated; new products require 5-7 years development and stringent evaluation; development may fail criteria.
- •Investments in equity securities involve risk of total loss; no guarantee of active trading or price stability post-listing.
- •First public offer with no formal prior market; Floor, Cap, and Offer Prices should not be considered indicative of post-listing market price.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- GMP ₹40 (+14.7%), unofficial, as of 14 Nov 2026, 05:32 AM IST
GMP Trend
Latest: ₹40 (+14.71%)Quick Profit Calculator
Pre-filled: Issue Price = ₹272, Lot Size = 55 shares
Number of Lots
| Lots | Investment | At GMP | Profit | Return |
|---|---|---|---|---|
| 1 | ₹14,960 | ₹312 | +₹2,200 | +14.7% |
| 2 | ₹29,920 | ₹312 | +₹4,400 | +14.7% |
| 3 | ₹44,880 | ₹312 | +₹6,600 | +14.7% |
| 5 | ₹74,800 | ₹312 | +₹11,000 | +14.7% |
| 10 | ₹1,49,600 | ₹312 | +₹22,000 | +14.7% |
Estimated profit based on GMP. Actual listing price may vary.
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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 |
Subscription Status
Subscription data will appear once bidding begins.
Weigh your chances
IPO Timeline
Issue Opens
18 Nov 2026 · Wed
Issue Closes
20 Nov 2026 · Fri
Bidding Cut-off (UPI Mandate)
20 Nov 2026 · 5:00 PM IST
Allotment
23 Nov 2026 · Mon
Listing
26 Nov 2026 · Thu
Issue Opens
18 Nov 2026 · Wed
Issue Closes
20 Nov 2026 · Fri
Bidding Cut-off (UPI Mandate)
20 Nov 2026 · 5:00 PM IST
Allotment
23 Nov 2026 · Mon
Listing
26 Nov 2026 · Thu
IPO Details
| Registrar | — |
| Exchange | NSE,BSE |
| ISIN | — |
| Face Value | — |
| Issue Size | ₹801.43 Cr |
| Fresh Issue | ₹600.00 Cr |
| OFS Size | ₹201.43 Cr |
| Lead Managers | — |
3-Year Financial Summary
Revenue trend
↑ 6M-FY26→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 2,690.51 | 119.42 | 8.12 | 33.48 | — |
| FY24 | 2,229.93 | 89.2 | 6.07 | 44.83 | — |
| 6M-FY26 | 1,978.05 | 153.25 | 10.42 | 26.09 | — |
Detailed Line Items (₹ Cr)
| Line Item | 6M-FY26 | FY24 | FY25 |
|---|---|---|---|
| Total Income | 1,995.86 | 2,271.71 | 2,731.94 |
| EBITDA | 333.22 | 209.06 | 315.28 |
| Cash Flow — Operating | -74.06 | 337.79 | 383.03 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
33.5x
Price ÷ EPS
EPS (FY25)
₹8
Earnings per share
RoNW
—
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
11.7%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | — |
| Equity Shares (Pre-Issue) | 14,70,18,721 |
| Equity Shares (Post-Issue) | — |
| Convertibles | CCDs |
Source: Crystal Crop Protection offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Crystal Crop Protection's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Crystal Crop Protection's filing.
Source: Crystal Crop Protection offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB50.00%
- NII / HNI15.00%
- Retail35.00%
OFS Selling Shareholders
- Nand Kishore Aggarwal10,57,257 sh
- Ankur Aggarwal21,14,500 sh
- Komal Aggarwal10,57,300 sh
- International Finance Corporation11,91,124 sh
- IFC Emerging Asia Fund, LP19,85,206 sh
Source: Crystal Crop Protection offer document (DRHP/RHP).
Board & Management
Board of Directors (7)
- Ankur Aggarwal₹5.95 Cr p.a.
Chairman and Managing Director
Active role in development and expansion, significant experience in agrochemicals and crop protection products and natural crop solutions industry
- Anil Jain₹1.80 Cr p.a.
Executive Director – Strategy and Operations
- Kavishwar Vitthalrao Kalambe
Whole-time Director – Technical Manufacturing
- Chetan Rameshchandra Desai₹0.17 Cr p.a.
Independent Director
- Sangeeta Kapiljit Singh₹0.19 Cr p.a.
Independent Director
- Sartaj Sewa Singh₹0.19 Cr p.a.
Independent Director
- Nand Kishore Aggarwal₹5.68 Cr p.a.
Chairman Emeritus
Active role in development and expansion, significant experience in agrochemicals and crop protection products and natural crop solutions industry
Key Managerial Personnel (2)
- Nitin Agarwal₹1.19 Cr p.a.
Chief Financial Officer
Bachelor's degree of commerce from Chhatrapati Shahu Ji Maharaj University; Associate member of the Institute of Chartered Accountant of India
Over 20 years of experience in finance. Previously associated with HT Media Limited, Bharti Tele-Ventures Limited, TATA Teleservices Limited, and others.
- Vikram Singh₹0.23 Cr p.a.
Company Secretary and Compliance Officer
Bachelor's degree of commerce from University of Delhi; Bachelor's degree in law from Bharat Law College; Fellow from the Institute of Company Secretaries of India
Over 12 years of experience in the corporate secretarial and legal sector. Previously associated with IGT Solutions, Philips India Limited, and others.
Source: Crystal Crop Protection offer document (DRHP/RHP).
Industry & Market
Crystal Crop is amongst the top three players in pearl millet market with 20.6% market share in FY2025; top three in mustard market with 6.3% market share in FY2025; 1.2% in hybrid rice and 60,000 MT in wheat
Per Frost & Sullivan (India) Private Limited - Independent Market Report on Agrochemicals & Seeds Industry, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Crystal Crop Protection Limited | — | 9.37 | 7.46 | 125.53 |
| Kaveri Seeds Company Limited | 17.75 | 55.1 | 18.83 | 290.42 |
| Sumitomo Chemical India Limited | 45.88 | 10.13 | 17.44 | 58.06 |
| Bayer CropScience Limited | 35.58 | 126.38 | 19.93 | 634.24 |
| Rallis India Limited | 39.78 | 6.43 | 6.62 | 97.26 |
| Dhanuka Agritech Limited | 19.09 | 65.55 | 21.18 | 310.96 |
Documents
Frequently Asked Questions
When is the Crystal Crop Protection IPO opening?
The Crystal Crop Protection IPO opens on 18 Nov 2026 and closes on 20 Nov 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Crystal Crop Protection IPO?
The price band for the Crystal Crop Protection IPO is ₹259 to ₹272. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Crystal Crop Protection IPO?
The minimum lot size is 55 shares with a minimum investment of ₹14,960. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Crystal Crop Protection IPO today?
The latest Grey Market Premium for Crystal Crop Protection is ₹40 (+14.71%). GMP is unofficial data and is not a guarantee of listing price.
When will the Crystal Crop Protection IPO list on NSE and BSE?
The Crystal Crop Protection IPO is expected to list on 26 Nov 2026 on NSE,BSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Crystal Crop Protection IPO allotment status?
You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Crystal Crop Protection IPO a mainboard or SME issue?
Crystal Crop Protection is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Crystal Crop Protection IPO?
You can apply for the Crystal Crop Protection IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Crystal Crop Protection IPO?
The GMP-implied price (unofficial, not a forecast) is ₹312: the upper price band of ₹272 plus the latest grey market premium of ₹40, as of 14 Nov 2026, 05:32 AM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
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