Crystal Crop Protection IPO

Strengths · 6

• 01Crop protection and natural crop solutions gave Rs 2,200.01 crore of revenue in FY2025, which is 81.74% of the total, so the company has a large base in its core line.
• 02Seeds revenue rose from Rs 301.33 crore in FY2023 to Rs 469.88 crore in FY2025, and the share of seeds in revenue went from 12.66% to 17.45%.
• 03Profit for the year rose from Rs 76.60 crore in FY2023 to Rs 118.39 crore in FY2025, and Rs 153.51 crore came in the six months ended 30 September 2025.
• 04The company has six manufacturing units, three seed processing units and a research centre in Sonipat supported by field research stations in several states.
• 05Net worth was Rs 1,600.10 crore on 31 March 2025, up from Rs 1,408.10 crore on 31 March 2023.
• 06Rs 422.86 crore of the fresh issue money is meant to repay borrowings, which were Rs 1,205.24 crore on 30 September 2025.

Risks · 10

• 01India gave 97.48% of revenue from operations in FY2025, so a weak domestic crop season or weak farm demand hits almost the whole business.
• 02Total borrowings rose from Rs 577.29 crore on 31 March 2024 to Rs 947.02 crore on 31 March 2025 and Rs 1,205.24 crore on 30 September 2025.
• 03Cash from operating activities before tax paid was minus Rs 47.60 crore in the six months ended 30 September 2025, as trade receivables rose by Rs 293.64 crore.
• 04The company, two promoters and one director face a CBI case over alleged violations of the Foreign Trade Policy 2009-2014, filed in January 2020.
• 05The top 10 suppliers gave 39.97% of raw material purchases in FY2025 and 51.49% in FY2023, and one China-based supplier gave 26.16% in FY2023.
• 06Contingent liabilities on 30 September 2025 include Rs 69.20 crore of entry tax claims and Rs 28.94 crore of excise duty claims.
• 07Aviral Crop Science, a related party, was paid Rs 65.82 crore for field assistant expenses in FY2025, which is 2.45% of revenue from operations.
• 08The statutory auditor had a qualification on terminal excise duty for FY2024 and FY2023, which is now an emphasis of matter.
• 09Part of the fresh issue money goes to unidentified acquisitions and general corporate purposes, capped at 35% of gross proceeds, with no named target.
• 10The offer for sale of up to 74,05,387 shares brings money only to the selling shareholders, not to the company.

Crystal Crop Protection Limited was set up in 1994 as Jai Bharat Crop Chemical Private Limited. It became a public limited company in 2018. The company describes itself as a crop solutions company with agrochemicals and seeds at the core of its offerings. Its registered office is in Ahmedabad and its corporate office is in New Delhi.

The crop protection range covers herbicides, fungicides and insecticides. It also covers natural crop solutions such as bio-stimulants, bio-protectants, plant growth regulators, liquid fertilizers and micro nutrients. This business gave Rs 1,515.61 crore, or 77.82% of revenue from operations, in the six months ended 30 September 2025. In FY2025 it gave 81.74%.

The seeds business covers field crops, vegetable crops and flowers. It gave 21.59% of revenue in the six months ended 30 September 2025, against 12.66% in FY2023. The company bought I&B Seeds in October 2024, so FY2025 includes only five months of that business.

The company runs six manufacturing units for crop protection. Four are formulation units: two in Jammu, one in Sonipat and one in Anand. Two are technical manufacturing units, in Nagpur and Dahej. It also has a technical pilot unit in Sonipat and has bought land for a new plant in Jhagadia, Gujarat. Seeds are processed at two units, in Hyderabad and Bengaluru.

Research is done at the Key Research Development Centre in Sonipat, with field research stations across several states. The business is mainly domestic. India gave 97.48% of revenue from operations in FY2025 and international sales gave 1.72%. Raw materials are bought from domestic suppliers and from suppliers in China, mostly on purchase orders.

The industry

The Frost & Sullivan report in the DRHP values the Indian crop protection industry at about USD 5.52 billion in FY2025, up from USD 4.05 billion in FY2020. It expects the market to reach about USD 8.5 billion by FY2030. The global seed industry is valued at USD 51.9 billion in FY2025 and is forecast to reach USD 68.0 billion by 2030. The Indian seed market is USD 3.9 billion in FY2025 and is growing at a CAGR of 7.4% from 2025 to 2030. The report was commissioned and paid for by the company.

Customer concentration: The DRHP extract gives supplier concentration: the top 10 suppliers gave 39.97% of raw material purchases in FY2025 and 51.49% in FY2023.