Crystal Crop Protection Limited raw sales reached Rs 448.819 crore

Crystal Crop Protection Limited recorded Rs 448.819 crore of raw materials sold as traded stock in the six months ended 30 September 2025, equal to 73.3% of its Rs 612.296 crore traded-goods revenue. The disclosure shows that raw materials, rather than only separately purchased stock-in-trade, made up most of the group’s traded-goods sales in the period.

What did Crystal Crop report as raw-material sales?

Crystal Crop reported Rs 448.819 crore of raw materials sold as traded stock for the six months ended 30 September 2025. The amount is included in Rs 612.296 crore of traded-goods revenue, while manufactured-goods revenue was Rs 1,298.831 crore. The revenue note specifies that the raw materials were sold as traded stock in the normal course of business.

The classification links the revenue disclosure to the cost accounts. Crystal Crop’s note on cost of materials consumed states that this line includes the cost of raw materials sold as traded goods in the normal course of business. The group separately reported Rs 100.667 crore of purchases of stock-in-trade in the six-month period, so stock-in-trade purchases alone do not explain the Rs 612.296 crore traded-goods sales line.

Crystal Crop reported Rs 1,911.127 crore of product sales and Rs 1,978.045 crore of revenue from operations for the six months ended 30 September 2025. Product sales comprised manufactured and traded goods, while services contributed Rs 64.706 crore and other operating revenue contributed Rs 2.212 crore. Raw materials sold as traded stock therefore equalled 23.5% of product sales and 22.7% of total operating revenue.

How much of Crystal Crop traded-goods revenue came from raw-material sales?

Raw-material sales represented 73.3% of Crystal Crop’s traded-goods revenue in the six months ended 30 September 2025. The calculation divides Rs 448.819 crore of disclosed raw-material sales by Rs 612.296 crore of traded-goods revenue. The remaining Rs 163.477 crore is traded-goods revenue not separately identified in the note as raw materials sold as traded stock.

Traded goods contributed 32.0% of Crystal Crop’s product sales, compared with 68.0% for manufactured goods. Within traded goods, the raw-material component was nearly 2.7 times the Rs 163.477 crore residual category. The accounts consequently do not support treating all traded-goods revenue as sales of conventional purchased finished inventory.

Crystal Crop reported Rs 1,326.641 crore of material and packing-material consumption in the six months ended 30 September 2025. That total included Rs 1,259.829 crore of raw-material consumption and Rs 67.012 crore of packing-material consumption. Because the cost note expressly includes raw materials sold as traded goods, the traded-goods revenue mix must be read together with material consumption rather than solely with purchases of stock-in-trade.

How did Crystal Crop raw-material trading mix change across periods?

Crystal Crop’s raw-material sales were Rs 448.819 crore in the six months ended 30 September 2025, compared with Rs 736.158 crore in the year ended 31 March 2025. These periods are not directly comparable because the latest disclosure covers six months and the earlier period covers a full year. The reported amount was nevertheless Rs 287.339 crore lower in absolute terms.

The raw-material share fell to 73.3% in the September 2025 half-year from 96.8% in the year ended 31 March 2025. Correspondingly, the portion of traded-goods revenue not identified as raw-material sales increased to 26.7% from 3.2%. Crystal Crop does not disclose the products included in that residual amount or the commercial reason for the change.

Across the three completed financial years, traded-goods revenue moved from Rs 830.090 crore in the year ended 31 March 2023 to Rs 581.828 crore in the year ended 31 March 2024, before increasing to Rs 760.454 crore in the year ended 31 March 2025. Raw-material sales followed the same broad decline and recovery, at Rs 684.231 crore, Rs 516.859 crore and Rs 736.158 crore respectively, but their share of traded-goods revenue peaked at 96.8% in the year ended 31 March 2025.

How are Crystal Crop product sales recognised and adjusted?

Crystal Crop recognises revenue from goods when goods are shipped or delivered because its performance obligations are satisfied at that point in time. For the six months ended 30 September 2025, goods transferred at a point in time totalled Rs 1,911.127 crore, matching reported product sales. This timing applies to both manufactured-goods and traded-goods revenue in the revenue disclosure.

The Rs 1,911.127 crore product-sales figure was reconciled from contract-price revenue of Rs 2,895.050 crore after rebates and discounts of Rs 646.816 crore and sales returns of Rs 337.107 crore. Crystal Crop says it accrues expected discounts under multiple customer schemes and adjusts revenue for the expected value of those discounts. The group also reported an expected sales-return adjustment of Rs 157.747 crore at 30 September 2025, based on previous sales-return history.

Crystal Crop reported trade receivables of Rs 945.251 crore at 30 September 2025 and closing contract liabilities of Rs 57.328 crore. Contract liabilities are customer advances for which the supply obligation for goods or services was incomplete at period-end. These balances do not identify the raw-material component, but they establish that recognised revenue, customer advances and receivables are separately measured under the group’s contract accounting.

What does Crystal Crop disclose about customer concentration and inventories?

Crystal Crop disclosed that no customer contributed more than 10% of group revenue in the six months ended 30 September 2025. The statement limits reported customer concentration at the consolidated revenue level. It does not identify customer concentration specifically within Rs 448.819 crore of raw-material sales or within the traded-goods category.

Crystal Crop’s stock-in-trade increased from Rs 104.376 crore at the beginning of the six-month period to Rs 134.333 crore at 30 September 2025. Finished-goods inventory increased from Rs 355.974 crore to Rs 457.829 crore over the same period, while work-in-progress rose from Rs 134.406 crore to Rs 189.261 crore. The resulting change in inventories of finished goods, stock-in-trade and work-in-progress was negative Rs 186.667 crore, reflecting higher closing inventory under the statement’s presentation.

Conclusion

Crystal Crop’s September 2025 half-year disclosure shows that Rs 448.819 crore of raw materials sold as traded stock formed 73.3% of traded-goods revenue. The reported revenue mix therefore distinguishes manufactured goods from traded goods, but it also establishes that traded goods include a substantial raw-material component whose related cost is included in materials consumed.

The next financial disclosure will show whether the raw-material share of traded-goods revenue remains below the 96.8% level reported for the year ended 31 March 2025. It will also show how the Rs 57.328 crore of closing customer-advance contract liabilities at 30 September 2025 convert into revenue as Crystal Crop ships or delivers the related goods and services.