Stocks
Invest in Stocks
Invest in stocks, ETFs, IPOs with fast orders. Track returns on your stock holdings and view real-time P&L on your positions.
F&O
Mutual Funds
Invest in Mutual Funds
Invest in direct mutual funds at zero charges via lump sump investments or SIPs
CMR Green Technologies Ltd IPO
CMR Green Technologies Ltd
₹14,196 /78 sharesMinimum investment
IPO details
Minimum investment
₹14,196
Price range
₹182 - ₹192
Lot size
78
Issue size
630.88 Cr
Face value
2
IPO document
Subscription rate
Data will be available soon
Schedule
3 Jun 2026
IPO open date
5 Jun 2026
IPO close date
8 Jun 2026
Allotment date
8 Jun 2026
Funds unblock or debit
10 Jun 2026
Tentative listing date
About
Founded in
2005
MD/CEO
Mr Mohan Agarwal
Parent organisation
CMR Green Technologies Ltd
CMR Green Technologies Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
CMR Green Technologies claims to be one of the leading non-ferrous metal recyclers in India in terms of installed capacity as of March 31, 2025. According to the ICRA report, the company had an installed capacity around four times larger than its nearest domestic competitor in the recycled aluminium space and held an estimated 42-45% market share in the cast alloy automotive segment during FY25.
The company claims to have a network of 13 recycling facilities across states such as Haryana, Gujarat, Maharashtra, Tamil Nadu, Rajasthan, Uttarakhand, Odisha, and Andhra Pradesh. As of March 31, 2026, these facilities had a combined installed production capacity of 615,150 MTPA.
The company claims to be a key supplier of liquid aluminium alloy in India and has been supplying liquid aluminium since 2008. It has manufacturing facilities located close to customer premises and claims to use patented technology and automated systems integrated with customer production systems for just-in-time delivery and monitoring of furnace levels.
CMR Green Technologies claims to have a diversified raw material sourcing network with around 198 global suppliers across 73 countries during FY25. The company sourced scrap from regions including the United States, Europe, Africa, Australia, the UAE, and Asia, which helps reduce dependence on a single geography for raw material procurement.
The company has joint ventures with Japanese companies such as Toyota Tsusho Corporation, Nikkei MC Aluminium, and Nippon Light Metal. Through these partnerships, the company claims to have gained access to technical expertise, billet casting technology, and long-term customer relationships in the aluminium recycling business.
The company claims to use technologies such as heavy media flotation systems, induction-based sorting systems, colour sorters, XRTs, LIBS, shredders, regenerative burners, and metal circulation furnaces across its recycling operations. It also claims to have an in-house R&D unit recognised by the Department of Scientific and Industrial Research (DSIR), along with a dedicated development team and laboratory facilities.
The company is ISO 14001:2015 certified for environmental management systems, ISO 45001:2018 for occupational health and safety management systems, and IATF 16949:2016 for quality management systems in the automotive sector. It also claims to use solar power at certain facilities and had 273,724 carbon credits as of April 11, 2026.
The company has witnessed a consistent increase in its revenue from operations. Revenue from operations increased from Rs 5,868.51 crore in FY23 to Rs 5,952.44 crore in FY24 and Rs 6,666.48 crore in FY25.
The company derives a significant portion of its revenue from a limited customer base. Its top 3 customers contributed Rs 1,313.47 crore (20.93%), Rs 1,531.11 crore (22.98%), Rs 1,414.16 crore (23.75%), and Rs 1,271.59 crore (21.67%) to revenue from operations during the nine months ended December 31, 2025, FY25, FY24, and FY23, respectively. Any reduction in orders, loss of key customers, or adverse developments in the business performance of these customers could negatively impact the company’s revenue and profitability.
The company derives a substantial portion of its revenue from the sale of liquid aluminium alloys and aluminium alloy ingots. These products contributed Rs 5,095.70 crore (81.85%), Rs 5,225.60 crore (78.42%), Rs 4,576.00 crore (76.95%), and Rs 4,282.16 crore (73.13%) to revenue from operations during the nine months ended December 31, 2025, FY25, FY24, and FY23, respectively. Any decline in demand for these products, shift toward alternative materials, or loss of customers to competitors could adversely affect the company’s business and financial performance.
The company reported a loss of Rs 838.23 crore in FY24, compared to a profit of Rs 104.80 crore in FY23. The loss was primarily due to a goodwill impairment write-off amounting to Rs 1,239.63 crore arising from a merger undertaken in FY20. Although this was a non-cash adjustment, any further impairment charges or exceptional items in the future could negatively impact the company’s profitability, finances, and net worth.
The company recorded negative cash flows from operating activities of Rs 387.70 crore and Rs 92.00 crore in the nine months ended December 31, 2025, and FY25, respectively, compared with positive operating cash flows of Rs 74.10 crore and Rs 610.90 crore in FY24 and FY23. The decline was mainly due to higher working capital requirements, an increase in receivable days from 38 days in FY24 to 43 days in FY25, and higher inventory levels following the commencement of its Tirupati facility.
The company is involved in an ongoing proceeding initiated by the Enforcement Directorate, Mumbai, relating to alleged contravention of FEMA regulations amounting to Rs 15.20 crore. Although the company has clarified that the issue arose due to technical errors at the bank’s end and the matter remains pending without further notice, any adverse ruling, penalties, or regulatory action in this case could negatively impact the company’s financial condition, profitability, and reputation.
Certain group companies, including Nikkei CMR Aluminium India Private Limited, operate in similar business segments and may potentially compete with the company, which could give rise to conflicts of interest. Additionally, the company has entered into related-party sale and purchase transactions with group companies amounting to Rs 39.97 crore and Rs 17.43 crore, respectively, during the nine months ended December 31, 2025. Any conflict between the interests of the company, its promoters, and group companies could adversely affect its business operations, profitability, and corporate governance practices.
The company, its subsidiaries, promoters, directors, KMPs, and senior management are involved in several ongoing civil, criminal, tax, and regulatory proceedings. Any adverse outcome in these litigations or regulatory proceedings could lead to financial liabilities, penalties, and reputational damage, which may hurt the company’s business operations and financial condition.
The company operates in the metal recycling industry, which is exposed to risks such as volatility in metal prices, competition from virgin metals, fragmented supply chains, evolving regulations, and rising technology upgrade costs. The industry also faces infrastructure gaps, dependence on informal scrap collection networks, and exposure to geopolitical disruptions that can increase energy and raw material costs. Any inability to adapt to changing regulatory requirements, technological advancements, or supply chain disruptions could adversely affect the company’s operations, profitability, and growth prospects.
The company is in the commodity segment, where profit margins are very low, and the game is about volumes. This will weigh on profit margins, and investors should keep this in perspective.
The company had contingent liabilities and guarantees amounting to Rs 127.00 crore as of December 31, 2025, including claims related to customs duty, excise duty, GST, income tax disputes, labour cases, and corporate guarantees. If any of these liabilities materialise or if adverse rulings are passed in ongoing matters, the company may be required to make significant payments, which could adversely affect its financial condition, cash flows, and profitability.
The company had outstanding financial indebtedness of Rs 1,303.22 crore as of December 31, 2025, including working capital facilities, term loans, and unsecured demand loans. Any failure to comply with repayment obligations, financial covenants, or other conditions attached to these borrowings could adversely affect the company’s business, cash flows, and financial condition.
Application details
For CMR Green Technologies IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹182 - ₹192 | Upto ₹2 Lakhs | 78 |
| High Networth Individual | ₹182 - ₹192 | ₹2 - ₹5 Lakhs | 78 |
About
Book Running Lead Managers & Registrar of CMR Green Technologies IPO
|
Book Running Lead Manager |
Equirus Capital Limited, ICICI Securities Limited, Motilal Oswal Investment Advisors Limited. |
|
Registrar to the Issue |
KFin Technologies Limited |
CMR Green Technologies IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+91 40 6716 2222 |
|
|
|
|
Website |
Key Performance Indicators (KPIs)
|
KPI |
Value (For the Period ended December 31, 2025) |
|
ROE (%) |
0.10 |
|
ROCE (%) |
9.30 |
|
EBITDA Margin (%) |
5.17 |
|
PAT Margin (%) |
2.59 |
|
Debt/Equity ratio (%) |
0.76 |
|
EPS (Basic) (Post IPO) (₹) |
9.88 |
|
Return on Net Worth (RoNW) (%) |
24.92 |
|
NAV per Equity Share (₹) |
20.93 |
CMR Green Technologies IPO Contact Details
|
Company Name |
CMR Green Technologies Limited |
|
Registered Office |
7th Floor, Tower 2, L & T Business Park, 12/4 Delhi, Mathura Road, Faridabad-121003, Haryana, India |
|
Phone |
+91 129 4223050 |
|
|
|
|
Website |