IPO Overview
CMR Green Technologies Limited is the leading non-ferrous metal recycler in India, with the highest market share in the secondary aluminium market for FY25. The company’s brand is highly recognised among major automotive OEMs and engineering companies, with whom they have been associated for almost two decades. Despite being an Indian company, it has a global procurement network for sourcing scrap material from various global markets to support its large-scale production. The primary revenue stream for CMR Green Technologies is the sale of aluminium and zinc alloy ingots and liquid metal, and its business model is based on value addition through the “circular economy.”
Founded in 2006, the company recycles aluminium, zinc, copper, brass, stainless steel, and other non-ferrous metals to produce value-added products such as aluminium alloys, zinc alloys, aluminium billets, and metal scrap.
The CMR Green Technologies IPO is a 100% book-building issue of ₹630.88 crore, consisting solely of an Offer for Sale (OFS) of 3.29 crore shares — meaning the company itself will not receive any IPO proceeds. The IPO opens on 3 June 2026 and closes on 5 June 2026, with listing expected on 10 June 2026 on BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 2 June 2026 |
| IPO Open Date | 3 June 2026 |
| IPO Close Date | 5 June 2026 |
| Allotment Date | 8 June 2026 (Expected) |
| Refund Initiation | 9 June 2026 |
| Credit to Demat | 9 June 2026 |
| Listing Date | 10 June 2026 (Tentative) |
| Price Band | ₹182 – ₹192 per share |
| Face Value | ₹2 per share |
| Lot Size | 78 shares |
| Minimum Investment (Retail) | ₹14,976 (1 lot) |
| Issue Size | ₹630.88 crore |
| Fresh Issue | Nil |
| Offer For Sale (OFS) | 3,28,58,323 shares (₹630.88 crore) |
Note: The entire IPO is an OFS — the company receives zero proceeds. All funds go to the selling shareholders.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Employee Reservation | Up to ₹2.5 crore worth of shares |
Eligible employees will receive a special discount of up to ₹18 per share under the Employee Reservation Portion.
OFS / Selling Shareholders
The OFS consists of 4,959,428 shares by the promoter selling shareholder, 1,000,000 shares by a Hindu Undivided Family (HUF), 500,000 shares by another HUF, and 26,398,895 shares by the investor selling shareholder (Global Scrap Processors).
Promoters currently hold 86.95% of the company, which will come down after IPO listing to approximately 84%.
Objects of the Issue (Fund Utilization)
Since the IPO is entirely an OFS, the company will not receive any proceeds from this issue. All funds raised will go to the promoter and investor selling shareholders after deduction of offer-related expenses.
Lead Managers & Registrar
- Book Running Lead Managers: Equirus Capital Private Limited, ICICI Securities Limited, Motilal Oswal Investment Advisors Limited
- Registrar to the Issue: KFin Technologies Ltd.
Promoters & Management
The promoters are Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal, and Raghav Agarwal. The board includes Managing Director Mohan Agarwal, Whole-time Directors Akshay and Raghav Agarwal, plus independent directors like Balvinder Kumar and Rashmi Verma. Nominee directors from partners enhance global expertise.
Mohan Agarwal serves as the Chairman and Managing Director of CMR Green Technologies.
Company Details
CMR Green Technologies is a principal that sources the scrap and delivers the finished product. The firm generated revenue from operations of ₹6,669 crore for FY2025.
Sectors Served:
- Automotive OEMs & Tier-1 Suppliers
- Engineering & Industrial Manufacturing
- Die-casting & Foundry Companies
- Infrastructure & Construction
Key Products Manufactured:
- Recycled Aluminium Alloy Ingots & Liquid Metal
- Zinc Alloy Ingots
- Aluminium Billets
- Furnace-grade Scrap
Key Capabilities:
- CMR Green Technologies is the leading non-ferrous metal recycler in terms of installed capacity as of March 31, 2025 and has the highest market share in the Indian secondary aluminium market in terms of revenue from operations for FY2025 amongst peer companies.
- The company’s installed capacity is four times that of the nearest rival.
- Global procurement network for sourcing scrap from international markets
Manufacturing Facilities:
- Spread across six Indian states, CMR’s plants leverage proximity to customers for timely molten metal delivery, investing in upgrades every 2–3 years for quality and efficiency. The company operates 13 facilities recycling aluminium.
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY23 | ₹5,889.90 | ₹104.51 | ₹207.01 |
| FY24 | ₹5,968.44 | ₹(838.56) — Loss | ₹217.40 |
| FY25 | ₹6,696.66 | ₹155.04 | ₹303.72 |
| 9M FY26 (Dec 2025) | ₹6,291.00 | ₹162.39 | — |
Key Financial Metrics
- At the upper price band of ₹192 per share, CMR Green Technologies is valued at a market cap of around ₹4,205 crore. The IPO is priced at a P/E ratio of 19.42x, P/B ratio of 9.17x, and RoNW of 24.92%.
- For the 9-month period ended December 31, 2025, CMR Green reported revenue of ₹6,291 crore, PAT of ₹162.39 crore, total assets of ₹3,650.58 crore, and total borrowings of ₹1,303.22 crore.
- FY25 EBITDA margin: ~4.5% (characteristic of metal recycling, a high-volume, low-margin business)
- Strong revenue turnaround: PAT recovered from a ₹838.56 crore loss in FY24 to ₹155.04 crore profit in FY25
Company Strengths
- India’s largest non-ferrous metal recycler by installed capacity and highest market share in the secondary aluminium segment by revenue in FY25.
- The Indian secondary aluminium recycling sector is projected to reach USD 10 billion by 2030 — CMR Green is strongly positioned to capture this growth.
- Circular economy business model — aligned with global ESG trends and India’s push towards sustainable manufacturing
- Nearly two decades of operating experience with long-standing relationships with major automotive OEMs
- Pan-India manufacturing presence across six states with plants located close to customers, enabling timely delivery of molten metal.
- Global scrap procurement network giving the company a competitive edge in raw material sourcing.
Key Risks & Challenges
- Pure OFS — No funds to company: The company receives zero proceeds from the IPO; all funds go to selling shareholders.
- The company reported a massive net loss of ₹838.56 crore in FY24, recovering to a PAT of ₹155.04 crore in FY25 — raising questions about earnings consistency and one-time adjustments.
- Heavy dependence on the automotive sector — any slowdown in auto production directly impacts demand for recycled aluminium alloys
- The metal recycling business model is highly volume-driven with thin margins — making it sensitive to fluctuations in aluminium scrap prices and end-product pricing.
- Total borrowings stood at ₹1,303.22 crore as of December 2025 — significant debt load for a recycling business
- No listed peers in India — making valuation benchmarking difficult for investors
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
