CMR Green Technologies IPO

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About CMR Green Technologies IPO

The CMR Green Technologies IPO opens on Wednesday, June 3, 2026 and closes on Friday, June 5, 2026. The allotment of shares will take place on Monday, June 8, 2026. The credit of shares to the demat account will take place on Tuesday, June 9, 2026. The initiation of refunds will take place on Tuesday, June 9, 2026. The listing of shares will take place on Wednesday, June 10, 2026.

The offer consists of an offer for sale component. The offer for sale portion includes 3.29 crore shares of ₹630.88 crores. The total number of shares and aggregate amount are 3,28,58,323 shares aggregating up to ₹631 crores.

CMR Green Technologies IPO’s price band is set at ₹182 to ₹192 per share. The lot size for an application is 78 shares. The minimum amount of investment required by a retail investor is ₹14,976 (78 shares) (based on upper price). The lot size investment for S-HNI (Small NII) is 14 lots (1,092 shares), amounting to ₹2,09,664, and for B-HNI (Large NII), it is 67 lots (5,226 shares), amounting to ₹10,03,392. The CMR Green Technologies IPO will be listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE), making it a mainboard listing on both major Indian stock exchanges.

CMR Green Technologies is one of the leading non-ferrous metal recyclers in terms of installed capacity as of March 31, 2025, and it has the highest market share in the Indian secondary aluminium market in terms of revenue from operations for the Fiscal 2025 amongst the peer companies.

Objectives of CMR Green Technologies IPO

• To carry out the Offer for Sale of up to 32,858,323 Equity Shares of face value of ₹2 each by the Selling Shareholders, aggregating up to ₹631 crores.
• Achieve the benefits of listing the Equity Shares on the Stock Exchanges.
• The company expects that listing of the Equity Shares will enhance their visibility and brand image and provide liquidity to their Shareholders and will also provide a public market for the Equity Shares in India.

Industry Outlook

India’s demand for recycled and recovered metals is growing rapidly, fuelled by accelerating industrialisation, urban infrastructure expansion, and a national push toward sustainable development. The domestic recycling ecosystem is still largely informal but evolving fast, with an estimated 1.5 million workers contributing to various stages of the value chain — from scrap collection to processing.

Recycled aluminium plays a crucial role in meeting India’s overall aluminium demand, currently fulfilling about ~40% of the country’s 0.53 crore tonnes per year. Consumption of secondary aluminium rose approximately 0.17 crore tonnes in 2023 and is projected to reach 0.24–0.25 crore tonnes by 2028.

Looking forward, India's recycled aluminium is projected to reach USD 1002.30 crore by CY2030 expanding at a CAGR of 12.9% during CY2025-CY2030.

About CMR Green Technologies

CMR Green Technologies is a leading non-ferrous metal recycler in terms of installed capacity as of March 31, 2025 and had the highest market share in the Indian secondary aluminium market in terms of revenue from operations for the Fiscal 2025 amongst the peer companies.

It has a capacity advantage over domestic players, with an installed capacity of around 4 times of the nearest competitor in the domestic recycled aluminium space, as of March 31, 2025. It ranked among the largest players in the global aluminium recycling industry in terms of installed capacity as of March 31, 2025.

Strengths of CMR Green Technologies

• Leading recycler in the domestic aluminium recycling industry in India.
• Leading supplier of liquid aluminium alloy.
• Strong and diversified supplier base for sourcing raw materials.
• Long-standing relationships with customers.
• Strategic alliances through joint ventures.
• Experienced and qualified management team with people focused culture.

Risks of CMR Green Technologies

• The loss of one or more of top customers may adversely affect business, financial condition, result of operations and cash flows.
• Loss of sales due to reduction in demand for products such as liquid aluminium alloys and aluminium alloy ingots could adversely affect business.
• No long-term agreements with customers.
• A significant change in the preference of alloys used in the automotive industry could adversely impact business.
• Volatility in the supply and pricing of raw materials may have an adverse effect on business.
• Inability to successfully diversify product offerings may adversely affect growth and negatively impact profitability.
• Inability to successfully develop or procure specialised technology will adversely affect business.
• Restrictions on import of raw materials into India or export of raw materials from the other jurisdiction may adversely impact business.

Source: (1) The financial information for listed industry peers Gravita India Limited and Pondy Oxides and Chemicals Limited is consolidated and sourced from their audited annual results for the year ended March 31, 2025, while Baheti Recycling Industries Limited’s financials are standalone, based on its audited results for the same period.

(2) P/E Ratio has been computed based on the closing market price of equity shares on BSE or NSE on May 12, 2026 divided by the Diluted EPS as on 31st March 2025.

(3) Return on Net Worth (%) for company is calculated as restated profit attributable to owners of the Company divided by net worth for the year/ period where Net worth means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account including other comprehensive income/ (loss), after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation.

(4) Return on Net Worth (%) for peers is calculated as profit for the year divided by Net Worth as at the end of the year/ period. ‘Net Worth’ is calculated as aggregate of share capital and other equity including non-controlling interest.

(5) NAV per equity share has been computed as the net worth divided by the total number of shares outstanding, as at March 31, 2025.

Anchor Investor Bidding Date: Tuesday, June 02, 2026

The Company, in consultation with the BRLMs, may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations

Registrar: KFin Technologies Limited is a SEBI-registered registrar and share transfer agent (SEBI Registration No. INR000000221) headquartered in Hyderabad, Telangana. They handle IPO processing, share allotment, refund initiation, demat credit services, and investor grievance redressal for this offer. Investors may reach them at einward.ris@kfintech.com or +91 040-6716 2222.

Book Running Lead Manager:

• Equirus Capital Limited (formerly known as Equirus Capital Private Limited)
  
• ICICI Securities Limited
  
• Motilal Oswal Investment Advisors Limited
  

CMR Green Technologies Business Model

CMR Green Technologies manufactures recycled aluminium alloys (in ingot and liquid form), zinc alloy ingots and segregated furnace ready scrap of stainless steel, copper, brass, zinc, lead and magnesium, amongst others. The company also produces aluminium billets that cater to both automotive and non-automotive sectors.

CMR Green Technologies Growth Trajectory

CMR Green Technologies’s Total Income for FY25 was ₹6696.663 crores, whereas in FY24 and FY23 it was ₹5968.444 crores and ₹5889.895 crores, respectively.

The Profit After Tax for FY25 was ₹155.038 crores, whereas in FY24 and FY23 it was ₹(838.557) crores and ₹104.507 crores, respectively.

Their EBITDA for FY25 was ₹303.717 crores, whereas in FY24 and FY23 it was ₹217.404 crores and ₹207.014 crores, respectively.

CMR Green Technologies Market Position

CMR Green Technologies is the leading non-ferrous metal recycler in terms of installed capacity as of March 31, 2025 and it has the highest market share in the Indian secondary aluminium market in terms of revenue from operations for the Fiscal 2025 amongst the peer companies. The company has a geographically diversified business model with revenue from operations excluding export incentives from north, west, and south India. It operates through 13 strategically located recycling units.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹6696.663 crores, ₹155.038 crores, and ₹303.717 crores, respectively.

How to apply for CMR Green Technologies IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.