CMR Green Technologies IPO will open for subscription on June 3, 2026, and close on June 5, 2026. The public issue is a book-built offering worth ₹630.88 crore and consists entirely of an offer for sale (OFS) of 3.29 crore equity shares. There is no fresh issue component in the IPO.
The company has fixed the price band at ₹182 to ₹192 per share. Investors can apply for a minimum lot size of 78 shares, requiring a minimum investment of ₹14,976 at the upper end of the price band.
For non-institutional investors, the minimum investment differs by category. The minimum application size for sNII investors is 14 lots or 1,092 shares, amounting to ₹2,09,664. Meanwhile, bNII investors need to apply for at least 67 lots or 5,226 shares, translating to ₹10,03,392.
The basis of allotment is likely to be finalised on June 8, 2026, while the tentative listing date on NSE and BSE is June 10, 2026. Equirus Capital Pvt. Ltd. is managing the issue, while Kfin Technologies Ltd. is serving as the registrar.
Company Overview
Incorporated in 2006, CMR Green Technologies Limited is one of India’s leading non-ferrous metal recycling companies and a major player in the secondary aluminium market. The company specialises in manufacturing recycled aluminium alloys in both ingot and liquid forms, along with zinc alloy ingots and furnace-ready scrap of metals such as stainless steel, copper, brass, zinc, lead, and magnesium.
CMR Green Technologies serves major automotive OEMs and Tier-1 suppliers across India through its network of strategically located recycling facilities. The company also manufactures aluminium billets used in automotive and industrial applications.
With a strong focus on sustainability, CMR promotes environmentally responsible metal recycling, helping reduce carbon emissions compared to primary aluminium production. Backed by experienced promoters and advanced recycling infrastructure, the company has built a strong presence in India’s growing recycled metals industry.
(Source: RHP)
Industry Context
- India’s recycled aluminium market is expanding rapidly due to rising industrialisation, infrastructure growth, and increasing demand from automotive, construction, packaging, and renewable energy sectors. The market is projected to nearly double by 2030, creating strong long-term growth opportunities.
- Aluminium recycling is emerging as a critical sustainability solution because recycled aluminium consumes nearly 95% less energy compared to primary aluminium production. This shift supports global decarbonisation goals while helping industries reduce carbon emissions and production costs significantly.
- Government initiatives such as the Vehicle Scrappage Policy, Extended Producer Responsibility (EPR), and National Resource Efficiency Policy are encouraging formal recycling ecosystems, higher recycled metal usage, and improved domestic scrap processing infrastructure across India.
- India currently recycles only around 40% of its recyclable metal waste, despite being one of the world’s largest aluminium consumers. This gap presents a major opportunity for organised recyclers like CMR Green Technologies to scale operations and strengthen market leadership.
Business Strengths
- One of India’s largest non-ferrous metal recycler by installed capacity, with a strong presence in recycled aluminium and deep entry barriers supported by scale, technology, and long-standing automotive industry relationships.
- Pioneer in liquid aluminium supply with patented transportation systems and just-in-time delivery capabilities, helping customers reduce energy costs, improve efficiency, and lower carbon emissions significantly.
- Strong global sourcing network across 73 countries ensures stable raw material availability, while diversified procurement systems support efficient production planning and consistent customer deliveries.
- Long-term partnerships with leading OEMs and Tier-1 automotive companies, supported by strategic Japanese joint ventures that strengthen technical expertise, product quality, and market expansion opportunities.
- Technology-driven recycling operations with 13 strategically located facilities, advanced process controls, strong ESG focus, low defect rates, and extensive sustainability initiatives supporting India’s circular economy transition.
Financial Performance
CMR Green Technologies Limited – Financials (₹ in Million) (Restated Consolidated)
| Particulars | 31 Dec 2025 | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|---|
| Revenue from operations | 62,755.24 | 66,664.85 | 59,524.42 | 58,685.07 |
| Total Income | 62,910.03 | 66,966.63 | 59,684.44 | 58,898.95 |
| EBITDA | 3,244.38 | 3,037.17 | 2,174.04 | 2,070.14 |
| Profit After Tax | 1,623.94 | 1,550.38 | (8,385.57)* | 1,045.07 |
| Total Borrowing | 13,032.17 | 8,940.33 | 4,986.52 | 3,681.86 |
| Debt To Equity Ratio (x) | 0.76 | 0.58 | 0.36 | 0.15 |
| Return on Net Worth | 24.92% | 31.08% | (265.90%) | 8.17% |
(Source: RHP)
Key Ratios & Metrics (Annualised)
| KPI | Dec 31, 2025 | Mar 31, 2025 |
|---|---|---|
| ROCE | 9.30% | 11.04% |
| Debt/Equity | 0.76 | 0.58 |
| RoNW | 24.92% | 31.08% |
| PAT Margin | 2.59% | 2.32% |
| EBITDA Margin | 5.17% | 4.56% |
| Price to Book Value | NA | 9.17 |
(Source: RHP)
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 3 – 5 June, 2026 |
| Allotment | Mon, June 8, 2026 |
| Listing Date | Wed, June 10, 2026 |
| Face Value | ₹2 per share |
| Price Band | ₹182 to ₹192 per share |
| Lot Size | 78 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Offer for Sale (OFS) |
| Total Issue Size | 3,28,58,323 shares (agg. up to ₹631 Cr) |
| Minimum Retail Investment | ₹14,976 (1 lot/78 shares) |
| Maximum Retail Investment | ₹1,94,688 (13 lots/ 1,014 shares) |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Conclusion
CMR Green Technologies operates in a sector benefiting from rising demand for sustainable and recycled metals, supported by favourable government policies and increasing industrial consumption. The company’s strong market position, large recycling capacity, automotive industry relationships, and focus on liquid aluminium supply provide it with meaningful competitive advantages.
Financially, the company has reported stable revenue growth and improving profitability, although rising debt levels remain an area to monitor. As India’s recycled aluminium market continues expanding, CMR Green Technologies appears well placed to benefit from long-term industry growth trends. Investors should evaluate the company’s fundamentals, valuation, and sector outlook carefully before making investment decisions.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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