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Important Note: This IPO is a 100% Offer for Sale (OFS). The company will not receive any proceeds from this issue. All funds go to the selling shareholders.
IPO at a Glance
The table below covers the key parameters of the CMR Green Technologies IPO as disclosed in the RHP.
| Parameter | Details |
| Issue Type | 100% Offer for Sale (OFS) – Book Built |
| Total Issue Size | 3,28,58,323 equity shares (Rs 630.88 crore) |
| Fresh Issue Component | None |
| Price Band | Rs 182 to Rs 192 per share |
| Face Value | Rs 2 per share |
| Lot Size | 78 shares |
| Minimum Retail Investment | Rs 14,976 (78 shares at upper band) |
| sNII Minimum Investment | Rs 2,09,664 (14 lots) |
| bNII Minimum Investment | Rs 10,03,392 (67 lots) |
| Subscription Dates | June 3, 2026 to June 5, 2026 |
| Anchor Investor Date | June 2, 2026 |
| Allotment Date | June 8, 2026 |
| Tentative Listing Date | June 10, 2026 (BSE and NSE) |
| Market Cap at Upper Band | Approx. Rs 4,205.87 crore |
| Book Running Lead Managers | Equirus Capital, ICICI Securities, Motilal Oswal Investment Advisors |
| Registrar | KFin Technologies Limited |
| Pre-IPO Promoter Holding | 86.95% |
| Post-IPO Promoter Holding | Approx. 84% |
What the Pure OFS Structure Means
A pure OFS IPO deserves upfront clarity. Since there is no fresh issue, the company raises zero capital from this IPO. Instead, existing shareholders, primarily promoters and an investor entity named Global Scrap Processors Limited, sell their shares to the public.
Specifically, the selling shareholders are Mohan Agarwal (up to 49.59 lakh shares), Global Scrap Processors Limited (up to 2.64 crore shares), Gauri Shankar Agarwala HUF (up to 10 lakh shares), and Mohan Agarwal HUF (up to 5 lakh shares). Therefore, this IPO functions as an exit and liquidity event for existing investors, not as a fund-raise for the company’s growth plans.
About the Company
CMR Green Technologies Limited was incorporated in 2005-06 and is headquartered in Haryana. It operates as India’s largest non-ferrous metal recycling company by installed capacity, as per an ICRA Report cited in the RHP. The company holds the highest market share in the Indian secondary aluminium market by revenue in FY2025.
Its core business is converting scrap metal, primarily aluminium, into value-added secondary products. These products serve the automotive sector as their primary end market, along with engineering, electrical, and industrial applications.
The company estimates its market share at approximately 42-45% by volume in the automotive cast alloy segment, which is a dominant position in a structurally growing segment.
Product Portfolio
CMR Green’s product range covers several metal recycling categories:
| Product Category | Description |
| Recycled Aluminium Alloys | Produced in both ingot and liquid (molten) form for casting applications |
| Aluminium Billets | Used in automotive and industrial extrusion applications |
| Zinc Alloy Ingots | Supplied for die-casting applications across automotive and hardware sectors |
| Furnace-Ready Scrap | Segregated scrap of stainless steel, copper, brass, zinc, lead, and magnesium |
The liquid aluminium offering is particularly notable. CMR Green is India’s largest supplier of recycled liquid aluminium by turnover. Liquid aluminium eliminates the re-melting step at the customer’s end, which saves energy costs and improves efficiency for OEMs. This capability requires plants located close to customers, which is a deliberate and defensible strategic choice.
Manufacturing Infrastructure
CMR Green operates 13 recycling facilities across India. These are strategically placed near major automotive manufacturing clusters, which enables just-in-time delivery of liquid aluminium. Combined installed capacity across all plants stands at approximately 605,850 MTPA. This is roughly four times the capacity of the nearest domestic competitor, as stated in the RHP.
The company also has 6 subsidiaries and 3 joint ventures. Notably, some subsidiaries are with Japanese strategic partners, adding global technical expertise to its manufacturing capabilities. And 2 joint ventures are with Chiho Environmental Global Holdings Limited, headquartered in Hong Kong, China, and 1 joint venture is with Nikkei MC Aluminium Company Limited, a Japan-based company.
As of December 31, 2025, CMR Green employed 784 permanent employees and engaged 3,956 contractual workmen across its operations.
Promoters and Management
The promoters of CMR Green Technologies are Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal, and Raghav Agarwal. The Agarwal family has over two decades of experience in the metal recycling and manufacturing sector. Together, they built this business from a single facility into India’s largest aluminium recycler by capacity.
Client Base
The company’s client roster reads like a directory of India’s leading automotive manufacturers. Key customers include Maruti Suzuki, Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Endurance Technologies, Rockman Industries, Craftsman Automation, and Jindal Stainless.
The presence of both two-wheeler and four-wheeler OEMs, along with Tier-1 component manufacturers, reflects broad coverage across India’s automotive supply chain. However, as the RHP also notes, a significant portion of revenue is concentrated among a limited set of customers. Consequently, the loss of any key client could materially affect revenues.
Financial Performance
The financial picture of CMR Green is one of scale with moderate but recovering margins. FY2024 was a challenging year, with the company reporting a net loss of Rs 838.56 crore. That large loss was primarily driven by exceptional items, and the underlying operating business continued to function. By FY2025, the company returned to profitability with a PAT of Rs 155.04 crore.
| Metric | FY2024 | FY2025 |
| Revenue from Operations (Rs Crore) | 5,968.44 | 6,696.66 |
| EBITDA Margin (%) | 3.5% | 5.17% |
| Profit / (Loss) After Tax (Rs Crore) | (838.56) | 155.04 |
| PAT Margin (%) | N/A (Loss) | 2.59% |
| Installed Capacity (MTPA) | 605,850 | 605,850 |
For nine months ended December 2025, revenue stood at approximately Rs 6,291 crore with a PAT of Rs 162.39 crore, pointing to sustained profitability recovery. On an annualised basis, this reflects a clear directional improvement from the FY2025 base.
That said, margins remain thin. A PAT margin of 2.59% and EBITDA margin of 5.17% for FY 25-26 upto December 2025 reflect the margin structure of a commodity-linked business. EBITDA margins were around 3.65% in FY2024.
Industry Context: The Case for Recycled Aluminium
India’s recycled aluminium market is set to grow at a CAGR of approximately 11.2% through FY2030, as per industry reports cited in the RHP. Several structural factors are driving this.
First, recycled aluminium requires approximately 95% less energy than primary aluminium production. This makes it a compelling sustainability solution for OEMs facing carbon reduction targets. Second, India’s automotive sector is expanding significantly, increasing demand for die-cast aluminium components. Third, the government’s push for formalisation and environmental compliance is gradually phasing out smaller, non-compliant recyclers, consolidating market share toward organised players like CMR Green.
Furthermore, global automakers increasingly prefer suppliers with strong ESG credentials. CMR Green reportedly holds one of the highest S&P Global CSA scores in the aluminium sector, which positions it well for long-term procurement relationships.
Key Strengths
- India’s largest non-ferrous recycler by installed capacity (605,850 MTPA across 13 plants)
- Dominant market position: estimated 42-45% volume share in automotive cast alloy segment
- Largest supplier of recycled liquid aluminium in India by turnover
- Customer-adjacent plant locations enabling just-in-time delivery
- Marquee client base including Maruti Suzuki, Bajaj Auto, Honda Cars, Hero MotoCorp
- Joint ventures with Japanese strategic partners adding global technical depth
- Strong ESG credentials, among highest S&P Global CSA scores in aluminium sector
- Revenue growth from Rs 5,968 crore (FY24) to Rs 6,697 crore (FY25) to Rs 6,275 crore in just 9 months of FY26
- Returned to profitability in FY2025 after exceptional loss year in FY2024
Key Risks
- Pure OFS structure: the company receives zero proceeds; this IPO is purely an exit event for promoters and investors
- Thin margins: PAT margin of 2.59% and EBITDA of 5.17% leave limited cushion for commodity price shocks
- FY2024 net loss of Rs 838.56 crore due to impairment loss of Goodwill recognized as per IND AS 36. For those who don’t know, as per IND AS 36, impairment loss is recognized when the recoverable amount of the asset is less than the carrying value. And in the case of CMR, the recoverable amount is calculated by the management by discounting future cash flows.
- High customer concentration risk: significant revenue from a limited number of OEM clients
- Commodity price sensitivity: raw material (scrap metal) prices are volatile and directly impact margins
- Working capital intensive nature of operations given the high value of metal scrap inventory
- Cyclicality risk tied to India’s automotive sector performance
Valuation Perspective
At the upper price band of Rs 192, the company is valued at approximately Rs 4,206 crore. On FY2025 PAT of Rs 155 crore, the trailing P/E works out to approximately 27x. Given that margins remain below historical peaks and the FY2024 loss is still a recent event, this is not a deeply discounted valuation.
However, the sector narrative is strong. India’s recycled aluminium story is structurally compelling, and CMR Green’s capacity dominance is a genuine competitive moat. The grey market premium of approximately 14-29% observed ahead of listing reflects market interest, though grey market activity is unregulated and should not be used as an investment signal.
Also worth noting is that the IPO is a mainboard listing on both BSE and NSE. Accordingly, the retail lot size of 78 shares at Rs 14,976 is accessible to a much wider investor base.
Closing Thoughts
CMR Green Technologies is a business with a clear structural advantage: dominant capacity, proximity-based liquid aluminium delivery, Japanese JV partnerships, and a customer list that represents the backbone of India’s automotive sector. The industry tailwind toward recycled aluminium is real, and the 95% energy-saving proposition makes it more than just an environmental narrative. However, thin margins, a pure OFS structure that sends zero funds to the company, and the memory of a Rs 838 crore impairment loss due to goodwill in FY2024 are not trivial concerns. This is a business where the moat is wide but the profitability buffer is narrow, which means execution and commodity cost management will remain central to how the story plays out post-listing.
