CMR Green Technologies IPO | Should You Apply?

India’s shift towards cleaner manufacturing and circular economy is putting metal recycling at the centre of industrial growth.
 

In the automotive sector, proposed EPR rules may require vehicle makers to use at least 20% recycled materials in metal components from FY27, rising to 30% by FY29. This directly supports demand for organised recyclers.
 

CMR Green Technologies is positioned in this ecosystem.

The company is coming to market with a book-built IPO consisting entirely of an Offer for Sale of up to 3.29 crore equity shares  of ₹630.88 crore. Since the issue is fully OFS, the company will not receive any proceeds from the IPO. 

Key IPO Details: CMR Green Technologies IPO
Here are the key details investors should know:

• Price Band: ₹182 to ₹192 per share
• IPO Dates: Wed, Jun 3, 2026 - Fri, Jun 5, 2026
• IPO Size: ₹630.88 crores
• Minimum Investment: ₹14,976
• Lot Size: 78 shares
• IPO Type: Offer for Sale of 3.28 crore shares
• Fresh Issue: Nil
• Listing Date: Wed, Jun 10, 2026
• Proposed Listing: BSE & NSE
• Promoter Holding: 86.95% pre-issue
• Lead Managers: Equirus Capital Ltd, ICICI Securities Ltd, Motilal Oswal Investment Advisors Ltd
• Registrar: KFin Technologies Ltd

CMR Green Technologies is one of India’s leading non-ferrous metal recyclers, focused on recycled aluminium alloys, zinc alloy ingots, aluminium billets, and furnace-ready scrap.
 

The company converts metal scrap into usable raw material for industries such as automobiles, construction, packaging, electricals, appliances, and industrial machinery.
 

Its main market is automotive. CMR Green serves leading OEMs and Tier-1 suppliers, including Maruti Suzuki, Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Toyota Industries Engine India, Endurance Technologies, Rockman Industries, Craftsman Automation, and Gabriel India.

The company operates 13 recycling facilities across key industrial and auto clusters in India. The business is positioned around two strong trends: rising aluminium usage and the shift towards low-carbon manufacturing.
 

Primary aluminium production in India emits around 14 tonnes of CO₂ per tonne of aluminium, while recycled aluminium emits around 0.3 tonnes. Recycling is also nearly 95% more energy-efficient than primary production.
 

This makes recycled aluminium relevant for companies trying to reduce emissions, meet ESG goals, and control input costs.
 

Automotive demand adds another layer of growth. EVs use 50-60% more aluminium than ICE vehicles, while SUVs and premium cars use more aluminium than hatchbacks. Lightweighting, emission norms, and proposed recycled material mandates can further support demand.
 

In short, CMR Green has scale, customer relationships, and exposure to a strong sustainability-led opportunity. But its performance will still depend on commodity prices, scrap availability, working capital, customer concentration, and auto-sector demand.

Despite its scale and market position, CMR Green Technologies carries several important risks.
 

• Product Concentration: A major portion of revenue comes from liquid aluminium alloys and aluminium alloy ingots. These products contributed 81.85% of revenue from operations in the nine months ended December 31, 2025. Any fall in demand can impact revenue and profitability
• Commodity Price Volatility: The business is exposed to fluctuations in scrap and metal prices. A sharp fall in primary aluminium prices can reduce the competitiveness of recycled aluminium and pressure margins.
• High Borrowings: As of December 31, 2025, total borrowings stood at ₹13,032.17 million, forming 35.70% of total assets. High debt can limit financial flexibility and increase interest cost risk.
• Past Losses: The company reported losses of ₹8,382.25 million in FY24. While this was partly impacted by exceptional items, investors should track whether profitability remains stable going forward.
• Raw Material and Supply Chain Risk: Metal recycling depends on consistent scrap availability and quality. India’s scrap supply chain remains fragmented and informal, which can impact traceability, pricing, and procurement.
• Regulatory and Compliance Risk: The recycling industry is subject to evolving rules around environment, scrap sourcing, EPR, and pollution control. Any non-compliance or policy change can affect operations.
• Promoter and OFS Risk: The IPO is entirely an Offer for Sale, so the company will not receive any proceeds from the issue. The offer mainly provides an exit route to selling shareholders.

Now let’s examine CMR Green Technologies’ financials:

CMR Green’s revenue from operations grew 12.0% YoY in FY25 to ₹6,666.49 crore. In 9M FY26, revenue already stood at ₹6,275.52 crore, equal to nearly 94% of FY25 revenue.
 

EBITDA improved 43.1% YoY in FY25 to ₹333.90 crore. In 9M FY26, EBITDA stood at ₹339.92 crore, already slightly above the full-year FY25 level.
 

PAT recovered to ₹155.04 crore in FY25, compared to a loss of ₹838.56 crore in FY24. The FY24 loss was mainly due to an exceptional item. In 9M FY26, PAT stood at ₹162.39 crore, already higher than FY25 PAT.
 

The balance sheet has expanded quickly. Total assets rose 28.5% YoY in FY25 and further 29.6% by December 2025.
Borrowings are the key monitorable. Total borrowings increased 82.9% YoY in FY25 and another 42.9% by December 2025 to ₹1,303.22 crore.

CMR Green Technologies operates in the metal recycling space, with listed peers such as Gravita India, Jain Resource Recycling, Pondy Oxides & Chemicals, and Baheti Recycling Industries.

CMR Green Technologies IPO benefits from long-term trends like EV adoption, lightweighting, recycled material mandates, and low-carbon manufacturing.
 

Financially, the company has a strong revenue scale and improving profitability. FY25 revenue stood at ₹6,666.49 crore, while PAT recovered to ₹155.04 crore. In 9M FY26, PAT stood higher at ₹162.39 crore.
 

At the upper price band of ₹192, the IPO is valued at around 29.5x P/E based on FY25 EPS of ₹6.50, which is below the peer average P/E of 52.7x.
However, risks remain. The business is commodity-linked, working-capital intensive, and exposed to customer concentration, product concentration, debt, and scrap price volatility. The IPO is also entirely an OFS, so the company will not receive any funds.
 

Investors with higher risk appetite may consider the IPO for long-term exposure to India’s recycling theme. Conservative investors may wait for post-listing margin and debt trends.

1. What are the IPO dates for CMR Green Technologies IPO?
The IPO opens on June 3, 2026 and closes on June 5, 2026. The shares are proposed to be listed on BSE and NSE.
 

2. What is CMR Green Technologies IPO GMP?
GMP reflects unofficial grey market sentiment and can change quickly. It should not be used as a reliable indicator of listing gains.You can check the CMR Green Technologies IPO GMP here. 
 

3. What is the lot size for retail investors?
The minimum lot size is 78 shares. At the price band of ₹182 to ₹192, the minimum investment is ₹14,196 to ₹14,976.
 

4. Is CMR Green Technologies IPO a fresh issue or an OFS?
The IPO is entirely an Offer for Sale of up to 3.29 crore shares. The company will not receive any proceeds from the issue.
 

5. Should I invest in CMR Green Technologies IPO?
The IPO offers exposure to India’s recycling and secondary aluminium theme. Investors should also consider risks such as commodity price volatility, debt, working capital needs, and customer concentration.