| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹182 to ₹192 | 78 | 03rd June, 2026 – 5th June, 2026 | ₹631 Cr |
CMR Green Technologies Limited
CMR Green Technologies is one of India’s leading non-ferrous metal recyclers in terms of installed capacity as of March 31, 2025, and holds the largest market share in the domestic secondary aluminum market by revenue from operations in FY25 among its peers. The company enjoys a significant scale advantage, with an installed capacity approximately four times that of its nearest competitor in the recycled aluminum segment. The company manufactures a diversified range of recycled metal products, including recycled aluminum alloys (in ingot and liquid form), zinc alloy ingots, dross, and furnace-ready scrap of stainless steel, copper, brass, zinc, lead, and magnesium. It also recycles used beverage can scrap to support the metal requirements of primary producers. In addition, CMR Green Technologies produces aluminum billets used in both automotive and non-automotive applications. Manufactured from recycled aluminum, these billets serve as key raw materials for extrusion processes used to create aluminum profiles for a wide range of end-use industries. The company’s customer base primarily comprises original equipment manufacturers (OEMs) and Tier 1 suppliers in the automotive sector. Its procurement network extends across India and international markets spanning Asia, Africa, the Middle East, Europe, and the Americas. CMR Green operates 13 strategically located recycling facilities across India, including units in Haryana, Gujarat, Maharashtra, Tamil Nadu, Uttarakhand, Rajasthan, Odisha, and Andhra Pradesh. As of March 31, 2026, these facilities had a combined actual production capacity of 6,15,150 MTPA. The commissioning of new plants in Tirupati and Odisha has further strengthened the company’s ability to cater to a broader range of aluminum products across the recycling value chain.
Objective of CMR Green Technologies Limited
The company will not receive any proceeds from the issue. The entire offer comprises of OFS worth Rs. 631 crores.
Rationale To CMR Green Technologies Limited
Investment Rationale
Strong and diversified supplier base supports operational stability
The ability to source metal scrap efficiently is a critical factor in the growth and development of CMR Green’s business. Owing to limited domestic availability, the company procures metal scrap from a diversified network of approximately 198 global suppliers across 73 countries, as of FY25. The company’s key suppliers include major global players such as Sims Global Commodities PTE Ltd, EMR USA Holdings LLC, European Metal Recycling, Radius Recycling Inc., Stemin S.P.A., Indra Recycling GmbH, GP Harmon Recycling LLC, and Gemini Corporation N.V. Alongside its international sourcing strategy, the company is also increasing its focus on domestic scrap procurement. As raw materials constitute a significant portion of overall costs, the company benefits from its broad and diversified supplier base, which helps ensure a stable and uninterrupted supply of inputs. It has maintained long-standing relationships with several suppliers over the years, enabling it to negotiate favorable commercial terms and improve procurement efficiency. The company leverages established processes and systems to assess raw material requirements by considering factors such as market prices, process yields, inventory levels, and supply lead times. This enables it to procure the optimal mix and quantity of raw materials aligned with projected sales demand. As a result, the company is able to enhance production planning, maintain timely deliveries to customers, and optimize costs across its operations.
Advanced recycling infrastructure supports scalable growth
CMR Green operates 13 strategically located recycling facilities across India, providing the benefits of integrated and centralized operations. Its manufacturing infrastructure offers the flexibility to process a wide variety of metal scrap, enabling efficient production across multiple product categories. The company utilizes advanced technologies throughout its recycling and manufacturing processes, including regenerative burners, de-coaters, and metal circulation furnaces. These technologies help improve metal recovery rates, enhance operational efficiency, and reduce fuel consumption and processing costs. The company believes its technology-driven manufacturing processes enable it to consistently produce high-quality products that meet customer specifications in a cost-effective manner. CMR Green also has an in-house research and development facility recognized by the Department of Scientific and Industrial Research (DSIR). To maintain product quality and consistency, the company follows stringent quality control measures across every stage of its manufacturing and recycling operations. These include multi-stage raw material inspections, chemical analysis of alloys, microstructure testing, and other validation procedures to ensure that finished products meet precise customer requirements and quality standards. The company further supports its operations with robust process controls and integrated IT systems featuring plug-and-play capabilities, which enhance operational repeatability, scalability, and efficiency across its manufacturing network.
Valuation of CMR Green Technologies Limited
CMR Green Technologies is one of India’s leading non-ferrous metal recyclers in terms of installed capacity as of March 31, 2025. The company manufactures a diversified portfolio of recycled metal products, including recycled aluminum, zinc alloy ingots, dross, and furnace-ready scrap of stainless steel, copper, brass, zinc, lead, and magnesium. It also recycles used beverage can scrap to cater to the raw material requirements of primary metal producers. As of FY25, recycled aluminum accounted for approximately 40.8% of India’s total aluminum demand and is expected to reach 3.71 million MT by FY30, increasing its share to 44.9%. The company is well-positioned to benefit from these favorable industry trends, supported by its leadership in liquid aluminum supply, strong execution capabilities, and an extensive customer base across India. Its diversified global supplier network ensures reliable raw material sourcing and supports cost-efficient operations. Additionally, strategically located recycling facilities, advanced manufacturing technologies, stringent quality control systems, and in-house R&D capabilities strengthen its operational efficiency and competitive positioning. Financially, the company has delivered healthy earnings growth, with PAT and EBITDA registering CAGRs of 21.8% and 21.1%, respectively, during FY23-FY25. Over the same period, EBITDA margin improved from 3.5% to 4.6%, while PAT margin expanded from 1.8% to 2.3%, reflecting improved operating efficiency and profitability. At the upper price, the issue is valued at a P/E multiple of 21.3x based on FY26E earnings, which is lower compared to its peers. Considering its leadership position in the recycled metals industry, strong operational capabilities, improving financial performance, and attractive valuation, we recommend a “SUBSCRIBE” rating from a medium- to long-term perspective.
What is the CMR Green Technologies Limited IPO?
The initial public offer (IPO) of CMR Green Technologies Limited offers an early investment opportunity in. A stock market investor can buy CMR Green Technologies Limited IPO shares by applying in IPO before All CMR Green Technologies Limited shares get listed at the stock exchanges. An investor could invest in CMR Green Technologies Limited for short term listing gain or a long term.
How to apply for the CMR Green Technologies Limited IPO through StoxBox?
To apply for the CMR Green Technologies Limited IPO through StoxBox one can apply from the website and also from the app. Click here
When will the CMR Green Technologies Limited IPO open?
CMR Green Technologies Limited IPO is opening on 03rd June 2026. Apply Now
What is the lot size of the CMR Green Technologies Limited IPO?
The Lot Size of CMR Green Technologies Limited 78 equity shares. Login to your account now.
When is the CMR Green Technologies Limited IPO allotment date?
The allotment Date for CMR Green Technologies Limited IPO is 08th June 2026. Login to your account now.
When is the CMR Green Technologies Limited IPO listing date?
The listing Date for CMR Green Technologies Limited is 10th June 2026. Login to your account now
What is the minimum investment required for the CMR Green Technologies Limited IPO?
In the Retail segment the minimum investment required is Rs 14,976 Login to your account now
What is the maximum investment allowed for CMR Green Technologies Limited IPO?
In the Retail segment the maximum investment requirement Rs 1,94,688 Login to your account now
What are the risks associated with investing in the CMR Green Technologies Limited IPO?
- The company derives a substantial portion of its revenue from the sale of key products such as liquid aluminum alloys and aluminum alloy ingots. Any loss of sales due to reduced demand for these products could adversely affect the company’s business, financial condition, results of operations, and cash flows. In addition, the company may be unable to diversify into new product lines, which could adversely affect its business, operating revenue, cash flows, and financial condition.
- The company’s operations involve the melting of aluminum scrap in furnaces as well as the transportation of high-temperature liquid metal to customers. These activities can be extremely dangerous, and any accident, including a spill-over of high-temperature liquid metal, could cause serious injury to people or property and, in certain circumstances, even death during transit. Such incidents may adversely affect the company’s production schedules, costs, sales and ability to meet customer demand.
- One of the company’s service providers has alleged that the company committed defaults in the repayment of certain amounts under a facility availed by it and has initiated several litigation proceedings, including a corporate insolvency resolution process, against the company. If any adverse findings are made in such proceedings or if the company is declared insolvent, its business, cash flows and financial condition could be adversely affected.
When will the CMR Green Technologies Limited IPO shares be credited to my Demat account?
The OnEMI Technology Solutions Ltd will be credited to the account on allotment date which is 08th June 2026. Login to your account now
Where can I find the CMR Green Technologies Limited IPO prospectus?
The prospectus of OnEMI Technology Solutions Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
