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CMR Green Technologies Ltd
MiscellaneousIPO
₹192 - 192
We are the leading non-ferrous metal recycler in terms of installed capacity as of March 31, 2025 and we have the highest market share in the Indian secondary aluminium market in terms of revenue from operations for the Fiscal 2025 amongst the peer companies (Source: ICRA Report). CMR Green Technologies Limited 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 (Source: ICRA Report). We rank among the largest players in the global aluminium recycling industry in terms of installed capacity as of March 31, 2025 (Source: ICRA Report). We manufacture recycled aluminium alloys (in ingot and liquid form), zinc alloy ingots, dross and segregated furnace ready scrap of stainless steel, copper, brass, zinc, lead and magnesium, amongst others.
Lot78Min Invest₹14,976Face Value₹2Issue Size₹631 CrOffer for Sale₹631 CrListing Price₹268CMP₹196
Timeline
3 Jun
Bidding opens
5 Jun
Bidding closes
8 Jun
Allotment
9 Jun
Refund & demat credit
10 Jun
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹631 Cr3.29 Cr shares
Offer for Sale₹631 Cr
Face Value₹2
Lot Size78 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9761-13 lots
sNII₹2,09,664from 14 lots
bNII₹10,03,392from 67 lots
Managers & Registrar
Lead ManagerEquirus Capital Private Limited
Co-ManagerICICI Securities Limited, Motilal Oswal Investment Advisors Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrMohan AgarwalPRMTR49,59,42895.22Gauri Shankar Agarwala HUF (through its karta)PRMTR10,00,00019.20Mohan Agarwal HUF (through its karta)PRMTR5,00,0009.60Global Scrap Processors LimitedPRMTR2,63,98,895506.86Total3,28,58,323630.88
Shareholding
CategoryPre IPOPost IPOPromoter Group86.95%84.01%Public13.05%15.99%
Objects of the Issue
- Listing the Equity Shares on the Stock Exchanges.
Anchor Book
Bid Date02-Jun-2026Shares98,14,393Amount₹188 Cr30-day lock-in07-Jul-202690-day lock-in05-Sep-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 5,010 | 5,869 | 5,952 | 6,666 | 8,640 |
| Operating ProfitCr | 510 | 207 | 217 | 304 | 449 |
| OPM% | 10.2 | 3.5 | 3.6 | 4.6 | 5.2 |
| PBTCr | 470 | 138 | -1,110 | 205 | 300 |
| PATCr | 357 | 105 | -839 | 155 | 228 |
| EPS | 15 | 4 | -38 | 7 | 10 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 44 | 44 | 44 | 44 | 44 |
| ReservesCr | 1,967 | 2,065 | 1,188 | 1,329 | 1,488 |
| BorrowingsCr | 812 | 372 | 535 | 925 | 1,426 |
| Fixed AssetsCr | - | - | - | 700 | 809 |
| Total AssetsCr | 3,706 | 3,355 | 2,194 | 2,816 | 3,873 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -206 | 614 | 74 | -92 | -410 |
| Investing Cash FlowCr | -81 | -96 | -134 | -235 | -134 |
| Financing Cash FlowCr | 282 | -488 | 31 | 326 | 548 |
| Net Cash FlowCr | -5 | 30 | -29 | -1 | 4 |
Strengths & Risks
Strengths · as stated in the DRHP
- Leading recycler in the domestic aluminium recycling industry in India with significant entry barriers, also positioned as a critical enabler of the aluminium industry's decarbonization imperative.
- Key supplier of liquid aluminium alloy.
- Strong and diversified supplier base for sourcing raw materials.
- Long-standing relationships with our customers.
- Strategic alliances through joint ventures.
- Our facilities, technology, quality processes and engineering expertise.
Strategies · as stated in the DRHP
- Diversification into Other Metals and Expanded Industry Base.
- Green Aluminium Focus domestically and globally.
- Expansion of supply of wrought alloys and partnership with primary players.
- Leverage the focus on aluminium content in electric vehicles and the growing demand of aluminium in ICE vehicles.
- Continue to invest in higher technological capabilities in order to capitalize on future trends.
Risks · as stated in the DRHP
- The company depends on a limited number of customers for significant portions of its revenues. For December 31, 2025, 20.93% of the company consolidated revenue from operations was derived from its top 3 customers, and 32.53% was contributed by the company top 5 customers. The loss of one or more of its top customers or significant reduction in production and sales of, or demand for its production from the company significant customers may adversely affect its business, financial condition, result of operations and cash flows.
- The company derives a substantial portion of its revenue from the sale of key products such as liquid aluminium alloys and aluminium alloy ingots which contribute 81.85%, 78.42%, 76.95% and 73.13% of the company revenue from operations excluding export incentives, government subsidy/ other incentive for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively and any loss of sales dues to reduction in demand for these products could adversely affect its business, financial condition, results of operations and cash flows. In addition, the company may not be able to diversify into new product lines which may adversely affect its business, revenue from operations, cash flows and financial condition.
- The company has experienced losses amounting to Rs.8,382.25 million in the Fiscal 2024 and its may continue to incur losses in the future which could has an adverse effect on its business, results of operations and cash flows.
- The company has experienced negative cash flows from operating activities in previous Fiscals/ period where its operating cash flows reduced by 224.16% in Fiscal 2024 to Fiscal 2025 and the company cannot assure you that its will not experience negative cash flows in future periods. Negative cash flows may adversely affect the company financial condition, results of operations and prospects.
- The company has an outstanding proceeding initiated by Enforcement Directorate, Mumbai.
- Conflicts of interest may arise out of common business objects shared by the Company and some of its Group Companies. Additionally, the company Promoters may has in the past been associated with other companies which may has similar names and may be in the same line of business as that of the Company.