The CMR Green Technologies IPO opens June 3 to 5, 2026, offering investors an opportunity to participate in India's largest non-ferrous metal recycling business. CMR Green Technologies Limited (also known as Century Metal Recycling or CMR) is the market leader in the secondary aluminium market by revenue and holds the largest installed capacity among domestic aluminium recyclers - approximately four times that of its nearest competitor as of March 31, 2025.
This IPO raises ₹630.88 crore entirely through an Offer for Sale (OFS) of 3.28 crore shares at a price band of ₹182 to ₹192 per share. The company will not receive any proceeds - all funds go to the selling shareholders. With a combined production capacity of 6,15,150 MTPA across 13 recycling facilities and technology partnerships with Japanese companies Toyota Tsusho, Nikkei MC Aluminium, and Nippon Light Metal, CMR Green Technologies is a rare institutional-quality play on India's green manufacturing and circular economy theme.
India's secondary aluminium market is projected to grow at 11.2% CAGR through FY2030, driven by the vehicle industry's transition to lightweight materials, rising EV adoption, and corporate decarbonisation mandates. Recycling aluminium requires approximately 95% less energy than primary production, making CMR Green Technologies a critical enabler in the industry's transition to lower-carbon manufacturing.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 3 to 5 Jun, 2026 |
| Listing Date | Wed, Jun 10, 2026 |
| Face Value | ₹2 per share |
| Price Band | ₹182 to ₹192 per share |
| Lot Size | 78 Shares |
| Minimum Investment | ₹14,976 (78 shares at ₹192) |
| Issue Type | 100% Offer for Sale (OFS) |
| Issue Size | ₹630.88 Crore (3,28,58,323 shares) |
| Pre-IPO Market Cap | ₹4,205.87 Crore |
| Employee Discount | ₹18 per share |
| Listing At | BSE, NSE |
| Lead Managers | Equirus Capital Pvt. Ltd., ICICI Securities Ltd., Motilal Oswal Investment Advisors Ltd. |
| Registrar | KFin Technologies Ltd. |
The issue is priced at ₹182 to ₹192 per share. Since this is a 100% OFS, the company receives no fresh funds. All IPO proceeds go to the promoter selling shareholders. Read all related documents carefully before making investment decisions.
IPO Date and Timetable
| Event | Date |
|---|---|
| Anchor Investor Day | Tue, Jun 2, 2026 |
| IPO Open Date | Wed, Jun 3, 2026 |
| Close Date | Fri, Jun 5, 2026 |
| Allotment Date | Mon, Jun 8, 2026 |
| Refund / Credit | Tue, Jun 9, 2026 |
| Listing Date | Wed, Jun 10, 2026 |
The IPO opens June 3, 2026 and closes June 5. Allotment is finalised on June 8 and shares are credited to the demat account on June 9 - one trading day before listing on BSE and NSE on June 10, 2026. Allotment and listing do not happen on the same day.
About CMR Green Technologies Limited
CMR Green Technologies Limited was incorporated in 2006 (formerly Grand Metal Industries Limited). CMR commenced operations with its first plant in Tatarpur, near New Delhi, deploying sophisticated technologies including regenerative burners, pump furnaces, de-coaters, eddy current separators, twin-shaft shredders, and gravimetric separation systems.
Headquartered at 7th Floor, Tower 2, L&T Business Park, 12/4 Delhi-Mathura Road, Faridabad, Haryana - 121003, the company has grown from a single plant into India's largest aluminium recycling organisation with 13 manufacturing facilities across 8 states.
Promoters: Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal, and Raghav Agarwal Pre-IPO promoter holding: 86.95% | Post-IPO: approximately 84% Workforce: 784 permanent employees + 3,956 contractual workmen (as of December 31, 2025)
Key Certifications and Distinctions:
- One of the highest S&P Global CSA (Corporate Sustainability Assessment) scores in the global aluminium sector
- Preferred supplier status with major OEMs across the vehicle sector
- 97.4% customer revenue retention rate in FY25
- Supplying liquid aluminium alloy since 2008
Business Overview - Products and Operations
CMR Green Technologies is a non-ferrous metal recycler producing:
Core Products:
- Recycled Aluminium Alloys - in ingot form and liquid (molten) form for die-casting applications
- Aluminium Billets - for automotive and non-automotive extrusion applications
- Zinc Alloy Ingots - for die-casting applications
- Segregated Furnace-Ready Scrap - stainless steel, copper, brass, zinc, lead, and magnesium
Revenue Mix (9M FY26):
- Aluminium recycling: approximately 82% of total revenue
- Other metals and materials: approximately 18% of total revenue
Manufacturing Footprint: 13 recycling facilities across Haryana, Gujarat, Maharashtra, Tamil Nadu, Uttarakhand, Rajasthan, Odisha, and Andhra Pradesh, with a combined installed capacity of 6,15,150 MTPA as of March 31, 2026 - serving both automotive and non-automotive segments.
Japanese Technology Partnerships (5 plants):
| Joint Venture | Japanese Partner | Notes |
|---|---|---|
| CMR Toyotsu Aluminium India Pvt. Ltd. | Toyota Tsusho Corporation (30% stake) | 42,000 MTPA, Sriperumbudur, Tamil Nadu |
| Nikkei CMR Aluminium India Pvt. Ltd. | Nikkei MC Aluminium | — |
| Nippon Light Metal JV | Nippon Light Metal Company Ltd. | Aluminium billets technology |
Raw Material Sourcing: Approximately 198 global suppliers across 73 countries (FY25). Scrap sourced from the United States, Europe, Africa, Australia, UAE, and Asia - reducing dependence on any single geography.
Key Customers: Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Maruti Suzuki, Endurance Technologies, Jindal Stainless, Toyota, Ahresty, and Rockman, among others. The top 10 customers contribute approximately 50% of revenue.
Financial Performance
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) | Net Worth (₹ Cr) |
|---|---|---|---|---|
| 9M FY26 (Dec 2025) | 6,291.00 | 162.39 | 316.62 | 594.18 |
| FY25 (Mar 2025) | 6,696.66 | 155.04 | 328.62 | 458.38 |
| FY24 (Mar 2024) | 5,968.44 | -838.56 | -705.98 | 317.54 |
| FY23 (Mar 2023) | 5,889.00 | 104.51 | 229.26 | 1,195.19 |
Key Financial Highlights:
- FY24 losses are due to exceptional item adjustments - not a reflection of ongoing operational performance
- Revenue recovered and grew in FY25; strong improvement in PAT and EBITDA
- 9M FY26 PAT of ₹162.39 crore has already surpassed full-year FY25 PAT of ₹155.04 crore
- PAT margin: 2.59% (9M FY26), 2.32% (FY25) - typical for a commodity processing business
- EBITDA margin: 5.17% (9M FY26), 4.56% (FY25) - expanding year on year
- RoNW: 24.92% (9M FY26), 31.08% (FY25)
- ROCE: 9.30% (9M FY26), 11.04% (FY25)
- Total borrowings: ₹1,303.22 crore (9M FY26), ₹894.03 crore (FY25) - debt increased with capacity expansion
- Debt/Equity: 0.76x (9M FY26)
- Post-IPO EPS: ₹9.88 | Post-IPO P/E: approximately 19.42x
Use of Proceeds
This is a 100% Offer for Sale (OFS). The company will not receive any proceeds from this IPO. All ₹630.88 crore raised will go to the promoter and selling shareholders in proportion to their shareholding. There is no capex or debt repayment planned from IPO funds.
Selling Shareholders: Promoters Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal, and Raghav Agarwal.
GMP and Allotment Details
- GMP: Approximately ₹35-₹52.5 per share (June 2, 2026) - estimated 18-27% gain over ₹192 issue price
- Expected listing price (based on GMP): Approximately ₹227-₹245 (unofficial, unregulated indicator)
- Minimum order quantity: 78 shares (1 lot) at ₹14,976
- Allotment date: June 8, 2026
Investor Allocation:
- QIB: 50% (not more than)
- NII (HNI): 15% (not less than)
- Retail: 35% (not less than)
- Employee: Up to ₹5 lakh at a discount of ₹18 per share
Pre-listing momentum is positive, but GMP is unofficial and unregulated. Do not apply based on grey market signals alone.
Peer Comparison
| Company | P/E Ratio | RoNW (%) |
|---|---|---|
| CMR Green Technologies (post-IPO) | ~19.42x | 31.08% (FY25) |
| Gravita India Limited | Higher | — |
| Pondy Oxides and Chemicals | Comparable | — |
| Baheti Recycling Industries | Comparable | — |
| Jain Resource Recycling | 37.09% listing gain | ₹232 issue → ₹318 listing |
At approximately 19.42x post-IPO P/E at ₹192, CMR Green Technologies is priced as a market leader with dominant capacity and institutional JV backing. The P/B (Price to Book Value) is 9.17x.
Risks to Consider
100% OFS - No Fresh Funds for Growth Since this is entirely an Offer for Sale, the company receives zero proceeds. All capital raised exits with promoters. This means no new capacity, debt reduction, or technology upgrade is funded through this IPO - investors are purely buying into existing operations.
Customer Concentration Risk Top 10 customers contribute approximately 50% of revenue. The company's fortunes are tied to the health of the Indian automotive sector - any slowdown in automobile production directly impacts CMR's order book.
FY24 Exceptional Loss The FY24 net loss of ₹838.56 crore (and EBITDA of -₹705.98 crore) was due to exceptional item adjustments. While operations appear to have normalised in FY25 and 9M FY26, investors must verify the nature and recurrence risk of such exceptional items in the RHP.
Rising Debt Total borrowings increased sharply from ₹368.19 crore in FY23 to ₹1,303.22 crore by December 2025 - a 3.5x increase in two years. While this appears capacity-expansion-driven, the rising debt load and finance costs require monitoring.
Raw Material Price Volatility Scrap metal prices are globally traded commodities subject to significant price swings. CMR's margins are sensitive to the spread between input scrap prices and finished aluminium alloy prices. Disruptions in global scrap supply chains - from trade tariffs, logistics bottlenecks, or geopolitical factors - can compress margins.
Competition from Group Companies Nikkei CMR Aluminium India Private Limited, a joint venture group company, operates in a similar business segment. Any conflict of interest between CMR and its group entities could affect governance and business allocation.
How to Apply for CMR Green Technologies IPO
Apply for the CMR Green Technologies IPO via Tradejini during the subscription period June 3-5, 2026:
- Open Tradejini demat account
- Go to IPO section in Products Menu
- Select the CMR Green Technologies IPO application
- Enter bid at ₹182-₹192 per share, lot size 78 shares (₹14,976)
- Authorise UPI mandate from your bank account
Complete the IPO application form and read all related documents carefully before investing. Employees can apply separately at a discount of ₹18 per share.
Conclusion
CMR Green Technologies Limited is India's dominant non-ferrous metal recycler - the largest by installed capacity and the highest revenue market share holder in secondary aluminium as of FY25. With 13 plants, three Japanese joint ventures, 198 global scrap suppliers, and a customer base of marquee automotive OEMs, the company is structurally positioned to benefit from India's circular economy push and the automotive sector's transition to recycled aluminium.
The GMP of approximately ₹35-₹52.5 suggests listing gains of 18-27%, though GMP is unofficial and cannot be relied upon as a guarantee. At approximately 19.42x post-IPO P/E, the valuation appears fully priced for a commodity processor. Key risks are the 100% OFS structure (no fresh funds), the FY24 exceptional loss, and rising debt. The issue is suited for investors with a medium to long-term horizon seeking exposure to India's green manufacturing and aluminium recycling sector.
Apply via your Tradejini demat account during the subscription period June 3 to 5, 2026.
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