CMR Green Technologies Limited IPO

CMR Green Technologies Limited was incorporated in 2006 and operates in the metal recycling and secondary aluminium industry. The company manufactures recycled aluminium alloys in ingot and liquid form, zinc alloy ingots, aluminium billets and segregated furnace-ready scrap metals.

The company serves major OEMs and Tier-1 automotive component manufacturers including Maruti Suzuki, Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Endurance Technologies and Jindal Stainless. As of December 31, 2025, the company had 784 permanent employees and 3,956 contractual workmen.

CMR has established itself as a leading recycler in India with strong sourcing capabilities, long-standing customer relationships, advanced manufacturing facilities and strategic joint venture partnerships.

The issue comprises an Offer for Sale (OFS) of Rs 630.88 Cr at a price band of Rs 182-192 per share, implying a market capitalization of approximately Rs 4,205.87 Cr.

Since the issue is entirely an OFS, the company will not receive any proceeds from the IPO. The offer provides liquidity and a partial exit opportunity to existing shareholders while enabling listing benefits on the stock exchanges. At the upper price band, the IPO is valued at a post-issue P/E of approximately 19.42x FY25 earnings.

Key strengths include leadership in aluminium recycling, diversified customer base, strong supplier network, established relationships with leading automotive manufacturers and growing demand for sustainable metal recycling solutions. Key risks include exposure to commodity price fluctuations, cyclicality in the automotive industry and dependence on raw material sourcing.