IPORupee Business Overview
CMR Green Technologies Limited IPO
Business overview, IPORupee insight and IPORupee education for retail investors based on the company RHP.
Issue Type
100% Book Built Offer
Fresh Issue
Not Applicable
Offer for Sale
Up to 32,858,323 shares
Company Overview
CMR Green Technologies Limited is a metal recycling and aluminium recycling company engaged mainly in recycling aluminium scrap and producing aluminium alloys. The company primarily manufactures and supplies liquid aluminium alloys, aluminium alloy ingots, stainless steel scrap and other scrap metals including copper, brass, zinc and magnesium.
The company was originally incorporated as Grand Metal Industries Private Limited on August 23, 2005. It was later converted into a public limited company as Grand Metal Industries Limited on May 28, 2020. Subsequently, its name was changed to CMR Green Technologies Limited on August 11, 2021.
Registered and Corporate Office
7th Floor, Tower 2, L & T Business Park, 12/4 Delhi, Mathura Road, Faridabad – 121003, Haryana, India.
Promoters
Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal and Raghav Agarwal.
Important IPO point: This IPO is fully an Offer for Sale. There is no Fresh Issue. Therefore, CMR Green Technologies will not receive IPO proceeds from the offer.
What Does CMR Green Technologies Do?
The company converts aluminium scrap and other metal scrap into usable recycled metal products. Its main commercial products are liquid aluminium alloys and aluminium alloy ingots.
| Product / Activity | Meaning |
| Liquid aluminium alloys | Molten aluminium alloy supplied directly to customers for manufacturing use. |
| Aluminium alloy ingots | Solid blocks of aluminium alloy used by manufacturing customers. |
| Stainless steel scrap | Scrap metal generated, segregated and supplied for recycling use. |
| Other scrap metals | Copper, brass, zinc, magnesium and similar metals handled through recycling or segregation. |
| Aluminium billets | Newer product line for diversification. |
| Used beverage can recycling | Recycling opportunity connected with aluminium cans. |
Liquid aluminium alloys and aluminium alloy ingots are the key revenue drivers. Together, these two products contributed 78.42% of revenue from operations excluding export incentives and government subsidy / other incentive in FY 2025.
Business Model
1. Sourcing of Scrap Metal
CMR Green Technologies sources metal scrap from domestic and international suppliers. Because domestic aluminium scrap availability is limited, the company imports a large portion of its raw material requirement.
| Period | Imported Raw Materials and Traded Goods | % of Total Purchases |
| 9M ended Dec 31, 2025 | Rs. 44,005.84 million | 74.82% |
| FY 2025 | Rs. 44,497.04 million | 73.15% |
| FY 2024 | Rs. 42,622.66 million | 80.31% |
| FY 2023 | Rs. 41,204.41 million | 80.63% |
2. Scrap Sorting and Processing
After sourcing scrap, the company sorts, segregates and processes metal scrap. Quality of scrap is very important because recycled aluminium alloy must match customer specifications. Poor sorting or contaminated scrap can affect the final product quality.
3. Melting and Alloy Manufacturing
The company melts aluminium scrap in furnaces and converts it into aluminium alloys. These alloys are supplied in liquid form or cast into ingots.
4. Liquid Aluminium Supply Model
Liquid aluminium alloy supply is an important part of the company’s business. Liquid aluminium must be delivered safely and quickly because it is transported at high temperature. The company supplies liquid aluminium through units located near customer premises and through specially designed trucks.
5. Customers and Repeat Orders
The company sells to OEMs, tier 1 auto component suppliers, channel partners and industrial customers. Repeat customers contributed 97.40% of revenue from operations excluding incentives in FY 2025.
| Particular | 9M ended Dec 31, 2025 | FY 2025 | FY 2024 | FY 2023 |
| Revenue from repeat customers | Rs. 59,909.25 million | Rs. 64,907.72 million | Rs. 57,111.91 million | Rs. 53,360.26 million |
| Repeat customer revenue ratio | 96.23% | 97.40% | 96.04% | 91.13% |
Manufacturing Facilities
CMR Green Technologies has multiple recycling and manufacturing facilities across India. This multi-location network is important because aluminium alloy supply, especially liquid aluminium supply, needs proximity to customers.
TatarpurHaridwarBhiwadiManesarHalolBawalChennaiVallamVanod Unit IVanod Unit IITirupatiOdishaPune
Financial Performance
| Particular | 9M ended Dec 31, 2025 | FY 2025 | FY 2024 | FY 2023 |
| Revenue from Operations | Not separately shown here | Rs. 66,664.85 million | Rs. 59,524.42 million | Rs. 58,685.07 million |
| Total Income | Rs. 62,910.03 million | Rs. 66,966.63 million | Rs. 59,684.44 million | Rs. 58,898.95 million |
| EBITDA | Rs. 3,244.38 million | Rs. 3,037.17 million | Rs. 2,174.04 million | Rs. 2,070.14 million |
| EBITDA Margin | 5.17% | 4.56% | 3.65% | 3.53% |
| Profit After Tax | Rs. 1,623.94 million | Rs. 1,550.38 million | Rs. (8,385.57) million | Rs. 1,045.07 million |
| PAT Margin | 2.59% | 2.32% | (14.05%) | 1.77% |
FY 2024 note: The company reported a loss in FY 2024 mainly due to exceptional non-cash goodwill impairment of Rs. 12,396.27 million.
Operating Cash Flow and Working Capital
| Metric | 9M ended Dec 31, 2025 | FY 2025 | FY 2024 | FY 2023 |
| Net Cash from / used in Operating Activities | Rs. (3,877.04) million | Rs. (920.03) million | Rs. 741.02 million | Rs. 6,108.95 million |
| Receivable Days | 38 days | 43 days | 38 days | 34 days |
| Inventory Days | 51 days | 45 days | 38 days | 38 days |
| Payable Days | 11 days | 13 days | 11 days | 20 days |
| Net Working Capital Days | 79 days | 76 days | 66 days | 53 days |
| Total Borrowings | Rs. 13,032.17 million | Rs. 8,940.33 million | Rs. 4,986.52 million | Rs. 3,681.86 million |
| Net Debt to Equity Ratio | 0.76 | 0.58 | 0.36 | 0.15 |
Objects of the IPO
The IPO is entirely an Offer for Sale. There is no Fresh Issue. Therefore, the company will not receive any proceeds from the IPO. The offer proceeds will go to the selling shareholders.
| Selling Shareholder | Shares Offered |
| Mohan Agarwal | Up to 4,959,428 equity shares |
| Gauri Shankar Agarwala HUF through its karta | Up to 1,000,000 equity shares |
| Mohan Agarwal HUF through its karta | Up to 500,000 equity shares |
| Global Scrap Processors Limited | Up to 26,398,895 equity shares |
Key Strengths
Leading recycling position
The company is among the leading non-ferrous metal recyclers in India in terms of installed capacity.
Large aluminium recycling capacity
Aluminium recycling capacity was 4,61,000 tonnes per annum as of March 31, 2025.
Liquid aluminium capability
Liquid aluminium supply needs technical capability, proximity, safety systems and specialised transport.
Strong repeat customer revenue
Repeat customers contributed 97.40% of revenue from operations excluding incentives in FY 2025.
Global supplier base
The company procured scrap from around 198 global suppliers from 73 countries excluding India in FY 2025.
Circular economy theme
Aluminium recycling supports resource efficiency, lower energy use and decarbonisation.
Key Risks
1. Entire IPO is OFS: There is no Fresh Issue, so IPO money will not come into the company.
2. Product concentration: Liquid aluminium alloys and aluminium alloy ingots contributed 78.42% of FY 2025 revenue from operations excluding incentives.
3. Customer concentration: Top 10 customers contributed 52.78% of FY 2025 revenue from operations.
4. Import dependency: Imported raw materials and traded goods accounted for 73.15% of total purchases in FY 2025.
5. Working capital and cash flow: Net working capital days increased and operating cash flow was negative in FY 2025 and 9M ended Dec 31, 2025.
6. Increasing borrowings: Total borrowings increased from Rs. 3,681.86 million in FY 2023 to Rs. 13,032.17 million as of Dec 31, 2025.
7. Safety risk: Melting and transporting high-temperature liquid aluminium involves safety and operational risks.
8. Regulatory and litigation risk: The RHP discloses ED proceeding, litigation, related party and group company matters.
IPORupee Insight
CMR Green Technologies Limited is an interesting IPO because it belongs to the metal recycling and circular economy theme. The company is not merely a scrap trader; it is a recycling-led aluminium alloy manufacturer with large installed capacity, multiple facilities and long customer relationships.
The strongest point is its position in aluminium recycling. Aluminium is used in automobiles, industrial products, construction, packaging and electrical applications. Recycled aluminium can support lower energy use and lower carbon footprint compared with primary aluminium production.
The second strong point is the liquid aluminium alloy business. Liquid aluminium supply is not easy because it requires customer proximity, specialised transport, safety systems, timing discipline and technical reliability. If a customer depends on regular liquid aluminium supply, switching suppliers can be operationally difficult.
However, retail investors should not ignore the risk side. The IPO is fully OFS, there is no Fresh Issue, and the company will not receive IPO proceeds. Product concentration, customer concentration, import dependency, increasing working capital days, negative operating cash flow and increasing borrowings are important areas to study.
IPORupee view: CMR Green Technologies has scale, repeat customer strength and a strong recycling theme, but investors should evaluate valuation along with OFS structure, cash flow quality, debt levels, import risk and concentration risk before making any IPO decision.
IPORupee Education
What is metal recycling?
Metal recycling means collecting, sorting, melting and processing used metal scrap to make usable metal again.
What is aluminium recycling?
Aluminium recycling means converting aluminium scrap into reusable aluminium products such as alloys, ingots or billets.
What is liquid aluminium alloy?
Liquid aluminium alloy is aluminium alloy supplied in molten form and used directly in customer manufacturing processes.
What is aluminium alloy ingot?
An aluminium alloy ingot is a solid block of aluminium alloy that customers can later melt and use in manufacturing.
What is secondary aluminium?
Secondary aluminium is aluminium produced by recycling aluminium scrap, unlike primary aluminium produced from bauxite and alumina.
What is circular economy?
Circular economy means reusing and recycling materials instead of only extracting new resources.
What is commodity price risk?
Commodity price risk means metal prices can change due to global demand, supply, currency and market movement.
What is hedging?
Hedging is a risk management method used to reduce the impact of price or currency fluctuation.
What is working capital?
Working capital is money required for daily operations such as scrap purchase, imports, inventory, receivables and logistics.
What is Offer for Sale?
Offer for Sale means existing shareholders sell their shares through the IPO. The company does not receive proceeds from OFS.
Full Forms
| Short Form | Full Form |
| IPO | Initial Public Offering |
| RHP | Red Herring Prospectus |
| OFS | Offer for Sale |
| BSE | BSE Limited |
| NSE | National Stock Exchange of India Limited |
| SEBI | Securities and Exchange Board of India |
| QIB | Qualified Institutional Buyer |
| NII | Non-Institutional Investor |
| RII | Retail Individual Investor |
| ASBA | Application Supported by Blocked Amount |
| UPI | Unified Payments Interface |
| OEM | Original Equipment Manufacturer |
| EV | Electric Vehicle |
| UBC | Used Beverage Can |
| LME | London Metal Exchange |
| MTPA | Million Tonnes Per Annum |
| EPR | Extended Producer Responsibility |
| ESG | Environmental, Social and Governance |
| EBITDA | Earnings Before Interest, Tax, Depreciation and Amortisation |
| PAT | Profit After Tax |
| EPS | Earnings Per Share |
| NAV | Net Asset Value |
| DSCR | Debt Service Coverage Ratio |
| ED | Enforcement Directorate |
| RoC | Registrar of Companies |
Disclaimer: This content is for educational and informational purposes only. It is based on the company’s Red Herring Prospectus and publicly available IPO-related information. This is not investment advice, recommendation, research report or a call to apply or avoid the IPO. We are not SEBI registered investment advisors. Investors should read the RHP, check valuation, offer structure, full OFS nature, risk factors, product concentration, customer concentration, raw material import dependency, foreign exchange risk, working capital cycle, borrowings, cash flows, litigation, regulatory proceedings, related party transactions, market conditions and consult their financial advisor before making any investment decision.