Updated on 29.05.2026|8:14 PM
CMR Green Technologies Limited has announced its Initial Public Offering (IPO). It is a non-ferrous metal recycler and secondary aluminium manufacturer.
The subscription will open on June 3, 2026, and close on June 5, 2026, on the BSE and NSE.
Track important IPOs of 2026, in our latest IPO section which is updated regularly.
The price band is set at ₹182 to ₹192 per share.
The issue comprises entirely an Offer for Sale (OFS) of 3.29 crore equity shares, valuing the offering at approximately ₹631 crore at the upper price band.
The company, which holds an estimated 42-45% market share in the domestic automotive cast alloy segment, supplies molten liquid aluminium to original equipment manufacturers (OEMs) including Maruti Suzuki, Honda Cars India, and Bajaj Auto.
In this article, you will find CMR Green Technologies IPO GMP today,price band, and a detailed review with valuations and financial analysis.
Briefs of CMR Green Technologies IPO Details:
- Price Band: ₹182 – ₹192 per equity share
- Face Value: ₹2 per share
- IPO Open / Close Dates: June 3, 2026 – June 5, 2026
- Lot Size: 78 Shares (Note: Retail Minimum Application is 1 Lot / 78 Shares)
- Issue Size: 3,28,58,323 Equity Shares / ~₹631 Crores
- Offer for Sale (OFS): 100% OFS
- Employee Discount: ₹18.00 per share
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: BSE, NSE
If you have any issues with registrar regarding credit of shares, refunds or something else, check our detailed guide on kfin ipo allotment status which has step by step details.
IPO Reservation:
The offering comprises a total issue size of 3,28,58,323 shares, allocated as follows:
- QIB Portion: Not more than 50% of the Net Offer (Anchor Investors may be allocated up to 60% of this portion).
- NII (HNI) Portion: Not less than 15% of the Net Offer.
- Retail (RII) Portion: Not less than 35% of the Net Offer.
What is the GMP of CMR Green Technologies IPO Today?
You can monitor the unlisted market premium for this and all other initial public offerings on our dedicated gmp latest portal; keep in mind that these unofficial rates fluctuate every day according to investor demand, completely outside the supervision of regulatory bodies like SEBI, NSE, or BSE, meaning they should never be the sole basis for your investment choices.
What are the Critical Opening, Closing, and Listing Deadlines for the CMR Green Technologies IPO
For those mapping out their investment capital, the definitive timeline for the public offer is as follows
- IPO Open Date: Wednesday, June 3, 2026
- IPO Close Date: Friday, June 5, 2026
- Basis of Allotment Date: Monday, June 8, 2026
- Refund Initiation Date: Tuesday, June 9, 2026
- Credit of Shares: Tuesday, June 9, 2026
- Listing Date: Wednesday, June 10, 2026
What Are The Objectives of CMR Green Technologies IPO?
Since the entire stock offering is made up of existing owners selling their stakes, the business itself receives zero financial influx.The primary objectives are:
- Divestment: To allow existing shareholders to offload up to 3,28,58,323 Equity Shares, providing them with an exit route or liquidity.
- Listing Benefits: To achieve the benefits of listing on the stock exchanges, which inherently enhances the company's visibility, brand image, and provides a public market for its equity shares in India.
How is The Financial Performance of CMR Green Technologies?
This table breaks down the firm's fiscal track record derived from restated consolidated financial statements.
(Figures in ₹ Crores)
Period Ended | 31 Dec 25 (9M) | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 6,291.00 | 6,696.66 | 5,968.44 | 5,889.90 |
Profit After Tax (PAT) | 162.39 | 155.04 | (838.56) | 104.51 |
EBITDA | 324.44 | 303.72 | 217.40 | 207.01 |
Total Borrowing | 1,303.22 | 894.03 | 498.65 | 368.19 |
Assets | 3,650.58 | 2,815.86 | 2,194.41 | 3,351.66 |
Source: RHP
Financial Analysis & Observations:
Total Income:
CMR Green has shown strong and steady revenue growth, climbing from ₹5,889.90 crores in FY23 to ₹6,696.66 crores by FY25.
The impressive 9-month figure of ₹6,291.00 Crores for the period ending December 2025 indicates sustained demand for recycled aluminium from the automotive sector.
Profit After Tax (PAT):
The massive loss of ₹(838.56) Crores reported in FY24 is a critical point of analysis; however, it was entirely driven by a one-time, non-cash goodwill impairment write-off.
Stripping out this exceptional item, the company's core profitability rebounded strongly to ₹155.04 Crores in FY25 and further accelerated to ₹162.39 Crores in just the first nine months of FY26.
EBITDA:
Operational efficiency is improving, with EBITDA rising from ₹207.01 Crores in FY23 to ₹303.72 Crores in FY25.
The EBITDA margins, though historically thin in the metal recycling industry (around 4.5% to 5%), are steadily expanding due to economies of scale and value-added liquid metal supply.
Total Borrowing:
Debt levels have surged significantly from ₹368.19 Crores in FY23 to ₹1,303.22 Crores by December 2025.
This increase was necessitated to fund capacity expansions (like the new Tirupati facility) and to manage a strategic shift in working capital cycles as customer credit terms extended to 90 days.
Assets:
The asset base recovered and grew to ₹3,650.58 Crores by December 2025, rebounding from the FY24 dip caused by the goodwill write-off, reflecting the ongoing investments in physical plant and machinery.
What Are The P/E Ratio and Peer Comparison?
To evaluate the pricing, we examine the Price-to-Earnings (P/E) multiple based on the highest point of the share price range
- Issue Price (Upper Band): ₹192
- EPS (FY25): ₹6.50
- P/E Ratio: ~29.53x
Peer Comparison Table (FY 2024-25 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) | NAV (₹) |
CMR Green Technologies | 29.53 | 31.08 | 6.50 | 20.93 |
Gravita India Limited | 37.36 | 15.12 | 45.11 | 280.44 |
Pondy Oxides & Chemicals | 62.64 | 9.79 | 21.08 | 210.82 |
Jain Resource Recycling | 76.20 | 30.55 | 7.11 | 22.44 |
Baheti Recycling Ind. | 34.59 | 30.46 | 17.37 | 57.02 |
Analysis:
CMR Green Technologies is entering the market at a P/E multiple of approximately 29.53x based on its FY25 EPS.
When compared to the industry average P/E of 52.70x and peers like Gravita India (37.36x) or Pondy Oxides (62.64x), the IPO appears to be priced at an attractive discount.
Furthermore, CMR Green boasts an exceptional Return on Net Worth (RoNW) of 31.08%, significantly outperforming larger peers like Gravita India (15.12%), highlighting its highly efficient capital utilization within the capital-intensive recycling space.
What is The Industry Outlook of CMR Green Technologies?
Growth Potential:
The push for vehicle lightweighting to improve fuel efficiency and extend the range of Electric Vehicles (EVs) is a massive tailwind for aluminium alloys. Recycled (secondary) aluminium is preferred by automakers as it requires 95% less energy to produce compared to primary aluminium, perfectly aligning with global ESG targets.
Market Trends:
Supply chain security and localization are becoming paramount. CMR’s unique "molten metal" delivery system, where liquid aluminium is delivered directly to the OEM's casting units, creates a deep structural moat and virtual customer lock-in due to the massive energy savings it offers the client.
What Are The Strengths and Risks of CMR Green Technologies IPO?
Strengths:
- Market Dominance: As India's largest secondary aluminium manufacturer, its capacity is 4x that of its nearest competitor, affording it massive economies of scale.
- High Return Ratios: A RoNW of over 31% demonstrates exceptional profitability on shareholder equity, bouncing back strongly from the FY24 write-off.
- Customer "Lock-in": The strategic location of its 13 plants within auto hubs and the supply of liquid metal creates incredibly sticky B2B relationships.
Risks:
- Sector & Client Concentration: Highly dependent on the cyclical automotive industry. Furthermore, the top 5 customers account for nearly a third of all revenues.
- Raw Material Price Volatility: The company relies heavily on imported scrap metal (over 49% from the US alone) and does not have long-term fixed-price contracts, leaving margins exposed to global commodity and forex fluctuations.
- Increasing Leverage & Working Capital: The rapid increase in debt (over ₹1,300 Crores) to fund extended credit cycles (up to 90 days) has led to negative operating cash flows in recent periods, a key metric that requires close monitoring.
Key Considerations for Investors
- Valuation Context: At ~29.5x P/E, the issue is priced conservatively compared to the industry average (~52.7x) [1]. However, investors must remember that FY24 saw a massive net worth erosion due to goodwill impairment, which mathematically inflates the current RoNW.
- OFS Structure: The 100% OFS nature means no fresh capital is flowing into the business to pay down its rising debt burden; it is purely an exit/liquidity event for existing shareholders.
- Risk Profile: The company holds a formidable market share in a structurally growing industry (EV lightweighting), but its thin margins and heavy reliance on imported scrap make it vulnerable to external macro shocks.
Key Takeaways
- IPO Price: ₹192 per share (Upper Band).
- Min Investment: ₹14,976 (78 Shares).
- VFinancials: Revenue ₹6,696 Cr (FY25);
- Allotment: June 8, 2026.
- Listing: BSE & NSE on June 10, 2026.
Important IPO Related Links:
2. Key Details of Allotment Status of IPOs.
3. Daywise subscription details of IPOs.
4. IPO GMP vs Listing Accuracy Study 2026
FAQs on CMR Green Technologies IPO
What is CMR Green Technologies IPO GMP today?
Check at our dedicated gmp section.
What is CMR Green Technologies IPO price band?
The price band is fixed at ₹182 to ₹192 per equity share.
What is CMR Green Technologies IPO allotment date?
The allotment status is expected to be finalized on Monday, June 8, 2026.
How to check CMR Green Technologies IPO allotment status?
Investors can check the status on the website of Kfin Technologies Ltd. (the Registrar) or via the BSE/NSE IPO allotment portals.
What is CMR Green Technologies IPO listing date?
The shares are tentatively scheduled to list on Wednesday, June 10, 2026.
Investment Perspective on CMR Green Technologies IPO
CMR Green Technologies offers a compelling play on the automotive sector's transition to lightweight EVs and the circular economy.
While its market dominance, unique liquid metal delivery model, and reasonable valuation relative to peers are highly attractive, prospective investors must carefully weigh the risks associated with its 100% OFS structure, rising debt levels, and the inherent margin volatility of the metal recycling industry.
Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
