CMR Green Technologies Limited
CMR Green Technologies Limited is one of India's largest non-ferrous metal recyclers, specialising in secondary aluminium and zinc alloys, with a strong footprint in the automotive sector. The IPO is entirely an Offer for Sale of approximately 3.29 crore shares aggregating to ₹631 crores, listing on both BSE and NSE.
Overview
About the Company
CMR Green Technologies Limited was incorporated in 2006 and has grown into one of India's leading non-ferrous metal recyclers. The company manufactures and sells recycled aluminium alloys in both ingot and liquid form, zinc alloy ingots, aluminium billets, dross, and segregated furnace-ready scrap from metals including stainless steel, copper, brass, zinc, lead, and magnesium. It serves prominent OEM and Tier-1 automotive clients such as Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Endurance Technologies, Maruti Suzuki, and Jindal Stainless. The company operates 13 recycling units across India and holds joint ventures with Japanese partners that enhance its manufacturing and recycling capabilities. As of December 31, 2025, it employed 784 permanent staff and approximately 3,956 contractual workmen. The company is recognised as one of the largest aluminium recyclers in India by installed capacity.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › The IPO is entirely an Offer for Sale; all proceeds will flow to the selling shareholders and not to the company itself.
- › The company will not receive any direct financial benefit from the issue proceeds.
✅ Strengths
- ✓ Holds the leading position among domestic aluminium recyclers by installed capacity and commands the highest revenue market share in India's secondary aluminium market as of FY2025, with significant barriers to entry for new competitors.
- ✓ Dominant supplier of liquid aluminium alloy, backed by specialised infrastructure and decades of operational expertise.
- ✓ Extensive and well-distributed manufacturing network across India, enabling efficient service to customers in key automotive and industrial hubs.
- ✓ Broad product range spanning recycled aluminium alloys, zinc alloys, aluminium billets, dross, and various segregated furnace-ready scrap types.
- ✓ Strategic joint ventures with Japanese global partners that reinforce the company's technological and manufacturing competencies.
- ✓ Long-standing relationships with a diversified supplier base for raw material procurement.
⚠️ Risks
- ! Revenue is heavily reliant on a small group of key customers, making the business vulnerable if any of these relationships deteriorate.
- ! Limited diversification across both product lines and the customer base amplifies exposure to specific revenue streams.
- ! Profitability and margins face risks from volatility in raw material prices and currency fluctuations, especially due to reliance on imported scrap.
- ! The recycled metals industry is competitive, and any inability to match competitors on price, quality, or service may negatively affect financial performance.
- ! Related-party transactions are part of the business, and there is no guarantee these are always conducted on terms that are as favourable as those available in arm's-length dealings.