| Annual Financials | Mar 2023 | Mar 2024 | Mar 2025 |
| Revenue | 5868.51 | 5952.44 | 6666.49 |
| Expenses | 5751.70 | 5838.39 | 6486.67 |
| Other Income | 21.39 | 16.00 | 30.18 |
| Total Revenue | 5889.90 | 5968.44 | 6696.66 |
| Profit Before Tax | 137.88 | -1110.09 | 205.06 |
| Net Profit | 104.51 | -838.56 | 155.04 |
CMR Green Technologies
CMR Green Technologies IPO
₹14,196
2.38 xOver-subscribedBidding Dates 03 Jun, 26 -05 Jun, 26
Min Investment ₹14,196
Lot Size78
Price Range ₹182 – ₹192
Issue Size ₹630.88 Cr.
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IPO Subscription Details
Retail Subscription Details
2.39 x
Non-Institutional Buyers (sHNI)
6.02 x
Non-Institutional Buyers (bHNI)
5.18 x
Qualified Institutional Buyers (QIB)
0.02 x
Employees
3.12 x
Total2.38 x
2.38 x IPO Timeline
IPO Offer Start
03 Jun,26
IPO Offer Ends
05 Jun,26
Allotment Finalisation
08 Jun,26
Refund Initiation
09 Jun,26
Listing of Shares
10 Jun,26
IPO Analysis
Strengths
The company is the leading non-ferrous metal recycler in terms of installed capacity as of March 31, 2025 with highest market share in Indian secondary aluminium market. The company has capacity advantage of around 4 times of nearest competitor with revenue growth CAGR of around 23% from FY2007 to FY2025.
The company commenced liquid aluminium supplies since 2008 with manufacturing facilities adjacent to customer premises. Liquid delivery offers 6-7% savings compared to solid ingots and the company saved approximately 61.20 million kilograms of greenhouse gas emissions in nine months ended December 31, 2025.
The company procures metal scrap from around 198 global suppliers from 73 countries for Fiscal 2025. The company has decade-long relationships with suppliers enabling favorable terms and better discounts while maintaining geographically diverse base for competitive pricing.
Risks
The company derives significant portions of revenue from a limited number of customers, with top 3 customers contributing 20.93% and top 5 customers contributing 32.53% of consolidated revenue as of December 31, 2025. Loss of one or more top customers could materially adversely affect business and financial performance.
The company heavily depends on liquid aluminium alloys and aluminium alloy ingots which contribute 81.85% of revenue from operations for the nine months ended December 31, 2025. Any reduction in demand for these key products could adversely affect business and financial condition.
The company experienced losses of ₹8,382.25 million in Fiscal 2024 due to goodwill write-off of ₹12,396.27 million. There is no assurance that similar losses will not be incurred in the future, which could adversely affect business operations and cash flows.
Objectives
The company is conducting an offer for sale of equity shares by the selling shareholders to provide liquidity to existing shareholders through divestment of their holdings.
The company aims to list its equity shares on stock exchanges to enhance visibility and brand image while providing a public market for equity shares in India.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2023 | Mar 2024 | Mar 2025 |
| Total Assets | 3351.66 | 2194.41 | 2815.86 |
| Current Assets | 1476.93 | 1421.84 | 1871.23 |
| Fixed Assets | 1874.58 | 772.49 | 944.12 |
| Total Equity & Liabilities | 3351.66 | 2194.41 | 2815.86 |
| Total Liabilities | 1113.84 | 828.01 | 1294.57 |
| Current Liabilities | 715.46 | 633.39 | 1022.94 |
| Non Current Liabilities | 398.38 | 194.61 | 271.63 |
| Total Equity | 2237.82 | 1366.40 | 1521.29 |
Cash Flow
| Cash Flow | Mar 2023 | Mar 2024 | Mar 2025 |
| Net Cash Flow | 30.21 | -28.94 | -1.23 |
| Investing Activities | -96.34 | -133.77 | -234.83 |
| Operating Activities | 610.89 | 74.10 | -92.00 |
| Financing Activities | -484.34 | 30.72 | 325.60 |
About CMR Green Technologies
CMR Green Technologies Limited is the leading non-ferrous metal recycler in India with the highest market share in the secondary aluminium market. The company manufactures recycled aluminium alloys (in ingot and liquid form), zinc alloy ingots, dross and segregated furnace ready scrap of various metals. The company operates through 13...more
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Managing DirectorMohan Agarwal
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