CMR Green IPO

CMR Green Technologies Limitedcmr.co.in

ListedMainboardMaterialsNSE · BSE

Price band: ₹182 – ₹192
Issue size: ₹631 Cr
Lot size: 78 sh
Bidding: 3 – 5 Jun
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

CMR Green Technologies recycles non-ferrous scrap into aluminium and zinc alloys; the record's profile puts it at 13 recycling units with combined actual production capacity of 615,150 MTPA as of 31 March 2026, 137 customers in the nine months to 31 December 2025, and 784 employees. Revenue was Rs 5,868.51 Cr in FY23, Rs 5,952.44 Cr in FY24 (up 1.43%) and Rs 6,666.49 Cr in FY25 (up 12.00%), with Rs 6,275.52 Cr recorded in the nine months to 31 December 2025. FY24 carried a PAT of Rs -838.56 Cr against EBITDA of Rs 217.40 Cr, and net worth that year was Rs 317.54 Cr against Rs 1,195.19 Cr in FY23; PAT was Rs 155.04 Cr in FY25 and Rs 162.39 Cr in the nine months to December 2025. The Rs 630.88 Cr issue was entirely an offer for sale (fresh issue Rs 0 Cr), moving promoter holding from 86.95% to 84%; it was subscribed 127.04 times on day three, listed at Rs 268 against a band top of Rs 192, and last traded at Rs 195.93 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

47Mixed

IPOVista score

Balance sheet is the open question

58% of the scoring model was backed by disclosed data for CMR Green, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Entirely an offer for sale
None of the money raised reaches the company. Existing shareholders are selling down; the balance sheet is unchanged by the listing.
Leveraged balance sheet
Debt-to-equity of 2.0× leaves limited headroom if demand softens or rates rise.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2005 · Faridabad, Haryana, India · 784 employees

CMR Green Technologies recycles non-ferrous metal scrap into inputs that manufacturers melt or cast directly. Its main product is recycled aluminium alloy, sold as solid ingots and as liquid metal trucked from plants built next to customer foundries. It also makes zinc alloy ingots, aluminium billets for extrusion, and sorted furnace-ready scrap of stainless steel, copper, brass, zinc, lead and magnesium. Buyers are mostly automotive — Maruti Suzuki, Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield and Tier-1 suppliers such as Endurance Technologies and Craftsman Automation — with Jindal Stainless and Hindalco outside autos. The company operated 13 recycling units with combined actual production capacity of 615,150 MTPA as of March 31, 2026, and served 137 customers in the nine months to December 31, 2025.

Revenue is the sale price of recycled metal, and the company says a monthly pricing policy lets it pass raw-material price swings to customers — so it earns a conversion spread, not a product margin. Scrap dominates the cost base: in the nine months to December 31, 2025, cost of raw materials consumed was ₹5,526.78 crore against ₹6,275.52 crore of revenue from operations, leaving an EBITDA margin of 5.17% and a PAT margin of 2.59%. Scale and proximity are the levers; the constraint is working capital. Inventory and receivables drove total borrowings to ₹1,303.22 crore at December 31, 2025 from ₹894.03 crore at March 31, 2025, with finance costs of ₹66.83 crore in the period.

The company on paper

Legal name: CMR Green Technologies Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 23 Aug 2005
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U00337HR2005PLC085675
Sector: Materials · Non-ferrous metal recycling — secondary aluminium and zinc die-casting alloys
Employees: 784
Registered office: Faridabad, Haryana, India
Promoters: Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal, Raghav Agarwal
Promoter holding, pre-issue: 87.0%
Promoter holding, post-issue: 84.0%
Website: cmr.co.in

The numbers

Financial performance

Revenue has compounded at 6.6% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

This is entirely an offer for sale: none of the money raised reaches the company.

Fresh issueNew shares — proceeds go to the company: ₹0
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹631 Cr
Total issue size: ₹631 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 3.0% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription127.04×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹192.00
Listed at: ₹268.00
Listing gain: up 39.6%
Since listing: down 26.1%
Against the issue price: up 3.1%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 78
At cut-off price: ₹192.00
Amount blocked: ₹14,976

One lot is 78 shares at ₹14,976. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~4%

chance of one lot, per application

Retail subscription: 27.03×
Applicants per share available: 27.0× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹268.00

listed at, 39.6% against the issue price

Issue price: ₹192.00
Premium said: —
If allotted 78 shares: ₹5,928

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue, EBITDA and PAT in the nine months to 31 December 2025 were Rs 6,275.52 Cr, Rs 324.44 Cr and Rs 162.39 Cr. Set against the full FY25 year (Rs 6,666.49 Cr, Rs 303.72 Cr, Rs 155.04 Cr), the nine-month figures are 94.14% of FY25 revenue, 6.82% above full-year FY25 EBITDA and 4.74% above full-year FY25 PAT.
The EBITDA margin is higher in each of the four periods the record carries: 3.53% in FY23 (207.01/5,868.51), 3.65% in FY24 (217.40/5,952.44), 4.56% in FY25 (303.72/6,666.49) and 5.17% over the nine months to 31 December 2025 (324.44/6,275.52). EBITDA in absolute terms was Rs 207.01 Cr, Rs 217.40 Cr and Rs 303.72 Cr across FY23, FY24 and FY25.
Net worth was Rs 1,195.19 Cr at FY23 and Rs 317.54 Cr at FY24; it then stood at Rs 458.38 Cr at FY25 (44.35% above FY24) and Rs 594.18 Cr at 31 December 2025 (a further 29.63% above FY25).
The single subscription row the record holds, for day three on 5 June 2026, shows every recorded category multiply covered: QIB 270.46 times, NII 172.35 times and retail 27.03 times, for 127.04 times overall.

What to weigh against it

Total borrowings are higher in each period after FY23: Rs 368.19 Cr at FY23, Rs 498.65 Cr at FY24, Rs 894.03 Cr at FY25 and Rs 1,303.22 Cr at 31 December 2025, the last a rise of 45.77% over nine months. Measured against net worth in the same periods, that is 0.31x (368.19/1,195.19), 1.57x (498.65/317.54), 1.95x (894.03/458.38) and 2.19x (1,303.22/594.18).
FY24 records a PAT of Rs -838.56 Cr on revenue of Rs 5,952.44 Cr and EBITDA of Rs 217.40 Cr, with net worth of Rs 317.54 Cr against Rs 1,195.19 Cr in FY23, a fall of Rs 877.65 Cr. The record carries no expense, exceptional-item or tax line for any period, so the gap between FY24 EBITDA and FY24 PAT is not itemised here.
The record's business-model note states that scrap dominates the cost base: in the nine months to 31 December 2025, cost of raw materials consumed was Rs 5,526.78 Cr against revenue from operations of Rs 6,275.52 Cr, or 88.07%, with a PAT margin of 2.59%. Finance costs of Rs 66.83 Cr in that same nine months are 20.60% of the Rs 324.44 Cr of EBITDA recorded for the period.
The stock listed at Rs 268 against a band top of Rs 192 (a listing gain of 39.58%), closed day one at Rs 241.20, and last traded at Rs 195.93 on 23 October 2026 — 26.89% below the listing price, 18.77% below the day-one close, and 2.05% above the band top.

Easy to miss in the prospectus

The record carries no valuation block, no peer entries, no anchor book and no allocation split (valuation, anchor and allocation are null, peers is empty), and only one subscription row, for day three. The Rs 182-192 band therefore cannot be set against earnings or comparables from this record alone.
Expense lines, total assets and operating cash flow are null in all four financial periods present, so neither the FY24 PAT of Rs -838.56 Cr nor the cash position alongside borrowings of Rs 1,303.22 Cr at 31 December 2025 can be traced within the record.
The business-model note reports that the company says a monthly pricing policy lets it pass raw-material price swings to customers. The record carries no cost-of-materials figure for any period other than the nine months to 31 December 2025, and no utilisation figure against the 615,150 MTPA of actual production capacity stated as of 31 March 2026.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Equirus Capital Limited, ICICI Securities Limited, Motilal Oswal Investment Advisors Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Built from 5 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 3 Jun 2026
Closes: 5 Jun 2026
Allotment: 8 Jun 2026
Lists: 10 Jun 2026
Revenue (FY25): ₹6,666 Cr
Profit (FY25): ₹155 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.