Sanjay Bambhaniya · May 29, 2026

CMR Green Technologies IPO Review | APPLY or AVOID?

Mainboard Book Build Listed

Aluminium

BSE, NSE

Price Band

₹182 - ₹192

Issue Size

₹630.88 Cr

Lot Size

Min. Investment

₹14,976

Live GMP ₹68

35.42% Est. Listing: ₹260

SIP Calc Compare

IPO Timeline

DRHP FILED August 29, 2025

OPEN June 3, 2026

CLOSE June 5, 2026

ALLOTMENT June 8, 2026

LISTING June 10, 2026

IPO DETAILS REVIEW GMP SUBSCRIPTION ALLOTMENT STATUS

CMR Green Technologies Ltd. started in 2006. It operates in the Diversified Metals industry and provides recycled aluminium alloys to its customers across India. This business is based in Faridabad. This IPO review covers the main facts of the offer. It helps you decide if the issue fits your portfolio. CMR Green Ltd. Technologies shows steady growth, but the historical volatility in net profits remains a key point to consider investors. The firm functions inside a capital intensive domain that requires stable manufacturing raw material supply chains. The massive exceptional item provision dragged the company into deep losses during Fiscal 2024 before a complete financial turnaround.

✅ Strengths

Dominant secondary aluminium market
Four times higher capacity
Strategic international supplier base
Niche liquid metal logistics
Long standing customer relationships
Technological joint venture partnerships
Favourable macro green trends
Highly experienced promoter team

⚠️ Challenges

Significant historical financial loss
Pure secondary offer structure
High raw material import
Substantial foreign currency risks
Fragmented unorganized sector competition
Automotive cyclical demand dependency
High contract labor dependency
BRLM historical negative ratio

Financial Update

The company released its restated financial statements for the year ending March 31, 2025. Total revenue was ₹6,666.48 crore increased from ₹5,952.44 in previous year. The net profit for the same period was ₹155.04 crore increased from ₹-838.56 in previous year. Assets increased by 28.32% compared to the previous year. The company recorded a total asset base of ₹3,650.58 crore during the nine-month period ending December 31, 2025. Total annualised revenue for Fiscal 2026 jumped up significantly to ₹8,367.36 crore. Annualised net profits reached an all-time high of ₹216.52 crore during this same period. This positive graph shows strong operational recovery following the resolution of historical balance sheet adjustments. This trend should be carefully studied prior to any investment.

IPO Valuation

The upper price band is ₹192. This price leads to a Price-to-Earnings (P/E) ratio of 27.12. The current public offering values the company at an annualised Fiscal 2026 P/E ratio of 19.42x. The pricing multiple reaches 27.12x when calculated against historical Fiscal 2025 earnings. Total market capitalization is estimated at ₹4,205.87 crore at the highest price limit. The total debt-to-equity ratio increased sharply to 2.19x by December 2025.

IPO Objective

The company will use the proceeds of the offer to meet stated objectives:

To achieve the benefits of listing the equity shares on the stock exchanges
To provide an exit route to the existing selling stakeholders
To unlock the corporate value for existing investors

Promoters & Lead Manager

Mohan Agarwal serves as the Chairman and Managing Director with over 31 years of sector experience.
Whole-time directors Akshay Agarwal and Raghav Agarwal bring 10 and 8 years of industrial expertise respectively.
Equirus Capital Ltd. and ICICI Securities Ltd. along with Motilal Oswal Investment Advisors Ltd. act as the joint lead managers.
The three lead managers handled seventy-seven public issues during the last three fiscal periods.
Twenty-five out of these seventy-seven public issues closed below the initial offer price on their listing dates.
KFin Technologies Ltd. functions as the official registrar to this public issue.

Peer Comparison

Below is the comparison of the company with its listed peers using data from (May 29, 2026). The management listed Pondy Oxides and Gravita India along with Baheti Recycling and Jain Resource as listed industry peers. Pondy Oxides trades at a P/E ratio of 28.10 while Gravita India trades at a P/E ratio of 31.40. Baheti Recycling trades at a P/E ratio of 22.80 while Jain Resource trades at a P/E ratio of 36.60. These entities do not share identical operations for an exact comparison.

Company Name	EPS (Basic)	EPS (Diluted)	NAV (per share) (Rs)	P/E (x)	RoNW (%)
CMR Green Technologies Ltd.	6.5	6.5	21		31.08
Pondy Oxides and Chemicals Ltd.	22.03	21.08	210.82	62.64	9.79
Gravita India Ltd.	45.11	45.11	280.44	37.36	15.12
Baheti Recycling Industries Ltd.	17.37	17.37	57.02	34.59	30.46
Jain Resource Recycling Ltd.	7.11	7.11	22.44	76.2	30.55

Financial data sourced from annual reports and stock exchange data, using restated financial statements for 2024-25. NAV per share (closing net worth divided by weighted average number of paid-up equity shares) and RoNW (net profit after tax divided by closing net worth).

IPO Review & Analyst Rating

The enterprise operates 13 production centers with an aggregate installed capacity of 6,05,850 MTPA. Operational stability depends on importing high-grade metal scrap from 198 international suppliers. The top ten enterprise clients generate more than half of total operating income. The structural format of this issue means that no fresh expansion capital enters the company balance sheet. Historical merchant banker statistics show that about one-third of past listings generated immediate capital losses. The issue posted growth and appears fully priced.

Analyst Name	Recommendation
Sahi Analysis	Neutral / Watch Caution
Independent Market Experts	Listing Gains (Conditional) – Monitor the QIB subscription queue on Day 3

Disclaimer: The information on the site is informational only. The contents of this blog are not financial advice. You should not invest in any stock market instrument without consulting your Financial advisor.

Sanjay Bambhaniya

Sanjay has 8+ years of experience in data-driven IPO insights. His expertise in digital marketing and web development complements his financial knowledge and helps him to develop effective fintech solutions. He is an entrepreneur and director who helps investors understand complex primary market trends in easy-to-understand IPO reports, news, and updates.

Discussion & Feedback

0 Comments

No comments yet. Be the first to share your thoughts!