CMR Green Technologies IPO opens: Should you apply? Check price band, rating, GMP & more

The initial public offering (IPO) of CMR Green Technologies kicks-off for bidding on Wednesday, June 03 and can be subscribed until Friday, June 05. The company is selling its share in the range of Rs 182-192 apiece and investor can apply for a minimum of 78 equity shares and its multiples thereafter.

The Rs 630.88 crore-IPO of CMR Green Technologies  is entirely an offer-for-sale (OFS) of up to 3,28,58,323 equity shares from promoters and other shareholders. The company will not receive any proceeds from the issue. Ahead of opening of its issue, CMR Green is commanding a grey market premium (GMP) of Rs 63-65 per share, suggesting up to 33 per cent upside for investors.

Faridabad-based CMR Green Technologies is a non-ferrous metal recycler and secondary aluminium market, specializing in aluminium and zinc die-casting alloys. It manufacture recycled aluminium alloys, zinc alloy ingots and segregated furnace ready scrap of stainless steel, copper, brass, zinc, lead and magnesium, amongst others.

Ahead of its IPO, CMR Green raised a Rs 188.44 crore from anchor investors as it allocated 98.14 lakh equity shares for Rs 192 apiece. Its anchor book included names like Goldman Sachs Funds, BNP Paribas Funds, Citigroup, Susquehanna Pacific, SBI Mutual Fund, HDFC MF, Nippon India MF, 360 One Equity Opportunities Fund, Bank of India MF, Abakkus Growth Fund and others.

CMR Green Technologies, incorporated in 2006,, produces aluminium billets that cater to both automotive and non-automotive sectors. It serves major OEMs and Tier-1 automotive component manufacturers such as Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Endurance Technologies, Maruti Suzuki, and Jindal Stainless.

CMR Green Technologies has reserved shares worth Rs 2.5 crore for its eligible employees, who will get a discount of Rs 18 per share. It has reserved 50 per cent of the net offer for the qualified institutional bidders (QIBs), while retail and non institutional investors shall get 35 per cent and 15 per cent shares, respectively.

For the period ended on December 31, 2025, CMG Green reported a net profit at Rs 162.39 crore, with a revenue of Rs 6,291 crore. The company clocked a net profit at Rs 155.04 crore with a revenue of Rs 6,696.66 crore for the financial year ended on March 31, 2025. At the current valuations, the company is commanding a market capitalization of Rs 4,205 crore.

Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are the book running lead managers for the CMR Green IPO and Kfin Technologies Ltd is the registrar of the issue. Shares of the company shall be listed on June 10, Wednesday on both BSE Ltd and NSE. Here's what a host of brokerage firms say about the IPO of CMR Green:
 

SBI Securities
Rating: Subscribe
CMR Green is a leading non-ferrous metal recycling company and the largest player in the domestic aluminium recycling industry. It uses derivative financial instruments such as forward exchange contracts to hedge risks associated with these foreign currency and commodity price fluctuations, said SBI Securities.

"It is well placed to capitalize on strong sector tailwinds, with India recycled aluminium market - sales volume (mnt) and India recycled aluminium market (USD bn) to grow at a CAGR of 11.2 per cent/13.2 per cent from FY26E-FY30E. We recommend investors to 'subscribe' to the issue at the cut-off price," it added.

SMIFS
Rating: Subscribe
As utilisation improves further and the new facilities mature, the incremental capacity should increasingly reflect in both topline growth and profit expansion, supported by scale benefits, better fixed-cost absorption, and a richer product mix. It model is strengthened by its role in the circular economy, technical processing capabilities, and leadership in a segment, said SMIFS. 

"We view CMR Green Technologies as a good long-term investment, with the next phase of earnings growth likely to come from utilisation ramp-up, higher value-added products, and continued expansion across India’s recycled metals market," it added with a 'subscribe' rating.

DR Choksey Finserv
Rating: Subscribe
CMR Green Technologies enters the public market at a time when the structural tailwinds behind aluminium recycling EV adoption driving 3 times higher aluminium intensity; tightening global carbon regulations ; and India's circular economy policy push are stronger than they have ever been. It is not riding a cycle; it is positioned at the centre of a long duration shift in how India sources its aluminium, said DR Choksey Finserv.

"The near-term picture requires patience. Margins, while improving, remain thin and will stay that way this is a high-turnover, low-margin business by design. The balance sheet has been stretched by two years of aggressive capex, and working capital will continue to consume cash as volumes scale. We do not expect a sudden inflection in profitability," it added with a 'subscribe' rating.

BP Equities
Rating: Subscribe for long-term
"The issue is valued at a P/E multiple of 21.3 times based on FY26E earnings, which is lower compared to its peers. Considering its leadership position in the recycled metals industry, strong operational capabilities, improving financial performance, and attractive valuation, we recommend a 'subscribe' rating from a medium-to-long-term perspective," said BP Equities.

Kantilal Chhaganlal Securities
Rating: Subscribe for long-term
CMR Green is the Leading non ferrous metal recycler by installed capacity as of March 31,2025. It holds  market share in Indian secondary market in terms of revenue from operation valuation stand at 27.13 times P/E looks attractive compared to peers, Indian recycled aluminum industry to grow at CAGR of 11.2 per cent to 13.2 per cent  FY26E-FY 30E, said Kantilal Chhaganlal Securities.

"It continues to invest in higher technological capabilities to capitalize on future trends focused on expanding technological capabilities and capacity through continued investments in plant and equipment, along with strategic alliances for advanced ‘green’ aluminum technologies. The issue us valued at PE 27.1 times based on FY25 Annualized 9MFY26," it said with a 'subscribe for long-term' rating. 

Ventura Securities
Rating: Subscribe
CMR Green posted total revenues of Rs 6,666.5 crore in FY25 with a net profit of Rs 142.5 crore compared with a net loss in FY24 due to exceptional item adjustments. In 9M-FY26, net profit stood at Rs 162.4 crore on revenues of Rs 6,291 crore. PAT margins improved to 2.32 per cent in FY25 and 2.59 per cent in 9MFY26. Based on FY25 earnings, the P/E stands at 27.1 times, said Ventura.

"Strengths include market leadership, diversified product portfolio, largescale capacity, multiple strategic facilities, and sustainable, low-capex production. Weaknesses encompass segment concentration, reliance on top customers, moderate margins, and exposure to commodity and operational volatility," it added with a 'subscribe' rating for the issue.