CMR Green Technologies Ltd IPO
Status: Closed
Overview
IPO date
03 Jun 2026 to 05 Jun 2026
Face value
₹ 2 per share
Price
₹ 182 to ₹192 per share
Issue Size
32,858,323 shares
(aggregating up to ₹ 630.62 Cr)
(aggregating up to ₹ 630.62 Cr)
Allotment Date
08 Jun 2026
Listing at
NSE
Issue type
Book Building
Sector
Miscellaneous
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T&C*
Strengths vs Risks of CMR Green Technologies Ltd
Know the pros & cons
Strengths
- Leading recycler in the domestic aluminium recycling industry in India with significant entry barriers, also positioned as a critical enabler of the aluminium industry's decarbonization imperative.
- Key supplier of liquid aluminium alloy.
- Strong and diversified supplier base for sourcing raw materials.
- Long-standing relationships with our customers.
- Strategic alliances through joint ventures.
- Our facilities, technology, quality processes and engineering expertise.
- Experienced and qualified management team with people focused culture.
- Environment friendly business supported by green technologies and processes with focus on ESG.
Risks
- The company depends on a limited number of customers for significant portions of its revenues. For December 31, 2025, 20.93% of the company consolidated revenue from operations was derived from its top 3 customers, and 32.53% was contributed by the company top 5 customers. The loss of one or more of its top customers or significant reduction in production and sales of, or demand for its production from the company significant customers may adversely affect its business, financial condition, result of operations and cash flows.
- The company derives a substantial portion of its revenue from the sale of key products such as liquid aluminium alloys and aluminium alloy ingots which contribute 81.85%, 78.42%, 76.95% and 73.13% of the company revenue from operations excluding export incentives, government subsidy/ other incentive for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively and any loss of sales dues to reduction in demand for these products could adversely affect its business, financial condition, results of operations and cash flows. In addition, the company may not be able to diversify into new product lines which may adversely affect its business, revenue from operations, cash flows and financial condition.
- The company has experienced losses amounting to Rs.8,382.25 million in the Fiscal 2024 and its may continue to incur losses in the future which could has an adverse effect on its business, results of operations and cash flows.
- The company has experienced negative cash flows from operating activities in previous Fiscals/ period where its operating cash flows reduced by 224.16% in Fiscal 2024 to Fiscal 2025 and the company cannot assure you that its will not experience negative cash flows in future periods. Negative cash flows may adversely affect the company financial condition, results of operations and prospects.
- The company has an outstanding proceeding initiated by Enforcement Directorate, Mumbai.
- Conflicts of interest may arise out of common business objects shared by the Company and some of its Group Companies. Additionally, the company Promoters may has in the past been associated with other companies which may has similar names and may be in the same line of business as that of the Company.
- The company Statutory Auditors has included certain matters of emphasis in connection with the Companies (Auditor's Report) Order, 2020 in the examination report issued in respect of the Restated Consolidated Financial Statements.
- CCIIPL, CMRC and KAPL which has been identified as a group company of the Company and CCIIPL and CMRC which has been identified as a joint venture of the Company in terms of the SEBI ICDR Regulations, has not provided information or any confirmations or undertakings pertaining to itself that are required to be disclosed in relation to a company identified as a group company and/or joint venture in this Red Herring Prospectus.
- As on December 31, 2025, the company had total borrowings comprising non-current borrowings and current borrowings aggregating to Rs.13,032.17 million, on a consolidated basis. Its indebtedness and the conditions and restrictions imposed on the company by its financing agreements could adversely affect the company ability to conduct its business.
- There is outstanding litigation against the Company, its Subsidiaries, the company Directors, its Promoters, the company KMPs and SMPs, which if determined adversely, could affect its business, cash flows and results of operations.
- Restrictions on import of raw materials into India or export of the company raw materials from the other jurisdictions and an increase in shipment cost may adversely impact its business, cash flows and results of operations.
- The domestic and global metal recycling industry is subject to certain threats and challenges, which if materialize will adversely affect the company business, results of operation, financial condition and cash flows.
- The company operations involve melting of aluminium scrap in the furnaces as well as transportation of high temperature liquid metal to its customers. These activities can be extremely dangerous and any accident, including any spill-over of high temperature liquid metal could cause serious injury to people or property and in certain circumstances, even death, during transit and this may adversely affect the company production schedules, costs, sales and ability to meet customer demand.
- The company has recorded sharp decrease in Net worth from Rs.11,951.89 million in Fiscal 2023 to Rs.3,175.35 million in Fiscal 2024. Such event in the future may has a significant adverse impact on its financial condition and may lead to further erosion of the company net worth.
- The company inability to successfully diversify its product offerings may adversely affect the company growth and negatively impact its profitability.
- The company has entered into a number of related party transactions and may continue to enter into such transactions under Ind AS 24, in the future, and there can be no assurance that its could not has achieved more favourable terms had such transactions not been entered into with related parties.
- The company operations requires individuals to work under potentially dangerous circumstances. These activities can be extremely dangerous and any accident, including any spill-over of high temperature liquid metal could cause serious injury to people or property and in certain circumstances, even death, during transit and this may adversely affect its production schedules, costs, sales and ability to meet customer demand.
- One of the company service providers has claimed that its has committed defaults in the repayment of certain amounts under a facility availed by the Company and has initiated several litigation proceedings, including a corporate insolvency resolution process, against its Company. If any adverse findings are made in any proceedings against its or the company is declared insolvent, its business, cash flows and financial condition could be affected adversely.
- The company has an outstanding proceeding initiated by the Commissioner of Central Excise, Faridabad - II, which in the event of an adverse ruling, may subject its to penalties and fines, which may impact the company business operations.
- One of the company manufacturing units, namely the Odisha Unit is entirely dependent on a single customer, Hindalco Industries Limited, and any reduction, termination or non-renewal of business from this customer could has a material adverse effect on the company business, financial condition and results of operations.
- The company is subject to stringent labour laws or other industry standards and any strike, labour unrest, work stoppage or increased wages demand by its employees or any other kind of disputes with the company employees could adversely affect its business, financial condition, results of operations and cash flows. The company also appoint contract labour for carrying out certain operations and its may be held responsible for paying the wages of such workers if the independent contractors through whom such workers is hired default on their obligations, and such obligations could has an adverse effect on the company cash flows, results of operations and financial condition.
- The company insurance coverage may not adequately protect its against all material hazards.
- Information relating to the installed manufacturing capacity, actual production and capacity utilisation of the company manufacturing facilities in India included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.
- The company heavily depends on its customers in the automotive industry and is significantly dependent on the performance of the automotive sector in India and overseas. A loss of, or a significant decrease in business from these customers or a change in the preference of alloys used in the automotive industry or any adverse changes in the conditions affecting this sector can adversely impact its business, results of operations, cash flows and financial condition.
- Volatility in the supply and pricing of the company raw materials may has an adverse effect on its business, cash flows, financial condition and results of operations. The company depends on third party suppliers for the supply of raw materials required for its business operations and the company raw material suppliers could fail to meet their obligations or availability of the raw materials or fluctuations in their prices, which may has a material adverse effect on its business, cash flows, results of operations and financial condition.
- Industry information included in the Offer Documents has been derived from the ICRA Report, which was prepared by ICRA and exclusively commissioned and paid for by the Company for the purposes of the Offer, and any reliance on information from the ICRA Report for making an investment decision in the Offer is subject to inherent risks.
- The company is subject to strict quality requirements and are consequently required to incur significant expenses to maintain its product quality. Any failures to comply with such quality standards may lead to cancellation of existing and future orders, costs incurred because of customer rejections which may adversely affect the company reputation, financial conditions, cash flows and results of operations.
- The company inability to accurately forecast demand for its products, and accordingly manage the company inventory, may has an adverse effect on its business, cash flows, financial condition and results of operations.
- The company does not has firm commitment long-term agreements with its customers. If the company customers choose not to source their requirements from its or manufacture such products in-house, the company business, cash flows and results of operations may be adversely affected.
- Certain of the company Directors, Promoters and members of its Promoter Group has interests in the Company other than reimbursement of expenses incurred and normal remuneration or benefits.
- The contingent liabilities as at December 31, 2025 as per Ind AS 37, as disclosed in its Restated Financial Information could adversely affect the company financial condition.
- Under-utilization of the company capacities in its recycling operations and an inability to effectively utilize the company expanded capacities could has an adverse effect on its business, future prospects and future financial performance.
- The company relies on third-party transportation providers for procurement of raw materials and for supply of its products and failures by any of the company transportation providers could result in loss in sales.
- A portion of the company revenues 2.50%, 1.54%, 4.72% and 6.81% of its total revenue from operations in the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively are dependent on the company exports to its international customers which exposes the company to risks inherent to operations in these foreign jurisdictions. Any adverse developments in the international markets that its operates or intend to expand to, including but not limited to foreign currency exchange rate fluctuations, could has an adverse effect on the company business, financial condition, cash flows and results of operations. Any failures to fulfil the requirements of its international customers may adversely affect the company revenues, result of operations and cash flows.
- The company continued operations is critical to its business and any disruption to essential utilities such as power or fuel sources or any shutdown of the company manufacturing facilities may has an adverse effect on its business, results of operations, financial condition and cash flows.
- Pricing pressure from customers may adversely affect the company profitability and ability to increase its prices, which in turn may materially adversely affect the company business, cash flows, results of operations and financial condition.
- The geographical concentration of the company manufacturing facilities may restrict its operations and adversely affect the company business, cash flows, results of operations and financial conditions.
- The company may incur substantial relocation costs on account of its business or customers' requirement to locate the company manufacturing facilities to be in proximity to its customers' facilities by availability of land or other location issues.
- The company manufacturing process is dependent on a technology driven production system. Any inability to successfully develop or procure specialized technology will adversely affect its business, financial condition, result of operations and cash flows.
- The company has undertaken and may continue to undertake joint ventures in the future, which may be difficult to integrate and manage. Further, its joint venture partners may not perform their obligations satisfactorily and their interests may differ from the company, which could has a material adverse effect on its business, cash flows and results of operations.
- There has been certain delays in payment of statutory dues in the past. Any delay in payment of statutory dues, may result in the imposition of penalties and in turn may has an adverse effect on the company business, financial condition, results of operation and cash flows.
- The company is unable to trace some of its historical corporate records. The company cannot assure you that no legal proceedings or regulatory actions will be initiated against its Company in future in relation to the missing corporate records which may impact the company cash flows, financial condition and reputation.
- The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of its projects and adversely affect the company business, financial condition and results of operations.
- The company may fail to protect its intellectual property, including the company designs and is susceptible to litigation for infringement of intellectual property rights in relation to such designs. This could materially and adversely affect the company reputation, results of operations and financial condition.
- The company faces competition in the recycled metals industry. Failures to compete effectively may has an adverse impact on its business, financial condition, results of operations and cash flows.
- The company failures to identify and understand evolving industry trends and preferences and to develop new products to meet its customers' demands may materially adversely affect the company business.
- The company own a large range of equipment and has a large number of contract workers, resulting in increased costs to its Company. In the event the company is not able to generate adequate cash flows, it may has a material adverse impact on its cash flows and operations.
- The company is subject to various law and regulations, including environmental and health and safety laws and regulations, which may subject its to increased compliance costs, which may in turn result in an adverse effect on the company financial condition.
- The company may not be successful in implementing its strategies, which could adversely affect the company business, cash flows, results of operations and future prospects.
- The company is dependent on a number of key management personnel and senior management personnel and the loss of such persons, or its inability to attract and retain such personnel in the future, could adversely affect the company business, growth prospects, results of operations and cash flows.
- The company is subject to stringent labour laws or other industry standards and any strike, labour unrest, work stoppage or increased wages demand by its employees or any other kind of disputes with the company employees could adversely affect its business, financial condition, results of operations and cash flows.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company results of operations and cash flows.
- The company may be subject to counter party credit risk from its operating activities and the company financing activities.
- Increases in interest rates may materially impact the company cash flows and results of operations.
- Customer consolidation, integration and takeovers could adversely impact the company financial position, results of operations and cash flows.
- The company has working capital requirements and may requires additional financing to meet those requirements, which could has an adverse effect on its business, cash flows, results of operations and financial condition.
- Failures or disruption of the company IT and/or ERP systems may adversely affect its business, financial condition, cash flows, results of operations and prospects.
- The Offer Price, and price to earnings ratio based on the Offer Price of the Company may not be indicative of the market price of its Company on listing or after the Offer.
- The company failures to keep its technical knowledge confidential could erode the company competitive advantage.
- The land and premises for the company Registered and Corporate Office and certain of its manufacturing facilities are taken on lease by the company. If its or the company business partners is unable to renew existing leases or relocate operations on commercially reasonable terms, there may be an adverse effect on its business, financial condition, result of operations and cash flows. Further, any failures or delay in the acquisition of land or an inability to acquire land at acceptable costs or on commercially reasonable terms may adversely affect the company business, cash flows, results of operations and financial condition.
- If the company fail to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company financial risks.
- The company Promoter and Promoter Group will continue to retain majority shareholding in its after the Offer, which will allow them to exercise significant influence over the company.
- Majority of the company directors including its independent directors does not has any experience of being a director in a listed company. This may requires them to divert their attention from its business concerns to understand the detailed operations of a listed company.
- Any downgrading of the company credit rating may increase interest rates for its future borrowings, which would increase its cost of borrowings, and adversely affect the company ability to borrow on a competitive basis.
- The company might infringe upon the intellectual property rights of others or others might infringe upon its intellectual property rights, which could harm the company competitive position.
- The company has entered into certain credit facilities that is repayable on demand. Any unexpected demand for repayment of such facilities by the lenders may adversely affect the company business, financial condition, cash flows and result of operations.
- The company has claimed insurance in the past with respect to a haircut on outstanding dues from one of its customers. Any delays, shortfalls, or disputes in relation to insurance claims may affect the Company's business, financial condition, results of operations, and cash flows.
- Failures to manage its inventory could has an adverse effect on the company business, results of operations, profitability and margins, cash flows and financial condition.
- The company business operations is reliant on a customer relationship transfer agreement, termination of this agreement or disruption in relations with the identified customer, could disrupt its business and adversely affect the company financial condition.
- The company has set up a joint venture Nikkei CMR Aluminium India Private Limited for setting up the business of manufacturing, marketing and selling aluminium ingots, liquid and molten metal and other products. Termination of the joint venture could disrupt its business and adversely affect the company financial condition.
- Certain non-GAAP financial measures and certain other statistical information relating to the company operations and financial performance like EBITDA, Net Debt to Equity, Net Fixed Assets Turnover Ratio, Net Asset Value per Equity Share has been included in this Red Herring Prospectus. These non-GAAP financial measures is not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
- The Company has not paid dividends in the last 3 Fiscals and during the current Fiscal. There can be no assurance that its Company will be in a position to pay dividends in the future.
- The proceeds from the Offer for Sale will be paid to the Selling Shareholders, including the company Promoters.
CMR Green Technologies Ltd Peer Comparison
Understand the company’s industry standing
CMR Green Techs. Ltd
Pondy Oxides and Chemicals Limited
Gravita India Limited
Face Value
2
5
2
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
6696.66
2059.16
3980.61
EPS-Basis
6.5
22.03
45.11
EPS-Diluted
6.5
21.08
45.11
NAV Per Share
20.93
210.82
280.44
P/E-Basic EPS
---
62.64
37.36
P/E-Diluted EPS
---
---
---
RONW(%)
31.08
9.79
15.12
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 03 Jun 2026 & closes on 05 Jun 2026.
CMR Green Technologies Limited was incorporated in New Delhi as Grand Metal Industries Private Limited' dated August 23, 2005. Thereafter, pursuant to conversion to a Public Company, name of the Company was changed to Grand Metal Industries Limited', on May 28, 2020. Subsequently, the name was again changed to CMR Green Technologies Limited' following the Scheme of Arrangement and a a fresh Certificate of Incorporation dated August 11, 2021 issued to Company by the RoC.
The Company is primarily focused on the recycling of aluminum, which involves processing of aluminium based metal scrap to manufacture aluminium alloys and supplying them both in liquid form as well as solid ingots, and on the manufacturing of zinc alloys. Additionally, the Company focus on segregation and recycling of other metals including stainless steel, copper and brass, and recycling of end-of-life vehicles by undertake dismantling, shredding and sorting of ELV parts.
The Company presently operate through 13 manufacturing facilities of which, 10 facilities undertake aluminium recycling operations, targeted towards automotive manufacturing sector in India and overseas. It started supplying liquid aluminium, through its manufacturing
facilities in September 2008, and through partnership with Nikkei and Toyota Tsusho., also set up road transport in November 2013. It commenced supply of liquid aluminium in South India through CMRT in 2017, which was was 9,421.62 MT. In addition, it established a plant at Balasar, Gujarat in year 2020 through undertaking of business in dismantling of electric motors catering to local recycling industry and metal traders.
The Company, Grand Metal Recycling Private Limited (GMRPL), Suvridhi Financial Services Limited (SFSL), Sanjivani Non Ferrous Trading Private Limited (SNFTPL), Ramayana Polymers Private Limited (RPPL), Forever Multimedia Private Limited (FMPL), Century Metal Recycling Limited (CMR and along with GMRPL, SFSL, SNFTPL, RPPL and FMPL, the Transferor Companies) and their respective shareholders filed a Scheme of Arrangement before the National Company Law Tribunal, Chandigarh (NCLT), which amalgamated into the Company, pursuant to its Order dated August 6, 2021 and consequently, the Scheme of Arrangement was effective on September 1, 2021.
The Company commenced business at Tirupati Unit for aluminium billets in FY24, and in Pune with Joint Venture Company, Nikkei CMR Aluminium. In 2025, it started manufacturing of aluminium alloys Ingots at the Sambalpur Plant.
The Company issued and allotted 32,858,323 Equity Shares of Rs 2 each via its Initial Offer and raised funds aggregating to Rs 630.62 crore through Offer for Sale on June 05, 2026.
CMR Green Technologies Ltd IPO will close on 05 Jun 2026.
- Leading recycler in the domestic aluminium recycling industry in India with significant entry barriers, also positioned as a critical enabler of the aluminium industry's decarbonization imperative.
- Key supplier of liquid aluminium alloy.
- Strong and diversified supplier base for sourcing raw materials.
- Long-standing relationships with our customers.
- Strategic alliances through joint ventures.
- Our facilities, technology, quality processes and engineering expertise.
- Experienced and qualified management team with people focused culture.
- Environment friendly business supported by green technologies and processes with focus on ESG.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Mohan Agarwal | 93854881 | 42.85 | 88895453 | 40.58 |
| 2 | Pratibha Agarwal | 44349780 | 20.25 | 44349780 | 20.25 |
| 3 | Akshay Agarwal | 21905549 | 10 | 21905549 | 10 |
| 4 | Raghav Agarwal | 21905549 | 10 | 21905549 | 10 |
| 5 | Gauri Shankar Agarwala (HUF) | 6466620 | 2.95 | 5466620 | 2.5 |
| 6 | Mohan Agarwal (HUF) | 1980540 | 0.9 | 1480540 | 0.68 |
| 7 | Akshay Agarwal Family Private | 780 | --- | 780 | --- |
| 8 | GS Agarwala Family Private Tru | 780 | --- | 780 | --- |
| 9 | K Agarwal Family Private Trust | 780 | --- | 780 | --- |
| 10 | Raghav Agarwal Family Private | 780 | --- | 780 | --- |
- The company depends on a limited number of customers for significant portions of its revenues. For December 31, 2025, 20.93% of the company consolidated revenue from operations was derived from its top 3 customers, and 32.53% was contributed by the company top 5 customers. The loss of one or more of its top customers or significant reduction in production and sales of, or demand for its production from the company significant customers may adversely affect its business, financial condition, result of operations and cash flows.
- The company derives a substantial portion of its revenue from the sale of key products such as liquid aluminium alloys and aluminium alloy ingots which contribute 81.85%, 78.42%, 76.95% and 73.13% of the company revenue from operations excluding export incentives, government subsidy/ other incentive for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively and any loss of sales dues to reduction in demand for these products could adversely affect its business, financial condition, results of operations and cash flows. In addition, the company may not be able to diversify into new product lines which may adversely affect its business, revenue from operations, cash flows and financial condition.
- The company has experienced losses amounting to Rs.8,382.25 million in the Fiscal 2024 and its may continue to incur losses in the future which could has an adverse effect on its business, results of operations and cash flows.
- The company has experienced negative cash flows from operating activities in previous Fiscals/ period where its operating cash flows reduced by 224.16% in Fiscal 2024 to Fiscal 2025 and the company cannot assure you that its will not experience negative cash flows in future periods. Negative cash flows may adversely affect the company financial condition, results of operations and prospects.
- The company has an outstanding proceeding initiated by Enforcement Directorate, Mumbai.
- Conflicts of interest may arise out of common business objects shared by the Company and some of its Group Companies. Additionally, the company Promoters may has in the past been associated with other companies which may has similar names and may be in the same line of business as that of the Company.
- The company Statutory Auditors has included certain matters of emphasis in connection with the Companies (Auditor's Report) Order, 2020 in the examination report issued in respect of the Restated Consolidated Financial Statements.
- CCIIPL, CMRC and KAPL which has been identified as a group company of the Company and CCIIPL and CMRC which has been identified as a joint venture of the Company in terms of the SEBI ICDR Regulations, has not provided information or any confirmations or undertakings pertaining to itself that are required to be disclosed in relation to a company identified as a group company and/or joint venture in this Red Herring Prospectus.
- As on December 31, 2025, the company had total borrowings comprising non-current borrowings and current borrowings aggregating to Rs.13,032.17 million, on a consolidated basis. Its indebtedness and the conditions and restrictions imposed on the company by its financing agreements could adversely affect the company ability to conduct its business.
- There is outstanding litigation against the Company, its Subsidiaries, the company Directors, its Promoters, the company KMPs and SMPs, which if determined adversely, could affect its business, cash flows and results of operations.
- Restrictions on import of raw materials into India or export of the company raw materials from the other jurisdictions and an increase in shipment cost may adversely impact its business, cash flows and results of operations.
- The domestic and global metal recycling industry is subject to certain threats and challenges, which if materialize will adversely affect the company business, results of operation, financial condition and cash flows.
- The company operations involve melting of aluminium scrap in the furnaces as well as transportation of high temperature liquid metal to its customers. These activities can be extremely dangerous and any accident, including any spill-over of high temperature liquid metal could cause serious injury to people or property and in certain circumstances, even death, during transit and this may adversely affect the company production schedules, costs, sales and ability to meet customer demand.
- The company has recorded sharp decrease in Net worth from Rs.11,951.89 million in Fiscal 2023 to Rs.3,175.35 million in Fiscal 2024. Such event in the future may has a significant adverse impact on its financial condition and may lead to further erosion of the company net worth.
- The company inability to successfully diversify its product offerings may adversely affect the company growth and negatively impact its profitability.
- The company has entered into a number of related party transactions and may continue to enter into such transactions under Ind AS 24, in the future, and there can be no assurance that its could not has achieved more favourable terms had such transactions not been entered into with related parties.
- The company operations requires individuals to work under potentially dangerous circumstances. These activities can be extremely dangerous and any accident, including any spill-over of high temperature liquid metal could cause serious injury to people or property and in certain circumstances, even death, during transit and this may adversely affect its production schedules, costs, sales and ability to meet customer demand.
- One of the company service providers has claimed that its has committed defaults in the repayment of certain amounts under a facility availed by the Company and has initiated several litigation proceedings, including a corporate insolvency resolution process, against its Company. If any adverse findings are made in any proceedings against its or the company is declared insolvent, its business, cash flows and financial condition could be affected adversely.
- The company has an outstanding proceeding initiated by the Commissioner of Central Excise, Faridabad - II, which in the event of an adverse ruling, may subject its to penalties and fines, which may impact the company business operations.
- One of the company manufacturing units, namely the Odisha Unit is entirely dependent on a single customer, Hindalco Industries Limited, and any reduction, termination or non-renewal of business from this customer could has a material adverse effect on the company business, financial condition and results of operations.
- The company is subject to stringent labour laws or other industry standards and any strike, labour unrest, work stoppage or increased wages demand by its employees or any other kind of disputes with the company employees could adversely affect its business, financial condition, results of operations and cash flows. The company also appoint contract labour for carrying out certain operations and its may be held responsible for paying the wages of such workers if the independent contractors through whom such workers is hired default on their obligations, and such obligations could has an adverse effect on the company cash flows, results of operations and financial condition.
- The company insurance coverage may not adequately protect its against all material hazards.
- Information relating to the installed manufacturing capacity, actual production and capacity utilisation of the company manufacturing facilities in India included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.
- The company heavily depends on its customers in the automotive industry and is significantly dependent on the performance of the automotive sector in India and overseas. A loss of, or a significant decrease in business from these customers or a change in the preference of alloys used in the automotive industry or any adverse changes in the conditions affecting this sector can adversely impact its business, results of operations, cash flows and financial condition.
- Volatility in the supply and pricing of the company raw materials may has an adverse effect on its business, cash flows, financial condition and results of operations. The company depends on third party suppliers for the supply of raw materials required for its business operations and the company raw material suppliers could fail to meet their obligations or availability of the raw materials or fluctuations in their prices, which may has a material adverse effect on its business, cash flows, results of operations and financial condition.
- Industry information included in the Offer Documents has been derived from the ICRA Report, which was prepared by ICRA and exclusively commissioned and paid for by the Company for the purposes of the Offer, and any reliance on information from the ICRA Report for making an investment decision in the Offer is subject to inherent risks.
- The company is subject to strict quality requirements and are consequently required to incur significant expenses to maintain its product quality. Any failures to comply with such quality standards may lead to cancellation of existing and future orders, costs incurred because of customer rejections which may adversely affect the company reputation, financial conditions, cash flows and results of operations.
- The company inability to accurately forecast demand for its products, and accordingly manage the company inventory, may has an adverse effect on its business, cash flows, financial condition and results of operations.
- The company does not has firm commitment long-term agreements with its customers. If the company customers choose not to source their requirements from its or manufacture such products in-house, the company business, cash flows and results of operations may be adversely affected.
- Certain of the company Directors, Promoters and members of its Promoter Group has interests in the Company other than reimbursement of expenses incurred and normal remuneration or benefits.
- The contingent liabilities as at December 31, 2025 as per Ind AS 37, as disclosed in its Restated Financial Information could adversely affect the company financial condition.
- Under-utilization of the company capacities in its recycling operations and an inability to effectively utilize the company expanded capacities could has an adverse effect on its business, future prospects and future financial performance.
- The company relies on third-party transportation providers for procurement of raw materials and for supply of its products and failures by any of the company transportation providers could result in loss in sales.
- A portion of the company revenues 2.50%, 1.54%, 4.72% and 6.81% of its total revenue from operations in the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively are dependent on the company exports to its international customers which exposes the company to risks inherent to operations in these foreign jurisdictions. Any adverse developments in the international markets that its operates or intend to expand to, including but not limited to foreign currency exchange rate fluctuations, could has an adverse effect on the company business, financial condition, cash flows and results of operations. Any failures to fulfil the requirements of its international customers may adversely affect the company revenues, result of operations and cash flows.
- The company continued operations is critical to its business and any disruption to essential utilities such as power or fuel sources or any shutdown of the company manufacturing facilities may has an adverse effect on its business, results of operations, financial condition and cash flows.
- Pricing pressure from customers may adversely affect the company profitability and ability to increase its prices, which in turn may materially adversely affect the company business, cash flows, results of operations and financial condition.
- The geographical concentration of the company manufacturing facilities may restrict its operations and adversely affect the company business, cash flows, results of operations and financial conditions.
- The company may incur substantial relocation costs on account of its business or customers' requirement to locate the company manufacturing facilities to be in proximity to its customers' facilities by availability of land or other location issues.
- The company manufacturing process is dependent on a technology driven production system. Any inability to successfully develop or procure specialized technology will adversely affect its business, financial condition, result of operations and cash flows.
- The company has undertaken and may continue to undertake joint ventures in the future, which may be difficult to integrate and manage. Further, its joint venture partners may not perform their obligations satisfactorily and their interests may differ from the company, which could has a material adverse effect on its business, cash flows and results of operations.
- There has been certain delays in payment of statutory dues in the past. Any delay in payment of statutory dues, may result in the imposition of penalties and in turn may has an adverse effect on the company business, financial condition, results of operation and cash flows.
- The company is unable to trace some of its historical corporate records. The company cannot assure you that no legal proceedings or regulatory actions will be initiated against its Company in future in relation to the missing corporate records which may impact the company cash flows, financial condition and reputation.
- The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of its projects and adversely affect the company business, financial condition and results of operations.
- The company may fail to protect its intellectual property, including the company designs and is susceptible to litigation for infringement of intellectual property rights in relation to such designs. This could materially and adversely affect the company reputation, results of operations and financial condition.
- The company faces competition in the recycled metals industry. Failures to compete effectively may has an adverse impact on its business, financial condition, results of operations and cash flows.
- The company failures to identify and understand evolving industry trends and preferences and to develop new products to meet its customers' demands may materially adversely affect the company business.
- The company own a large range of equipment and has a large number of contract workers, resulting in increased costs to its Company. In the event the company is not able to generate adequate cash flows, it may has a material adverse impact on its cash flows and operations.
- The company is subject to various law and regulations, including environmental and health and safety laws and regulations, which may subject its to increased compliance costs, which may in turn result in an adverse effect on the company financial condition.
- The company may not be successful in implementing its strategies, which could adversely affect the company business, cash flows, results of operations and future prospects.
- The company is dependent on a number of key management personnel and senior management personnel and the loss of such persons, or its inability to attract and retain such personnel in the future, could adversely affect the company business, growth prospects, results of operations and cash flows.
- The company is subject to stringent labour laws or other industry standards and any strike, labour unrest, work stoppage or increased wages demand by its employees or any other kind of disputes with the company employees could adversely affect its business, financial condition, results of operations and cash flows.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company results of operations and cash flows.
- The company may be subject to counter party credit risk from its operating activities and the company financing activities.
- Increases in interest rates may materially impact the company cash flows and results of operations.
- Customer consolidation, integration and takeovers could adversely impact the company financial position, results of operations and cash flows.
- The company has working capital requirements and may requires additional financing to meet those requirements, which could has an adverse effect on its business, cash flows, results of operations and financial condition.
- Failures or disruption of the company IT and/or ERP systems may adversely affect its business, financial condition, cash flows, results of operations and prospects.
- The Offer Price, and price to earnings ratio based on the Offer Price of the Company may not be indicative of the market price of its Company on listing or after the Offer.
- The company failures to keep its technical knowledge confidential could erode the company competitive advantage.
- The land and premises for the company Registered and Corporate Office and certain of its manufacturing facilities are taken on lease by the company. If its or the company business partners is unable to renew existing leases or relocate operations on commercially reasonable terms, there may be an adverse effect on its business, financial condition, result of operations and cash flows. Further, any failures or delay in the acquisition of land or an inability to acquire land at acceptable costs or on commercially reasonable terms may adversely affect the company business, cash flows, results of operations and financial condition.
- If the company fail to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company financial risks.
- The company Promoter and Promoter Group will continue to retain majority shareholding in its after the Offer, which will allow them to exercise significant influence over the company.
- Majority of the company directors including its independent directors does not has any experience of being a director in a listed company. This may requires them to divert their attention from its business concerns to understand the detailed operations of a listed company.
- Any downgrading of the company credit rating may increase interest rates for its future borrowings, which would increase its cost of borrowings, and adversely affect the company ability to borrow on a competitive basis.
- The company might infringe upon the intellectual property rights of others or others might infringe upon its intellectual property rights, which could harm the company competitive position.
- The company has entered into certain credit facilities that is repayable on demand. Any unexpected demand for repayment of such facilities by the lenders may adversely affect the company business, financial condition, cash flows and result of operations.
- The company has claimed insurance in the past with respect to a haircut on outstanding dues from one of its customers. Any delays, shortfalls, or disputes in relation to insurance claims may affect the Company's business, financial condition, results of operations, and cash flows.
- Failures to manage its inventory could has an adverse effect on the company business, results of operations, profitability and margins, cash flows and financial condition.
- The company business operations is reliant on a customer relationship transfer agreement, termination of this agreement or disruption in relations with the identified customer, could disrupt its business and adversely affect the company financial condition.
- The company has set up a joint venture Nikkei CMR Aluminium India Private Limited for setting up the business of manufacturing, marketing and selling aluminium ingots, liquid and molten metal and other products. Termination of the joint venture could disrupt its business and adversely affect the company financial condition.
- Certain non-GAAP financial measures and certain other statistical information relating to the company operations and financial performance like EBITDA, Net Debt to Equity, Net Fixed Assets Turnover Ratio, Net Asset Value per Equity Share has been included in this Red Herring Prospectus. These non-GAAP financial measures is not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
- The Company has not paid dividends in the last 3 Fiscals and during the current Fiscal. There can be no assurance that its Company will be in a position to pay dividends in the future.
- The proceeds from the Offer for Sale will be paid to the Selling Shareholders, including the company Promoters.
The Issue type of CMR Green Technologies Ltd is Book Building.
The minimum application for shares of CMR Green Technologies Ltd is 78.
The total shares issue of CMR Green Technologies Ltd is 32858323.
Initial public offering of 32,858,323 equity shares of face value of Rs. 2/- each ("Equity Shares") of CMR Green Technologies Limited ("Company") for cash at a price of Rs. 192 per equity share of face value of Rs. 2 each (including a share premium of Rs. 190 per equity share) ("Offer Price") aggregating to Rs. 630.62 Crores through an offer for sale of up to 4,959,428 equity shares of face value of Rs. 2 each aggregating to Rs. 95.02 Crores by Mohan Agarwal ("Promoter Selling Shareholder"), 1,000,000 equity shares of face value of Rs. 2 each aggregating to Rs. 19.16 Crores by Gauri Shankar Agarwala HUF (through its karta), 500,000 equity shares of face value of Rs. 2 each aggregating to Rs. 9.58 Crores by Mohan Agarwal HUF (through its karta) (Gauri Shankar Agarwala HUF and Mohan Agarwal HUF are collectively referred to as "Promoter Group Selling Shareholders") and up to 26,398,895 equity shares of face value of Rs. 2 each aggregating to Rs. 506.86 Crores by Global Scrap Processors Limited ("Investor Selling Shareholder") (together, the promoter selling shareholders, the promoter group selling shareholders and investor selling shareholders are collectively referred to as "Selling Shareholders" and such offer for sale by the selling shareholders, the "Offer For Sale" or the "Offer"). The offer included a reservation of 143,678 equity shares of face value of Rs. 2, aggregating to Rs. 2.5 Crores (constituting 0.07% of the post-offer paid-up equity share capital), for subscription by eligible employees ("Employee Reservation Portion"). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The company, in consultation with the BRLMS, offered a discount of Rs. 18 per equity share to eligible employees bidding in the employee reservation portion ("Employee Discount"). The offer and net offer constitute 15.00% and 14.93% respectively, of the post-offer paid-up equity share capital of the company, respectively .
Price Band: Rs. 192 per equity share of face value of Rs. 2 each.
The floor price is 96.00 times of the equity shares.
Bids can be made for a minimum of 78 equity shares of face value of Rs. 2 each and in multiples of 78 equity shares of face value of Rs. 2 each thereafter.
A discount of Rs. 18 per equity share is being offered to eligible employees bidding in the employee reservation portion.