CMR Green Technologies: India’s Largest Metal Recycler Goes Public

A metal recycler based on the outskirts of India’s capital made a successful market debut, with its shares listing at a premium of over 43% to its initial public offering (IPO) price. 

Founded in 2006 in Faridabad, CMR Green Technologies has grown from a small metal-processing venture into India’s leading company in the non-ferrous metal recycling sector. 

The company focuses on manufacturing recycled aluminium and zinc alloy products tailored for the secondary aluminium market.

On the BSE, the company’s shares were listed at Rs 275.40 per share, a 43.44 per cent premium, and on the NSE, at Rs 268 per share, a strong 39.58 per cent premium. The Rs 631-crore issue had a price band of Rs 182-192 per share.

The company, originally part of the CMR Group (Century Metal Recycling), has achieved a remarkable CAGR of over 25% since its inception, solidifying its position as India’s top producer of aluminium-based die-casting alloys, with an annual capacity of 605,850 MT.

CMR Green Technologies operates at the heart of India’s circular economy, specialising in sustainable metal recycling and alloy manufacturing. Its core solutions include:

• Aluminium & Zinc Alloys: Processing complex scrap from global hubs (Asia, Europe, Africa, Middle East, Americas) into premium liquid and ingot aluminium alloys and zinc alloy ingots

• Furnace-Ready Scrap & Billets: Manufacturing furnace-ready stainless steel, brass, copper, lead, and magnesium scrap, plus high-grade engineering aluminium billets for automotive and non-automotive sectors

• Recycling Facilities: Operating India’s most extensive recycling network with a robust procurement chain spanning domestic and global markets

The company serves blue-chip OEMs and Tier-1 suppliers, including Hero MotoCorp, Bajaj Auto, Honda Cars India, Royal Enfield, Endurance Technologies, and Yamaha, commanding ~70% market share in India’s liquid secondary aluminium market and 30-35% in the automotive segment.

On June 3, CMR Green Technologies launched its IPO with an issue size of ₹630.88 crore through an offer-for-sale, in which promoters are selling shares, and the company won’t receive proceeds.

Financially, the company demonstrated remarkable recovery, posting ₹155 crore profit after tax in FY25 against an ₹838.6 crore loss in FY24, with revenues growing 12% to ₹6,666.5 crore.

With its market leadership, strong OEM integrations, and alignment with India’s sustainability goals, CMR Green Technologies represents a unique play on the growing recycling economy, offering investors exposure to the circular bioeconomy sector.