{"id":14091,"date":"2026-06-04T06:32:03","date_gmt":"2026-06-04T06:32:03","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14091"},"modified":"2026-06-05T09:15:52","modified_gmt":"2026-06-05T09:15:52","slug":"cmr_green_technologies","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/cmr_green_technologies\/","title":{"rendered":"Liquid Mettle: The CMR Green Technologies IPO"},"content":{"rendered":"<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"brief-ipo-highlight\"><strong>Brief IPO Highlight\u00a0<\/strong><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-14095 aligncenter\" src=\"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/06\/TCQaO-3-300x282.png\" alt=\"\" width=\"566\" height=\"532\" srcset=\"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/06\/TCQaO-3-300x282.png 300w, https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/06\/TCQaO-3.png 760w\" sizes=\"(max-width: 566px) 100vw, 566px\" \/><\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-big-picture\"><strong>The Big Picture<\/strong><\/h2>\n<p>India\u2019s aluminium industry runs on two tracks.<\/p>\n<p>Primary aluminium is made by smelting bauxite ore. Hindalco and Vedanta run large primary smelting operations. But it\u2019s expensive to produce and carbon heavy.<\/p>\n<p>The second is recycled aluminium. Recyclers extract aluminium from scrap and sell it to manufacturers. This process emits upto 97% less emissions.<\/p>\n<p><strong>CMR Green Technologies Limited is one of the market leading non-ferrous metal recycler primarily dealing in aluminium.<\/strong><\/p>\n<p>Going live on June 3, 2026, the IPO closes on June 5th. The offering is an Offer for Sale only, of 3.29 Cr shares, worth Rs 631 Cr, mostly to raise liquidity for the promoters.<\/p>\n<h2 id=\"the-business-model\"><strong>The Business Model<\/strong><\/h2>\n<p><strong>CMR operates mainly across two verticals:<\/strong><\/p>\n<ul>\n<li><strong>Aluminium and zinc alloys:<\/strong>\u00a0Sold primarily to automotive OEMs and Tier 1 companies as liquid aluminium alloy (37% of volume alone as on 9MFY26), aluminium ingots (35% volume), and zinc alloys (1.3% volume).<\/li>\n<\/ul>\n<ul>\n<li><strong>Segregation and recycling of other metals\u00a0<\/strong>such as stainless steel, copper, brass, lead, and magnesium. After sorting the aluminium, these metals are sold as segregated, furnace-ready scrap to manufacturers like Jindal Stainless and Aurubis.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!1izZ!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F25203a65-74c2-404a-b2e4-feb890cebaad_1156x720.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!1izZ!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F25203a65-74c2-404a-b2e4-feb890cebaad_1156x720.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!1izZ!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F25203a65-74c2-404a-b2e4-feb890cebaad_1156x720.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!1izZ!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F25203a65-74c2-404a-b2e4-feb890cebaad_1156x720.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal aligncenter\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!1izZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F25203a65-74c2-404a-b2e4-feb890cebaad_1156x720.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!1izZ!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F25203a65-74c2-404a-b2e4-feb890cebaad_1156x720.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!1izZ!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F25203a65-74c2-404a-b2e4-feb890cebaad_1156x720.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!1izZ!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F25203a65-74c2-404a-b2e4-feb890cebaad_1156x720.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!1izZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F25203a65-74c2-404a-b2e4-feb890cebaad_1156x720.png 1456w\" alt=\"\" width=\"1156\" height=\"720\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/25203a65-74c2-404a-b2e4-feb890cebaad_1156x720.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:720,&quot;width&quot;:1156,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<p>CMR operates\u00a0<strong>13 recycling facilities<\/strong>\u00a0with a combined installed capacity of 6 lakh MTPA as of 9MFY2026.<\/p>\n<p>Among domestic peers, CMR is the only player with multiple Japanese joint venture partners like\u00a0<strong>Nikkei MC, Toyota<\/strong>, among others. This gives it access to proprietary temperature-control and quality-monitoring technology calibrated to Japanese OEM specifications.<\/p>\n<h2 id=\"the-national-opportunity-for-aluminium\"><strong>The National Opportunity for Aluminium<\/strong><\/h2>\n<ul>\n<li><strong>The recycled aluminium market in India\u00a0<\/strong>is expected to reach $9 billion by FY30 up from ~$5 billion in FY25.\u00a0<em><a href=\"https:\/\/mmcm.in\/blog\/scope-3-emissions\/\">OEM Scope 3<\/a>\u00a0<\/em>targets make the shift to recycled metals non-optional. This makes it a very\u00a0<strong>high growth<\/strong>\u00a0and lucrative market.<\/li>\n<li><strong>CMR holds ~45% market share by volume\u00a0<\/strong>in India\u2019s automotive cast alloy segment in FY25. Its installed capacity is approximately\u00a0<strong>4x\u00a0<\/strong>the nearest domestic competitor.<\/li>\n<li><strong>Liquid aluminium supply\u00a0<\/strong>requires plants within ~25 km of the customer. This limits liquid supply in India to a small set of technically capable, well-capitalised players, of which,\u00a0<strong>CMR is the largest by far<\/strong>.\n<div><\/div>\n<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"operational-kpis\"><strong>Operational KPIs<\/strong><\/h2>\n<ol>\n<li><strong>Aluminium alloy revenue<\/strong>\u00a0rose ~20% from Rs 4,282 Cr in FY23 to Rs 5,226 Cr through FY25, while other metals revenue fell ~8% from Rs 1,573 Cr to Rs 1,438 Cr.\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Um1L!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd0563e3-9e3e-43bd-9916-a710359000b9_670x446.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Um1L!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd0563e3-9e3e-43bd-9916-a710359000b9_670x446.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Um1L!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd0563e3-9e3e-43bd-9916-a710359000b9_670x446.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Um1L!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd0563e3-9e3e-43bd-9916-a710359000b9_670x446.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal aligncenter\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Um1L!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd0563e3-9e3e-43bd-9916-a710359000b9_670x446.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Um1L!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd0563e3-9e3e-43bd-9916-a710359000b9_670x446.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Um1L!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd0563e3-9e3e-43bd-9916-a710359000b9_670x446.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Um1L!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd0563e3-9e3e-43bd-9916-a710359000b9_670x446.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Um1L!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd0563e3-9e3e-43bd-9916-a710359000b9_670x446.png 1456w\" alt=\"\" width=\"528\" height=\"351.47462686567167\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/dd0563e3-9e3e-43bd-9916-a710359000b9_670x446.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:446,&quot;width&quot;:670,&quot;resizeWidth&quot;:528,&quot;bytes&quot;:27504,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/200432008?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd0563e3-9e3e-43bd-9916-a710359000b9_670x446.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<p>&nbsp;<\/li>\n<li><strong>Revenue Share of liquid aluminium has been increasing.\u00a0<\/strong>Liquid aluminium\u2019s revenue share rose from 49% in FY23 to 55% in FY25. It should be noted that if any clients relocate their factories, it would be costly for CMR to relocate their units to be close to the new locations.\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!5kPv!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2aa097d-3fd9-41d4-9b71-a668c1fa49c1_1662x918.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5kPv!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2aa097d-3fd9-41d4-9b71-a668c1fa49c1_1662x918.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5kPv!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2aa097d-3fd9-41d4-9b71-a668c1fa49c1_1662x918.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5kPv!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2aa097d-3fd9-41d4-9b71-a668c1fa49c1_1662x918.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!5kPv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2aa097d-3fd9-41d4-9b71-a668c1fa49c1_1662x918.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!5kPv!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2aa097d-3fd9-41d4-9b71-a668c1fa49c1_1662x918.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5kPv!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2aa097d-3fd9-41d4-9b71-a668c1fa49c1_1662x918.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5kPv!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2aa097d-3fd9-41d4-9b71-a668c1fa49c1_1662x918.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5kPv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2aa097d-3fd9-41d4-9b71-a668c1fa49c1_1662x918.png 1456w\" alt=\"\" width=\"532\" height=\"293.7692307692308\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/b2aa097d-3fd9-41d4-9b71-a668c1fa49c1_1662x918.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:804,&quot;width&quot;:1456,&quot;resizeWidth&quot;:532,&quot;bytes&quot;:59725,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/200432008?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2aa097d-3fd9-41d4-9b71-a668c1fa49c1_1662x918.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\"><\/figcaption><\/figure>\n<\/div>\n<\/li>\n<\/ol>\n<ol start=\"3\">\n<li><strong>Customer retention.\u00a0<\/strong>Repeat customers account for 97% of revenue as on FY25. Even in FY23, this was at 91%. In this line of business, it makes sense to have a long term relationship between parties as the cost of switching would be very high, and also CMR is a market leader in recycled metals, giving clients more incentive to not switch.\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!atcf!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd6c3cfbb-0dd1-4a2a-a533-a5debb3c95d3_1234x764.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!atcf!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd6c3cfbb-0dd1-4a2a-a533-a5debb3c95d3_1234x764.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!atcf!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd6c3cfbb-0dd1-4a2a-a533-a5debb3c95d3_1234x764.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!atcf!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd6c3cfbb-0dd1-4a2a-a533-a5debb3c95d3_1234x764.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal aligncenter\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!atcf!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd6c3cfbb-0dd1-4a2a-a533-a5debb3c95d3_1234x764.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!atcf!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd6c3cfbb-0dd1-4a2a-a533-a5debb3c95d3_1234x764.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!atcf!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd6c3cfbb-0dd1-4a2a-a533-a5debb3c95d3_1234x764.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!atcf!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd6c3cfbb-0dd1-4a2a-a533-a5debb3c95d3_1234x764.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!atcf!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd6c3cfbb-0dd1-4a2a-a533-a5debb3c95d3_1234x764.png 1456w\" alt=\"\" width=\"530\" height=\"328.13614262560776\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/d6c3cfbb-0dd1-4a2a-a533-a5debb3c95d3_1234x764.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:764,&quot;width&quot;:1234,&quot;resizeWidth&quot;:530,&quot;bytes&quot;:34311,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/200432008?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd6c3cfbb-0dd1-4a2a-a533-a5debb3c95d3_1234x764.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<\/li>\n<\/ol>\n<h2 id=\"peer-comparison\"><strong>Peer Comparison<\/strong><\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!XSuu!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6970b562-a287-4657-bc6c-975e0c0489af_3608x1472.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!XSuu!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6970b562-a287-4657-bc6c-975e0c0489af_3608x1472.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!XSuu!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6970b562-a287-4657-bc6c-975e0c0489af_3608x1472.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!XSuu!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6970b562-a287-4657-bc6c-975e0c0489af_3608x1472.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!XSuu!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6970b562-a287-4657-bc6c-975e0c0489af_3608x1472.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!XSuu!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6970b562-a287-4657-bc6c-975e0c0489af_3608x1472.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!XSuu!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6970b562-a287-4657-bc6c-975e0c0489af_3608x1472.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!XSuu!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6970b562-a287-4657-bc6c-975e0c0489af_3608x1472.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!XSuu!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6970b562-a287-4657-bc6c-975e0c0489af_3608x1472.png 1456w\" alt=\"\" width=\"1456\" height=\"594\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/6970b562-a287-4657-bc6c-975e0c0489af_3608x1472.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:594,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:233489,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/200432008?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6970b562-a287-4657-bc6c-975e0c0489af_3608x1472.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<p>&#8211;\u00a0<strong>Gravita India\u00a0<\/strong>earns 8.4% EBITDA margins while Century Aluminium earns 7.8%. CMR\u2019s lower margins are because they sell overwhelmingly to automotive OEMs and Tier 1 companies, who push annual cost-downs heavily.<\/p>\n<p>&#8211;\u00a0<strong>Jain Resource Recycling<\/strong>\u2019s revenue has grown much faster despite operating at a similar scale. JRR had\u00a0<strong>45% CAGR\u00a0<\/strong>over FY23 to FY25 versus CMR\u2019s\u00a0<strong>6.5%.<\/strong><\/p>\n<p>&#8211;\u00a0<strong>CMR\u00a0<\/strong>has also managed to maintain a\u00a0<strong>low\u00a0<\/strong>enough\u00a0<strong>D\/E ratio (0.58x) compared to its peers\u00a0<\/strong>like Century Aluminium as well as Baheti Recycling, both with a\u00a0<strong>2.4x\u00a0<\/strong>D\/E.<\/p>\n<h2 id=\"financial-analysis\"><strong>Financial Analysis<\/strong><\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\">\n<div class=\"pencraft pc-display-contents pc-reset pubTheme-yiXxQA\">\n<div id=\"\u00a7financial-analysis\" class=\"pencraft pc-reset header-anchor offset-top\"><\/div>\n<\/div>\n<\/div>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!0Eqo!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F76b771aa-1f4b-4773-b9ed-bda888652992_1608x882.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!0Eqo!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F76b771aa-1f4b-4773-b9ed-bda888652992_1608x882.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!0Eqo!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F76b771aa-1f4b-4773-b9ed-bda888652992_1608x882.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!0Eqo!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F76b771aa-1f4b-4773-b9ed-bda888652992_1608x882.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal aligncenter\" title=\"Chart\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!0Eqo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F76b771aa-1f4b-4773-b9ed-bda888652992_1608x882.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!0Eqo!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F76b771aa-1f4b-4773-b9ed-bda888652992_1608x882.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!0Eqo!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F76b771aa-1f4b-4773-b9ed-bda888652992_1608x882.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!0Eqo!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F76b771aa-1f4b-4773-b9ed-bda888652992_1608x882.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!0Eqo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F76b771aa-1f4b-4773-b9ed-bda888652992_1608x882.png 1456w\" alt=\"\" width=\"586\" height=\"321.57554945054943\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/76b771aa-1f4b-4773-b9ed-bda888652992_1608x882.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:799,&quot;width&quot;:1456,&quot;resizeWidth&quot;:586,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:&quot;Chart&quot;,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<ul>\n<li><strong>Revenue grew from Rs 5,869 Cr in FY23 to Rs 6,666 Cr in FY25 growing at a CAGR of 6.5%.\u00a0<\/strong>While FY23 to FY24 was essentially flat. The growth in FY25 and 9MFY26 reflect capacity additions due new plant contributions.<\/li>\n<\/ul>\n<ul>\n<li><strong>PAT Margins increased from 1.79% in FY23 to 2.58% in 9MFY26.\u00a0<\/strong>After stripping the FY24 goodwill write-off, the PAT trend is upward but not steep.<\/li>\n<li><strong>Finance costs reached Rs 67 Cr in 9MFY26\u00a0<\/strong>against an EBITDA of\u00a0<strong>Rs 324 Cr<\/strong>.<strong>\u00a0<\/strong>Interest coverage ratio is ~4.8x slightly down from 5x in FY23.\n<div><\/div>\n<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"risk-analysis\"><strong>Risk Analysis<\/strong><\/h2>\n<ul>\n<li><strong>49.8% of imports come from the US alone<\/strong>. A disruption like tariff changes on scrap exports, port disruptions, or dollar-rupee volatility compresses margins. The company does partially hedge forex risk via forward contracts.<\/li>\n<li><strong>Customer Concentration Risk:<\/strong>\u00a0CMR relies heavily on a limited client base, with its top five customers contributing 32.5% of consolidated revenue as of December 2025. This lack of diversification leaves the company vulnerable to significant financial impact if a key client reduces orders or switches to a competitor.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"glance-at-valuation\"><strong>Glance at Valuation<\/strong><\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Y0HN!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feffc3cac-ff89-4e0a-a5ef-177c1473383f_1136x734.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Y0HN!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feffc3cac-ff89-4e0a-a5ef-177c1473383f_1136x734.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Y0HN!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feffc3cac-ff89-4e0a-a5ef-177c1473383f_1136x734.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Y0HN!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feffc3cac-ff89-4e0a-a5ef-177c1473383f_1136x734.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal aligncenter\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Y0HN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feffc3cac-ff89-4e0a-a5ef-177c1473383f_1136x734.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Y0HN!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feffc3cac-ff89-4e0a-a5ef-177c1473383f_1136x734.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Y0HN!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feffc3cac-ff89-4e0a-a5ef-177c1473383f_1136x734.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Y0HN!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feffc3cac-ff89-4e0a-a5ef-177c1473383f_1136x734.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Y0HN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feffc3cac-ff89-4e0a-a5ef-177c1473383f_1136x734.png 1456w\" alt=\"\" width=\"633\" height=\"408.9982394366197\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/effc3cac-ff89-4e0a-a5ef-177c1473383f_1136x734.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:734,&quot;width&quot;:1136,&quot;resizeWidth&quot;:633,&quot;bytes&quot;:82526,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/200432008?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feffc3cac-ff89-4e0a-a5ef-177c1473383f_1136x734.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<h2 id=\"conclusion\"><strong>Conclusion<\/strong><\/h2>\n<p>CMR is the right business in the right industry at an important moment in India\u2019s story. The aluminium recycling sector in India is large, growing, and increasingly mandated by OEM emissions targets. CMR occupies the dominant position and has partnerships with Toyota and Nikkei.<\/p>\n<p>The real concern is that debt has nearly tripled in three years and all bets are on two new plants in Tirupati, and Odisha, both where CMR has limited track record.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brief IPO Highlight\u00a0 The Big Picture India\u2019s aluminium industry runs on two tracks. Primary aluminium is made by smelting bauxite ore. Hindalco and Vedanta run large primary smelting operations. But it\u2019s expensive to produce and carbon heavy. The second is recycled aluminium. Recyclers extract aluminium from scrap and sell it to manufacturers. This process emits [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Liquid Mettle: The CMR Green Technologies IPO -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/cmr_green_technologies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liquid Mettle: The CMR Green Technologies IPO -\" \/>\n<meta property=\"og:description\" content=\"Brief IPO Highlight\u00a0 The Big Picture India\u2019s aluminium industry runs on two tracks. 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