CMR Green Technologies IPO: India’s Largest Aluminium Recycler Targets ₹630 Crore Offer

Mumbai, April 24 : CMR Green Technologies Ltd., a leading non-ferrous metal recycler, is set to launch its ₹630 crore initial public offering (IPO), positioning itself to tap into India’s growing demand for recycled aluminium and sustainable materials.

The CMR Green Technologies IPO, entirely an offer-for-sale (OFS) of up to 3.28 crore equity shares, will see promoters and existing investor Global Scrap Processors pare their stakes. The issue primarily aims to provide liquidity to shareholders and secure listing benefits on domestic exchanges, with no fresh capital being raised.

CMR Green holds a dominant position in India’s secondary aluminium market, with the highest installed recycling capacity in the country as of March 31, 2025, according to ICRA. Its capacity is estimated to be nearly four times that of its nearest domestic competitor, placing it among the largest aluminium recyclers globally.

The company’s core business includes manufacturing recycled aluminium alloys in ingot and liquid form, along with zinc alloys and processed metal scrap. It also produces aluminium billets for extrusion applications, supporting both automotive and non-automotive industries. Notably, its presence is strongest in the cast alloy segment, where it commands an estimated 42–45% volume share.

A key differentiator for CMR Green is its liquid aluminium supply model, which enables direct delivery of molten metal to customer facilities. This approach reduces energy consumption, lowers material losses and improves operational efficiency for clients, while also creating structural entry barriers due to proximity requirements.

The company caters to a diversified client base that includes leading automotive original equipment manufacturers (OEMs) such as Maruti Suzuki, Honda Cars India and Bajaj Auto, as well as Tier-1 suppliers like Endurance Technologies and Craftsman Automation. It also serves industrial clients such as Jindal Stainless.

CMR Green operates 13 recycling facilities across India, strategically located near major automotive hubs, with a combined production capacity of over 615,000 metric tonnes per annum.

Industry tailwinds remain strong. India’s recycled aluminium market is projected to grow at a double-digit pace through FY2030, driven by rising demand for lightweight materials and increasing focus on decarbonization. Secondary aluminium production emits significantly lower carbon compared to primary production, aligning with global sustainability goals.

While the company’s scale, customer relationships and ESG positioning support its growth outlook, investors will closely track margin trends, raw material sourcing and execution in newly entered segments such as extrusion and rolled products.