CMR Green Technologies - IPO Report

CMR Green Technologies (CGTL) is India's largest non-ferrous metal recycler by installed capacity and the market leader in the secondary aluminium industry by revenue in FY2025. As of March 31, 2026, the company had a combined production capacity of 6,15,150 MTPA, approximately 4x larger than its nearest domestic recycled aluminium competitor, and operates through 13 strategically located recycling and manufacturing facilities across India.

The company manufactures a diversified portfolio of recycled metal products including recycled aluminium alloys in ingot and liquid form, aluminium billets, zinc alloy ingots, dross, and furnace-ready scrap of stainless steel, copper, brass, zinc, lead and magnesium. Aluminium recycling contributes around 82% of revenue in 9M FY26, making it the core business segment.

CGTL is a key participant in the circular economy, recycling used beverage can (UBC) scrap to meet the growing recycled metal requirements of primary aluminium producers. The company is benefiting from the global shift toward recycled metals, driven by the economic, environmental and social advantages of recycling over mining.

The company holds a dominant position in the automotive cast alloy segment with an estimated 42–45% market share by volume in FY2025. In addition to cast alloys, CGTL produces recycled aluminium billets for automotive and non-automotive applications, serving the extrusion industry.

Its expansion into the extrusion and rolled aluminium segments, supported by new facilities in Tirupati and Odisha, has significantly expanded its addressable market across the aluminium recycling value chain.