⚠️ Neutral
Listed
Non-Ferrous Metals
CMR Green Technologies Limited IPO
₹631 Cr · Offer for Sale (OFS) · Non-Ferrous Metals
Price Band
₹182 – ₹192
Lot: 45 shares (₹8,640)
GMP (Grey Market)
₹10 (+3.03%)
Est. listing ₹202
Issue Size
₹631 Cr
Offer for Sale (OFS)
Market Cap
₹4205.87 Cr
At upper band
P/E Ratio
27.1x
P/S: 0.6x
Listing Date
10 Jun 2026
BSE & NSE
IPO Timeline
✓
Opens
03 Jun 2026
✓
Closes
05 Jun 2026
✓
Allotment
8 Jun 2026
✓
Refund
9 Jun 2026
✓
Listing
10 Jun 2026
IPO India Hub: Neutral
Conviction
5/10
The company trades at 1.18× sector midpoint with fair valuation, but profitability is fragile with a 2.6% net margin and near-flat revenue growth over two years. The 100% OFS structure and weak operational efficiency (11% ROCE) offset the positive GMP signal and strong PAT recovery.
Listing Performance
Issue Price
₹192
Allotment price
Listing Price
₹275.4
+43.44% on listing day
Current Price (CMP)
₹199.25
+3.8% vs issue
Listed On
10 Jun 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional PAT recovery trajectory
Net profit surged from ₹4.0 Cr (FY-2) to ₹162.4 Cr (FY0), delivering a 537% two-year PAT CAGR. This dramatic turnaround suggests operational improvements or margin expansion in the latest fiscal year, though sustainability remains unproven.
✓ Strength
Conservative leverage and strong GMP
Debt-to-equity of 0.59× is well below the 1.5× threshold, indicating prudent capital structure. The 6.36% grey market premium (₹21 above upper band) signals retail and institutional confidence in the listing.
⚠ Risk
Revenue stagnation masks operational stress
Revenue declined from ₹6696.7 Cr (FY-1) to ₹6291.0 Cr (FY0), a 6% drop, while the two-year CAGR is only 2.7%. This near-flat top-line growth in a cyclical non-ferrous metals sector raises concerns about market share and pricing power.
⚠ Risk
Razor-thin margins and low capital efficiency
Net profit margin of 2.6% and EBITDA margin of 4.56% are critically low for a ₹6.3 Bn revenue company, leaving minimal buffer for commodity price volatility. ROCE of 11% is below cost of capital, indicating value destruction in recent periods.
₹ Valuation
Fair valuation offset by margin weakness
At 27.1× P/E (1.18× the 23× sector midpoint), the company sits within the Subscribe threshold, but NPM of 2.6% falls far short of the 15% threshold needed to justify premium multiples. The P/S ratio of 0.6× is reasonable, but earnings quality is questionable.
👁 Watch
Monitor FY1 margin sustainability closely
The 162 Cr profit in FY0 must be validated in Q1 FY1 results; if it was a one-time benefit or commodity price spike, the stock could face sharp correction. Watch for gross margin trends and working capital efficiency in the first quarterly update.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "CMR Green Technologies Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹6666.49 Cr
Net Profit
₹155.04 Cr
Industry
Non-Ferrous Metals
Issue Type
Offer for Sale (OFS)
Promoters
MOHAN AGARWAL, PRATIBHA AGARWAL, AKSHAY AGARWAL AND RAGHAV AGARWAL
Lead Managers
Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors
Quick Actions
Frequently Asked Questions
Neutral. The company trades at 1.18× sector midpoint with fair valuation, but profitability is fragile with a 2.6% net margin and near-flat revenue growth over two years. The 100% OFS structure and weak operational efficiency (11% ROCE) offset the positive GMP signal and strong PAT recovery.
The current grey market premium (GMP) is ₹10, which is 3.03% above the upper band price of ₹192. This implies an estimated listing price of around ₹202. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 45 shares. At the upper band price of ₹192, the minimum investment per retail application is ₹8,640. You can apply for up to 13 lots (₹112,320) under the retail category (up to ₹2 lakh).
The IPO opens on 03 Jun 2026. It closes on 05 Jun 2026. Allotment is expected on 8 Jun 2026. Refunds initiate on 9 Jun 2026. Listing on BSE and NSE is on 10 Jun 2026.
The lead managers for the IPO are Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 10 Jun 2026 at ₹275.4 against an issue price of ₹192 (+43.44% on listing day). The current market price (CMP) is approximately ₹199.25 (+3.8% vs issue).
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 05 Jun 2026. The minimum investment is ₹8,640 for one lot (45 shares). The company trades at 1.18× sector midpoint with fair valuation, but profitability is fragile with a 2.6% net margin and near-flat revenue growth over two years. The 100% OFS structure and weak operational efficiency (11% ROCE) offset the positive GMP signal and strong PAT recovery.
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 05 Jun 2026. The IPO is priced at a P/E of 27.1x. Market cap at issue price is ₹4205.87 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 45 shares at ₹192 each, costing ₹8,640 per application. The issue closes on 05 Jun 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'CMR Green Technologies Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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