⚠️ Neutral
Listed
Non-Ferrous Metals
CMR Green Technologies Limited IPO
₹631 Cr · Offer for Sale (OFS) · Non-Ferrous Metals
Price Band
₹182 – ₹192
GMP (Grey Market)
—
No GMP data yet
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 valuation technically in range, but profitability is fragile with 2.6% net margins and ROCE of 11% well below cost of capital. The 100% OFS structure and recent revenue decline raise questions about growth sustainability and insider confidence.
Listing Performance
Issue Price
₹192
Allotment price
Listing Price
₹275.4
+43.44% on listing day
Current Price (CMP)
₹216.55
+12.8% vs issue
Listed On
10 Jun 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong balance sheet and leverage
Debt-to-equity ratio of 0.59× is conservative and well below the 1.5× threshold, indicating low financial risk. This provides flexibility for operational investments or shareholder returns without balance sheet stress.
✓ Strength
Exceptional PAT recovery trajectory
Net profit rebounded from ₹4.0 Cr (FY-2) to ₹162.4 Cr (FY0), delivering a 537% two-year CAGR. This recovery suggests operational turnaround, though the base was extremely low and sustainability is unproven.
⚠ Risk
Revenue contraction in latest year
Revenue fell from ₹6,696.7 Cr (FY-1) to ₹6,291.0 Cr (FY0), a 6% decline. Combined with a 2-year CAGR of only 2.7%, this signals weak organic growth momentum in a cyclical non-ferrous metals sector.
⚠ Risk
Razor-thin and fragile margins
Net profit margin of 2.6% and EBITDA margin of 4.56% are extremely low and vulnerable to commodity price swings or input cost inflation. ROCE of 11% is below typical cost of capital, indicating value destruction at current profitability levels.
₹ Valuation
Fair valuation masked by margin weakness
At 27.1× P/E (1.18× the 23× sector midpoint), the company sits within the Subscribe threshold. However, this valuation is only justified if NPM exceeds 15%; at 2.6%, the company does not qualify. P/S of 0.6× is reasonable but offers no margin of safety given operational fragility.
👁 Watch
100% OFS signals insider caution
The entire ₹631 Cr issue is secondary (OFS), with zero primary capital raise. This suggests promoters (86.95% pre-issue, 84% post-issue) are exiting rather than investing, a potential red flag on management conviction in near-term prospects.
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 valuation technically in range, but profitability is fragile with 2.6% net margins and ROCE of 11% well below cost of capital. The 100% OFS structure and recent revenue decline raise questions about growth sustainability and insider confidence.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹182 – ₹192.
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 ₹216.55 (+12.8% vs issue).
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 05 Jun 2026. The company trades at 1.18× sector midpoint with valuation technically in range, but profitability is fragile with 2.6% net margins and ROCE of 11% well below cost of capital. The 100% OFS structure and recent revenue decline raise questions about growth sustainability and insider confidence.
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 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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