Metal Recycling Pioneer Showcases Sustainable Growth Model, Strong Industry Partnerships and Nationwide Recycling Ecosystem
Under CMD Mohan Agarwal, CMR Green Sets New Sustainability Benchmarks
Bilkul Bazaar | By Rafat Quadri
Ahmedabad | 02 June 2026
CMR Green Technologies Limited (CMR), one of India’s largest and most respected metal recycling and circular economy companies, has announced the launch of its Initial Public Offering (IPO), with the public issue set to open on June 3 and close on June 5. The company has fixed the price band at ₹182-₹192 per equity share and aims to leverage India’s growing focus on sustainability, resource efficiency and responsible manufacturing.
Founded with a vision to transform industrial waste into valuable resources, CMR Green Technologies has emerged as a key player in India’s recycling ecosystem. The company specializes in manufacturing recycled aluminium and zinc alloys that are widely used by leading automotive manufacturers, auto-component makers and industrial customers across the country. Through its advanced recycling processes, CMR helps reduce dependence on virgin metals, lowers carbon emissions and supports the nation’s transition towards a greener and more sustainable economy.
The company has built an extensive nationwide network for scrap procurement and processing, supported by modern manufacturing facilities, advanced metallurgical expertise and stringent quality-control systems. By converting post-industrial and post-consumer scrap into high-quality alloys, CMR plays a significant role in promoting the principles of the circular economy, where materials are continuously reused and recycled rather than discarded.
The IPO comprises an Offer for Sale (OFS) of up to 32.86 million equity shares by existing shareholders. The company plans to list on both the BSE and NSE. Eligible employees will receive a discount of up to ₹18 per equity share. The Anchor Investor portion opens and closes on June 2.
Addressing the media in Ahmedabad, Mohan Agarwal, Chairman & Managing Director of CMR Green Technologies, highlighted the company’s long-standing commitment to sustainability and innovation.
“For over two decades, CMR Green Technologies has been at the forefront of India’s metal recycling and circular economy movement. We have built a robust business model based on sustainability, operational excellence, technological innovation and customer trust. As India focuses increasingly on resource efficiency and environmental sustainability, we believe CMR is uniquely positioned to participate in the next phase of growth,” he said.
Agarwal further emphasized that the company’s extensive procurement network, advanced manufacturing capabilities and strong customer relationships provide a solid foundation for future expansion. He noted that CMR maintains approximately one month of inventory, enabling uninterrupted supplies to customers while ensuring efficient working-capital management.
Raghav Agarwal, Whole-Time Director, said the company has consistently invested in technology upgrades, process innovation and capacity enhancement to strengthen its competitive position. He added that CMR’s pan-India presence, diversified customer base and deep industry expertise have enabled it to create a resilient platform for sustainable growth at a time when recycling and responsible manufacturing are gaining increased importance globally.
Commenting on the issue, Ankesh Jain of Equirus Capital Limited, one of the book-running lead managers, said CMR is well positioned to benefit from India’s increasing emphasis on sustainability, recycling and resource efficiency. He described the company as having demonstrated strong operational capabilities, established customer relationships and a proven track record in the metal recycling industry.
“With sustainability and resource efficiency becoming central to industrial growth, CMR is committed to expanding its recycling ecosystem and creating lasting value for all stakeholders.” — Ankur Sungh, Director, CMR Green Technologies.
Chief Financial Officer Yugal Kishor Garg highlighted the company’s focus on financial discipline, operational efficiency and long-term value creation. He noted that CMR’s scalable manufacturing platform, diversified sourcing channels, strong governance framework and prudent inventory management practices have helped create a stable and resilient business model capable of supporting future growth opportunities.
Industry observers believe that rising demand for sustainable materials, lightweight automotive components, electric mobility solutions and environmentally responsible manufacturing practices will create significant growth opportunities for the recycling sector. With its established market leadership, sustainability-focused business model, diversified operations and strong customer relationships, CMR Green Technologies appears well placed to capitalize on these emerging trends and contribute meaningfully to India’s circular economy ambitions.
The book-running lead managers to the issue are Equirus Capital Limited, ICICI Securities Limited, and Motilal Oswal Investment Advisors Limited.
(Rafat Quadri can be reached at editorbilkul@gmail.com)
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