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1. At a Glance
CMR Green Technologies melts scrap metal and sells the result to carmakers. Revenue from operations for the three months to June 2026 was ₹3,122.73 crore, against ₹1,893.45 crore a year earlier. That is growth of 64.9%. Operating profit moved from ₹109.02 crore to ₹133.59 crore. Profit attributable to equity holders of the parent was ₹61.37 crore, against ₹52.72 crore.
The price of metal sits behind much of the gap. Management stated the average sale price was ₹226–230 per kg in the previous quarter. It moved to roughly ₹350 per kg in the three months to June 2026. Management described this as “around 40% prices has been increased.” Sales volume grew 25.2% from a year earlier, to 1,12,336 metric tonnes.
The company reports earnings per kilogram rather than a margin percentage. The measure is EBITDA, meaning earnings before interest, tax, depreciation and amortisation. It was ₹12.4 per kg in the three months to June 2026. A year earlier it was ₹12.2. In the three months to March 2026 it was ₹12.0. Three quarters, forty paise of movement, and a number that resists drama.
Elsewhere in the quarter, ₹53 crore went into new plants at Shoolagiri and Bawal. The shares were listed on the BSE and the NSE on 10 June 2026. Ather Energy was named as a new customer. Cash from operating activity in the year to March 2026 was negative ₹409.95 crore. The company was listed for twenty days of the quarter it is now reporting.
2. Introduction
CMR Green Technologies Limited melts metal that other people have thrown away. It then sells it back to the companies that make cars.
Operations began in 2006 with a plant at Tatarpur, near New Delhi. The company says it was equipped with a twin-shaft shredder, an eddy current separator and a de-coater. Those machines shred scrap, pull the metals apart and strip coatings off them.
What followed is a steady accumulation of place names. Haridwar came in 2008, when liquid aluminium supply was introduced. A dedicated liquid plant opened at Gurugram in 2009. Bhiwadi followed in 2011, then Bawal and Chennai in 2013. Vanod and Vallam arrived in 2019 and Halol in 2020. A second Vanod unit came in 2021. Tirupati began making billets in 2024 and Sambalpur alloys in 2025. In 2015 the Bhiwadi unit was certified for carbon credits by the UNFCCC, the United Nations climate body. That is an unusual line on a scrap yard’s CV.
Japanese partners arrived early and stayed. Two joint ventures with Japanese investors were formed in 2012, CMR Nikkei India and CMR-Toyotsu Aluminium India. CMR NLM Eco Aluminium, with Nippon Light Metal, followed in 2025. The company describes itself as the only domestic peer with multiple joint ventures with global Japanese players.
The shares were listed on 10 June 2026. The offer totalled ₹630.6 crore and was entirely an offer for sale of 3.29 crore shares. In an offer for sale, existing holders sell their own shares and the company receives nothing. The stated objectives were listing on the BSE and the NSE, visibility, and liquidity for existing shareholders.
Since then the investor-relations calendar has filled up. The last fortnight of August 2026 held a Motilal Oswal conference on 19 August. Twenty years of quietly melting things, then a season of slide decks. A Recycled Material and Steel Infrastructure conference followed on 25 August, and a plant visit at Tatarpur on 26 August.
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3. Business Model: WTF Do They Even Do?
Scrap goes in one end and engineered alloy comes out the other. The work in between is sorting, melting and mixing to a specification.
Sourcing comes first. The company buys from over 1,000 yards across several continents. In the year to March 2026, 74% of procurement came from outside India and 26% from within it. The comparable split in the year to March 2024 was 80:20. The largest import sources are the United States, the United Kingdom and Belgium. Italy and China follow. A wholly owned American subsidiary exists to buy scrap in the United States.
Processing runs across 13 facilities in 8 states. Sorting uses X-ray transmission, laser spectroscopy, eddy-current and colour techniques to tell one metal from another. Melting and alloying follow, with chemical and microstructure checks on the result. The rejection rate in the year to March 2026 was about 0.07%.
Aluminium alloys are 81% of output. The remaining 19% is zinc, steel, lead and copper, along with brass, magnesium and others. Within aluminium the products climb a ladder. The company calls ingots the base and the industry standard. Above them sit liquid molten aluminium, billets and green sheet ingots. Beverage-can and primary-grade supply to Hindalco is the newest step.
The liquid aluminium business works on a hub-and-spoke model. Molten metal is driven over public roads to customers’ foundries, still hot, and timed to arrive when needed. Plants are built next to car factories, so the customer never has to re-melt anything. Crisil, a credit-rating agency, says this saves cost and makes customers dependent on the group for regular supply. Management stated liquid is now more than 50% of aluminium sales, correcting a market perception of roughly 40%. Management called the customer lock-in and the entry barrier the strategic point rather than the margin. They described that margin as “comparatively better” but a “small difference not very huge.”
The company reports more than 350 customers, with key relationships running 17 to 20 years. Repeat customers were 96.23% of revenue
