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1. At a Glance
Revenue from operations for the quarter ended June 2026 came in at ₹3,122.73 crore, against ₹1,893.45 crore a year earlier — 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. Revenue ran up a flight of stairs; profit took the lift, and the lift stopped at more floors.
The arithmetic behind that gap is metal. Management stated the average sale price moved from ₹226–230 per kg in the prior quarter to roughly ₹350 per kg in Q1, describing it as “around 40% prices has been increased.” Sales volume grew 25.2% YoY to 1,12,336 metric tonnes. So a large chunk of the 64.9% is aluminium doing what aluminium does, which is refuse to sit still.
Management’s chosen scoreboard reflects that. Rather than margin percentage, the company reports EBITDA per kilogram — ₹12.4 in Q1 FY27, against ₹12.2 in Q1 FY26 and ₹12.0 in Q4 FY26. Three quarters, forty paise of movement, and a metric that is admirably hard to make dramatic.
Elsewhere in the quarter: ₹53 crore of capex at greenfield projects in Shoolagiri and Bawal, a listing on BSE and NSE that happened on 10 June 2026, Ather Energy named as a new customer, and cash from operating activity in FY26 of negative ₹409.95 crore. The company was listed for exactly twenty days of the quarter it is now reporting.
2. Introduction
CMR Green Technologies Limited melts other people’s discarded metal and sells it back to the people who make cars. It commenced operations in 2006 with a plant at Tatarpur near New Delhi, equipped, per the company, with a twin-shaft shredder, an eddy current separator and a de-coater — three pieces of machinery whose names sound like they should be settling a dispute rather than sorting scrap.
The journey since then is a list of place names accumulating steadily: Haridwar in 2008, when liquid aluminium supply was introduced; Gurugram in 2009 with a dedicated liquid plant; Bhiwadi in 2011; Bawal and Chennai in 2013; Vanod and Vallam in 2019; Halol in 2020; Vanod II in 2021; Tirupati billets in 2024; Sambalpur alloys in 2025. Somewhere in there, in 2015, the Bhiwadi unit was certified by UNFCCC for carbon credits, which is a strange and pleasing thing for a scrap yard to have on its 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 — followed by CMR NLM Eco Aluminium with Nippon Light Metal in 2025. The company describes itself as the only player among domestic peers with multiple JVs with global Japanese players.
The IPO landed on 10 June 2026: total size ₹630.6 crore, entirely an Offer for Sale of 3.29 crore equity shares at ₹192 per share. No fresh capital, purely a change of hands. The stated objectives were listing on BSE and NSE, visibility, and liquidity for existing shareholders.
Since listing, the investor-relations calendar has been busy in the manner of a company that has just discovered it has investors. In the last fortnight of August 2026 alone: participation in a Motilal Oswal conference on 19 August, a Recycled Material & Steel Infrastructure conference on 25 August, and a plant visit at Tatarpur on 26 August. Twenty years of quietly melting things, followed by three months of PowerPoint.
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3. Business Model: WTF Do They Even Do?
Scrap goes in one end. Engineered alloy comes out the other. The interesting part is what happens in the middle, and the extremely interesting part is what happens after.
Sourcing first: over 1,000 yards across continents, with 74% of FY26 procurement from outside India and 26% domestic — against 80:20 in FY24. The top five import countries are the USA, UK, Belgium, Italy and China. There is a wholly owned US sourcing subsidiary whose entire job is to be American at scrap dealers.
Processing runs across 13 facilities in 8 states using XRT, LIBS, eddy-current and colour sorting. Then melting and alloying, with chemical and microstructure quality checks. FY26 rejection rate: approximately 0.07%.
The output splits 81% aluminium alloys and 19% zinc, steel, lead, copper, brass, magnesium and others. Within aluminium, the products ladder from ingots (described by the company as the base, the industry standard) through liquid molten aluminium, billets and green sheet ingots, up to beverage-can and primary-grade supply to Hindalco — the newest frontier.
Now the good bit. The liquid aluminium business is a hub-and-spoke model in which molten metal is driven over public roads to customers’ foundries. CMR builds plants physically next to auto OEM units and delivers metal that is still hot, just-in-time. No re-melting at the customer’s end. Per Crisil, this results in cost savings and makes customers dependent on the group for regular supply. Management stated liquid now forms more than 50% of aluminium sales, correcting a market perception of roughly 40%, and called the customer lock-in and entry barrier the strategic point rather than the margin, which they described as “comparatively better” but a “small difference not very huge.”
There are 350+ customers, with key relationships running 17–20 years. Repeat customer revenue share was 96.23% in FY26. Top 10 customer concentration: 50.02%. Automotive sector revenue share: 83.81%. Capacity utilisation: 67.67%. Installed capacity as at 31 March 2026: 6,15,150 MTPA. Geographic revenue mix is 96.6% India, 3.4% exports to
