CMR Green TechnologiesIPO Review — Financials, Valuation & Peers
A data-only look at the CMR Green Technologies IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 5,889 | 104.51 | 229.26 | 1,195.19 | 3,351.66 | 368.19 | — |
| FY 2024 | 5,968.44 | -838.56 | -705.98 | 317.54 | 2,194.41 | 498.65 | — |
| FY 2025 | 6,696.66 | 155.04 | 328.62 | 458.38 | 2,815.86 | 894.03 | — |
| Dec 2025 (interim) | 6,291 | 162.39 | 316.62 | 594.18 | 3,650.58 | 1,303.22 | 7.08 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 27.13x
- P/E (post-issue)
- 19.42x
- RoNW
- 24.92%
- RoE
- 0.1%
- RoCE
- 9.3%
- Debt / Equity
- 0.76
- EPS (pre-issue)
- ₹7.08
- EPS (post-issue)
- ₹9.88
- EBITDA Margin
- 5.17%
- PAT Margin
- 2.59%
- P/BV
- 9.17x
- NAV / share
- ₹27.12
- Market Cap
- ₹4,205.87 Cr
As of 31 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| CMR Green Technologies | 6.5 | 20.93 | — | 31.08% |
| Baheti Recycling Industries Ltd. | 17.37 | 57.02 | 34.59x | 30.46% |
| Gravita India Ltd. | 45.11 | 280.44 | 37.36x | 15.12% |
| Jain Resource Recycling Ltd. | 7.11 | 22.44 | 76.2x | 30.55% |
| Pondy Oxides and Chemicals Ltd. | 22.03 | 210.82 | 62.64x | 9.79% |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal and Raghav Agarwal
- Holding (pre-issue)
- 86.95%
- Holding (post-issue)
- 84%
- Dilution
- 2.95%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the CMR Green Technologies IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
The anchor round of the CMR Green Technologies IPO drew 18 institutional investors committing a combined ₹188.42 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to GOLDMAN SACHS FUNDS-GOLDMAN SACHS INDIA EQUITY PORTFOLIO (₹20 crore), ICICI PRUDENTIAL MULTICAP FUND (₹20 crore) and SBI COMMA FUND (₹20 crore). Investor categories represented include Other, Bank, Insurance and FII/FPI. The lock-in on half the anchor shares ends on 7 Jul 2026, with the remainder locked until 5 Sept 2026.
Analyst view tally
For the CMR Green Technologies IPO, we track the published view of 1 reviewer, Capital Market among them. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. CMR Green Technologies operates at an EBITDA margin of 5.17% and a net (PAT) margin of 2.59% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 9.3% and a return on equity (RoE) of 0.1%. At the upper band, the post-issue market capitalisation works out to about ₹4,205.87 crore. These are offer-document figures for the latest reported period (as of 31 Dec 2025); they describe the business as disclosed, not how the stock will trade.
Financials
In FY2025, CMR Green Technologies reported revenue of ₹6,291 crore and a net profit of ₹162.39 crore. Revenue grew from ₹5,889 crore in FY2023 to ₹6,291 crore in FY2025 (+7.0%). Net worth stood at ₹594.18 crore at the end of FY2025. At the upper band, that puts the issue at roughly 27.1× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 19.42× post-issue earnings and 9.17× book value, against a return on net worth of 24.92% and a debt-to-equity ratio of 0.76. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Baheti Recycling Industries Ltd. and Gravita India Ltd., with a median peer P/E of about 50×. The issue's own post-issue P/E works out to 19.42×.
Promoters
The promoters of the company are Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal and Raghav Agarwal. Promoter holding stands at 86.95% before the issue and comes down to 84% after listing.
Frequently asked questions
- What is the reservation split in the CMR Green Technologies IPO?
- Of the total shares offered, retail investors get 34.85%, QIBs 19.91% (plus 29.87% anchor), non-institutional investors 14.93%.
- Who are the promoters of CMR Green Technologies and what is their holding?
- The promoters are Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal and Raghav Agarwal. Promoter holding is 86.95% before the issue and 84% after listing.
- What is the P/E ratio of the CMR Green Technologies IPO?
- At the upper price band, the CMR Green Technologies IPO is valued at 27.13× pre-issue earnings and 19.42× post-issue earnings, based on the financials disclosed in the offer document.