CMR Green Technologies
CMR Green Technologies
IndustrialsKey Fundamentals
MicrocapTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has delivered good profit growth of 21.1% CAGR over last 5 years
Weaknesses
1- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoCMR Green Technologies Ltd is India's largest non-ferrous metal recycler with FY26 revenue of ₹8,640 Cr (30% YoY growth) and net profit of ₹228 Cr (47% YoY growth). The company trades at a PE of 20.5x with a market cap of ~₹4,709 Cr, carries a debt-to-equity ratio of 0.93, and operates in a structurally growing circular-economy segment, though margins remain thin at ~5% OPM.
- Strong revenue growth — FY26 sales of ₹8,640 Cr represent 30% YoY growth over FY25's ₹6,666 Cr, with a 5-year sales CAGR of 24%
- Accelerating profit growth — FY26 net profit of ₹228 Cr grew 47% YoY; 5-year profit CAGR stands at 21%
- Improving operating margins — OPM expanded from 3.5% in FY23 to 4.5% in FY25 and 5.2% in FY26, indicating improving operational efficiency
- Reasonable valuation relative to growth — PE of 20.5x against a profit CAGR of 27% over 3 years gives an implied PEG below 1
- Secular tailwind from metal recycling — India's push toward circular economy and rising scrap availability structurally supports volumes; capacity expanded to 460,650 MTPA by FY26
- Consistent EPS improvement — EPS grew from ₹4.41 in FY23 to ₹6.50 in FY25 and ₹9.70 in FY26, a 120% increase over three years
- Healthy 3-year ROE of 18% and last-year ROE of 15%, demonstrating adequate capital efficiency for a commodity-processing business
- Very thin operating margins — OPM of 5.2% in FY26 leaves little room for error; a small swing in input costs or realizations can wipe out profitability
- Elevated leverage — debt-to-equity at 0.93 is meaningful for a low-margin business, and interest costs rose from ₹43 Cr in FY23 to ₹91 Cr in FY26 (110% increase)
- Potential interest capitalization — the company might be capitalizing interest costs, which would overstate reported profits and asset values
- Zero dividend payout — no dividends paid in any recent fiscal year despite growing profits, limiting shareholder returns to capital appreciation alone
- Commodity price sensitivity — as a metal recycler dealing in aluminium and zinc alloys, margins are highly exposed to global LME price volatility
- FY24 anomaly raises governance questions — a massive net loss of ₹839 Cr in FY24 (driven by ₹1,224 Cr negative other income) suggests either one-off write-downs or accounting adjustments that need scrutiny
- Limited operating history as a listed entity — the company listed only in June 2026 at a 43% premium; track record in public markets is minimal
- Price-to-book of 3.06x is demanding for a processing-and-trading business with sub-6% operating margins
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 42d ago- Strong FY26 revenue growth Jul 04
CMR Green Technologies reported 30% YoY revenue growth to INR 8,640 crores in FY26, driven by volume growth and operational efficiency.
- PAT surges 47% Jul 04
Profit after tax grew 47.30% to INR 228 crores in FY26, indicating margin expansion outpacing topline growth.
TL;DR: CMR Green Technologies delivered a strong FY26 with 30% revenue growth and 47% PAT growth, signaling solid operational leverage. No visible headwinds emerged in the recent news flow. The trend is clearly improving with profitability growing faster than revenue, suggesting continued margin expansion ahead.
Quarterly Results
| Particulars | Mar 2025 | Jun 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Sales | 1,627 | 1,893 | 2,202 | 2,365 | 3,123 |
| Expenses | 1,577 | 1,784 | 2,104 | 2,236 | 2,989 |
| Operating Profit | 49 | 109 | 97 | 128 | 134 |
| OPM % | 3% | 6% | 4.4% | 5% | 4.3% |
| Other Income | 6 | 1 | 12 | 4 | 8 |
| Interest | 11 | 19 | 27 | 24 | 32 |
| Depreciation | 15 | 17 | 18 | 21 | 19 |
| PBT | 30 | 74 | 64 | 87 | 90 |
| Tax % | 24% | 25% | 24% | 24% | 24% |
| Net Profit | 23 | 56 | 48 | 66 | 68 |
| EPS in Rs | 1.21 | 2.41 | 2.03 | 2.94 | 2.8 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Sales | 2,913 | 5,010 | 5,869 | 5,952 | 6,666 | 8,640 |
| Expenses | 2,569 | 4,495 | 5,659 | 5,733 | 6,364 | 8,191 |
| Operating Profit | 344 | 515 | 209 | 220 | 302 | 449 |
| OPM % | 12% | 10% | 3.6% | 3.7% | 4.5% | 5% |
| Other Income | -164 | 45 | 21 | -1,225 | 28 | 19 |
| Interest | 40 | 54 | 46 | 55 | 63 | 91 |
| Depreciation | 34 | 36 | 47 | 50 | 63 | 77 |
| PBT | 106 | 470 | 138 | -1,110 | 205 | 300 |
| Tax % | 62% | 24% | 24% | -24% | 24% | 24% |
| Net Profit | 41 | 357 | 105 | -839 | 155 | 228 |
| EPS in Rs | 550 | 16.13 | 4.72 | -38.54 | 6.5 | 9.7 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 0.33 | 44 | 44 | 44 | 44 | 44 |
| Reserves | 1,675 | 1,967 | 2,065 | 1,188 | 1,329 | 1,488 |
| Borrowings | 512 | 812 | 372 | 535 | 925 | 1,426 |
| Other Liabilities | 738 | 883 | 874 | 427 | 516 | 915 |
| Total Liabilities | 2,925 | 3,706 | 3,355 | 2,194 | 2,813 | 3,873 |
| Fixed Assets | 1,580 | 1,639 | 1,713 | 613 | 669 | 809 |
| CWIP | 43 | 36 | 44 | 26 | 150 | 68 |
| Investments | 16 | 37 | 36 | 37 | 32 | 3 |
| Other Assets | 1,286 | 1,995 | 1,562 | 1,519 | 1,963 | 2,993 |
| Total Assets | 2,925 | 3,706 | 3,355 | 2,194 | 2,813 | 3,873 |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | -85 | -206 | 614 | 74 | -92 | -410 |
| Investing | -66 | -81 | -96 | -134 | -235 | -134 |
| Financing | 158 | 282 | -488 | 31 | 326 | 548 |
| Net Cash Flow | 7 | -5 | 30 | -29 | -1 | 4 |
| Free Cash Flow | -147 | -306 | 495 | -69 | -330 | -542 |
| CFO/OP | -19 | -19 | 317 | 48 | -14 | -77 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 67 | 44 | 35 | 38 | 43 | 40 |
| Inventory Days | 67 | 67 | 43 | 43 | 51 | 63 |
| Days Payable | 34 | 20 | 22 | 12 | 14 | 16 |
| Cash Conversion Cycle | 99 | 91 | 56 | 69 | 80 | 87 |
| Working Capital Days | 57 | 52 | 45 | 48 | 46 | 36 |
| ROCE % | — | 20% | 7% | 8% | 12% | 14% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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46 extracted metrics + investor summaries across FY21–FY26.
Documents
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Company Information
CMR Green Technologies Limited is a non-ferrous metal recycling company engaged in processing, manufacturing and selling recycled aluminium alloys in ingot and liquid form, zinc alloy ingots, aluminium billets, dross, and segregated furnace-ready scrap of metals such as stainless steel, copper, brass, zinc, lead and magnesium.
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