The global economy remained resilient in 2025 despite geopolitical tensions, high interest rates and uneven growth across regions. Global GDP grew by 3.4% in both 2024 and 2025, supported by steady consumer spending, strong services activity and improving economic conditions. Advanced economies grew by 1.8% in 2024 and 1.9% in 2025, helped by easing inflation and stable consumer demand, although high borrowing costs and weak manufacturing activity continued to weigh on growth. Emerging Markets and Developing Economies (EMDEs) remained important contributors to global growth, recording growth of 4.5% in 2024 and 4.4% in 2025, enabled by domestic demand, infrastructure spending and improving economic fundamentals.
Global trade and investment faced greater uncertainty due to higher tariffs and ongoing geopolitical tensions. The Iran-Israel conflict and subsequent US intervention added to these risks, while disruptions around the Strait of Hormuz raised concerns over energy supplies, shipping routes and freight costs. These developments continued to put pressure on global supply chains and commodity prices. Despite these challenges, investments in technology, artificial intelligence, renewable energy and infrastructure continued to aid economic activity.
Global GDP Growth (%)
Source: International Monetary Fund, April 2026
The global economic outlook remains cautiously positive, with GDP growth projected at 3.1% in 2026 and 3.2% in 2027. Growth in emerging market and developing economies (EMDEs) is expected to moderate, with growth projected at 3.9% in 2026 and 4.2% in 2027. Despite the moderation, these economies are expected to remain an important contributor to global growth, supported by domestic consumption, infrastructure development and structural reforms. Advanced economies are expected to maintain broadly stable growth, with expansion projected at 1.8% in 2026 and 1.7% in 2027, reflecting a relatively steady pace of economic activity. Overall, the global economy is expected to maintain steady growth, aided by stable demand, easing inflation and improving financial conditions. However, geopolitical tensions, tariff issues, trade uncertainties, supply-chain disruptions and volatility in energy prices could continue to pose challenges.
India remained one of the fastest-growing major economies, driven by strong domestic demand, a large consumer base, a young workforce and continued investments across sectors. According to the MoSPIs Provisional Estimates, Indias economy grew by 7.7% in FY2026, compared with 7.1% in FY2025. Growth was driven by steady consumer spending, strong services activity and continued industrial growth. Gross National Income (GNI) increased by 8.9% to ? 342.05 lakh crore in FY2026 from ? 313.98 lakh crore in FY2025, reflecting improving income levels and sustained investment.
During FY2026, the Reserve Bank of India (RBI) adopted a supportive monetary policy approach, with the repo rate reduced to 5.25% and the policy stance maintained at neutral, balancing the need to support economic growth while keeping inflation under control. Easing interest rates directly lowers vehicle financing costs, stimulating consumer demand for automobiles, which in turn acts as a primary catalyst for aluminium alloy consumption. India also continued to strengthen its trade and economic ties with major global markets through Free Trade Agreements (FTAs), including with the UK and the European Union, while ongoing trade discussions with the US are expected to create further opportunities for Indian businesses.
India is also benefiting from the global China +1 strategy, as multinational companies diversify their supply chains beyond China. This trend is driving new investments into Indias automotive and engineering sectors. As global vehicle manufacturers (OEMs) and component suppliers expand their domestic operations and focus on local sourcing, demand for recycled aluminium and other metal alloys continues to rise.
Indian GDP growth Rate (%)
Source: Ministry of Statistics & Programme Implementation (MoSPI)
Indias economic outlook remains positive, driven by rising consumption, infrastructure spending, capital investment and growth in manufacturing, technology and digital services. Government initiatives focused on skills, innovation and entrepreneurship are expected to create more employment opportunities and strengthen the countrys workforce. Government spending on infrastructure, logistics, manufacturing and connectivity continued to aid economic activity and industrial demand. Government capital outlay increased from ? 2.63 lakh crore in FY2018 to ? 11.21 lakh crore in FY2026, reflecting a sustained focus on infrastructure development.
The Union Budget for FY2027 further allocated ? 12.2 lakh crore towards capital expenditure, primarily to support infrastructure and other development projects. Continued efforts to strengthen domestic manufacturing, localise supply chains, expand electric mobility and accelerate renewable energy adoption are expected to support demand for metals and recycled materials. The medium-term outlook remains favourable, supported by manufacturing growth, urbanisation and infrastructure development, although global commodity prices, trade conditions and geopolitical developments could influence the pace of growth.
Aluminium sits at the centre of three simultaneous industrial transitions - lightweighting in transport, electrification of energy systems, and the shift from linear to circular. Aluminiums lightweight, strength and corrosion resistance make it suitable for vehicle structures, chassis and battery enclosures.
Indian Aluminium Market Size (In Million tonnes)
Source: IMARC, ICRA Analytics
The growth in aluminium consumption continues to create significant opportunities for the scrap and recycling industry. While India imported approximately 2 million tonnes of aluminium scrap in 2025, the sector is successfully navigating geopolitical disruptions and higher shipping costs by maintaining a resilient, globally diversified import network. This international sourcing remains supported by a favourable 2.5% basic customs duty on aluminium scrap, which continues to drive its use as a feedstock for secondary aluminium production. Simultaneously, ongoing government initiatives are accelerating domestic scrap generation and streamlining local procurement for organized recyclers. By establishing a robust dual-sourcing model that balances competitive global imports with an expanding domestic collection infrastructure, the industry is improving resource efficiency and securing stable, long-term raw material availability.
Aluminium remains one of the worlds most widely used industrial metals due to its lightweight properties, strength, corrosion resistance, conductivity and recyclability. The global aluminium market continued to grow, aided by demand from the automotive, construction, packaging, aerospace and industrial sectors. Specifically, the global aluminium market is estimated to grow from approximately 75.0 million tonnes in 2025 to approximately 92.5 million tonnes by 2030, registering a steady CAGR of around 4.1%. Asia-Pacific remained the largest market, driven by urbanisation, infrastructure development, vehicle production and renewable energy investments, with building and construction serving as a leading end-use segment. Demand from the automotive sector has also been increasing as manufacturers use aluminium to develop lighter and more energy-efficient vehicles, including electric vehicles (EVs).
Source: IMARC, ICRA Analytics
Global Aluminium Market Size and Aluminium Recycling Market Size (in Million Tonnes)
Recycling is moving from the periphery of the aluminium value chain to its centre. The global aluminium recycling market, which is estimated at approximately 37.2 million tonnes in 2025, is projected to expand to approximately 48.0 million tonnes by 2030 at a CAGR of around 5.2%. The economics of secondary aluminium are compelling and well established: recycled aluminium production uses up to 95% less energy and generates approximately 95.6% less GHG emissions than primary smelting from mined bauxite. As global carbon pricing extends to traded goods and as manufacturers face binding recycled-content obligations, this energy and emissions differential converts from an environmental attribute into a commercial one.
Indias aluminium market is expected to grow steadily, supported by demand from the construction, automotive, electrical, transportation and industrial sectors. According to industry reports, the market reached 2.16 million tonnes in FY2025 and is projected to reach 3.72 million tonnes by FY2030, growing at a CAGR of 11.2% between FY2026 and FY2030. Automotive and transportation applications are expected to remain important growth drivers.
While India has historically relied on imports for a significant share of its aluminium scrap requirements due to lower past per capita consumption (around 3.3 kg compared to a global average of 16 kg), the domestic scrap landscape is actively evolving. Proactive government initiatives promoting domestic scrap generation, formalization, and structured recycling frameworks are gradually expanding the local feedstock pool. To manage raw material needs across both domestic and international markets, the Company combines a globally diversified sourcing network supported by AI-enabled procurement systems with deep local engagement. This balanced dual-sourcing approach enables CMR Green to effectively navigate geopolitical and supply chain tensions, ensuring resilient, continuous, and agile access to quality raw materials.
Green Aluminium and Decarbonisation
Growing decarbonisation commitments among manufacturers and Original Equipment Manufacturers (OEMs) are increasing demand for lower-carbon materials. Recycled aluminium provides a significantly lower-energy alternative to primary aluminium production and can help customers reduce their Scope 3 emissions.
Automotive Lightweighting and Electric Mobility
The automotive sector remains an important driver of aluminium demand. Vehicle manufacturers are increasingly focused on reducing vehicle weight, improving fuel efficiency and meeting evolving emissions and energy-efficiency requirements. Aluminiums combination of lightweight properties and mechanical strength makes it suitable for a wide range of automotive applications, including engine components, transmission systems, wheels, structural components and battery-related applications. The transition towards electric mobility is expected to further support aluminium demand. Electric vehicles require lightweight materials to optimise energy efficiency and vehicle range. Aluminium is increasingly being used in battery enclosures, structural components, castings and other vehicle applications. As Indias automotive industry continues to expand and electric vehicle penetration increases, demand for specialised aluminium alloys and recycled aluminium is expected to grow.
By establishing a robust dual-sourcing model that balances competitive global imports with an expanding domestic collection infrastructure, the industry is improving resource efficiency and securing stable, long-term raw material availability.
Digitalisation and Automation in Manufacturing
Manufacturers are increasingly deploying enterprise resource planning systems, automated production monitoring, machine-level data and real-time analytics to improve productivity, quality and cost control. AI-enabled systems are being adopted for predictive maintenance, production optimisation, process monitoring and quality management. Such technologies can improve consistency and reduce operational inefficiencies.
Supply Chain Localisation
Geopolitical uncertainty and global supply-chain disruptions are encouraging manufacturers to develop more diversified and localized sourcing ecosystems. For aluminium recyclers, the domestic scrap collection landscape is steadily maturing into a structured and reliable supply channel, supported by the expansion of vehicle scrapping facilities, Extended Producer Responsibility (EPR) frameworks, and formal collection networks. Scaling domestic scrap procurement helps mitigate exposure to international freight volatility and foreign exchange movements, while shortening procurement lead times and optimizing working capital requirements. Furthermore, a growing local ecosystem fosters closed-loop recycling partnerships with domestic Original Equipment Manufacturers (OEMs), creating a resilient and agile raw material base that complements international sourcing capabilities.
Renewable Energy and Grid Infrastructure
The global transition towards renewable energy is creating new opportunities for aluminium. The metal is used in solar photovoltaic systems, transmission infrastructure, electrical equipment and other renewable energy applications. Indias continued investments in renewable energy generation and transmission infrastructure are expected to support long-term demand for non-ferrous metals. The growing requirement for efficient transmission networks and renewable-energy infrastructure is expected to create incremental opportunities for aluminium across multiple applications.
Infrastructure and Industrial Manufacturing
Infrastructure development remains a significant driver of aluminium consumption. Aluminium is widely used across construction, transportation, engineering and industrial applications. Indias continued investment in infrastructure, logistics, manufacturing and urban development is expected to support demand for aluminium and other non-ferrous metals over the medium to long term.
The increasing focus on sustainable packaging is supporting the use of recyclable materials. Aluminium beverage cans and other packaging products can be recycled and reintroduced into the manufacturing value chain. The development of organised used beverage can recycling infrastructure provides opportunities for recyclers to participate in a more circular packaging ecosystem.
Emerging Applications
The addressable market for aluminium continues to expand beyond conventional automotive and construction applications.
Emerging demand areas include:
Data centre infrastructure and thermal-management applications;
Consumer electronics and precision-engineered aluminium components;
High-speed rail and mass-transit systems;
Aerospace and defence applications;
Renewable-energy and electrical infrastructure; and
Advanced manufacturing and industrial applications.
These applications are expected to support the long-term diversification of aluminium demand.
National Resource Efficiency Policy (NREP)
The proposed NREP aims to promote efficient use of natural resources, recycling and circularity across industries. Its implementation could aid the development of organised recycling infrastructure and encourage greater use of secondary raw materials in manufacturing.
Vehicle Scrappage Policy
The Vehicle Scrappage Policy is helping establish a more organised system for collecting and recycling end-of-life vehicles. As of 30 January 2026, 129 Registered Vehicle Scrapping Facilities (RVSFs) were operational across 21 States and Union Territories and had collectively scrapped 430,306 vehicles. The policy is expected to increase the recovery of aluminium and other non-ferrous metals while bringing more scrap into the formal recycling ecosystem.
Make in India
The Make in India initiative is supporting domestic manufacturing and the development of local industrial capabilities. Manufacturing contributes around 16-17% of Indias GDP, while Manufacturing GVA at constant prices recorded a CAGR of 10.88% between FY2023 and FY2026, based on the revised 2022-23 base year series. Continued expansion in automotive, engineering and other manufacturing activities is expected to increase the availability of industrial scrap and demand for recycled metal products.
Production Linked Incentive Scheme
The Production Linked Incentive (PLI) schemes are encouraging investments and capacity expansion across key manufacturing sectors. As of 31 March 2026, the schemes had attracted more than ? 2.40 lakh crore of actual investment and generated over 14.15 lakh direct and indirect jobs. The resulting growth in automotive, electronics and other manufacturing segments is expected to create opportunities for recycled aluminium and other non-ferrous metal products.
Renewable Energy Initiatives
Indias non-fossil fuel-based installed capacity reached 300.50 GW as of 31 July 2026, representing more than 54% of total installed power capacity, while the country ranked third globally in renewable energy installed capacity. Continued investments in solar, wind and transmission infrastructure are expected to aid demand for aluminium and other non-ferrous metals. This also creates opportunities for recyclers to supply secondary metals for renewable energy applications while supporting resource efficiency.
Other Policy Initiatives Supporting Recycling and Circular Economy
The National Non-Ferrous Metal Scrap Recycling Framework, Extended Producer Responsibility (EPR) regulations and other sector-specific measures are supporting the formalisation of scrap collection and processing. These initiatives are expected to improve scrap traceability, enhance material recovery and encourage greater participation by organised recycling companies, strengthening the development of Indias circular economy.
Mandatory Recycled Content in Non-Ferrous Metals
Under the Hazardous and Other Wastes (Management and Transboundary Movement) Second Amendment Rules, 2024, the Ministry of Environment, Forest and Climate Change (MoEFCC) has legally mandated the use of secondary materials for industrial metal producers. Starting in the financial year 2028-2029, all new products manufactured from non-ferrous metals must contain a minimum of 5% recycled content. This legally binding requirement scales progressively so that by FY2031-2032, manufactured products must contain at least 10% recycled aluminium, 20% recycled copper, and 25% recycled zinc. By forcing manufacturers to permanently integrate secondary scrap into their production supply chains, this Extended Producer Responsibility (EPR) framework secures a captive, guaranteed demand pipeline for organized recyclers.
Opportunities
Increasing sustainability requirements, resource efficiency goals and demand for low-carbon materials are expected to drive greater use of recycled aluminium. Rising automotive production and growing electric vehicle adoption are likely to increase aluminium consumption and demand for recycled alloys. Greater focus on circular economy practices and resource conservation is creating opportunities for organised recyclers with advanced processing and quality-control capabilities. Expansion of domestic manufacturing and efforts to strengthen local supply chains are expected to aid demand for locally produced recycled aluminium alloys. Additional processing capacity, wider geographic presence and entry into new product categories can aid volume growth and customer diversification.
Challenges
Fluctuations in aluminium prices and scrap spreads can affect raw material costs, product realisations and profit margins. Heavy reliance on imported feedstock exposes operations to international supply disruptions, container freight volatility and evolving trade policies in major source markets. The organized recycling industry faces persistent competition from regional players and the unorganized informal sector operating with lower compliance and environmental overheads. Increasing complexity in end-of-life scrap streams requires advanced sorting and processing technologies to manage contamination and maintain optimal recovery yields. Changes in import duty structures, environmental emission norms, hazardous waste handling rules and Extended Producer Responsibility (EPR) mandates may increase compliance costs or affect market conditions.
CMR Green Technologies Limited (hereafter referred to as CMR Green or the Company) is the largest non-ferrous recycler in India, engaged primarily in recycling aluminium scrap and manufacturing aluminium alloys, zinc alloys and other recycled metal products. Its integrated operations cover scrap procurement, segregation, processing, melting, alloy manufacturing and customer delivery. The Company also processes and supplies furnace-ready scrap comprising stainless steel, copper, brass, zinc, lead and magnesium. It serves leading automotive and industrial customers, including major vehicle and component manufacturers, with products designed to aid efficient metal recovery and reuse.
CMR Green began operations in 2006 with aluminium alloys, zinc alloys, and furnace-ready scrap processing, and has since expanded its manufacturing network, product portfolio and technical capabilities across India. The Company has added new facilities, entered into strategic joint ventures and diversified its portfolio into aluminium billets and Used Beverage Can (UBC) recycling. In 2025, it further strengthened its partnerships and production capabilities, followed by its listing on the BSE and NSE in 2026.
The Companys business model drives the circular economy by converting metal scrap into reusable materials, thereby reducing the requirement for primary metal production. Its manufacturing locations are strategically positioned near major automotive and industrial clusters, enabling efficient supply and supporting the delivery of liquid aluminium alloys to customers.
The Company manufactures liquid aluminium, aluminium alloy ingots and aluminium billets, along with zinc alloy ingots and UBC recycling. It also processes furnace-ready scrap comprising stainless steel, copper, brass, zinc, lead and magnesium. The portfolio is being expanded to address applications beyond traditional cast aluminium alloys, including wrought alloy and extrusion applications.
The Companys aluminium alloys are used across automotive and industrial applications. It has a particularly strong position in the domestic automotive cast alloy segment, with an estimated 42-45% market share in domestic recycled aluminium as of FY2025. CMR Green has also recorded long-term growth, with revenue from operations increasing at a CAGR of approximately 23.6% between FY2007 and FY2026.
| Product | Key Applications / Characteristics |
| Liquid Aluminium Alloys | Supplied in molten form to customers, primarily automotive OEMs and Tier 1 suppliers; drives just-in-time manufacturing and reduces remelting requirements |
| Aluminium Alloy Ingots | Solid recycled aluminium alloys used in die-casting and other manufacturing applications |
| Aluminium Billets | Recycled aluminium billets for extrusion and other wrought alloy applications, supporting expansion beyond traditional cast alloys |
| Zinc Alloy Ingots | Recycled zinc alloys primarily serving die-casting and automotive applications |
| Furnace-ready Scrap | Segregated stainless steel, copper, brass, zinc, lead and magnesium scrap supplied for further industrial processing |
| Used Beverage Can Recycling | Recycling of aluminium beverage cans, including the facility established for a primary aluminium producer |
CMR Green operates 13 recycling facilities across major automotive and industrial clusters in North, West, South and East India. To optimise logistics and enhance customer proximity, these operations are strategically structured around a highly efficient hub-and-spoke model comprising four core hub facilities. The Company has an installed capacity of 6,150,150 tonnes per annum as of March 31, 2026, comprising 4,70,300 MTPA of aluminium recycling capacity and 1,44,850 MTPA of zinc alloys and other metals.
The Companys aluminium recycling capacity was approximately 4 times that of its nearest domestic competitor in the recycled aluminium space. Furthermore, the Company maintains a significant manufacturing edge by deploying state-of-the-art technology sourced from across the world, supported by continuous upgradations. Its facilities are equipped with advanced scrap segregation systems, regenerative burners, de-coaters, metal circulation furnaces and automated process controls to maximise metal recovery, drive energy efficiency and deliver consistent product quality.
The automotive sector remains the Companys primary end-user market, comprising passenger vehicles, commercial vehicles, two-wheelers, Electric Vehicles and Tier 1 component manufacturers. CMR Green is also expanding its presence in non-automotive applications through aluminium billets, wrought alloys and used beverage can recycling, providing opportunities to serve a broader range of industrial requirements.
The Company has a pan-India manufacturing presence across 8 states, enabling it to serve customers in major consumption centres. During FY2026, approximately 97.11% of revenue was generated from India, while exports accounted for 2.89%. Revenue contribution was approximately 54.59% from North India, 18.16% from West India, 26.67% from South India and 0.58% from East India.
Revenue Contribution - Zone-wise
Leading Organised Non-ferrous Metal Recycling Company in India
CMR Green is among Indias leading organised non-ferrous metal recyclers and has the highest installed capacity among domestic secondary aluminium peers considered in the Companys industry assessment.
Integrated Manufacturing and Pan-India Processing Footprint
The Companys network of 13 facilities across 8 states enables it to operate close to major automotive and industrial clusters. This footprint drives efficient movement of raw materials and finished products while strengthening its ability to respond to regional customer requirements. The Company has added 7 plants over the past 7 years, including recently commissioned facilities in Tirupati and Odisha. The Tirupati facility drives its low-carbon extrusion billet strategy under the Continuum brand, while the Odisha facility is focused on used beverage can recycling.
Diversified Scrap Sourcing Network and Procurement Capabilities
CMR Green sources scrap through a geographically diversified network covering thousands of yards across the world. Its procurement capabilities include both domestic and international sourcing, enabling the Company to manage variations in material availability, quality and pricing. To optimise this complex global supply chain, the Company leverages an AI-enabled system that continuously aligns the best possible sourcing routes and scrap availability at all points in time. Furthermore, advanced sorting and processing technologies allow it to handle mixed and lower-cost scrap and convert it into customer-specific alloys. Specialised equipment, quality-control systems and technology-enabled production processes aid metal recovery, product consistency and efficient utilisation of raw materials.
Long-standing Relationships with Automotive OEMs and Industrial Customers
CMR Green has established long-term customer relationships, with several customer associations extending over 19+ years. The Company has a diversified clientele comprising leading automotive and industrial players, including Hero, Bajaj, Royal Enfield, Suzuki, Hindalco, Honda, Gabriel, Rockman Industries, Endurance, Maruti Suzuki and Jindal Stainless. Repeat customer revenue represented approximately 97.00% of operating revenue during FY2026.
Sustainability-led Circular Economy Business Model
The Companys recycling model drives resource efficiency by converting scrap into reusable metal products and reducing the requirement for primary metal production. Aluminium recycling also requires significantly 95% less energy and results in 6 times lower carbon emissions compared with primary aluminium production, supporting the Companys long-term sustainability positioning.
Experienced Management Team with Strong Technical Expertise
CMR Green is guided by an experienced management team and a distinguished Board committed to robust corporate governance, ethical leadership, and structured oversight. The leadership team brings multi-disciplinary expertise spanning aluminium recycling, engineering, procurement, operations, finance, information technology, and human resources. These governance frameworks and strategic capabilities are further reinforced by extensive industry track records, transparent institutional practices, and long-standing technical collaborations with global Japanese partners.
Expand Recycling and Manufacturing Capacities
The Company plans to expand its recycling and manufacturing capacity to meet the growing demand for recycled aluminium and other non-ferrous metals. New and recently commissioned facilities, along with strategically located manufacturing units, are expected to aid volume growth, improve customer proximity and strengthen its presence across key automotive and industrial clusters.
Diversify Product Portfolio
The Company is expanding beyond conventional cast aluminium alloys into wrought alloys, such as aluminium billets and Used Beverage Can (UBC) to address a wider range of applications. It also intends to explore opportunities in copper, lead and lithium-ion battery recycling. Alongside this, the Company plans to increase its presence across automotive, electric vehicles, renewable energy, construction, packaging, aerospace, electronics and other industrial sectors, thereby broadening its addressable market and reducing dependence on individual product categories or industries.
Strengthen Green Aluminium Capabilities
The Company intends to increase its focus on recycled and low-carbon aluminium as demand for sustainable materials continues to grow. A recent example is the launch of Continuum ™ Green Billets with over 98% post-consumer scrap used and carbon footprint less than 1.5tCO2e/t. Its green aluminium strategy is aimed at helping customers reduce their carbon footprint and meet evolving environmental requirements in domestic and international markets.
Strengthen Scrap Sourcing
The Company plans to expand its domestic scrap procurement network while maintaining diversified international sourcing arrangements. A broader supplier base is expected to improve the availability of quality raw materials and provide greater flexibility in managing fluctuations in scrap supply and prices. The Company will continue to focus on efficient procurement, quality control and supply-chain management to aid its growing production requirements.
Deepen Customer Relationships
The Company aims to strengthen relationships with existing customers through consistent quality, reliable supplies, technical aid and proximity-based manufacturing, particularly for liquid aluminium. At the same time, it intends to expand its customer base across new applications and geographies. Its manufacturing capabilities, product quality and low-carbon offerings are expected to aid the development of international markets and export opportunities.
Improve Operational Efficiency through Technology and Automation
The Company will continue to improve productivity, process control, energy efficiency and cost management across its facilities. Initiatives such as AI integration in processes, kaiens, low-cost automation, preventive maintenance and shop-floor process improvements will aid these efforts. The Company is also using Enterprise Resource Planning (ERP), proprietary Management Information Systems (MIS), machine scorecards, paperless shop floors and technology-enabled production controls to improve visibility, standardise processes and aid faster decision-making.
Leverage Strategic Partnerships and Technology
The Company intends to pursue strategic alliances, joint ventures and technology partnerships to access complementary capabilities and accelerate the development of new products and processes. Such collaborations can aid the adoption of advanced recycling technologies, strengthen manufacturing capabilities and enable the Company to enter new product segments in a capital-efficient manner.
Capitalise on Electric Vehicle and Emerging Mobility Opportunities
The Company intends to benefit from the growing adoption of electric vehicles and the increasing use of lightweight materials in mobility applications. Rising aluminium intensity in vehicles, along with demand for specialised alloys and battery-related materials, is expected to create new opportunities. The Companys manufacturing presence near automotive clusters will enable it to respond more effectively to these evolving requirements.
| Particulars | FY2025 | FY2026 | YoY Change |
| Total Sales Volume (MT) | 328,910 | 409,292 | 24% |
| Aluminium Sales Volume (MT) | 245,312 | 310,949 | 27% |
| Non-aluminium Sales Volume (MT) | 83,598 | 98,343 | 18% |
FY2026 witnessed strong improvement in operating performance, supported by higher sales volumes, capacity additions, improved realisations and a favourable product mix. Total sales volume increased by approximately 24% to 409,292 metric tonnes from 328,910 metric tonnes in FY2025. Aluminium sales volume increased to 310,949 metric tonnes from 245,312 metric tonnes, while non-aluminium sales increased to 98,343 metric tonnes from 83,598 metric tonnes. The volume increase was supported by ramp-up of newly added capacities, stabilisation of existing facilities and brownfield expansion. Average realisation per tonne improved by approximately 4% supported by product mix and operating efficiency. Installed capacity increased to 615,150 tonnes per annum as of March 31, 2026. The Company continued to focus on capacity utilisation, process optimisation and customer-specific production. Its manufacturing infrastructure includes advanced scrap segregation systems, regenerative burners, de-coaters, metal circulation furnaces and automated process controls.
Key Financial Highlights ( ? in crore)
| Particulars | FY2026 | FY2025 | YoY Change |
| Revenue from Operations | 8,640.19 | 6,669.09 | 29.56% |
| EBITDA | 449.44 | 298.78 | 50.42% |
| Profit Before Tax | 300.21 | 205.08 | 46.39% |
| Profit After Tax | 228.38 | 155.05 | 47.30% |
| EBITDA Margin | 5.20% | 4.50% | +70 bps |
| PAT Margin | 2.64% | 2.32% | +32 bps |
Revenue from operations increased by 29.56% to ? 8,640.19 crore in FY2026 from ? 6,669.09 crore in FY2025, primarily driven by higher sales volumes supported by capacity additions and improved utilisation, along with an approximately 4% increase in average realisation per tonne. Aluminium continued to be the principal contributor, accounting for 81.19% of revenue from operations in FY2026 compared with 80.98% in FY2025, while non-aluminium products contributed 18.81%. EBITDA increased to ? 449.44 crore in FY2026 from approximately ? 298.78 crore in FY2025, supported by operating leverage, higher volumes, a favourable product mix and disciplined cost management. Consequently, EBITDA margin improved to approximately 5.2% from 4.5% in FY2025. Profit After Tax (PAT) rose by 47.30% to ? 228.38 crore from ? 155.05 crore, supported by stronger operating profitability and improved scale. PAT margin also increased to approximately 2.64% from 2.32% in FY2025.
Ratio Analysis and its elements:
| Ratio | Numerator | Denominator | March 31, 2026 | March 31, 2025 | % change | Reason for variance |
| Current Ratio (Times) | Current Assets | Current Liabilities | 1.45 | 1.83 | -20.95% | Not Applicable |
| Debt-Equity Ratio (Times) | Total Debt | Shareholders Equity | 0.81 | 0.59 | 37.81% | Due to increase in borrowings |
| Debt Service Coverage ratio (Times) | Earnings for debt service = Net profit after taxes + Non-cash operating expenses | Debt service = Interest & Lease Payments + Principal Repayments | 1.90 | 3.19 | -40.60% | Due to increase in finance cost |
| Return on Equity ratio (%) | Net Profits after taxes - Preference Dividend | Average Shareholders Equity | 14.07% | 10.74% | 31.04% | Due to increase in profit |
| Inventory Turnover ratio (Times) | Cost of goods sold | Average Inventory | 7.08 | 8.13 | -13.01% | Not Applicable |
| Trade Receivable Turnover Ratio (Times) | Net sales = Total sales - sales return | Average Trade Receivable | 9.99 | 9.43 | 6.00% | Not Applicable |
| Trade Payable Turnover Ratio (Times) | Net Purchases = Total Purchases - purchases return | Average Trade Payables | 28.83 | 29.75 | -3.08% | Not Applicable |
| Net Capital Turnover Ratio (Times) | Net sales = Total sales - sales return | Working capital = Current assets - Current liabilities | 10.19 | 7.86 | 29.58% | Not Applicable |
| Net Profit ratio (%) | Net Profit | Net sales = Total sales - sales return | 2.64% | 2.32% | 13.69% | Due to increase in profit |
| Return on Capital Employed (%) | Earnings before interest and taxes | Capital Employed = Tangible Net Worth + Total Debt - Intangible assets | 12.54% | 11.04% | 13.66% | Not Applicable |
| Return on Investment (%) | Net Profit | Investment | 0.68% | 0.88% | -23.41% | Due to change in fair value |
CMR Green is well placed to benefit from the growing focus on recycling, resource efficiency and the use of lower-carbon materials across the automotive and industrial sectors. Its integrated recycling model enables the Company to convert aluminium scrap into secondary aluminium alloys in liquid and ingot forms, while its portfolio of zinc alloys, billets, UBC and segregated furnace ready scrap provides opportunities to serve a wider range of customer requirements. Demand is expected to benefit from growth in vehicle production, increasing use of aluminium in automobiles, expansion of electric mobility and the rising preference among OEMs and Tier 1 suppliers for recycled materials and localised sourcing.
The Company plans to further strengthen its scrap sourcing network, improve metal recovery and operational efficiency, expand the serviceable market and deepen relationships with customers. At the same time, it will remain focused on managing risks arising from fluctuations in scrap and metal prices, foreign exchange rates, energy and freight costs, automotive demand and regulatory requirements. To effectively neutralize commodity price volatility, the Company systematically deploys robust hedging mechanisms, back-to-back contracts, and cost-plus arrangements, which successfully insulate margins and help maintain a consistent blended EBITDA per kilogram across market cycles.
| Risk | Risk Definition | Mitigation Strategy |
| Scrap availability risk | Risk of inadequate availability or volatility in the supply of aluminium scrap, which may affect production volumes, capacity utilisation and input costs. | The Company maintains a geographically diversified sourcing network. It is also increasing domestic scrap procurement to reduce dependence on international sources. |
| Foreign exchange risk | Risk of adverse movements in foreign currency exchange rates affecting the cost of imported scrap and other foreign currency-denominated transactions. A substantial portion of scrap is imported, exposing the Company to currency movements. | The Company uses derivative financial instruments and maintains diversified sourcing arrangements to manage foreign exchange exposure. Through robust hedging mechanisms, the Company effectively mitigates currency volatility, protecting its operational margins and enabling it to maintain a consistent blended EBITDA over the past few quarters. |
| Customer concentration risk | Risk arising from dependence on a limited number of customers, where the loss or reduction in business from key customer could adversely affect revenue and profitability. | The Company maintains long-standing relationships with OEMs and Tier 1 customers while expanding its product portfolio and geographic presence to diversify its customer base. |
| Supply chain disruption risk | Risk of interruptions in the procurement, transportation or delivery of raw materials and other critical inputs due to logistical, geopolitical or other external disruptions. | Multiple suppliers across geographies, strategic manufacturing locations and long-standing supplier relationships aid continuity of raw material availability. Furthermore, the Company leverages AI-enabled systems to facilitate advanced procurement planning and ensure the timely delivery of scrap, effectively minimizing exposure to unforeseen logistical delays. |
| Operational and manufacturing risk | Risk of operational disruptions, equipment failure, process inefficiencies or quality issues that could affect production, product quality, costs or delivery schedules. | The Company employs process controls, automated monitoring, quality checks, specialised equipment and dedicated engineering and DSIR approved laboratory facilities to manage operational risks. |
| Technology and cybersecurity risk | Risk of system failures, cyberattacks, data breaches or other technology-related disruptions affecting business operations, information security and data integrity. | Enterprise Resource Planning (ERP) systems, automated Management Information Systems (MIS), digital production monitoring and IT-enabled processes are supported by centralised controls and process monitoring. Continued strengthening of cybersecurity and system controls remains important as digitalisation increases. |
| ESG and climate-related risk | Risk arising from climate change, evolving environmental regulations, resource constraints and increasing stakeholder expectations relating to emissions, energy consumption and sustainable operations. | The Company focuses on recycling, renewable energy, carbon reduction, environmental controls and sustainable product development. Increasing adoption of low-carbon aluminium and renewable energy is expected to support its long-term sustainability goals and environmental performance. Additionally, the Company addresses financial risk through its sustainability policies and TCFD framework. |
| Commodity and metal price risk | Risk of volatility in aluminium and non-ferrous metal prices, which may impact raw material acquisition costs, inventory valuation, and operating margins. | The Company manages price exposure through structured mechanisms across segments: 40% of automotive volumes are protected via customer cost plus arrangements, while the remaining 60% is hedged on the LME. UBC recycling operations follow a rolling model with Hindalco to eliminate metal price risk, and non-aluminium metals are 100% hedged or matched through back-to-back contracts. |
CMR Green is a People-First organisation where human capital drives its manufacturing operations, validated by its Rank 15 Great Place to Work (GPTW) status across all mid-size sectors. The Companys workforce includes personnel across manufacturing, engineering, procurement, operations, quality, information technology, finance and aid functions. The senior management team brings extensive experience across aluminium recycling, engineering, procurement, finance and human resources. The Company continues to focus on employee capability, operational safety, technical expertise and a people-focused culture to aid its expanding manufacturing footprint. As of FY2026, the Company had a workforce of 784 employees.
The Company maintains internal financial and operational controls designed to safeguard assets, aid accurate financial reporting, manage operational risks and ensure compliance with applicable laws and regulations. Its multi-location operations are supported by ERP systems, automated MIS, AI-enabled systems, machine scorecards, paperless shop-floor systems and real-time cost monitoring. This technological edge and commitment to continuous process innovation are further reinforced by the Companys intellectual property portfolio, which includes 2 registered patents, 2 applied patents, and 8 registered copyrights. The Companys internal control framework is supplemented by internal audit processes and management review mechanisms to identify control gaps and strengthen operational effectiveness.
This Management Discussion and Analysis contains forward-looking statements concerning the Companys business, financial performance, industry trends, strategy, opportunities and prospects. Such statements are based on managements current expectations, assumptions and available information and are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied due to factors including changes in economic conditions, commodity prices, aluminium and scrap prices, foreign exchange rates, regulatory requirements, customer demand, competition, supply-chain conditions, technology, operating performance and other risks. Readers are advised not to place undue reliance on forward-looking statements. The Company undertakes no obligation to publicly update or revise such statements to reflect subsequent events or developments.
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