Haneesh
172 posts
1/ Did you know Angular 22 can lazy-load services? With `injectAsync`, a service and its dependencies can be moved into a separate chunk and loaded only when they are actually needed.
Full IPO Review CMR Green Technologies IPO I am Applying with Full Force for Good Listing Gains & Holding ✅ Pointers: ▫️CMR is the Leading non-ferrous metal recycler in India with Highest Market Share (17%) in the secondary aluminium market - The Company ranks among the largest players in the global aluminium recycling industry. Their capacity is around 4 times of the nearest domestic competitor - The Company has about 45% Market share in the cast alloy segment of the automotive industry ▫️CMR Manufactures recycled aluminium alloys (in ingot and liquid form), zinc alloy ingots, dross and segregated furnace ready scrap of other Metals - More than 80% Revenue comes from Aluminium Segment. They Produce Liquid Molten Aluminium, Billets, Ingots etc. Most of the Supply goes to Automotive Industry - The Company handles Liquid Aluminium which requires technical expertise and Specialised Logistics. Very Few Groups are doing this in India ▫️CMR's Customers include OEMs and Tier 1 Companies in Automotive Manufacturing Sector - Clientele includes Maruti Suzuki, Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Toyota Industries, Rockman Industries, Craftsman Automation, Hindalco Industries (Wrought Aluminium) and more - Customer Stickiness is Very Solid in this business. More than 95% Revenue comes from Repeat Customers. Relationship tenure is more than 15 Years with Multiple big customers ▫️CMR procures metal scrap from around 198 global suppliers from 73 countries like USA, UK, Australia, Europe etc ▫️The Company has 13 Recycling Units in India, Located across multiple automotive clusters. Total Capacity is 615,150 MTPA - Combined Capacity Utilisation is about 70% - Two Big Plants in Ramp Up Stage. Capacity will be added as and when required with internal accruals - New Can Recycling Facility has gone live (For Hindalco) and EV dedicated facilities and Wrought Aluminium related businesses can bring the next phase of Growth for the company - The Company has JVs with Toyota Tsusho Corp, Nikkei MC Aluminium and Nippon Light Metal for Liquid Aluminium Supply and Technical Synergies ▫️Objects of the Offer Full OFS of 631 Cr, Promoters will retain Major Ownership of the Company ▫️Financials Company's Revenue and PAT have been Growing well with improvement in Margins over the Years. FY24 was in losses due to Exceptional Items Balance Sheet Quality is Decently Good, CFs are Negative ▫️Valuations This is the Part where I am really Impressed CMR is coming at about 17x FY26E PE FY27E PE Jain Resource: 26x Gravita India: 25x Pondy Oxides: 22x If I consider conservative growth for CMR in FY27, Then also the Estimated PE is coming near 12-14x Giving CMR Green a 20x FY27E PE, Upside Visibility is about 54% Other Players have announced big CapEXs and they are entering into Value Added products which have higher margins hence I have assigned a decent discount to CMR over peers ▫️Other Pointers - Promoters are Strong - Anchor Book was Strong - Demand is Good ▫️Risks - Customer Concentration (Top 5 : 35%, Top 10: 50%) - Tax litigations and some other proceedings - Dependency on Automotive Sector - Raw Materials Sourcing and Pricing challenges - Competition from unorganised sector ▫️Conclusion CMR is a Good Company run by Experienced Promoters and they have Strong Clientele. Track Record is Good The Company is now exploring new verticals and industries which can drive next phase of Growth for them This Recycling theme is going to become very Big in coming years due to Government Policies and ESG Norms and this company can become a good beneficiary of these sectorial tailwinds Overall A Good Quality Company with Good Prospects coming at Attractive Valuations I will Apply FF in this IPO, Allotment will be difficult :) (Note: Post is shared for Educational purposes only, DYDD before applying, this is my personal opinion and study about the company) #CMRGreenTechnologies #CMRIPO
🚨Scoop: U.S. and Iran reach deal but need Trump's final approval, two U.S. officials and a regional source involved in the mediation efforts told me. My story on @axios axios.com/2026/05/28/ira…
