CMR Green Technologies Ltd IPO

We depend on a limited number of customers for significant portions of our revenues. For December 31, 2025, 20.93% of our consolidated revenue from operations was derived from our top 3 customers, and 32.53% was contributed by our top 5 customers. The loss of one or more of our top customers or significant reduction in production and sales of, or demand for our production from our significant customers may adversely affect our business, financial condition, result of operations and cash flows.

We derive a substantial portion of our revenue from the sale of key products such as liquid aluminium alloys and aluminium alloy ingots which contribute 81.85%, 78.42%, 76.95% and 73.13% of our revenue from operations excluding export incentives, government subsidy/ other incentive for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively and any loss of sales due to reduction in demand for these products could adversely affect our business, financial condition, results of operations and cash flows. In addition, we may not be able to diversify into new product lines which may adversely affect our business, revenue from operations, cash flows and financial condition.

We have experienced losses amounting to Rs.8,382.25 million in the Fiscal 2024 and we may continue to incur losses in the future which could have an adverse effect on our business, results of operations and cash flows.

We have experienced negative cash flows from operating activities in previous Fiscals/ period where our operating cash flows reduced by 224.16% in Fiscal 2024 to Fiscal 2025 and we cannot assure you that we will not experience negative cash flows in future periods. Negative cash flows may adversely affect our financial condition, results of operations and prospects.

We have an outstanding proceeding initiated by Enforcement Directorate, Mumbai.

Conflicts of interest may arise out of common business objects shared by our Company and some of our Group Companies. Additionally, our Promoters may have in the past been associated with other companies which may have similar names and may be in the same line of business as that of our Company.

Our Statutory Auditors have included certain matters of emphasis in connection with the Companies (Auditor's Report) Order, 2020 in the examination report issued in respect of the Restated Consolidated Financial Statements.

CCIIPL, CMRC and KAPL which have been identified as a group company of the Company and CCIIPL and CMRC which have been identified as a joint venture of the Company in terms of the SEBI ICDR Regulations, have not provided information or any confirmations or undertakings pertaining to itself that are required to be disclosed in relation to a company identified as a group company and/or joint venture in this Red Herring Prospectus.

As on December 31, 2025, we had total borrowings comprising non-current borrowings and current borrowings aggregating to Rs.13,032.17 million, on a consolidated basis. Our indebtedness and the conditions and restrictions imposed on us by our financing agreements could adversely affect our ability to conduct our business.

There is outstanding litigation against our Company, our Subsidiaries, our Directors, our Promoters, our KMPs and SMPs, which if determined adversely, could affect our business, cash flows and results of operations.