Eswari Global Metal Industries IPO

Incorporated in 1987, Eswari Global Metal Industries Limited is an integrated multi-metal and waste recycling and value-added manufacturing company with a legacy spanning nearly 39 years. The company is engaged in recycling non-ferrous metals, plastics and e-waste, manufacturing value-added products including pure lead and lead alloys, aluminium alloys, copper ingots, tin products and plastic granules. These products cater to a wide range of end-use industries, including battery manufacturing, automotive, industrial and allied sectors, across domestic and international markets. The company is the only Indian company to hold London Metal Exchange (LME) accreditation for two purity level lead brands, namely 99.97% and 99.985% purity levels. It operates nine strategically located manufacturing facilities across Karnataka and Tamil Nadu through itself and its subsidiaries, with a total installed production capacity of 165,106 metric tonnes per annum (MTPA) as of December 31, 2025.

Eswari Global Metal Industries Limited IPO Overview

Eswari Global Metal Industries Ltd. has filed a Draft Red Herring Prospectus (DRHP) with SEBI on June 28, 2026, to raise funds through an Initial Public Offering. The IPO is a Book Build Issue consisting of a fresh issue of ₹5,000 million (₹500 crore) and an Offer for Sale (OFS) of up to 1,32,09,451 equity shares by existing shareholders and promoters. The promoters offloading shares through the OFS are C. Bharanikumar, Pradeep Chandrasekaran, Prasath Chandrasekaran, Sabarinathan Anbalagan, Hari Sudhan A, Nithin Arumugam, P. Anbalagan and P. Arumugam, while Palaniappan Ramalingam is the other selling shareholder. The equity shares are proposed to be listed on NSE and BSE. DAM Capital Advisors Ltd., ICICI Securities and Motilal Oswal Investment Advisors are the book-running lead managers, while KFin Technologies Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced. As per market sources, the total IPO size is estimated at around ₹1,100-1,300 crore. The company may also consider a pre-IPO placement of up to ₹100 crore

Eswari Global Metal Industries Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue of ₹5,000 million + OFS of 1,32,09,451 shares
Fresh Issue	₹5,000 million (₹500 crore)
Offer for Sale (OFS)	1,32,09,451 shares of ₹2
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹2 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	7,77,02,650 shares

Eswari Global Metal Industries Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Eswari Global Metal Industries Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Net Offer
Retail Shares Offered	Not less than 35.00% of the Net Offer
NII (HNI) Shares Offered	Not less than 15% of the Net Offer

Eswari Global Metal Industries Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS) – Basic	₹16.01
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	45.53%
Net Asset Value (NAV)	₹34.28
Return on Equity (RoE)	45.40%
Return on Capital Employed (RoCE)	20.04%
EBITDA Margin	8.37%
PAT Margin	5.99%
Debt to Equity Ratio	—

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (₹ in million)
Part-financing capital expenditure for Phase 2 expansion of manufacturing facility at Mundra, Gujarat	1,500.00
Prepayment or re-payment of certain outstanding borrowings	2,500.00
General corporate purposes*	[●]
Total	[●]

*Note: To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC.

Eswari Global Metal Industries Limited Financials (₹ in million)

Particulars	31 Dec 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	7,053.00	5,247.61	4,401.07	3,063.04
Revenue	14,015.38	14,075.61	12,038.29	9,680.14
Profit After Tax	839.15	301.60	304.41	286.46
Reserves and Surplus	2,516.82	972.24	619.51	329.80
Total Borrowings	3,607.52	2,949.43	2,394.16	1,486.13
Total Liabilities	4,380.77	4,222.95	3,729.14	2,680.82

Financial Status of Eswari Global Metal Industries Limited

Eswari Global Metal Industries IPO Strengths

Largest Exporter of Lead Alloy Products with LME Accreditation

Eswari Global Metal Industries Limited is the largest exporter of lead alloy products in terms of value, with strong customer relationships. The company is the only Indian company to hold London Metal Exchange accreditation for two purity level lead brands, namely 99.97% and 99.985% purity levels. This LME accreditation provides global market recognition, ensuring that the metal meets rigorous quality and traceability standards, making it highly liquid and accepted in regulated markets worldwide.

Established and Diversified Supplier Base Ensuring Reliable Sourcing

Eswari Global Metal Industries Limited has established long-standing relationships with suppliers, ensuring reliable sourcing and operational continuity. The company procures non-ferrous metals, plastic and e-waste scrap from domestic and international suppliers and undertakes environmentally responsible recycling operations through nine manufacturing facilities operated by it and its subsidiaries across Karnataka and Tamil Nadu.

Strategically Located Manufacturing Facilities

Eswari Global Metal Industries Limited operates nine strategically located manufacturing facilities across Karnataka and Tamil Nadu through itself and its subsidiaries. These facilities are located in proximity to major ports, providing significant logistical and sourcing advantages, enabling efficient import of recyclable scrap and facilitating exports of finished products.

Efficient Operating Model with International Accreditations and Pricing Flexibility

Eswari Global Metal Industries Limited’s operating model is based on strong process and financial discipline, consistent product quality and internationally recognised accreditations. The company is certified with ISO 9001:2015 for quality management systems, ISO 14001:2015 for environmental management systems and ISO 45001:2018 for occupational health and safety management systems.

Efficient Commodity Price Risk Management with Strong Hedging Framework

Eswari Global Metal Industries Limited follows a structured commodity price risk management and hedging framework that mitigates the impact of volatility in base metal prices and supports margins and pricing stability. The company uses LME-linked derivative instruments to align raw material procurement costs with finished product sales realisations.

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More About Eswari Global Metal Industries Limited

1. Business Overview

Eswari Global Metal Industries Limited is an integrated multi-metal and waste recycling and value-added manufacturing company with a legacy spanning nearly 39 years, committed to advancing the circular economy and delivering sustainable and responsible material solutions across India and key international markets. The company is engaged in manufacturing of lead alloys from lead battery scrap with facilities located in Mangalore (Karnataka) with installed capacity of 72,000 tons per annum and Perundurai (Tamil Nadu) with installed capacity of 24,000 tons per annum.

2. Product Portfolio

The company’s product offerings include:

• Pure lead and lead alloys: Serving battery manufacturing and industrial sectors
• Aluminium alloys: Catering to automotive and industrial applications
• Copper ingots: Used in electrical and industrial applications
• Tin products: Serving various industrial sectors
• Plastic granules: Derived from plastic recycling operations

3. Manufacturing Facilities

The company operates nine manufacturing facilities across Karnataka and Tamil Nadu:

• Manufacturing Facility 1-7: Located in Baikampady Industrial Area, Mangalore, Karnataka (owned and leased properties)
• Manufacturing Facility 8: Located at SIPCOT Industrial Growth Center, Perundurai, Tamil Nadu (leased)
• Manufacturing Facility 9: Located at Somapura 2nd State Industrial Area, Nelamangala, Bangalore (leased)
• Manufacturing Facility 10: Located at Mundra, Gujarat (owned, Phase 2 expansion underway)

Total Installed Production Capacity: 165,106 MTPA as of December 31, 2025

4. Management Team

The company is led by Promoters including Prasath Chandrasekaran (Managing Director), C. Bharanikumar (Whole-time Director), Sabarinathan Anbalagan (Chief Executive Officer and Whole-time Director), Hari Sudhan A and Nithin Arumugam (Non-Executive Non-Independent Directors). The promoters bring a cumulative experience of over 75 years in the metals, battery and plastics sectors. The company has 406 employees as of December 31, 2025.

Industry Outlook

Indian Metal Recycling Industry

India’s metals industry is undergoing a structural shift from mining towards recycling, with organised non-ferrous metal recyclers positioned to benefit from rising metal consumption, resource constraints, sustainability requirements and increasing formalisation of the scrap ecosystem. The India metal recycling market is projected to exhibit a CAGR of 5.26% during 2026-2034, reaching a value of USD 19.3 Billion by 2034.

Growth Drivers

• Government Mandates: The government has introduced minimum recycled content mandates of 5% by FY28 and 10% by FY29. By FY31, the targets rise to 10% for aluminium, 20% for copper, and 25% for zinc.

• EPR Framework: The new EPR rules establish an ambitious recycling target structure that progressively increases from 10% in 2026-2027 to 75% by 2032-2033 for products made of non-ferrous metals.

• Lead Market Growth: Lead offers the strongest earnings visibility due to predictable battery replacement cycles, rising domestic scrap availability and regulatory support.

• Energy Efficiency: Secondary metals require approximately 95% less energy than primary production, making recycling increasingly cost-competitive.

• Structural Shift: India’s metals industry competitive advantage is increasingly shifting from installed processing capacity to procurement capabilities.

Key Market Figures

• India metal recycling market: Projected to reach USD 19.3 Billion by 2034 at 5.26% CAGR

• India scrap metal recycling market: Projected to grow at 8.4% CAGR from 2026 to 2032

• Global scrap metal recycling market: Expected to expand from 535.22 million tons in 2025 to 764.39 million tons by 2031 at 6.12% CAGR

• Secondary metals offer same metallurgical properties as primary metals while requiring significantly lower energy, capital and carbon intensity

How Will Eswari Global Metal Industries Benefit

• Expanding metal recycling market: The India metal recycling market projected to reach USD 19.3 billion by 2034 at 5.26% CAGR provides significant growth opportunities for the company’s core recycling operations.

• Government mandates for recycled content: Minimum recycled content mandates of 5% by FY28 and 10% by FY29 create sustained demand for recycled metal products.

• Lead market growth: Lead offers the strongest earnings visibility due to predictable battery replacement cycles, rising domestic scrap availability and regulatory support, directly benefiting the company’s core lead alloy business.

• EPR framework expansion: The progressive EPR recycling target structure from 10% in 2026-2027 to 75% by 2032-2033 creates long-term demand visibility for recycling services.

• Energy cost advantage: Secondary metals requiring approximately 95% less energy than primary production provides a significant cost advantage for the company’s recycled products.

• Export market growth: With 75.70% of revenue from exports, the company benefits from growing international demand for recycled metals and LME-accredited products.

• Capacity expansion: The Phase 2 Mundra expansion adding 189,000 MTPA capacity positions the company to capture incremental demand in domestic and international markets.

• Lithium battery recycling opportunity: The emerging lithium-ion battery recycling market presents a significant growth opportunity aligned with the company’s recycling expertise.

Name of the Company	Revenue (₹ in million)	Face Value (₹)	Basic EPS (₹)	Diluted EPS (₹)	NAV per share (₹)	P/E Ratio	RoNW (%)
Eswari Global Metal Industries Limited	14,075.61	2	5.75	5.75	39.01	—	35.63%
Peer Group
Gravita India Limited	38,687.70	2	45.11	45.11	279.41	37.87	21.65%
Jain Resource Recycling Limited	64,293.80	2	7.11	7.11	23.02	52.68	39.89%
Pondy Oxides & Chemicals Limited	20,569.05	5	22.03	21.08	205.26	64.38	12.71%
CMR Green Technologies Limited	66,664.85	2	6.50	6.50	62.42	38.94	11.94%

Key Strategies for Eswari Global Metal Industries Limited

Strategically Expand Recycling Operations to Become One-Stop Recycling Partner

Eswari Global Metal Industries Limited intends to strengthen its position as an integrated recycling solutions provider by offering end-to-end, compliant recycling services across multiple waste streams. Building on established capabilities in recycling non-ferrous metals, the company intends to expand coverage across non-ferrous metals, plastics and e-waste, enabling corporates to meet recycling and sustainability objectives through a single, trusted partner.

Strategic Expansion of Recycling and Manufacturing Facility in Mundra, Gujarat

Eswari Global Metal Industries Limited is establishing a new large-scale facility in Mundra, Gujarat, as a strategic expansion initiative. The Phase 2 expansion is targeted for completion by September 2027, with installed production capacity expected to increase by 153,000 MTPA for lead and lead alloys and 9,000 MTPA for plastic granules, positioning the Mundra facility as a key growth engine.

Strategic Expansion of Recycling Capabilities to Enhance Recovery of By-Products and Critical Metals

Eswari Global Metal Industries Limited intends to strengthen and scale recycling operations by expanding capabilities in processing tin, antimony and silver-bearing materials. The company plans to incorporate electrolytic refining capabilities to produce high-purity metals suitable for specialised and value-added applications, supporting margin improvement and enhancing presence in high-purity end-use segments.

Leveraging Expertise to Focus on Lithium Battery Recycling

Eswari Global Metal Industries Limited intends to develop capabilities in lithium-ion battery recycling to address increasing generation of end-of-life batteries from electric vehicles, energy storage systems and consumer electronics. The company proposes to establish a pilot lithium-ion battery recycling facility at Manufacturing Facility 10, expected to be completed and operational by 2028.

Strengthen Sustainability Initiatives and Regulatory Positioning

Eswari Global Metal Industries Limited intends to progressively increase the share of renewable energy utilised in operations to over 50% by 2027. The company also proposes to participate in carbon credit mechanisms and green metal initiatives, which may enable monetisation of verified emissions reductions through recognised carbon markets.