Eswari Global Metal Industries IPO

Eswari Global Metal Industries Ltd. has filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 28, 2026, to raise funds through an Initial Public Offering (IPO).

The IPO will be a book-built issue comprising a fresh issue of ₹500 crore and an Offer for Sale (OFS) of up to 1.32 crore equity shares by existing shareholders.

The company plans to list its shares on both the NSE and BSE. DAM Capital Advisors Ltd. will act as the book running lead manager for the IPO, while KFin Technologies Ltd. will be the registrar.

Eswari Global Metal Industries IPO Important Dates

Yet to be announced.

About Eswari Global Metal Industries 

Eswari Global Metal Industries Limited operates as an integrated recycling and manufacturing company focused on non-ferrous metals, waste recycling and value-added products. The company sources scrap materials from both domestic and international suppliers and processes them through its recycling facilities.

Its operations cover the recycling of non-ferrous metals, plastics and electronic waste (e-waste). These materials are processed and converted into usable raw materials and finished products, helping recover valuable metals while supporting more efficient resource utilisation.

The company manufactures a range of value-added products, including pure lead and lead alloys, such as lead calcium, lead antimony and lead tin alloys. Its product portfolio also includes aluminium alloys, copper ingots, tin products and plastic granules, catering to different industrial requirements.

Eswari Global Metal Industries serves customers across sectors such as battery manufacturing, automotive, electrical and other industrial applications. Its products are sold in both domestic and international markets, with the company also having a notable presence in the export of lead alloy products.

Industry Outlook

This company operates in the metal manufacturing and recycling industry. 

1. India’s metal recycling market was valued at around $14.1–19.4 billion in 2024 and is projected to reach $21–25 billion by 2030–31, growing at a 5.3%–7.3% CAGR.
2. India consumes around 29 million tonnes of scrap annually, accounting for only about 20% of domestic steel production feedstock, compared with 40%–50% in mature markets, indicating significant room for growth.
3. Policies such as the National Steel Scrap Recycling Policy and EPR mandates are encouraging greater use of recycled materials. From FY 2027–28, mandatory recycled-content targets are expected to reach 10% for aluminium, 20% for copper and 25% for zinc.
4. Growing adoption of Electric Arc Furnaces (EAFs) is increasing demand for scrap-based metal production. Recycling aluminium can also save up to 95% of the energy required for primary production.
5. The development of Registered Vehicle Scrapping Facilities (RVSFs) and policies supporting scrap imports are helping shift metal recycling from the informal sector towards organised processing and improving access to feedstock.
6. Rising EV adoption and electronic consumption are creating new recycling opportunities for lithium, cobalt, nickel, lead and high-purity copper, with black mass recovery emerging as a potential growth segment.

Eswari Global Metal Industries IPO Objectives

1. ₹150 crore will be used to part-finance the Phase 2 expansion of the manufacturing, processing and recycling facility at Mundra, Gujarat.
2. ₹250 crore will be used to repay or prepay outstanding borrowings of the company and its subsidiaries, helping reduce debt obligations.
3. The remaining ~₹100 crore will be used for general corporate purposes, working capital, strategic growth initiatives and IPO-related expenses.

Under the OFS, up to 1.32 crore equity shares will be sold by existing shareholders, including promoters and investors. The company will not receive any funds from the OFS; the sale proceeds will go directly to the respective selling shareholders.

Financial Performance of Eswari Global Metal Industries 

Eswari Global Metal Industries Peer Comparison

Strengths and Opportunities for Eswari Global Metal Industries IPO

1. The company was the largest exporter of lead alloy products from India and the third-largest exporter of lead and lead alloy products by value during the nine months ended December 31, 2025.
2. As of December 31, 2025, the company served 168 customers across more than 15 countries, including South Korea, Thailand, Singapore, Vietnam, Indonesia and Malaysia, supporting geographic diversification.
3. The company sourced recyclable raw materials from 254 suppliers across more than 48 countries, reducing dependence on any single sourcing market and supporting consistent access to scrap.
4. Its operations cover the processing of non-ferrous metals, plastics and e-waste scrap, along with the production of high-purity lead, customised lead alloys and other metal products.
5. The company operates nine integrated recycling and manufacturing facilities in Karnataka and Tamil Nadu, with a combined installed capacity of 165,106 MTPA as of December 31, 2025.
6. Total income increased from ₹985.24 crore in FY2023 to ₹1,457.58 crore in FY2025, representing a 21.63% CAGR, supported by long-standing customer relationships and consistent product quality and delivery.
7. The company is the only Indian company with LME accreditation for lead brands with 99.97% and 99.985% purity levels. This strengthens global market acceptance, product credibility and access to regulated international markets.
8. LME-registered products can be used as collateral for financing and can also be sold through the LME’s global warehouse network, providing greater liquidity and commercial flexibility.
9. Long-standing relationships with suppliers and customers help the company secure quality scrap at competitive prices, maintain stable operations and support consistent product demand.

Risks and Threats for Eswari Global Metal Industries IPO

1. Pure lead and lead alloys contributed 90.08% of product sales revenue in the nine months ended December 31, 2025, making the company highly exposed to changes in demand, regulations and environmental concerns related to these products.
2. The top customer contributed 20.89% of product sales, while the top five customers accounted for 49.65% in the nine months ended December 31, 2025. Losing key customers or receiving lower orders could impact revenue and cash flows.
3. Export sales contributed 75.70% of product sales in the nine months ended December 31, 2025. Changes in overseas demand, anti-dumping duties, trade agreements or regulations could affect the company’s financial performance.
4. Customers in the battery manufacturing sector contributed 56.31% of product sales during the nine months ended December 31, 2025. A slowdown in the lead-acid battery market could therefore directly affect business growth.
5. The company relies on external suppliers for scrap materials. Supply disruptions or fluctuations in scrap prices could increase costs and affect production, cash flows and profitability.
6. Lead and its compounds are classified as hazardous substances, while lead-based manufacturing is considered a high-risk or ‘red’ category activity in India and several overseas markets. Stricter environmental, health and safety regulations or higher compliance costs could adversely affect operations.

Eswari Global Metal Industries IPO Reservation

Eswari Global Metal Industries IPO Promoter Holding

The promoters of the company are: C.Bharanikumar, Pradeep Chandrasekaran, Prasath Chandrasekaran, Sabarinathan Anbalagan, Hari Sudhan A and Nithin Arumugam. 

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Eswari Global Metal Industries IPO Registrar and Lead Managers

Eswari Global Metal Industries IPO Lead Managers

1. Dam Capital Advisors Ltd.
2. ICICI Securities Ltd.
3. Motilal Oswal Investment Advisors Ltd.

Registrar for Eswari Global Metal Industries IPO

Name: Kfin Technologies Ltd. 

Phone: 040-79615565

Email: eswariglobal.ipo@kfintech.com

How To Check the Allotment Status of the Eswari Global Metal Industries IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Eswari Global Metal Industries IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Eswari Global Metal Industries IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Eswari Global Metal Industries IPO

Address: 4/1, A.K.S. Nagar, 3rd Street, Ponnaiyarajapuram, Coimbatore South, Coimbatore, Tamil Nadu, 641001

Phone: 6366812050

Email: companysecretary@emimetals.com