Eswari Global Metal Industries IPO

About Eswari Global Metal Industries IPO

The Eswari Global Metal Industries IPO, a mainboard IPO, opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include TBA shares aggregating up to ₹500.00 crores. The offer for sale portion includes 13,209,451 shares of ₹2 aggregating up to ₹TBA crores. The total number of shares and aggregate amount are yet to be finalised.

Eswari Global Metal Industries IPO's price band is set at TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The lot size investment required by sNII is 14 lots (TBA shares), amounting to ₹TBA, and for bNII, it is 68 lots (TBA shares), amounting to ₹TBA.

Eswari Global Metal Industries is an integrated multi-metal and waste recycling and value-added manufacturing company with a legacy spanning nearly 39 years. Its product portfolio spans pure lead and lead alloys, aluminium alloys, copper ingots, tin products, and plastic granules, produced by recycling non-ferrous metals, plastic, and e-waste scrap. These products serve battery, automotive, and industrial customers across domestic and international markets.

Objectives of Eswari Global Metal Industries IPO

• Part-financing the capital expenditure requirements of the Company towards expansion of Phase 2 of its manufacturing facility situated at Mundra, Gujarat.
  
• Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the Company and/or investment in its Subsidiaries for prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by its Subsidiaries.
  
• General corporate purposes.
  

Industry Outlook

India's lead demand is expanding. It grew from 1.1 million tonnes in FY21 to 1.5 million tonnes in FY25 and is projected to reach 1.8 to 1.9 million tonnes by FY30, driven by renewable energy systems, telecom batteries, and battery replacement cycles. Lead-acid batteries remain the primary demand driver, accounting for over 80% of the lead consumed in the country.

Recycling now anchors supply. Between 85% and 90% of lead production in India comes from recycling, and the share of secondary lead in the country's lead industry rose from 80% in FY21 to 86% in FY25 on stronger scrap availability and extended producer responsibility collection. The Indian lead-acid battery market was valued at 4.4 billion US dollars in 2024 and is projected to reach 5.8 billion US dollars by 2030 at a compound annual growth rate of 4.8%.

About Eswari Global Metal Industries

Eswari Global Metal Industries is an integrated multi-metal and waste recycling and value-added manufacturing company. It has operated in non-ferrous metal recycling since 1987, a legacy of nearly 39 years. The Company recycles non-ferrous metals, plastic, and e-waste scrap into pure lead, lead alloys, aluminium alloys, copper ingots, tin products, and plastic granules. Its recycling process spans systematic collection, segregation, sorting, dismantling, and processing of scrap, followed by smelting and refining to recover usable metals.

The Company operates nine strategically located manufacturing facilities across Karnataka and Tamil Nadu, with a total installed production capacity of 165,106 metric tonnes per annum as on December 31, 2025.

Strengths of Eswari Global Metal Industries Limited

• EMI Metal Industries has a strong promoter with extensive experience in the recycling industry
• The company is a registered LME brand, meeting strict global standards for purity, sustainability, and responsible sourcing in its lead production.
• Hedging mechanism ensures stability, mitigating risks with a robust framework for price discovery and reliable risk management solutions.
• The implementation of stricter pollution norms and monitoring, facilitated by digital and AI developments, is likely to favor organized and compliant companies like EMI Metal Industries.

Risks of Eswari Global Metal Industries Limited

• EMI Metal Industries faces competition from established players like Gravita, Jain, and Pondy Oxides and Chemicals Limited, which may impact its market share and pricing power.
• The company's compliance costs may increase due to stricter regulations from pollution board authorities, potentially affecting its profitability.
• The unorganized sector's ability to operate at lower costs may pose a threat to EMI Metal Industries' competitiveness and market share.
• The increasing adoption of lithium battery recycling may reduce demand for lead-acid battery recycling, potentially impacting EMI Metal Industries' business model and revenue streams.

Anchor Investor Bidding Date: TBA

Registrar
KFin Technologies Limited
Phone: +91 40 6716 2222 /1800 309 4001
E-mail: eswariglobal.ipo@kfintech.com

Book Running Lead Manager(s)
DAM Capital Advisors Limited
ICICI Securities Limited
Motilal Oswal Investment Advisors Limited

Eswari Global Metal Industries Contact Details
4/1, A.K.S. Nagar, 3rd Street, Ponnaiyarajapuram, Coimbatore
South, 641 001, Tamil Nadu, India.
E-mail: companysecretary@emimetals.com
Phone: +91 63668 12050

Eswari Global Metal Industries Business Model

The company earns its revenue through the recycling of non-ferrous metals, plastic, and e-waste scrap into value-added products that it sells to domestic and international customers. Its output includes pure lead and lead alloys, aluminium alloys, copper ingots, tin products, and plastic granules, priced in reference to prevailing metal benchmarks. Customer segments span battery manufacturing, automotive, and industrial sectors, with a substantial portion of revenue derived from exports. The Company's London Metal Exchange accreditation and multi-metal recycling capabilities differentiate it within the organised non-ferrous recycling sector.

Eswari Global Metal Industries Growth Trajectory

Eswari Global Metal Industries Limited's Total Income for FY25 was ₹1,457.58 crores, whereas in FY24 and FY23 it was ₹1,241.79 crores and ₹985.24 crores, respectively. The Profit After Tax for FY25 was ₹30.16 crores, whereas in FY24 and FY23 it was ₹30.44 crores and ₹28.65 crores, respectively.

Their EBITDA for FY25 was ₹74.22 crores, whereas in FY24 and FY23 it was ₹68.82 crores and ₹60.49 crores, respectively.

Eswari Global Metal Industries Market Position

Eswari Global Metal Industries operates nine manufacturing facilities across Karnataka and Tamil Nadu with a total installed capacity of 165,106 metric tonnes per annum as on December 31, 2025.

As of 31 March 2025, the company's Total Income, Profit After Tax, and EBITDA were ₹1,457.58 crores, ₹30.16 crores, and ₹74.22 crores, respectively.

How to apply for Eswari Global Metal Industries IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.