Eswari Global Metal Industries IPO: Company Profile, Financials and Promoter Contact Brief
IPO Overview
Eswari Global Metal Industries Limited received SEBI approval for its proposed IPO on 13 October 2026, through issuance of observations on its draft offer document. The company can proceed with the next stages of the offering, subject to applicable requirements and market conditions.
The proposed bookbuilding offer comprises a fresh issue of up to Rs. 500 crore and an offer for sale of up to 1,32,09,451 equity shares. The total offer value will depend on the final issue price.
Shares carry a face value of Rs. 2 each and are proposed for listing on BSE and NSE. Subscription dates, price band, lot size and listing date have not yet been announced. SEBI observations permit the offering to proceed; they do not constitute an investment recommendation.
Business and Operating Presence
Eswari Global Metal Industries, also known as EMI Metals, is an integrated recycling and manufacturing business operating across lead, aluminium, tin, copper, plastics and electronic waste.
Its products include pure lead, lead alloys, aluminium alloys, copper products, tin products and plastic granules. These serve battery-related, automotive, electrical, engineering and other industrial applications.
The company’s website identifies operations across Tamil Nadu, Karnataka and Gujarat, with ten manufacturing facilities across the group. Its operating model combines material sourcing, recycling, refining and value-added manufacturing.
Supplier relationships, recovery efficiency, product quality and commodity-price management are important competitive factors. Environmental compliance and safe handling of waste materials are equally central to business continuity.
Promoter and Ownership
The identified promoters are C. Bharanikumar, Pradeep Chandrasekaran, Prasath Chandrasekaran, Sabarinathan Anbalagan, Hari Sudhan A and Nithin Arumugam.
The promoter and promoter group hold 95% before the proposed IPO, with public shareholders holding 5%. Post-issue ownership will depend on the final fresh share issuance and selling-shareholder allocations.
The company will receive the fresh-issue proceeds. OFS proceeds will accrue to the respective selling shareholders.
For a promoter introduction, management interview or IPO-related publication discussion, the company secretary’s office provides an appropriate initial contact route.
Financial Performance
Restated financial figures, Rs. crore
| Particulars | Nine Months to Dec. 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Total Income | 1,431.92 | 1,457.58 | 1,241.79 | 985.24 |
| EBITDA | 147.75 | 74.22 | 68.82 | 60.49 |
| Profit After Tax | 83.92 | 30.16 | 30.44 | 28.65 |
| Total Assets | 705.30 | 524.76 | 440.11 | 306.30 |
| Net Worth | 267.22 | 102.47 | 67.19 | 38.22 |
| Borrowings | 360.75 | 294.94 | 239.42 | 148.61 |
FY2025 total income increased approximately 17.4%, while profit declined marginally by 0.9%. This divergence makes margin sustainability an important assessment point.
For the nine months ended December 2025, profit reached Rs. 83.92 crore, exceeding the preceding full-year figure. However, nine-month and full-year results are not directly comparable.
At December 2025, borrowings were approximately 1.35 times net worth. The sharp increases in earnings and net worth warrant examination of business mix, exceptional items, capital movements and operating cash flow before drawing conclusions about sustainable returns.
Fund Utilisation and Discussion Points
| Proposed Use | Allocation |
|---|---|
| Part-financing Phase 2 of the Mundra manufacturing project | Rs. 150 crore |
| Repayment or prepayment of company/subsidiary borrowings | Rs. 250 crore |
| General corporate purposes | As specified in final offer documents |
Chanakya’s discussion focus: The proposed combination of expansion and debt reduction could improve operating scale and financing flexibility. Its effectiveness will depend on commissioning timelines, capacity utilisation and incremental returns.
A management meeting should address the reasons for the recent profitability improvement, metal-wise margins, scrap sourcing, hedging effectiveness, environmental approvals, working-capital requirements and the expected benefits of debt repayment. Updated audited financials and the final valuation are essential before forming an investment view.
Company Address and Contact
Registered office: No. 4/1, A.K.S. Nagar, Third Street, Ponnaiyarajapuram, Coimbatore, Tamil Nadu–641001.
Promoter interaction route: Company Secretary’s Office
Telephone: +91 6366812050
Email: companysecretary@emimetals.com
Website: www.emimetals.com
Bookrunning lead managers: DAM Capital Advisors Limited, ICICI Securities Limited and Motilal Oswal Investment Advisors Limited.
Registrar: KFin Technologies Limited
IPO email: eswariglobal.ipo@kfintech.com
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AEO / GEO Answer Summary
Eswari Global Metal Industries received SEBI observations for its proposed IPO on 13 October 2026. The offer comprises a Rs. 500 crore fresh issue and an OFS of up to 1,32,09,451 shares. The company operates in multi-metal, plastics and e-waste recycling. IPO dates, price band and lot size remain unannounced.