CMR Listing, Ardee IPO Bring India’s Metal Recycling Industry Into Market Spotlight

India’s metal recycling industry is drawing increased attention from investors as strong stock market performances and upcoming public offerings highlight the sector’s growing role in the country’s manufacturing and sustainability ecosystem.

The latest development comes from CMR Green Technologies, which made a strong stock market debut on June 10. The company’s shares listed at a premium of 43 percent on the BSE and 40 percent on the NSE over the issue price, reflecting strong investor appetite for recycling-focused businesses.

CMR’s INR 630.88 crore initial public offering was subscribed 9.59 times overall. Demand was led by non-institutional investors, whose category was subscribed 21.80 times. Retail investors subscribed 7.91 times, while the employee portion was subscribed 6.79 times and the qualified institutional buyers (QIB) segment 3.45 times.

The IPO, which consisted entirely of an offer for sale of 3.29 crore shares, was open from June 3 to June 5 with a price band of INR 182-192 per share. At the upper price band, retail investors were required to invest INR 14,976 for one lot comprising 78 shares.

The successful listing has renewed focus on India’s metal recycling sector, particularly the recycled lead industry, which is estimated to be worth around INR 28,800 crore. Lead remains one of the most recycled metals globally because it can be reprocessed multiple times without losing its properties.

In India, recycling accounts for nearly 85-90 percent of total lead production, while more than 80 percent of lead consumption is linked to battery manufacturing. The sector serves growing demand from automotive, industrial battery, energy storage and emerging electric mobility segments.

The industry is spread across four major regional clusters, north, south, east and west—and comprises around 672 registered lead recycling units with a combined installed capacity of approximately 3.53 million tonnes per annum.

Despite its size, the market remains fragmented. Chloride Metals leads the recycled lead ingot segment with a market share of 21.6 percent. Jain Metal Group follows with 8.6 percent, while Gravita India holds 7.6 percent. Nile commands 3.2 percent, Pondy Oxides & Chemicals 2.5 percent, and Ardee Industries 1.5 percent.

Other organised recyclers registered with the Central Pollution Control Board account for 15.6 percent of the market. However, the unorganised sector continues to represent 24.4 percent of demand, while imports contribute another 14.4 percent, indicating significant scope for organised players to expand their presence.

CMR enters the public market with an installed domestic metal recycling capacity of 6,05,850 metric tonnes per annum as of March 31, 2025. The company’s recycling capacity is estimated to be around four times larger than its nearest competitor in the domestic recycled aluminium segment.

Investor interest in the sector has also been supported by the performance of listed peers. Gravita India, one of the largest organised recycling companies in the country, was trading around INR 1,635 on June 4. The company had listed in November 2010 at INR 210.40 per share against an IPO price of INR 125.

Another notable player, Jain Resource Recycling, made its market debut in October 2025 after raising INR 1,250 crore through its IPO. The stock was issued at INR 232 per share and listed at around INR 265 on both exchanges. By late May 2026, the company’s market capitalisation had reached approximately INR 12,900 crore, with shares trading around INR 357.20.

Attention is now shifting to Ardee Industries, which is preparing to enter the public markets. Established in 1993 and headquartered in New Delhi, the company operates an integrated recycling and refining facility at Naidupet in Andhra Pradesh with an installed refining capacity of 1,04,025 metric tonnes per annum.

Ardee focuses on recovering and recycling end-of-life batteries, energy storage products and non-ferrous scrap into materials used in energy storage systems, electric vehicles, automotive manufacturing and chemical industries. The company has proposed an IPO comprising a fresh issue of INR 320 crore and an offer for sale of up to 3.765 crore shares.

The growing interest in the sector reflects broader trends in India’s industrial economy. As battery manufacturing, renewable energy storage, electric vehicles and automotive production continue to expand, recycling companies are becoming increasingly important suppliers of secondary raw materials. Industry participants believe the shift could help reduce import dependence, improve resource efficiency and support the country’s circular economy objectives.

With a large addressable market, increasing formalisation and rising participation from public investors, metal recycling is emerging as a significant segment within India’s manufacturing and sustainability landscape.