India’s ₹28,800 Crore Recycled Lead Market Gains Momentum With New Listings

India’s metal recycling sector is attracting increased investor interest as new listings and upcoming public offerings bring the circular economy theme into sharper focus. A ₹28,800 crore recycled lead ingot market, growing demand from battery manufacturing and energy storage, and the emergence of listed recycling companies are expanding investment opportunities in the sector.

CMR Green Technologies Debuts Strongly

The latest development comes from CMR Green Technologies, whose shares are listed at a premium of 43% on the BSE and 40% on the NSE.

The company’s ₹630.88 crore initial public offering (IPO), comprising entirely an offer for sale of 3.29 crore shares, was subscribed 9.59 times. The non-institutional investor (NII) category led demand with 21.80 times subscription, followed by retail investors at 7.91 times, employees at 6.79 times, and qualified institutional buyers (QIBs) at 3.45 times.

The issue was open from June 3 to June 5 at a price band of ₹182–192 per share. CMR enters the market with an installed domestic metal recycling capacity of 605,850 metric tonnes per annum (MTPA) as of March 31, 2025.

Recycled Lead Remains A Key Growth Segment

Lead remains one of the most recycled metals globally, with India’s lead production heavily dependent on recycled material. Industry estimates indicate that 85-90% of domestic lead production comes from recycling.

More than 80% of lead consumption in India is linked to battery manufacturing. The country has around 672 registered lead recycling units with a combined installed capacity of approximately 3.53 million tonnes per annum spread across northern, southern, eastern and western regions.

The recycled lead ingot market remains fragmented despite the presence of several organised players.

Chloride Metals leads the market with a 21.6% share, followed by Jain Metal Group at 8.6%, Gravita India at 7.6%, Nile at 3.2%, Pondy Oxides & Chemicals at 2.5%, and Ardee Industries at 1.5%.

Other organised recyclers account for 15.6% of the market, while the unorganised sector continues to hold 24.4%. Imports contribute another 14.4% of supply, highlighting the scope for further consolidation and capacity expansion.

Listed Players Deliver Strong Market Performance

Among listed companies, Gravita India has emerged as one of the sector’s best-performing stocks. The company, which was listed in November 2010 at ₹210.40 against an IPO price of ₹125, was trading at around ₹1,635 on June 4.

Jain Resource Recycling, which represents Jain Metal Group in public markets, also recorded a strong debut after its ₹1,250 crore IPO in October 2025. The stock listed at around ₹265 against an issue price of ₹232 and was trading at approximately ₹357.20 as of June 4, 2026. Its market capitalisation stood at around ₹12,900 crore in late May.

Ardee Industries Eyes Public Markets

Ardee Industries is the next recycling company preparing to tap the capital markets.

The New Delhi-based company operates an integrated recycling and refining facility at Naidupet, Andhra Pradesh, with an installed refining capacity of 104,025 MTPA. The company recovers and recycles end-of-life batteries, energy storage products and non-ferrous scrap for use across the energy storage, electric mobility, automotive and chemical sectors.

Its proposed IPO comprises a fresh issue of ₹320 crore and an offer for sale of up to 3.765 crore shares.

Circular Economy Theme Gains Market Traction

The sector’s investment appeal is being driven by a large addressable market, rising demand from battery and electric vehicle supply chains, and the growing scale of organised recyclers.

With nearly 39% of demand still being met by imports and unorganised players, industry participants see significant room for formalisation. As India’s battery manufacturing, e-mobility and energy storage sectors expand, metal recycling is increasingly emerging as a listed play on manufacturing growth, sustainability and the circular economy.