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APL Metals Unlisted Shares
DRHP Status : Not Filed
13
Fundamentals About APL Metals
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Key Financials of APL Metals
| P&L Statement | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 724 | 736 | 703 |
| Cost of Material Consumed | 664 | 678 | 663 |
| Change in Inventory | -11 | -21 | -26 |
| Gross Margins | 8.29 | 7.88 | 5.69 |
| Employee Benefit Expenses | 8 | 8 | 8 |
| Other Expenses | 42 | 46 | 44 |
| EBITDA | 21 | 25 | 14 |
| OPM | 2.9 | 3.4 | 1.99 |
| Other Income | 0.38 | 0.8 | 0 |
| Finance Cost | 14 | 19 | 24 |
| D&A | 1 | 1 | 2 |
| EBIT | 20 | 24 | 12 |
| EBIT Margins | 2.76 | 3.26 | 1.71 |
| PBT | 7 | 5 | -13 |
| PBT Margins | 0.97 | 0.68 | -1.85 |
| Tax | 2 | 2 | -3 |
| PAT | 5 | 3 | -10 |
| NPM | 0.69 | 0.41 | -1.42 |
| EPS | 4.66 | 2.8 | -9.33 |
| Financial Ratios | 2022 | 2023 | 2024 |
|---|---|---|---|
| Operating Profit Margin | 2.9 | 3.4 | 1.99 |
| Net Profit Margin | 0.69 | 0.41 | -1.42 |
| Earning Per Share (Diluted) | 4.66 | 2.8 | -9.33 |
| Assets | 2022 | 2023 | 2024 |
|---|---|---|---|
| Fixed Assets | 22.4 | 23 | 25 |
| CWIP | 0.14 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Trade Receivables | 5 | 11 | 7 |
| Inventory | 152 | 166 | 244 |
| Other Assets | 33.46 | 17 | 38 |
| Total Assets | 213 | 217 | 314 |
| Liabilities | 2022 | 2023 | 2024 |
|---|---|---|---|
| Share Capital | 10.72 | 10.72 | 10.72 |
| FV | 10 | 10 | 10 |
| Reserves | 14 | 16 | 37 |
| Borrowings | 139 | 161 | 134 |
| Trade Payables | 42 | 19 | 120 |
| Other Liabilities | 7.28 | 10.28 | 12.28 |
| Total Liabilities | 213 | 217 | 314 |
About Company
The following table shows a 10-point analysis of APL Metals Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue from Operations ~₹1,050–1,100 cr PAT ~₹45–50 cr PAT margin ~4–5% |
Leading manufacturer of non-ferrous metal products (primarily copper tubes, pipes, fittings & rods). Serves HVAC&R, plumbing, automotive, engineering & general industrial sectors. Vertically integrated with extrusion & drawing facilities. Strong domestic focus with growing exports. Benefits from rising copper demand in air-conditioning & infrastructure. |
| Industry & Market Position | Major player in copper tubes & fittings in India Competitive in organized segment |
Strong position against imports & unorganized players. Competitive advantage through certifications, scale & customer relationships. Resilient industrial demand exposure but sensitive to copper price volatility, energy costs & global competition (e.g., Mueller, Wieland). |
| Revenue Growth Trend | FY23–FY25 CAGR ~15–20% FY25 ~10–15% YoY growth |
Consistent expansion driven by higher volumes, realizations & new client wins. Supported by HVAC&R boom & plumbing demand. Outperformed some non-ferrous peers. Export push & better capacity utilization sustaining momentum. |
| Profitability & Margins | EBITDA margin ~10–12% PAT margin ~4–5% ROE positive |
Stable to improving margins via operational efficiencies & cost pass-through mechanisms. PAT growth aligned with revenue trend. Earnings quality moderate due to commodity exposure but partially protected through hedging & contracts. |
| Cash Flow Quality | Positive OCF Dividend payouts noted |
Reliable operational cash flows supported by working capital management. Supports debt servicing & expansion. Low capex intensity post-scale with steady inflows. |
| Balance Sheet Strength | Strong net worth Moderate debt (controlled gearing) |
Comfortable leverage levels with liquidity buffers. Asset base & diversified client portfolio provide downside protection. No significant financial stress risks. |
| Valuation Comfort | Unlisted price ₹180–210 (Feb 2026) P/E ~18–22x Market cap ~₹1,800–2,100 cr |
Reasonable valuation for steady metals growth play. Multiple justified by margin stability & sector tailwinds. Attractive relative to listed non-ferrous peers. |
| Management & Governance | Promoter-led with professional team Transparent disclosures |
Proven execution in metals manufacturing. Clean financial reporting & sound governance practices. No major concerns noted. |
| Growth Triggers & Catalysts | HVAC&R & plumbing growth Export expansion Capacity utilization No confirmed IPO plans |
Organic growth from infrastructure & air-conditioning demand. Incremental gains via operational efficiency & product mix improvement. Steady value creation without near-term listing trigger. |
| Liquidity & Exit Visibility | OTC liquidity only No confirmed IPO |
Moderate unlisted trading activity. Exit through OTC market or strategic buyer possible. Liquidity risk exists but business fundamentals remain stable. |
Associated Pigments Limited (APL), now known as APL Metals Limited, is one of India’s oldest and most respected manufacturers of Lead and Lead Oxides, established in 1948. The company has played a key role in strengthening India’s self-reliance in the lead industry. APL is known for producing a wide range of Lead-based products such as Refined Lead, Lead Alloys, Red Lead, Lead Sub Oxide, and Litharge, with product purity reaching 99.97%, and a future target of 99.99% purity. The company also manufactures Tin and Tin Alloys, widely used in soldering, plating, and specialized industrial applications.
APL is highly customer-focused and tailors its products to meet specific industry requirements across sectors like batteries, cable sheathing, glass, ceramics, pigments, and radiation shielding. The company operates three advanced manufacturing facilities located in Panskura (West Bengal), B.T. Road (West Bengal), and Malwan, Fatehpur (Uttar Pradesh), all equipped with modern processing technology. APL Metals serves a premium client base including Exide Industries, Luminous, Okaya Batteries, HBL Power Systems, and Ned Energy, strengthening its leadership in the lead and lead-oxide industry. The company is deeply committed to employee welfare and environmental sustainability, actively implementing pollution-reduction and ecological-balance initiatives across its manufacturing ecosystem.
Quick Summary
The following is a quick summary of APL Metals Limited.
APL Metals Limited is a long-established and reputed Indian manufacturer of Lead, Lead Alloys, Lead Oxides, Tin, and Tin Alloys, catering to multiple critical industries including batteries, cables, ammunition, ceramics, and radiation shielding.
With three state-of-the-art manufacturing units, decades of experience, and a strong clientele featuring brands like Exide and Luminous, the company stands as a key player in India’s lead-processing sector.
Its focus on quality excellence, product customization, and environmental responsibility positions APL Metals as a stable long-term performer in the unlisted market, with strong demand visibility driven by the battery and power-backup industries.
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Frequently Asked Questions
APL Metals Limited unlisted shares are equity shares of APL Metals Limited, a company not listed on NSE or BSE. Investors can buy these shares through private market platforms like UnlistedKraft.
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Yes. A demat account is mandatory to hold and receive APL Metals Limited unlisted shares.
There is no compulsory lock-in for APL Metals Limited unlisted shares unless the company announces an IPO. Most investors hold until a value-unlock event like an IPO or acquisition.
Yes. You can sell APL Metals Limited unlisted shares anytime through UnlistedKraft’s resale network, depending on buyer availability and market conditions.
Yes. If APL Metals Limited gets listed, SEBI mandates a six-month lock-in period for all pre-IPO shareholders.
If APL Metals Limited unlisted shares are held for over two years, gains are taxed at 20% with indexation. If sold earlier, gains are considered short-term and taxed as per your income slab.
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