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APL Metals ₹12.50 ▲ 14.2% 1M
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APL Metals Unlisted Shares

Metals and Mining Lead recycling, refined lead and lead oxides

APL Metals (formerly Associated Pigments) is a Kolkata company set up in 1948 that makes refined lead, lead alloys and lead oxides, mainly by recycling used battery scrap. Its products go to lead-acid battery makers.

Read the full company profile
Indicative price
As of 23 Oct 2026
₹12.50 ▲ 14.16% in 1 month
Dealer quotes: ₹12.00 – ₹12.50 across 2 dealers
Key facts

APL Metals share details

Lot size
5,000 shares
Min. investment
₹62,500
Face value
₹10
Implied market cap
₹13 Cr
Shares outstanding
10,726,387
Founded
1948
Headquarters
Kolkata, West Bengal
Website
aplmetalsltd.com
CIN
L24224WB1948PLC017455
Lock-in after IPO
6 months
Price history

APL Metals share price chart

1Y change
+4.17%
High
₹18.00
Low
₹8.00

Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.

About

About APL Metals

APL Metals Limited was incorporated on 22 December 1948 as Associated Pigments Limited and took its present name in October 2016. The registered office is at New Alipore, Kolkata. The company is listed on the Calcutta Stock Exchange, but its annual report says no shares traded there during FY24. The business is lead recycling and refining. APL melts used battery scrap and refines lead ingots into refined lead and lead alloys. It also makes lead oxides from refined lead. These are raw materials for lead-acid storage batteries. In FY24 lead made up about 89% of output and lead oxides about 11%, and total production was 38648 MT, down from 41539 MT a year earlier. It runs three plants: a lead unit at Panskura in West Bengal, a lead oxide unit on B.T. Road in Kolkata, and another lead oxide unit at Malwan near Fatehpur in Uttar Pradesh. The board has proposed to bring its manufacturing together at one location in West Bengal and to develop the vacated land for commercial or residential use. The numbers below are from the standalone FY24 annual report, in which the company reports in ₹ lakh. Revenue from operations was ₹70,256.85 lakh against ₹73,583.94 lakh in FY23. The company made a loss of ₹983.54 lakh in FY24 against a profit of ₹253.32 lakh the year before, as finance costs rose and operating profit fell. Borrowings are large compared with its equity. Promoters and the promoter group held 72.55% of the shares on 31 March 2024. Sanjiv Nandan Sahaya is the Managing Director and CEO. APL has not filed for an IPO. Its unlisted shares are dealt off-market between private parties at indicative prices, which are not exchange prices. IPO Guru shows an indicative price of ₹12.5 and a lot size of 5000 shares.

Strengths

  • The company has operated since 1948 and makes refined lead, lead alloys and lead oxides, which are inputs for lead-acid batteries.
  • Revenue from operations stayed above ₹70,000 lakh in both FY23 (₹73,583.94 lakh) and FY24 (₹70,256.85 lakh), so the business has scale for its size.
  • Operating cash flow was positive at ₹5,966.16 lakh in FY24 against an outflow of ₹1,579.72 lakh in FY23, helped by lower working capital needs.
  • Net worth rose to ₹4,749.29 lakh at March 2024 from ₹2,648.79 lakh, mainly after land held for redevelopment was revalued and moved to stock in trade.
  • It has three plants, at Panskura, B.T. Road Kolkata and Malwan in Uttar Pradesh, and recycles battery scrap, which gives it a source of raw material beyond ingots.
  • Promoters and the promoter group held 72.55% of the shares at 31 March 2024.

Risks

  • The company made a loss of ₹983.54 lakh in FY24 against a profit of ₹253.32 lakh in FY23, because operating profit did not cover finance costs and depreciation.
  • Finance costs were ₹2,383.06 lakh in FY24 against ₹1,889.81 lakh in FY23, and the debt to equity ratio was 5.28, so interest takes a large share of earnings.
  • Borrowings are high: ₹3,810.97 lakh long term and ₹9,599.85 lakh short term at March 2024, against total equity of ₹4,749.29 lakh.
  • The profit and net worth are thin: the net profit ratio was negative 1.40% in FY24 and return on equity was negative 97.43%.
  • Export sales fell by 40.21% in FY24, and the company cites high input costs, fuel costs, logistics problems and rupee weakness as pressures.
  • Part of the rise in equity came from revaluing land to stock in trade, a one-time accounting gain, not from operations.
  • The company depends on financial support from its promoter group through loans and collateral, and has sought shareholder approval for related party dealings.
  • The plan to shift manufacturing to one site and redevelop land has no completion date in the report and may need funds and approvals.
  • Shares trade very rarely: none traded on the Calcutta Stock Exchange in FY24, and unlisted share prices are indicative and may not be easy to sell at.
  • The latest report we read is for FY24, so more recent results are not covered here.
Financials

APL Metals financial performance

Revenue, profit and balance-sheet figures by fiscal year.

Revenue & PAT (₹ Cr)
Revenue PAT
Metric FY24Latest FY23
Revenue (₹ Cr) 703 736
PAT (₹ Cr) -9.84 2.53
PAT Margin (%) -1.40 0.34
RoNW (%) -20.72 9.55
EPS (₹) -9.17 2.36
Total Assets (₹ Cr) 314 217
Net Worth (₹ Cr) 47.49 26.49

Swipe the table sideways for earlier years →

Leadership

Management team

Sanjiv Nandan Sahaya
Managing Director and CEO
Promoter group member and Managing Director.
Prakash Kumar Damani
Chairman, Non-Executive Director
Non-executive Chairman of the board.
Rajnish Gambhir
Executive Director and Chief Financial Officer
Whole-time key managerial person and CFO.
Ram Narayan Prajapati
Company Secretary
Company Secretary and Compliance Officer.
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APL Metals unlisted shares: common questions

Important disclaimer

Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.

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