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Ardee Industries Ltd IPO
Ardee Industries Ltd
₹14,050 /281 sharesMinimum investment
IPO listing details
Listed on
12 Aug '26
Issue price
₹53.00
Listing price
₹72.00
Listing gains
₹19.00 (35.85%)
Exchange
BSE
IPO details
Minimum investment
₹14,050
Price range
₹50 - ₹53
Lot size
281
Issue size
425.87 Cr
Face value
2
IPO document
Subscription rate
Qualified Institutional Buyers197.77x
Non-Institutional Investor255.03x
Retail Individual Investor45.11x
Total133.31x
As of 07 Aug'26, 04:50 PM
Schedule
5 Aug 2026
IPO open date
7 Aug 2026
IPO close date
10 Aug 2026
Allotment date
10 Aug 2026
Funds unblock or debit
12 Aug 2026
Tentative listing date
About
Founded in
1993
MD/CEO
Mr Sandeep Aggarwal
Parent organisation
Ardee Industries Ltd
Ardee Industries Ltd IPO
https://www.youtube.com/watch?v=BSshKNNG0OQ
Ardee Industries Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to be one of India's leading players in the circular economy, engaged in the recycling of end-of-life energy storage products and non-ferrous scrap. As of July 27, 2026, it claims to operate a manufacturing facility with an installed recycling capacity of 156,950 MTPA, up from 54,750 MTPA in FY24 and 104,025 MTPA in FY26. The company claims to manufacture pure lead and lead alloys with purity levels ranging from 99.97% to 99.985%. It has invested Rs 12.44 crore, Rs 25.30 crore, and Rs 20.54 crore in manufacturing activities during FY26, FY25, and FY24, respectively.
The company claims to mitigate commodity price volatility through a board-approved hedging framework linked to the London Metal Exchange (LME). It follows a back-to-back pricing model and uses LME futures contracts to hedge approximately 60%–100% of its exposure to lead prices, helping protect margins and reduce the impact of fluctuations in lead prices on its financial performance.
The company claims to have established a diversified customer base across domestic and international markets, serving more than 50 customers as of March 31, 2026. It exports its products to eight countries – Singapore, Hong Kong, South Korea, Switzerland, the UAE, Japan, Saudi Arabia, and the United States. Its export revenue grew at a CAGR of 138.69% between FY24 and FY26. The company also claims to have established sourcing relationships with domestic and international scrap and metal suppliers, enabling the procurement of raw materials through purchase orders and auctions to support its recycling operations.
The company claims to benefit from an experienced leadership team with extensive industry expertise. Its promoters are stated to have a cumulative experience of more than four decades in the lead and lead alloys business, while the key managerial personnel collectively have over 48 years of experience in finance, compliance, corporate governance, fundraising, and investor relations.
The company has seen a consistent increase in revenue from operations and PAT. Revenue from operations increased from Rs 462.96 crore in FY24 to Rs 742.73 crore in FY25 to Rs 1,167.65 crore in FY26, while PAT increased from Rs 8.95 crore in FY24 to Rs 33.27 crore in FY25 to Rs 84.68 crore in FY26.
The company derives a significant portion of its revenue from a limited number of customers. Its largest customer contributed Rs 474.56 crore (40.64% of revenue) in FY26, Rs 380.41 crore (51.22%) in FY25, and Rs 335.29 crore (72.42%) in FY24. The top five customers accounted for Rs 957.19 crore (81.98%), Rs 612.45 crore (82.46%), and Rs 419.19 crore (90.54%) during the same period, while the top 10 customers contributed Rs 1,069.67 crore (91.61%), Rs 679.84 crore (91.53%), and Rs 440.54 crore (95.15%), respectively. The loss of key customers or a reduction in orders from any of them could adversely affect the company's revenue, cash flows, and financial performance.
The company is heavily dependent on the battery and metal industries, which contributed 84.79% of revenue in FY26, 87.23% in FY25, and 88.64% in FY24. Revenue from the battery industry stood at Rs 405.99 crore, Rs 328.76 crore, and Rs 305.67 crore during FY26, FY25, and FY24, respectively, while the metal industry contributed Rs 584.03 crore (50.02%), Rs 319.15 crore (42.97%), and Rs 104.69 crore (22.61%). Any slowdown in these industries or reduced demand from customers operating in these sectors could adversely affect the company's revenue, profitability, and financial performance.
The company depends on third-party suppliers for key raw materials, including battery scrap, remelted lead ingots, remelted lead blocks, lead scrap, and lead master metal. Its top 10 suppliers accounted for raw material purchases of Rs 356.75 crore (38.48% of purchases) in FY26, Rs 304.75 crore (53.71%) in FY25, and Rs 188.17 crore (51.06%) in FY24. Any disruption in raw material availability, price volatility, or supplier relationships could adversely affect the company's production, cash flows, and financial performance.
The company has historically operated with a relatively high debt-to-equity ratio, which stood at 1.25x in FY26, 2.65x in FY25, and 4.87x in FY24. Although leverage has declined over the last three years, continued dependence on borrowings could increase interest obligations, reduce financial flexibility, and limit the company's ability to raise additional capital on favourable terms, adversely affecting its financial performance.
The company derives a significant portion of its revenue from repeat customers. Repeat customers contributed Rs 1,002.56 crore (85.86% of revenue) in FY26, Rs 621.51 crore (83.68%) in FY25, and Rs 429.62 crore (92.80%) in FY24. Loss of key repeat customers or reduction in repeat orders could hurt its revenue, cash flows, and financial performance.
The company derives a significant portion of its domestic revenue from Andhra Pradesh, which contributed Rs 476.83 crore (40.84% of revenue) in FY26, Rs 383.14 crore (51.58%) in FY25, and Rs 343.25 crore (74.14%) in FY24. It also generates a substantial share of export revenue from countries such as Singapore, Switzerland, and South Korea, with Singapore alone contributing 42.48%, 44.83%, and 78.64% of export revenue in FY26, FY25, and FY24, respectively. Any adverse developments in these key markets could negatively impact the company's revenue, profitability, and financial performance.
The company operates in the lead recycling industry, where profitability is exposed to fluctuations in lead prices driven by changes in global demand and supply, raw material availability, mining and smelting output, transportation costs, trade policies, and other macroeconomic factors. The average lead price increased from Rs 161.9/kg in FY21 to Rs 183.3/kg in FY26, with periodic fluctuations during the period. Any significant volatility in lead prices or raw material costs could adversely affect the company's margins, cash flows, and financial performance.
The company's financial performance depends on efficient utilisation of its manufacturing facility in Andhra Pradesh. Its overall capacity utilisation stood at 67.15% in FY26, 45.16% in FY25, and 59.48% in FY24. Pure lead production utilised 50.45%, 30.07%, and 43.39% of installed capacity during the same period. Under-utilisation of manufacturing capacity or inability to optimise production could increase operating costs and reduce profitability, adversely affecting the company's financial performance.
As of FY26, Ardee’s trade receivables were Rs 24.79 crore. Failure to collect these receivables on time or at all can hurt its business and its financial condition.
As of the period ended June 30, 2026, the company had outstanding financial indebtedness of Rs 182.06 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For Ardee Industries IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹50 - ₹53 | Upto ₹2 Lakhs | 281 |
| High Networth Individual | ₹50 - ₹53 | ₹2 - ₹5 Lakhs | 281 |
About
Objective of Ardee Industries IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|---|---|
|
Funding incremental working capital requirement of the company |
220.00 |
|
Repayment and/or prepayment, in full or in part, of borrowings availed by the Company |
20.00 |
|
General Corporate Purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Ardee Industries IPO
|
Book Running Lead Manager |
Pantomath Capital Advisors Private Limited |
|
Registrar to the Issue |
KFin Technologies Limited |
Key Performance Indicators (KPIs) of Ardee Industries Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROCE (%) |
44.26 |
|
EBITDA Margin (%) |
12.60 |
|
Debt/Equity Ratio |
1.25 |
|
PAT Margin (%) |
7.25 |
|
Return on Net Worth (RoNW) (%) |
57.46 |
|
EPS (Pre-IPO) (₹) |
3.32 |
Ardee Industries IPO Contact Details
|
Company Name |
Ardee Industries Limited |
|
Registered Office |
Khasra No. 340, 1st Floor and 3rd Floor, Village Sultanpur, Mehrauli, Gadaipur, New Delhi – 110030, India |
|
Phone |
+91 11 4760 0214 |
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Website |
Ardee Industries IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+91 40 6716 2222/ 1800 3094001 |
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Website |