About Ardee Industries IPO
Ardee Industries Limited is set to launch its IPO for public subscription on August 5, 2026, and will remain open until August 7, 2026.
The Ardee Industries IPO price band is set at ₹50–₹53 per equity share. The allotment of Ardee Industries will be finalised on August 10, 2026.
The Ardee Industries IPO is a ₹425.87 crore book-building issue, comprising a fresh issue aggregating to ₹320 crore and an offer for sale (OFS) of up to 1,99,75,000 equity shares aggregating to ₹105.87 crore, with a face value of ₹2 each.
The company will receive proceeds only from the fresh issue portion. The OFS amount will go to the selling shareholders.
Business Overview of Ardee Industries
Ardee Industries Limited, originally established in 1993 and headquartered in New Delhi, is engaged in the business of Recovery and Recycling of end-of-life Energy Storage Products (primarily used lead-acid batteries) and Non-ferrous Scrap.
It is one of India's leading players in the circular economy,
The company manufactures high-purity lead and specialised lead alloys for the battery, metal, automotive, e-mobility, telecom, inverter/UPS, and solar power industries.
Key Highlights of Ardee Industries Include:
- Manufactures pure lead and specialised alloys: Lead Calcium, Antimony, Tin, Silver, and Cadmium.
- Recycling capacity expanded from 54,750 MTPA (FY24) to 1,56,950 MTPA (Jul 2026).
- 86.94% of raw materials (lead scrap) are imported. Likewise, commodity price risk is managed through a board-approved LME-linked hedging framework.
- Serves 50+ domestic customers and exports to 7 countries, including Singapore, Hong Kong, South Korea, Switzerland, UAE, Japan, & USA.
Ardee Industries IPO Date, Price, and Other Details
The following are the details of the upcoming Ardee Industries Limited IPO.
| Particulars | Details |
|---|---|
| IPO Size | Book Build issue of ₹425.87 crore |
| Offer Type | Fresh issue of ₹320 crore + OFS of ₹105.87 crore |
| Total OFS Equity Shares | 1,99,75,000 shares |
| Price Band | ₹50 to ₹53 per share |
| Issue Dates | Opens: Aug 5, 2026 · Closes: Aug 7, 2026 |
| Anchor Investor Date | Aug 4, 2026 |
| Minimum Bid Lot | 1 lot of 281 shares |
| Minimum Investment (Retail) | ₹14,893 (at upper band) |
| Allotment Date | Aug 10, 2026 |
| Credit to Demat | Aug 11, 2026 |
| Listing Date | Aug 12, 2026 |
| Face Value | ₹2 per share |
| Lead Manager (BRLM) | Pantomath Capital Advisors Pvt. Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Listing Exchanges | National Stock Exchange of India (NSE) & Bombay Stock Exchange (BSE) |
Ardee Industries IPO Reservation: Who Can Apply?
The Ardee Industries IPO has the following category reservations from Retail to HNIs:
| Investor Category | Lots | Shares | Amount (at ₹53) |
|---|---|---|---|
| Retail (Min) | 1 | 281 | ₹14,893 |
| Retail (Max) | 13 | 3,653 | ₹1,93,609 |
| sNII (Min) | 14 | 3,934 | ₹2,08,502 |
| sNII (Max) | 67 | 18,827 | ₹9,97,831 |
| bNII (Min) | 68 | 19,108 | ₹10,12,724 |
| QIB | As applicable | — | — |
Strengths and Risks of Ardee Industries IPO
With every business owning its strengths and risks, even the Ardee Industries IPO has its potential plus points and downsides to be aware of.
Here is a brief business analysis (as per RHP) below:
Strengths
- Ardee Industries is positioned in the circular economy, engaged in recovers and recycling of used lead-acid batteries and non-ferrous scrap into high-purity lead (99.97%–99.985%) and specialised alloys.
- Revenue grew nearly 9.5x over two years (₹1,168.88 crore in FY26).
- EBITDA margin more than doubled from 6.06% (FY24) to 12.60% (FY26), reflecting improved operating leverage alongside capacity expansion.
- Recycling capacity scaled from 54,750 MTPA (FY24) to 1,56,950 MTPA (as of July 27, 2026) — a nearly 3x expansion.
- LME-registered product (Ardee Lead 9997) provides global pricing credibility and facilitates exports to 7 countries.
- Board-approved hedging framework covers 60–100% of lead price exposure through LME futures contracts, providing margin stability against commodity volatility.
- Export revenue grew at a CAGR of 138.69% between FY24 and FY26, with exports contributing approximately 40% of FY26 revenue.
Risks
- Extreme customer concentration remains with the top customer (Amara Raja Energy and Mobility), who contribute 40.64% of FY26 revenue from operations.
- All operations are concentrated in a single manufacturing facility in Tirupati, Andhra Pradesh. Any localised disruption could halt the entire business.
- Approximately 86.94% of raw materials (lead scrap) are imported, exposing the company to forex fluctuations, shipping disruptions, and trade policy changes.
- Debt-to-equity ratio stood at 1.25x in FY26, though this has improved sharply from 4.87x in FY24.
- Lead is an inherently volatile commodity; even with hedging, margin compression is possible in unfavourable price environments.
- Listed peers in lead recycling are substantially larger (2.5x to 8.2x Ardee's FY26 revenue), reflecting Ardee's relatively small market position (2.09% share).
Future Plans/Strategies
- Fund working capital requirements to support the rapidly scaling recycling operations and export growth.
- Repay/prepay outstanding long-term borrowings to reduce interest costs and improve the debt-equity profile.
- Continue capacity expansion beyond the current 1,56,950 MTPA through additional land already owned.
- Deepen export market penetration across the seven existing and new geographies.
- Listing on exchanges to enhance visibility and support growth plans.
Ardee Industries IPO Objectives – How Will the Funds Be Used?
The Ardee Industries IPO comprises both a Fresh issue (₹320 crore) and an OFS (₹105.87 crore). The company will receive proceeds only from the fresh issue. The OFS proceeds will go directly to the selling shareholders.
| Objective | Amount (₹ crore) |
|---|---|
| Funding working capital requirements | 220.00 |
| Repayment/prepayment of certain outstanding borrowings | 20.00 |
| General corporate purposes | Remaining |
Promoter Shareholding of Ardee Industries IPO
The promoters of the Ardee Industries IPO include Sandeep Aggarwal, Nikunj Aggarwal, and Esha Gupta.
| Promoter | Pre-Issue Holding (%) |
|---|---|
| Sandeep Aggarwal | 45.73 |
| Nikunj Aggarwal | 45.73 |
| Esha Gupta | Nil |
| (A) | 91.16% |
| Others (Promoter Group) | 0.32 |
| Total (A + B) | 91.48% |
Financial Performance (₹ in crores) of Ardee Industries IPO
Here's the table outlining the financial performance of Ardee Industries Limited from FY 2024 to FY 2026.
(₹ in crores)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 363.33 | 262.06 | 196.12 |
| Total Income | 1,168.88 | 743.53 | 463.39 |
| Profit After Tax | 84.68 | 33.27 | 8.95 |
| EBITDA | 147.08 | 65.93 | 28.06 |
| NET Worth | 147.38 | 62.60 | 29.25 |
Key Performance Metrics of Ardee Industries
Based on the financials available in the RHP, the following key performance metrics of the Ardee Industries IPO can be considered.
| KPI | As of FY 2025-26) | As of FY 2024-25) |
|---|---|---|
| Return on Equity (ROE) | 81% | 72% |
| Earnings Per Share (EPS) | ₹3.32 | ₹1.31 |
| EBITDA Margin (%) | 12.60% | 8.80% |
| Debt to Equity Ratio | 1.25x | 2.65x |
| PAT Margin (%) | 7.25% | 4.48% |
| Domestic Revenue (FY26) | 55.47% | 59.84% |
| Export Revenue (FY26) | 39.83% | 37.03% |
| India Market Share (FY26) | 2.09% | — |
(Note: Post-IPO NAV and market capitalisation are subject to final pricing and allotment. Refer to the RHP for complete details.)
Registrar of Ardee Industries IPO
As per the RHP, the Registrar of the Ardee Industries IPO is Kfin Technologies Ltd.
Phone: 040-79615565
Email: ardee.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Lead Manager of Ardee Industries IPO
Pantomath Capital Advisors Pvt. Ltd. is the official book-running lead manager handling the IPO process of Ardee Industries Limited.
