Ardee Industries IPO is a book-built public issue with a total size of ₹425.87 crore, comprising a fresh issue of 6.04 crore equity shares worth ₹320.00 crore and an offer for sale (OFS) of 2.00 crore shares aggregating to ₹105.87 crore. The IPO will open for subscription on August 5, 2026, and close on August 7, 2026.
The basis of allotment is expected to be finalised on August 10, 2026, with a tentative listing on the NSE and BSE scheduled for August 12, 2026. The price band has been fixed at ₹50 to ₹53 per share, and investors can apply in lots of 281 shares, requiring a minimum investment of ₹14,893 at the upper price band. Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager, while KFin Technologies Ltd. is the registrar to the issue.
Company Overview
Ardee Industries Limited is an Indian recycling and resource recovery company focused on the sustainable processing of end-of-life batteries and non-ferrous metal scrap. Established in 1993, the company operates in the circular economy by recovering valuable metals from waste streams and converting them into high-purity lead and customised lead alloys.
Its product portfolio includes pure lead as well as lead calcium, lead antimony, lead tin, lead silver, and lead cadmium alloys, which are supplied to industries such as automotive, energy storage, e-mobility, chemicals, telecom, and infrastructure. The company has an installed recycling capacity of 156,950 MTPA and serves both domestic and international customers.
Its products are manufactured to meet stringent quality standards and can be customised to suit specific industrial requirements. Ardee Industries also benefits from the listing of its ‘Ardee’ brand on the Multi Commodity Exchange (MCX) and ‘ARDEE LEAD 9997’ on the London Metal Exchange (LME), strengthening its market presence and credibility.
With a growing export business and a focus on sustainable manufacturing, the company aims to support India’s resource security while contributing to environmentally responsible industrial growth.
Industry Context
- India meets over 80% of its lead demand through recycled lead, with recycled lead production reaching approximately 1.51 million tonnes in FY2026.
- India’s recycled lead ingot market was valued at around ₹30,933 crore in FY2026 and is projected to reach ₹39,200 crore by FY2030.
- The Indian lead recycling ecosystem includes approximately 672 registered recycling units with an installed capacity of around 3.53 million tonnes annually.
- Used lead-acid batteries contribute nearly 85-90% of lead scrap availability, supporting demand from automotive batteries, telecom, renewable energy, and backup power systems.
- Regulatory measures such as the Battery Waste Management Rules, 2022 and EPR framework are helping formalise recycling and improve traceability across the industry.
Business Strengths
- Ardee Industries operates within India’s circular economy ecosystem by focusing on the recovery and recycling of end-of-life energy storage products and non-ferrous scrap, supported by an installed recycling capacity of 156,950 MTPA.
- The company manufactures high-purity lead and specialised lead alloys with purity levels ranging from 99.97% to 99.985%, serving diverse industries including automotive, energy storage, e-mobility, chemicals, and industrial applications.
- Ardee Industries has built a strong customer and supplier network, serving over 50 domestic and international customers across eight countries while sourcing lead-containing scrap materials from 58 countries in FY2026.
- The company has implemented robust commodity risk management practices through LME futures contracts and back-to-back pricing models, helping mitigate lead price fluctuations and support margin stability in volatile markets.
- Ardee Industries has demonstrated strong financial and operational growth, achieving a 58.81% revenue CAGR over the last three fiscals, along with EBITDA and PAT CAGR of 128.96% and 207.52% respectively between FY2024 and FY2026.
Business Risks
- Ardee Industries derives a significant portion of its revenue from key customers, with the top customer contributing 40.64% of revenue in FY2026. Any loss of major customers or reduced demand could adversely impact business performance.
- The company remains dependent on the battery and metal industries, which contributed 84.79% of revenue from operations in FY2026. Any slowdown in these sectors or changes in demand patterns could affect financial results.
- Ardee Industries relies on third-party suppliers for critical raw materials such as battery scrap and lead-containing materials. Supply disruptions, availability issues, or fluctuations in raw material prices may impact production costs and profitability.
- The company has operated with a relatively limited track record under its current promoters since 2021. Future growth and profitability may vary depending on market conditions, execution capabilities, operational performance, and industry developments.
- Ardee Industries operates in a labour-intensive and capital-intensive business environment, where workforce availability, rising labour costs, debt obligations, and changes in credit ratings may influence operational efficiency and financial flexibility.
Financial Performance
Ardee Industries Limited – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 11,676.53 | 7,427.35 | 4,629.59 |
| Revenue growth (YoY%) | 57.21% | 60.43% | 12.43% |
| Borrowings | 1,827.48 | 1,657.66 | 1,423.60 |
| Restated profit for the year | 846.81 | 332.71 | 89.54 |
| EBITDA | 1,470.82 | 659.34 | 280.57 |
| Return on Capital Employed (in %) | 44.26% | 25.17% | 12.83% |
| Return on Net Worth (RONW) | 57.46% | 53.15% | 30.61% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 81.00% | 72.00% |
| ROCE | 44.26% | 25.17% |
| Debt/Equity | 1.25 | 2.65 |
| RoNW | 57.46% | 53.15% |
| PAT Margin | 7.25% | 4.48% |
| EBITDA Margin | 12.60% | 8.88% |
| NAV (₹) | 5.78 | 2.46 |
(Source: RHP)
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 5 to 7 August, 2026 |
| Allotment | Monday, August 10, 2026 |
| Listing Date | Wednesday, August 12, 2026 |
| Face Value | ₹2 per share |
| Price Band | ₹50 to ₹53 per share |
| Lot Size | 281 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 8,03,52,358 shares (agg. up to ₹426 Cr) |
| Fresh Issue | 6,03,77,358 shares (agg. up to ₹320 Cr) |
| Offer for Sale (OFS) | 1,99,75,000 shares of ₹2 (agg. up to ₹106 Cr) |
| Shareholding Pre-Issue | 25,48,24,000 shares |
| Shareholding Post-Issue | 31,52,01,358 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Objects of the Offer
The company proposes to utilise the net proceeds from the fresh issue towards the following objects:
- The company intends to utilise ₹220.00 crore from the IPO proceeds towards funding its incremental working capital requirements, supporting business operations and future growth plans.
- The company proposes to allocate ₹20.00 crore towards the repayment and/or pre-payment of certain borrowings, which may help improve its financial position and manage debt obligations.
- Any remaining IPO proceeds will be utilised towards general corporate purposes, including meeting business requirements, strategic initiatives, and other expenses as permitted under applicable regulations.
Conclusion
Ardee Industries IPO offers investors exposure to India’s growing circular economy and lead recycling industry, supported by increasing demand from automotive, energy storage, telecom, and renewable energy sectors. The company has demonstrated strong revenue and profitability growth, expanded its recycling capacity, and built a diversified customer and supplier network across domestic and international markets.
At the same time, investors should carefully evaluate risks such as customer concentration, dependence on battery and metal industries, raw material sourcing challenges, and commodity price volatility. Before applying, it is important to review the company’s financial performance, valuation, industry outlook, and IPO objectives in the context of your own investment goals and risk appetite. Reading the Red Herring Prospectus (RHP) is essential before making any investment decision.
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Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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