Ardee Industries
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 197.77×
- Big non-institutionalbNII · above ₹10 lakh
- 277.36×
- Small non-institutionalsNII · ₹2–10 lakh
- 209.44×
- Retail individualRII · up to ₹2 lakh
- 44.18×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 Aug 2026 | ₹17 | +32.08% | ₹3,600 | ₹70 | ₹4,777 |
| 11 Aug 2026 | ₹17 | +32.08% | ₹3,600 | ₹70 | ₹4,777 |
| 10 Aug 2026 | ₹14.5 | +27.36% | ₹3,100 | ₹67.5 | ₹4,074.5 |
| 09 Aug 2026 | ₹16 | +30.19% | ₹3,400 | ₹69 | ₹4,496 |
| 08 Aug 2026 | ₹16 | +30.19% | ₹3,400 | ₹69 | ₹4,496 |
| 07 Aug 2026 | ₹15 | +28.30% | ₹3,200 | ₹68 | ₹4,215 |
| 06 Aug 2026 | ₹14 | +26.42% | ₹3,000 | ₹67 | ₹3,934 |
| 05 Aug 2026 | ₹15.25 | +28.77% | ₹3,300 | ₹68.25 | ₹4,285.25 |
| 04 Aug 2026 | ₹8 | +15.09% | ₹1,700 | ₹61 | ₹2,248 |
| 03 Aug 2026 | ₹7.5 | +14.15% | ₹1,600 | ₹60.5 | ₹2,107.5 |
| 02 Aug 2026 | ₹6.75 | +12.74% | ₹1,400 | ₹59.75 | ₹1,896.75 |
| 01 Aug 2026 | ₹7 | +13.21% | ₹1,500 | ₹60 | ₹1,967 |
| 31 Jul 2026 | ₹6.5 | +12.26% | ₹1,400 | ₹59.5 | ₹1,826.5 |
| 30 Jul 2026 | ₹13 | +24.53% | ₹2,800 | ₹66 | ₹3,653 |
| 29 Jul 2026 | ₹13 | — | ₹2,800 | — | ₹3,653 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 05 Aug 2026 – 07 Aug 2026
- Listing date
- 12 Aug 2026
- Face value
- ₹2 per share
- Price band
- ₹50 – ₹53
- Lot size
- 281 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹426 Cr
- Fresh issue
- ₹320 Cr 6,03,76,950 shares
- Offer for sale
- ₹106 Cr 1,99,75,000 shares
- Market cap at offer price
- ₹1,671 Cr
- Promoter holding
- 91.48% → 67.62% pre-issue → post-issue
- ISIN
- INE0XNF01022
- CIN
- U24294DL1993PLC405804
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Pantomath Capital Advisors Pvt.Ltd.
- Registered office
- Khasra No. 340, 1st Floor and 3rd Floor, Village Sultanpur, Mehrauli, Gadaipur, New Delhi - 110 030, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 1,64,35,297 | 28.13% | 28.13% |
| Anchor investor · within QIB | 2,41,05,584 | — | 41.26% |
| NII (HNI) | 1,25,96,166 | 21.56% | 21.56% |
| bNII > ₹10L · within NII | 83,97,444 | — | 14.37% |
| sNII < ₹10L · within NII | 41,98,722 | — | 7.19% |
| Retail (RII) | 2,93,91,053 | 50.31% | 50.31% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 5,84,22,516 | — | 100.00% |
Net offer to the public of 5,84,22,516 shares, out of a total issue of 5,84,22,516. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 281 shares per lot, in multiples, at ₹53
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 281 | ₹14,893 |
| Retail (max) | 13 | 3,653 | ₹1,93,609 |
| S-HNI (min) | 14 | 3,934 | ₹2,08,502 |
| S-HNI (max) | 67 | 18,827 | ₹9,97,831 |
| B-HNI (min) | 68 | 19,108 | ₹10,12,724 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹53 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.32 | 2.69 |
| P/E (×) | 15.96 | 19.70 |
| Price to book (×) | 21.54 | — |
| Market cap | — | ₹1,671 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 53.15%
- ROCE
- 49.00%
- Debt / equity
- 2.65
- PAT margin
- 4.48%
- EBITDA margin
- 8.88%
- NAV per share
- ₹2.46
- Price to book
- 21.54
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 1,168.88 | 743.53 | 463.39 |
| Revenue from operations | 1,167.65 | 742.74 | 462.96 |
| Other income | 1.23 | 0.79 | 0.43 |
| Total expenses | 1,055.94 | 698.88 | 451.61 |
| Operating profit | 112.94 | 44.65 | 11.78 |
| Operating margin | 9.66% | 6.01% | 2.54% |
| Profit before tax | 112.94 | 44.65 | 11.79 |
| Profit after tax | 84.68 | 33.27 | 8.95 |
| PAT margin | 7.24% | 4.47% | 1.93% |
| Balance sheet | |||
| Total assets | 363.33 | 262.06 | 196.12 |
| Current assets | 280.2 | 181.9 | 131.03 |
| Current liabilities | 198.38 | 175.42 | 143.72 |
| Total liabilities | 215.95 | 199.46 | 166.87 |
| Net worth | 147.38 | 62.6 | 29.25 |
| Current ratio | 1.41× | 1.04× | 0.91× |
| Return on equity | 57.46% | 53.15% | 30.60% |
| Cash flow | |||
| Operating cash flow | 29.83 | 7.84 | -25.26 |
| Investing cash flow | -19.77 | -22.87 | -27.2 |
| Financing cash flow | 3.84 | 13.34 | 54.35 |
| Net cash flow | 13.89 | -1.68 | 1.89 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding incremental working capital requirement of the Company ₹220 Cr
The company proposes to utilize funds for additional working capital to support business growth, fund inventories, receivables and advance to suppliers. This includes supporting increased export operations, shift from CAD to FOB procurement model, expected business growth, and maximum utilization of installed capacity.
2 Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the Company ₹20 Cr
The company intends to utilize proceeds for repayment or prepayment of existing borrowings to reduce debt burden, maintain favorable debt-equity ratio, and enable utilization of internal accruals for further business growth and expansion opportunities.
3 General corporate purposes —
The company proposes to deploy balance proceeds for general corporate purposes including funding organic and inorganic growth opportunities, acquisitions, strengthening marketing capabilities, brand building exercises, meeting ongoing corporate contingencies, and other purposes as approved by the Board.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Sandeep Aggarwal | Promoter Selling Shareholder | 99,87,500 | ₹0 |
| Nikunj Aggarwal | Promoter Selling Shareholder | 99,87,500 | ₹0 |
2 sellers offering 1,99,75,000 shares.
About Ardee Industries
Ardee Industries Limited (formerly Ardee Industries Private Limited) was incorporated in 1993 and converted to a public company in 2025. The company specializes in the environmentally responsible recovery and recycling of end-of-life energy storage products and non-ferrous scrap, with a focus on lead recycling. Since acquisition by current promoters in 2021, the company has significantly expanded operations, increasing installed production capacity from 54,750 MTPA in Fiscal 2024 to 104,025 MTPA in Fiscal 2026. The company manufactures pure lead with purity levels ranging from 99.97% to 99.985% and various lead alloys (lead calcium, lead antimony, lead tin, lead silver, and lead cadmium alloys) customized to customer specifications. Revenue has grown from ₹4,629.59 million in Fiscal 2024 to ₹11,676.53 million in Fiscal 2026, with EBITDA increasing from ₹280.57 million to ₹1,470.82 million. The company serves 52 customers as of Fiscal 2026, with operations spanning 12 states in India and exports to 8 countries including Singapore, Hong Kong, South Korea, Switzerland, UAE, Japan, Saudi Arabia, and USA.
Management
Sandeep Aggarwal
MD
Nikunj Aggarwal
CEO
Esha Gupta
Director of HR
Archana Jain
CFO
Anand Tandon
Director
Vivek Sarbhai
Director
Arun Kumar Mallik
CFO
Manish Kumar Rai
COO
Shyam Dhar Singh
VP of Marketing
Amitabh Agrawal
VP of Sales
Sanjeev Sharma
Director of Operations
Strengths
As stated in the offer document
One of India's leading players in circular economy with a proven track record with demonstrated operational stability
The company is one of India's leading players in circular economy, specializing in environmentally responsible recovery and recycling of end-of-life energy storage products and non-ferrous scrap. The company manufactures pure lead and lead alloys with purity levels ranging from 99.97% to 99.985% and has expanded installed capacity from 54,750 MTPA in Fiscal 2024 to 156,950 MTPA as of the prospectus date.
Strong customer base along with robust raw materials sourcing capabilities
The company has served more than 50 customers across domestic and international markets as of March 31, 2026, with operations in eight countries. The company's revenue from exports has grown at a CAGR of 138.69% from Fiscal 2024 to 2026, and the company sources raw materials from fifty-eight countries during Fiscals 2026, 2025 and 2024.
Track record of profitability and consistent financial performance
The company is one of the fastest growing companies in terms of revenue amongst its peers with a revenue CAGR of 58.81% in the last three Fiscals. The company's EBITDA has recorded a CAGR of 128.96% and profit after tax CAGR of 207.52% from Fiscal 2024 to Fiscal 2026.
Experienced promoters and professional management team
The company is led by qualified and experienced Promoters with cumulative experience of more than four decades in lead and lead alloys business. The Key Managerial Personnel have over forty-eight years of experience, and Senior Managerial Personnel collectively bring more than eight decades of experience in various functions.
Risk factors
As stated in the offer document
High Customer Concentration Risk
The company derives 40.64% to 72.42% of its revenue from its top customer alone across the last three fiscals, with the top 10 customers contributing 91.53% to 95.15% of revenue. Loss of any major customer could severely impact business operations and financial performance.
Heavy Dependence on Battery and Metal Industries
84.79% to 88.64% of the company's revenue comes from battery and metal industries. Any downturn in these sectors or shift to alternative technologies like lithium-ion batteries could adversely affect business operations and financial condition.
Raw Material Supply Chain Vulnerabilities
The company depends on third-party suppliers without long-term contracts, with top 10 suppliers representing 38.48% to 53.71% of total purchases. Supply disruptions, price fluctuations, or quality issues could significantly impact manufacturing operations and costs.
High Debt-to-Equity Ratio and Financial Leverage
The company's debt-to-equity ratio was 1.25 times, 2.65 times, and 4.87 times for fiscals 2026, 2025, and 2024 respectively. High leverage exposes the company to increased interest obligations, reduced financial flexibility, and potential difficulties in obtaining additional financing.
Limited Operating History and Performance Sustainability
The company commenced manufacturing in 2021 and has limited operating history at current scale. There is no assurance that historical high growth rates (57.21% and 60.43% revenue growth) can be sustained, making future performance evaluation challenging.
Geographic Revenue Concentration Risk
40.84% to 74.14% of domestic revenue comes from Andhra Pradesh, while significant export revenue is concentrated in Singapore, Switzerland, and South Korea. Geographic concentration heightens exposure to regional economic, political, or competitive disruptions.
Lead Price Volatility and Market Risk
The company is exposed to volatile lead prices influenced by global mining output, demand-supply fluctuations, and LME trading. Despite hedging strategies, price volatility could materially affect margins and financial performance if risk management practices prove insufficient.
Manufacturing Capacity Utilization and Operational Risk
Current capacity utilization is 67.15% for fiscal 2026. Under-utilization over extended periods could increase production costs and adversely impact profitability. The company also faces operational hazards from lead melting processes that could cause accidents or production disruptions.
Regulatory Compliance and Environmental Risk
The company faces strict environmental, health, and safety regulations. Non-compliance could result in significant fines, permit revocation, or facility closure. Past instances of delayed statutory payments indicate potential compliance challenges.
Working Capital and Cash Flow Requirements
The company has substantial working capital needs (19.37% to 22.60% of revenue) and has experienced negative cash flows in the past. Inability to secure adequate financing could delay business plans and adversely affect growth operations.
Company Analysis
from RHPArdee Industries Limited manufactures pure lead and lead alloys through recycling of battery scrap and lead-containing materials, operating across battery and metal industries in both domestic and export markets.
Ardee Industries Limited (formerly Ardee Industries Private Limited) was incorporated in 1993 and converted to a public company in 2025. The company specializes in the environmentally responsible recovery and recycling of end-of-life energy storage products and non-ferrous scrap, with a focus on lead recycling. Since acquisition by current promoters in 2021, the company has significantly expanded operations, increasing installed production capacity from 54,750 MTPA in Fiscal 2024 to 104,025 MTPA in Fiscal 2026. The company manufactures pure lead with purity levels ranging from 99.97% to 99.985% and various lead alloys (lead calcium, lead antimony, lead tin, lead silver, and lead cadmium alloys) customized to customer specifications. Revenue has grown from ₹4,629.59 million in Fiscal 2024 to ₹11,676.53 million in Fiscal 2026, with EBITDA increasing from ₹280.57 million to ₹1,470.82 million. The company serves 52 customers as of Fiscal 2026, with operations spanning 12 states in India and exports to 8 countries including Singapore, Hong Kong, South Korea, Switzerland, UAE, Japan, Saudi Arabia, and USA.
Objects of the Issue
- Funding incremental working capital requirement of our Company ₹2,200.00 million p.115
- Repayment and/or pre-payment, in full or in part, of certain borrowings availed by our Company ₹200.00 million p.115
- General corporate purposes [●] million (not exceeding 25% of Gross Proceeds) p.124
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value ₹2 each aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares of face value ₹2 each aggregating up to ₹3,200 million
- Offer for Sale
- Up to 19,975,000 Equity Shares of face value ₹2 each aggregating up to ₹[●] million by Promoter Selling Shareholders (Sandeep Aggarwal: 9,987,500 shares; Nikunj Aggarwal: 9,987,500 shares)
- Price Band
- ₹[●] to ₹[●] per Equity Share (Floor Price to Cap Price)
- Lot Size
- [●] Equity Shares of face value of ₹2 each and in multiples of [●] Equity Shares thereof
- Face Value
- ₹2 per Equity Share
Business Model
Ardee Industries manufactures pure lead and lead alloys by processing recyclable lead-containing scrap materials including used lead acid batteries, remelted lead ingots, remelted lead blocks, lead scrap (radio/relay/ropes), and lead master metal. The company procures raw materials from both domestic and international suppliers primarily on a purchase order basis. Products are sold to customers in battery and metal industries on an open credit basis with typical payment periods of 30-60 days. The company employs a back-to-back pricing model linked to London Metal Exchange (LME) rates to hedge commodity price risk. Manufacturing is conducted at a facility in Naidupet, Tirupati, Andhra Pradesh, which had 67.15% capacity utilization in Fiscal 2026. Revenue sources include domestic sales (55.47% in Fiscal 2026) and exports (39.83% in Fiscal 2026), with additional scrap sales (2.69%).
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sandeep Aggarwal | Promoter and Promoter Selling Shareholder | 45.73% | [●]% |
| Nikunj Aggarwal | Promoter and Promoter Selling Shareholder | 45.43% | [●]% |
| Esha Gupta | Promoter | Negligible | [●]% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2025
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Ardee Industries THIS ISSUE | 3.32 | 5.78 | 19.70, computed at the offer price | 21.54, computed at the offer price | 57.46% |
| 52.02 | 332.16 | 35.37 | 5.54 | 15.43% | |
| 43.98 | 258.39 | 31.94 | 5.44 | 16.73% | |
Jain Resources Recycling | 10.25 | 45.24 | 33.57 | 7.64 | 22.25% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.