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Ardee Industries
Mainboard · NSE listed
+35.85%
Listing gain
Price Band
₹50 – ₹53
Issue Size
₹426 Cr
1 lot at upper band
₹14,893
Lot Size
281
Open
05 Aug 2026
Close
07 Aug 2026
Allotment
—
Listing
12 Aug 2026
Scheduled dates
- Open05 Aug 2026
- Close07 Aug 2026
- Refund11 Aug 2026
- Demat credit11 Aug 2026
- Listing12 Aug 2026
Listing Performance
Listing Price
₹72
Listing Gain
+35.85%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹17 15 sessions
Subscription (times)
Latest per-category subscription · as of 07 Aug, 06:20 pm IST.
QIB 198.00x
NII 266.75x
BHNI 277.36x
SHNI 220.51x
RII 46.00x
Total 138.83x
About Ardee Industries
Ardee Industries Limited is one of India's leading players in circular economy, specializing in the 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% that conform to international standards, serving critical industries including energy storage, e-mobility, automotive, and chemical sectors. The company operates a Manufacturing Facility with an installed recycling capacity of 156,950 MTPA in Tirupati, Andhra Pradesh, and has established presence across domestic and international markets in eight countries.
www.ardeeindustries.com ↗Strengths
- One of India's leading players in circular economy with a proven track record with demonstrated operational stabilityThe 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 capabilitiesThe 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 performanceThe 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 teamThe 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
- High Customer Concentration RiskThe 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 Industries84.79% 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 VulnerabilitiesThe 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 LeverageThe 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 SustainabilityThe 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 Risk40.84% 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 RiskThe 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 RiskCurrent 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 RiskThe 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 RequirementsThe 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.
Objects of the Issue
- Funding incremental working capital requirement of the CompanyThe 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.220.00 crores
- Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the CompanyThe 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.20.00 crores
- General corporate purposesThe 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.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 1168.88 | +57.2% | 84.68 | +154.5% | 363.33 | 147.38 | 29.83 |
| 31/03/2025 | 743.53 | +60.5% | 33.27 | +271.7% | 262.06 | 62.60 | 7.84 |
| 31/03/2024 | 463.39 | — | 8.95 | — | 196.12 | 29.25 | -25.26 |
Units: crores
Issue Details
- Face Value
- ₹2
- P/E
- 20.90
- ROCE
- 49.00%
- Shares / Lot
- 281
- Minimum Bid
- 281 shares
- Refund
- 11 Aug 2026
- Credit to Demat
- 11 Aug 2026
- 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
Management
Sandeep AggarwalMD
Nikunj AggarwalCEO
Esha GuptaDirector of HR
Archana JainCFO
Anand TandonDirector
Vivek SarbhaiDirector
Arun Kumar MallikCFO
Manish Kumar RaiCOO
Shyam Dhar SinghVP of Marketing
Amitabh AgrawalVP of Sales
Sanjeev SharmaDirector of Operations
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.