Ardee Industries Limited IPO Overview
Originally incorporated as ‘Ardee Industries Private Limited’ on September 16, 1993, in Chennai, Tamil Nadu, Ardee Industries Limited is one of India’s leading players in the circular economy, specializing in the environmentally responsible recovery and recycling of end-of-life energy storage products and non-ferrous scrap. The company manufactures high-purity lead and specialised lead alloys, serving industries such as energy storage, e-mobility, automotive, and chemicals. The company manufactures pure lead and lead alloys with purity levels ranging from 99.97% to 99.985%, and sources raw materials from 58 countries while exporting to international markets.
The IPO is a book-built mainboard issue, proposing to raise ₹425.87 crore through a combination of a fresh issue of ₹320 crore and an Offer for Sale (OFS) of ₹105.87 crore by promoter selling shareholders. The IPO is priced at ₹50–₹53 per share, with a lot size of 281 shares, making the minimum retail investment approximately ₹14,893. The IPO opens on August 5, 2026 and closes on August 7, 2026, with listing expected on both BSE and NSE on August 12, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 4 August 2026 |
| IPO Open Date | 5 August 2026 |
| IPO Close Date | 7 August 2026 |
| Allotment Date | 10 August 2026 (Expected) |
| Credit to Demat | 11 August 2026 |
| Listing Date | 12 August 2026 (Tentative) |
| Price Band | ₹50 – ₹53 per share |
| Face Value | ₹2 per share |
| Lot Size | 281 shares |
| Minimum Investment (Retail) | ₹14,893 (approx) |
| Issue Size | ₹425.87 crore |
| Fresh Issue | 6,03,77,358 shares (₹320 crore) |
| Offer For Sale (OFS) | 1,99,75,000 shares (₹105.87 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% (up to 60% may go to Anchor Investors) |
| Non-Institutional Investors (NII/HNI) | Not less than 15% |
| Retail Individual Investors (RII) | Not less than 35% |
OFS / Selling Shareholders
The OFS portion consists of up to 1.99 crore equity shares being divested by promoter selling shareholders Sandeep Aggarwal and Nikunj Aggarwal, who will each divest up to 99.88 lakh shares.
The fresh issue proceeds of ₹320 crore will go directly to the company. OFS proceeds will be received by the selling promoters.
Objects of the Issue (Fund Utilization)
The net proceeds from the fresh issue will be used to fund incremental working capital requirements of ₹220 crore and for repayment or prepayment of certain borrowings worth ₹20 crore. The remaining amount will be used for general corporate purposes.
- Incremental working capital requirements — ₹220 crore
- Repayment / prepayment of existing borrowings — ₹20 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Pantomath Capital Advisors Pvt. Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
The company’s promoters are Sandeep Aggarwal, Nikunj Aggarwal, and Esha Gupta. Leadership is spearheaded by Sandeep Aggarwal as Chairman and Managing Director. The board also includes Nikunj Aggarwal and Esha Gupta as Whole-Time Directors. Key managerial personnel include Arun Kumar Mallik (CFO) and Puneet Verma (Company Secretary and Compliance Officer).
The management brings cumulative experience of more than four decades in the lead and lead alloys business.
Company Details
Ardee Industries Limited is an Indian company focused on the sustainable recovery and recycling of end-of-life energy storage products and non-ferrous scrap. The company operates a manufacturing facility spread across roughly 7.61 acres in Tirupati district, Andhra Pradesh, with an installed capacity of 104,025 MTPA. The plant is equipped with a rotary furnace, refining kettle, casting machine, and pollution control facility.
Sectors Served:
- Energy Storage (Lead-Acid Batteries)
- E-Mobility & Electric Vehicles
- Automotive
- Chemicals & Industrial Applications
Key Products:
- High-Purity Lead (99.97% to 99.985% purity)
- Specialised Lead Alloys
- Recycled non-ferrous metal products
Key Capabilities:
- Installed capacity expanded significantly from 54,750 MTPA in FY2024 to 156,950 MTPA in Tirupati, Andhra Pradesh. Raw materials are sourced from 58 countries, and the company exports to international markets with a customer base of more than 50 clients as of March 31, 2026.
- The brand is listed on the Multi-Commodity Exchange (MCX) platform, making Ardee one of the few companies in its sector with a registered brand for pure lead trading in India — providing transparent benchmark pricing and enabling hedging against price risk.
Certifications:
- ISO 9001:2015 (Quality Management)
- ISO 14001:2015 (Environmental Management)
- ISO 45001:2018 (Occupational Health & Safety)
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹462.96 | — |
| FY25 | ₹743.53 | ₹33.27 |
| FY26 | ₹1,168.88 | ₹84.68 |
Key Financial Metrics
- Revenue increased by 57% and PAT rose by 155% between FY25 and FY26.
- Revenue CAGR of 58.81% and PAT CAGR of 207.52% since commencing manufacturing in 2021.
- Net worth more than doubled from ₹62.60 crore in FY25 to ₹147.38 crore in FY26. Total borrowings stood at ₹182.75 crore in FY26.
- Debt-to-equity ratio improved significantly from 4.87x in FY2024 to 1.25x in FY2026, reflecting meaningful deleveraging.
Company Strengths
- India’s battery recycling industry is entering a long-term structural growth phase, supported by increasing automobile ownership, rapid EV adoption, renewable energy storage systems, and stricter environmental regulations promoting organised recycling.
- Exceptional revenue and profit growth trajectory — Revenue CAGR of ~59% and PAT CAGR of ~208% since FY2024, driven by rapid capacity expansion.
- MCX-listed brand for pure lead trading — one of the few companies in the sector with this distinction, enabling transparent pricing and price risk hedging.
- Wide global raw material sourcing network spanning 58 countries and exports to international markets, reducing dependence on any single geography.
- Modern manufacturing facility in Tirupati with international quality and safety certifications (ISO 9001, 14001, 45001).
- Experienced management team with over four decades of cumulative expertise in the lead and lead alloys industry.
Key Risks & Challenges
- Extremely high customer concentration risk — the top client accounts for up to 72.42% of revenue, making the business heavily dependent on a single buyer.
- Significant exposure to fluctuations in global lead prices, which can directly impact margins and profitability.
- Dependence on the availability of recyclable raw materials (used batteries and non-ferrous scrap) — supply disruptions can affect production volumes.
- Working capital-intensive business model — a large portion of IPO proceeds (₹220 crore) is being raised purely for working capital, indicating high cash consumption.
- Long-term risk from global shift towards lithium-ion batteries, which may reduce demand for lead-acid battery recycling over time.
- Partial promoter exit via OFS — both Sandeep Aggarwal and Nikunj Aggarwal are divesting shares, which may signal some caution for investors.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
