Ardee Industries Limited is one of India’s leading circular economy companies engaged 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, including lead calcium, lead antimony, lead tin, lead silver, and lead cadmium alloys, which are widely used in the energy storage, automotive, e-mobility, chemicals, telecom, renewable energy, and industrial sectors.
The company follows an integrated recycling model by converting recyclable lead-containing materials into high-purity lead and lead alloys (99.97%–99.985%). It serves customers in both domestic and international markets and exports its products to 8 countries, including Singapore, Hong Kong, South Korea, Switzerland, the UAE, Japan, Saudi Arabia, and the United States.
Ardee Industries operates an integrated manufacturing facility spread across 7.61 acres at Naidupet, Andhra Pradesh, with an installed recycling capacity of 156,950 MTPA. The facility is equipped with advanced recycling and refining infrastructure and is certified under ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and ISO/IEC 17025:2017, ensuring high-quality and environmentally compliant manufacturing.
As of March 31, 2026, the company served 52 customers, including 44 domestic and 8 overseas customers across the battery and metal industries.
It also had a workforce of 222 permanent and 326 contractual employees (548 total) as of June 30, 2026, supporting its manufacturing and operational activities.
Ardee Industries IPO – Details
| IPO Opening Date | 05 August 2026 |
| IPO Closing Date | 07 August 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 8,03,51,950 Shares Worth ₹425.87 Crore Fresh Issue: 6,03,76,950 Shares Worth ₹320.00 Crore Offer For Sale: 1,99,75,000 Shares Worth ₹105.87 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹50 – ₹53 per share |
| Market Lot | 281 Shares |
| Min Order | 281 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | KFin Technologies Limited |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Ardee Industries IPO – Date Schedule
| IPO Open Date | 05 August 2026 |
| IPO Close Date | 07 August 2026 |
| Basis of Allotment | 10 August 2026 |
| Initiation of Refund | 11 August 2026 |
| Credit of Shares to Demat Account | 11 August 2026 |
| IPO Listing Date | 12 August 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 07, 2026 |
Ardee Industries IPO – Lots Size & Price
| 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 |
Competitive Strength
- One of India’s leading players in circular economy with a proven track record with demonstrated operational stability.
- Application of Hedging Mechanism for Commodity Price Risk Related Protection.
- Strong customer base along with robust raw materials sourcing capabilities.
- Track record of profitability and consistent financial performance.
- Experienced promoters and professional management team.
Company Promoters
- Esha Gupta
- Mikunj Aggarwal
- Sandeep Aggarwal
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹463.39 Cr | ₹451.61 Cr | ₹8.95 Cr | ₹142.36 Cr |
| 31 March 2025 | ₹743.53 Cr | ₹698.88 Cr | ₹33.27 Cr | ₹165.77 Cr |
| 31 March 2026 | ₹1,168.88 Cr | ₹1055.94 Cr | ₹84.68 Cr | ₹182.75 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 81.00% |
| ROCE | 44.26% |
| Debt/Equity | 1.25 |
| RoNW | 57.46% |
| PAT Margin | 7.25% |
| EBITDA Margin | 12.60% |
| NAV | 5.78 |
| Pre IPO | Post IPO | |
| EPS (₹) | 3.32 | 2.69 |
| P/E (x) | 15.96 | 19.7 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding incremental working capital requirement of Company. | ₹220.00 |
| Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the Company. | ₹20.00 |
| General Corporate Purpose. |
Ardee Industries IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 2 | Gravita India Limited | 35.37 |
| 2 | 5 | Pondy Oxides and Chemicals Limited | 31.94 |
| 3 | 2 | Jain Resources Recycling Limited | 33.57 |
✅Strengths
- Integrated lead recycling and manufacturing operations.
- Large and expanding production capacity.
- Strong customer base with growing exports.
- Healthy financial and operational performance.
⚠️Risks
- Dependence on lead scrap availability and prices.
- High reliance on the battery industry.
- Strict environmental and regulatory compliance requirements.
- Exposure to export and foreign exchange risks.
Ardee Industries IPO Promoter Holding
| Pre-Issue Share Holding | 91.48% |
| Post Issue Share Holding | 67.62% |
Ardee Industries IPO Prospectus
- Ardee Industries IPO DRHP
- Ardee Industries IPO RHP
Company Contact Information
| Ardee Industries Limited Khasra No. 340, 1st Floor and 3rd Floor, Village Sultanpur, Mehrauli, Gadaipur, Delhi, New Delhi, 110030 Phone: +91 11 4760 021 Email: cs@ardeeindustries.com Website: https://ardeeindustries.com/ |
Ardee Industries IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: ardeeindustries.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Ardee Industries IPO Lead Manager(s)
| 1. Pantomath Capital Advisors Private Limited |
Ardee Industries IPO FAQs
| What is the Ardee Industries IPO? Ardee Industries IPO is a main-board IPO. The issue is priced at ₹50 to ₹53 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Ardee Industries IPO open? The IPO is to open on 05 August 2026 for QIB, NII, and Retail Investors. |
| What is Ardee Industries IPO investors’ portion? The investors’ portion is QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Ardee Industries IPO Size? Ardee Industries IPO size is ₹425.87 Crore. |
| What are the Ardee Industries IPO Minimum and maximum lot sizes for Retail? The minimum bid is 281 Shares with ₹14,893, while the maximum bid is 3653 Shares with ₹1,93,609. |
| What is the Ardee Industries IPO Allotment Date? Ardee Industries IPO allotment date is 10 August 2026. |
| What is the Ardee Industries IPO Listing Date? Ardee Industries IPO listing date is 12 August 2026. The IPO is to be listed on the BSE and the NSE. |
