Quick Summary
- Company Profile: Ardee Industries Limited is one of India's leading circular economy players specializing in lead and lead-alloy recycling from used lead-acid batteries and non-ferrous scrap.
- IPO Size: ₹425.87 Crore (Fresh Issue: ₹320.00 Cr + OFS: ₹105.87 Cr).
- Price Band: ₹50 to ₹53 per equity share (Face Value: ₹2).
- Issue Dates: Opens on August 5, 2026 and Closes on August 7, 2026.
- Lot Size: 281 Shares (Minimum Retail Application: ₹14,893 at upper price band).
- Financial Growth: Revenue expanded at a 3-year CAGR of 58.81% to reach ₹1,168.88 Cr in FY26, with PAT climbing to ₹84.68 Cr (EBITDA margin expanded to 12.6%).
- Return Profile: Outstanding Return on Net Worth (RoNW) of 57.46% in FY26.
1. IPO Overview
Ardee Industries Limited has officially announced its initial public offering (IPO) with a total issue size of ₹425.87 Crore comprising 8,03,52,358 equity shares. The company operates in India's circular economy sector, recovering and recycling end-of-life energy storage products and non-ferrous scrap to produce customized pure lead and lead alloys conforming to international purity standards (99.97% to 99.985%).
The public offer is structured with a fresh equity issue of ₹320.00 Crore aimed predominantly at funding incremental working capital requirement to sustain rapid revenue scaling, alongside an Offer for Sale (OFS) of ₹105.87 Crore by Promoter Selling Shareholders.
2. Key IPO Details
Issue Highlights
| Price Band |
₹50 to ₹53 per share |
| Issue Opens On |
August 5, 2026 |
| Issue Closes On |
August 7, 2026 |
| Lot Size |
281 Shares & in Multiples thereafter |
| Issue Size |
₹425.87 Crore |
| Total Number of Shares |
8,03,52,358 Shares |
| Face Value |
₹2/- per share |
| Listing Exchanges |
BSE & NSE |
| Lead Manager |
Pantomath Capital Advisors Pvt. Ltd. |
| Registrar |
Kfin Technologies Ltd. |
Offer Structure
| Issuance Type |
Amount (in ₹ Cr.) |
| Fresh Issue |
320.00 |
| Offer for Sale (OFS) |
105.87 |
| Total Issue Size |
425.87 |
Issue Breakup
| Category |
% Reservation |
Amount in ₹ Cr. (at upper band) |
| Qualified Institutional Buyers (QIB) |
50% |
212.94 |
| Non-Institutional Investors / HNI |
15% |
63.88 |
| Retail Individual Investors |
35% |
149.05 |
| Total |
100% |
425.87 |
Retail Price & Application Lot Chart (@ ₹53 Upper Band)
| Lot Size (Shares) |
Amount (Rs.) |
| 281 | 14,893 |
| 562 | 29,786 |
| 843 | 44,679 |
| 1,124 | 59,572 |
| 1,405 | 74,465 |
| 1,686 | 89,358 |
| 1,967 | 1,04,251 |
| 2,248 | 1,19,144 |
| 2,529 | 1,34,037 |
| 2,810 | 1,48,930 |
| 3,091 | 1,63,823 |
| 3,372 | 1,78,716 |
| 3,653 | 1,93,609 |
HNI Payment Chart
| Category |
No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
3,934 |
2,08,502 |
| Big HNI |
19,108 |
10,12,724 |
Brief Financial Statements
| Particulars (in ₹ Cr.) |
FY2024 |
FY2025 |
FY2026 |
| Total Income |
463.39 |
743.53 |
1,168.88 |
| Total Expenditure |
451.61 |
698.88 |
1,055.94 |
| EBITDA |
28.06 |
65.93 |
147.08 |
| Profit Before Tax (PBT) |
11.79 |
44.65 |
112.94 |
| Profit After Tax (PAT) |
8.95 |
33.27 |
84.68 |
| E.P.S. (Diluted) (Rs.) |
0.35 |
1.31 |
3.32 |
| RONW (%) |
30.61% |
53.15% |
57.46% |
3. Company Overview
Ardee Industries Limited is one of India's leading players in the circular economy, specialising in the environmentally responsible recovery and recycling of end-of-life energy storage products (primarily used lead-acid batteries) and non-ferrous scrap, reclaiming critical metals from waste streams.
The Company's product portfolio spans pure lead and a range of customized lead alloys including lead calcium, lead antimony, lead tin, lead silver and lead cadmium alloys customisable to customer-specific purity and composition requirements, with purity levels ranging from 99.97% to 99.985% that conform to international standards.
These specialized secondary metals serve critical end-industries such as energy storage, e-mobility, automotive, and chemicals.
Structurally, the Company sits inside a large and policy-relevant market: over 80% of India's lead demand is met through secondary (recycled) lead, primarily derived from used lead-acid batteries. India's recycled lead ingot market was valued at roughly ₹30,933 crore in FY2026, driven by expanding applications across automotive, inverter/UPS, telecom, data-centre, and renewable-energy storage sectors.
4. Objects of the Issue
The Offer comprises a fresh issue of equity shares aggregating up to ₹320.00 crore, along with an offer for sale of up to 1,99,75,000 equity shares by the Promoter Selling Shareholders (proceeds of which will not accrue to the Company).
Of the fresh issue net proceeds:
- ₹220.00 Crore is earmarked for funding incremental working capital requirements.
- ₹20.00 Crore for repayment/prepayment of certain outstanding borrowings.
- Balance (capped at 25% of gross proceeds) for general corporate purposes.
The entire quantified amount is deployable within FY2027. This is overwhelmingly a working-capital-led growth issue, consistent with a business scaling revenue at a very high rate and needing more working capital to fund that growth, with only a modest debt-reduction component.
5. Key Business Highlights
- Circular Economy Leadership: One of India's leading players in the circular economy (lead and lead-alloy recycling).
- Commodity Risk Mitigation: Structured hedging mechanism in place specifically to protect against commodity price risk.
- Robust Supply Chain & Client Base: Strong, diversified customer base backed by robust raw-material sourcing capabilities.
- Dual Exchange Presence: Dual exchange listing across domestic and international markets.
- Financial Track Record: Proven track record of consistent profitability and capital efficiency.
6. Indicative IPO Timeline
| Tentative Events |
Indicative Dates |
| Finalisation of Basis of Allotment with Designated Stock Exchange |
10/08/2026 |
| Initiation of refunds / unblocking ASBA Funds |
11/08/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
11/08/2026 |
| Commencement of trading of Equity Shares on Stock Exchanges |
12/08/2026 |
7. Our View / Recommendation
RECOMMENDATION: SUBSCRIBE
Ardee Industries presents one of the stronger fundamental setups in this batch and merits a confident Subscribe.
Total income nearly doubled from ₹743.53 crore in FY25 to ₹1,168.88 crore in FY26, continuing an exceptional three-year revenue CAGR of 58.81%, while PAT grew even faster from ₹33.27 crore to ₹84.68 crore in the same year showing genuine operating leverage as EBITDA margin expanded from 8.9% to 12.6%.
RoNW has climbed steadily to 57.46% in FY26, an unusually high and improving return profile for a capital-intensive metals-recycling business, indicating efficient capital use rather than growth funded by dilution or leverage alone.
8. Frequently Asked Questions (FAQs)
Q1: What is the primary business of Ardee Industries Limited?
Ardee Industries Limited specializes in the environmentally responsible recovery and recycling of used lead-acid batteries and non-ferrous scrap, producing refined pure lead and specialized lead alloys for energy storage, e-mobility, automotive, and chemical sectors.
Q2: What are the key IPO subscription dates for Ardee Industries?
The IPO opens for subscription on August 5, 2026, and closes on August 7, 2026. Trading commencement on BSE & NSE is tentatively scheduled for August 12, 2026.
Q3: How much capital is being raised through the Fresh Issue and OFS?
The IPO aggregates to ₹425.87 Crore, consisting of a Fresh Issue of ₹320.00 Crore and an Offer for Sale of ₹105.87 Crore (1,99,75,000 equity shares).
Q4: How will Ardee Industries deploy the fresh issue proceeds?
The company will deploy ₹220 Crore for incremental working capital needs, ₹20 Crore for debt repayment/prepayment, and the remainder (capped at 25%) for general corporate purposes in FY2027.
Q5: What is the official recommendation from Sushil Finance?
Sushil Finance recommends SUBSCRIBE due to strong revenue CAGR (58.81%), expanding EBITDA margins (12.6%), high RoNW (57.46%), and robust circular economy industry tailwinds.
