IPO closes on 7 Aug'26
Ardee Industries Ltd
Minimum Investment
₹ 14,893 / 281 shares
Our Verdict:
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- Ardee Industries is a lead and lead-alloy recycler that has scaled sharply — revenue rose from ₹462.96 crore (FY24) to ₹1,167.65 crore (FY26) while PAT grew from ₹8.95 crore to ₹84.68 crore over the same period, a ~59% revenue CAGR.
- Leverage has fallen fast: Debt-to-Equity dropped from 4.87x (FY24) to 1.25x (FY26), and operating cash flow turned positive in FY25 and strengthened further in FY26 after being negative in FY24.
- At the upper band, the issue values the Company at roughly 16x FY26 earnings — a discount to other listed players in the same recycling segment, whose average multiple runs materially higher, aided by an unusually high FY26 return on net worth of ~57%.
- Strong recent growth, falling leverage and a valuation discount to peers make the case for both listing gains and continued upside, but single-site operations, a concentrated customer base, and exposure to lead price and environmental-compliance risk are the main things to track before extrapolating this growth forward.
About the company
Founded in
16 Sep'93
Managing director
Sandeep Aggarwal
- Ardee Industries is engaged in the recovery and recycling of end-of-life energy storage products (used lead-acid batteries) and non-ferrous scrap, manufacturing high-purity refined lead (99.97%–99.985%) and specialised lead alloys — lead calcium, lead antimony, lead tin, lead silver and lead cadmium — for the energy storage, e-mobility, automotive and chemical industries.
- The Company's installed recycling capacity has expanded from 54,750 MTPA in FY24 to 156,950 MTPA as of the date of the RHP, at its ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certified facility.
- Manufacturing is carried out at a 7.61-acre facility in Tirupati, Andhra Pradesh, located close to major battery producers and near the Chennai, Kattupalli and Ennore ports; the Company serves more than 50 customers and exports to seven countries.
- Promoters: Sandeep Aggarwal, Nikunj Aggarwal and Esha Gupta; the Company is led operationally by Chairman & Managing Director Sandeep Aggarwal, with Nikunj Aggarwal and Esha Gupta as Whole-time Directors.
STRENGTHS
- Circular Economy Recycling Position: Recovers and recycles end-of-life lead-acid batteries and non-ferrous scrap into refined lead (99.97–99.985% purity) and lead alloys for the energy storage, e-mobility, automotive and chemical industries.
- Revenue and Profit Growth: Revenue from operations grew from ₹462.96 crore (FY24) to ₹1,167.65 crore (FY26); PAT grew from ₹8.95 crore to ₹84.68 crore over the same period.
- Reducing Leverage: Debt-to-Equity declined from 4.87x (FY24) to 2.65x (FY25) to 1.25x (FY26), alongside a shift to positive operating cash flow in FY25 and FY26.
- Customer and Export Base: Serves more than 50 customers (44 domestic, 8 foreign) as of FY26, with exports to seven countries including the USA, Japan, South Korea and Singapore.
- Commodity Price Risk Management: Operates a board-approved hedging framework linked to the London Metal Exchange to manage exposure to lead price volatility.
RISK FACTORS
- Single-Site Manufacturing: All manufacturing operations are concentrated at one facility in Tirupati, Andhra Pradesh, exposing the Company to geographic and operational concentration risk.
- Commodity Price Volatility: Revenue and margins are sensitive to fluctuations in lead prices, which are volatile and linked to international commodity markets.
- Environmental and Regulatory Compliance: Operations are subject to stringent environmental, pollution-control and hazardous-waste regulations; non-compliance could result in penalties, plant shutdowns or additional capital expenditure.
- Feedstock and Technology Substitution Risk: The business depends on continued availability of used lead-acid batteries and scrap as feedstock, which could be affected over the medium to long term by a shift toward lithium-ion battery technology.
Financials
All Values are in Cr.
Issue details
Issue type
Main Board
Issue size
₹ ₹425.87 Crore
Fresh Issue
₹ ₹320 Crore
OFS
₹ ₹105.87 crore
Price range
₹ 50 - 53
Lot size
281 shares
Issue Objective
Net Proceeds are proposed to be used for: (i) funding incremental working capital requirements (₹220 crore); (ii) repayment/pre-payment of certain borrowings (₹20 crore); and (iii) general corporate purposes (balance amount, capped at 25% of Gross Proceeds).
Dates
Bidding open
5 Aug'26
Bidding close
7 Aug'26
Allotment date
10 Aug'26
Refund date
11 Aug'26
Listing
12 Aug'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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