Ardee Industries IPO
Ardee Industries IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹50-53 |
| Face Value | ₹2 |
| Lot Size | 281 Shares |
| Issue Size | ₹425.87 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| NSE Symbol | ARDEE.NS |
| BSE Scrip Code | 7862 |
| Min Investment | ₹14,893 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 281 | ₹14,893 |
| Retail (Max) | 13 | 3,653 | ₹193,609 |
| S-HNI (Min) | 14 | 3,934 | ₹208,502 |
| B-HNI (Min) | 68 | 19,108 | ₹1,012,724 |
Strengths & Risks
Strengths
- It is one of the leading Indian companies in the circular economy space, with a long track record of steady operations.
- The company uses hedging to protect itself from sharp changes in commodity prices.
- It has a strong customer base and is able to source raw material well.
- Profits have been consistent, and both revenue and profit have grown well in the last three years.
- The promoters are experienced and the company has a professional management team.
Risks
- The whole business depends on lead. If lead prices or demand from battery makers fall, both revenue and profit will come down quickly.
- Raw material is old batteries and scrap. Supply of this scrap is not fixed and its price keeps changing, so margins can move up and down.
- Margins are thin. PAT margin was only 7.25% and EBITDA margin 12.60% in FY2026, even in a very good year.
- Borrowings are still high at Rs 182.75 crore in FY2026. Only Rs 20 crore of the issue money will go towards repaying loans.
- Lead recycling is a polluting activity. Any change in environment rules, or any action by the pollution control board, can stop work at the plant.
- The company has only one factory, in Tirupati district of Andhra Pradesh. Any fire, breakdown or shutdown there will stop the entire production.
- Growth in FY2026 was very sharp, with profit going up 155%. Such growth may not repeat every year.
- Out of the Rs 425.87 crore issue, Rs 105.87 crore is offer for sale by the two promoters. That money goes to them and not to the company.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 363.33 | 262.06 | 196.12 |
| Total Income | 1,168.88 | 743.53 | 463.39 |
| Profit After Tax | 84.68 | 33.27 | 8.95 |
| EBITDA | 147.08 | 65.93 | 28.06 |
| NET Worth | 147.38 | 62.60 | 29.25 |
| Reserves and Surplus | 96.42 | 59.42 | 26.06 |
| Total Borrowing | 182.75 | 165.77 | 142.36 |
About The Company
Ardee Industries Limited was started in 1993. The company works in the recycling business. It collects old batteries and other end-of-life energy storage products along with non-ferrous scrap, and turns them into pure lead and lead alloys.
Its products include high-purity lead and special lead alloys such as lead calcium, lead antimony, lead tin, lead silver and lead cadmium. These are used in energy storage, e-mobility, automobile and chemical industries.
As on 31 March 2025, the company had served more than 50 customers in India and abroad, mostly in the battery and metals business. It has exported to seven countries, including Singapore, Hong Kong, South Korea, Switzerland, the UAE, Japan and the United States.
The company owns a factory of about 7.61 acres in Tirupati district of Andhra Pradesh. Its installed capacity is 1,04,025 MTPA. The plant has rotary furnaces, refining kettles, casting systems and pollution control equipment. It is certified under ISO 9001:2015 for quality, ISO 14001:2015 for environment, and ISO 45001:2018 for health and safety.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 197.77× | 16,435,297 | — |
| Non-Institutional Investors (NII) | 255.24× | 12,596,166 | — |
| Retail Individual Investors (RII) | 45.71× | 29,391,053 | — |
| Employee | 0× | — | — |
| Shareholder | 0× | — | — |
| Total | 133.66× | 58,422,516 | — |
GMP History
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|---|---|---|
| BANK OF INDIA SMALL CAP FUND | — | 4,717,147 | — |
| BENGAL FINANCE & INVESTMENT PVT.LTD. | — | 4,717,147 | — |
| WINRO COMMERCIAL (INDIA) LTD. | — | 4,717,147 | — |
| BHARAT VALUE FUND | — | 3,773,830 | — |
| INDIA MAX INVESTMENT FUND LTD. | — | 3,773,830 | — |
| COGNIZANT CAPITAL DYNAMIC OPPORTUNITIES FUND | — | 1,203,241 | — |
| IMAP INDIA CAPITAL INVESTMENT TRUST-CATALYST NEW INDIA FUND | — | 1,203,242 | — |
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