Ardee Industries IPO

Ardee Industries Limitedardeeindustries.com

ListedMainboardMaterialsNSE · BSE

Price band: ₹50 – ₹53
Issue size: ₹426 Cr
Lot size: 281 sh
Bidding: 5 – 7 Aug
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Ardee Industries recycles end-of-life lead-acid batteries and non-ferrous scrap into refined lead and lead alloys from a single plant at Naidupet, Tirupati district, Andhra Pradesh; the record describes exports as 39.83% of FY26 revenue and 52 customers in FY26. Revenue was Rs 462.96 Cr in FY24, Rs 742.74 Cr in FY25 and Rs 1,167.65 Cr in FY26, with profit after tax of Rs 8.95 Cr, Rs 33.27 Cr and Rs 84.68 Cr over the same three years. The Rs 425.87 Cr issue, Rs 320 Cr fresh and Rs 105.87 Cr offer for sale, was priced at Rs 50-53, and the day-3 book on 7 August 2026 showed 138.83 times overall. It listed at Rs 72 on 12 August 2026 and last traded at Rs 42.27 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

76Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Ardee Industries, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1993 · New Delhi (registered office: Khasra No. 340, 1st and 3rd Floor, Village Sultanpur, Mehrauli, Gadaipur, New Delhi 110030); sole manufacturing facility at APIIC Industrial Park, Naidupet, Tirupati district, Andhra Pradesh · 243 employees

Ardee Industries recycles end-of-life lead-acid batteries and non-ferrous scrap into refined lead and lead alloys. It sells pure lead at purity levels of 99.97% to 99.985%, plus alloys blended with calcium, antimony, tin, silver or cadmium to customer specification. Buyers are battery manufacturers and metal traders — 52 customers in FY26, among them Amara Raja Energy & Mobility, Pilot Industries and Sebang Metal Trading — who use the ingots mainly for lead-acid battery grids going to automotive OEMs, and for inverters, UPS systems, telecom towers, data-centre backup and solar storage. The company runs a single plant, at the APIIC industrial park in Naidupet, Tirupati district, Andhra Pradesh, with installed capacity of 156,950 MTPA as at the prospectus date. Exports were 39.83% of FY26 revenue.

Revenue is the sale of recycled lead ingots and alloys, booked when control of the product passes to the customer. The economics are a spread over scrap: cost of materials consumed was ₹9,342.23 million in FY26, or 79.92% of total income, so margin turns on the gap between scrap input prices and lead output prices rather than on volume alone. FY26 EBITDA margin was 12.60%, against 6.06% in FY24. Two structural constraints: concentration, with the top customer at 40.64% of FY26 revenue and the top ten at 91.61%; and capacity, utilised at 67.15% in FY26. Of ₹286.27 crore net fresh proceeds, ₹220.00 crore was earmarked for incremental working capital.

The company on paper

Legal name: Ardee Industries Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 16 Sep 1993
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U24294DL1993PLC405804
Sector: Materials · Secondary lead recycling — refined lead and lead alloys made from used lead-acid batteries and non-ferrous scrap
Employees: 243
Registered office: New Delhi (registered office: Khasra No. 340, 1st and 3rd Floor, Village Sultanpur, Mehrauli, Gadaipur, New Delhi 110030); sole manufacturing facility at APIIC Industrial Park, Naidupet, Tirupati district, Andhra Pradesh
Promoters: Sandeep Aggarwal, Nikunj Aggarwal, Esha Gupta
Promoter holding, pre-issue: 91.5%
Promoter holding, post-issue: 67.6%
Website: ardeeindustries.com

The numbers

Financial performance

Revenue has compounded at 58.8% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

75% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹320 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹106 Cr
Total issue size: ₹426 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 23.9% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription138.83×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹53.00
Listed at: ₹72.00
Listing gain: up 35.9%
Since listing: down 40.4%
Against the issue price: down 19.1%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 281
At cut-off price: ₹53.00
Amount blocked: ₹14,893

One lot is 281 shares at ₹14,893. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~2%

chance of one lot, per application

Retail subscription: 47.77×
Applicants per share available: 47.8× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹72.00

listed at, 35.9% against the issue price

Issue price: ₹53.00
Premium said: —
If allotted 281 shares: ₹5,339

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose 60.43% from Rs 462.96 Cr in FY24 to Rs 742.74 Cr in FY25, then 57.21% to Rs 1,167.65 Cr in FY26.
EBITDA margin was higher in each successive year on record: Rs 28.06 Cr on Rs 462.96 Cr of revenue in FY24 (6.06%), Rs 65.93 Cr on Rs 742.74 Cr in FY25 (8.88%) and Rs 147.08 Cr on Rs 1,167.65 Cr in FY26 (12.60%). Profit after tax over the same years was 1.93%, 4.48% and 7.25% of revenue.
Total borrowings stood at 4.87 times net worth in FY24 (Rs 142.36 Cr against Rs 29.25 Cr), 2.65 times in FY25 (Rs 165.77 Cr against Rs 62.60 Cr) and 1.24 times in FY26 (Rs 182.75 Cr against Rs 147.38 Cr), a lower ratio in each successive year present.
Rs 320 Cr of the Rs 425.87 Cr issue was a fresh issue (75.14%), the remaining Rs 105.87 Cr an offer for sale. Of Rs 286.27 Cr net fresh proceeds, Rs 220.00 Cr was earmarked for incremental working capital (76.85%). Promoter holding was 91.48% pre-issue and 67.62% post-issue, a fall of 23.86 percentage points.

What to weigh against it

The record reports 52 customers in FY26, with the top customer at 40.64% of FY26 revenue and the top ten at 91.61%.
Cost of materials consumed was Rs 9,342.23 million in FY26, which the record puts at 79.92% of total income. The record describes the economics as a spread between scrap input prices and lead output prices.
Output comes from one manufacturing facility, at the APIIC Industrial Park, Naidupet, with installed capacity of 156,950 MTPA as at the prospectus date, utilised at 67.15% in FY26.
The stock listed at Rs 72 against a band top of Rs 53 (35.85% above it) and closed day one at Rs 67.12. It last traded at Rs 42.27 on 23 October 2026: 20.25% below the Rs 53 issue price, 41.29% below the Rs 72 listing price and 37.02% below the Rs 67.12 day-one close.

Easy to miss in the prospectus

Total borrowings were higher in each year on record, Rs 142.36 Cr in FY24, Rs 165.77 Cr in FY25 (up 16.44%) and Rs 182.75 Cr in FY26 (up 10.24%), while net worth went from Rs 29.25 Cr to Rs 62.60 Cr to Rs 147.38 Cr.
The record carries no valuation, peer or per-share data: valuation, preIssueShares and postIssueShares are all null and peers is empty, so no earnings multiple against the Rs 50-53 band can be computed from it.
Subscription is recorded for day 3 only (7 August 2026: QIB 202.26x, NII 266.75x, retail 47.77x, total 138.83x). No day-1 or day-2 figures are present, no employee category figure is recorded, and anchor and allocation are both null.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Ardee Industries — Prospectus dated 2026-08-099 Aug 2026Filed after pricing, with every placeholder filled in.Opens on nsearchives.nseindia.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Pantomath Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to Ardee Industries's own prospectus and to exchange disclosures, then cross-checked against 8 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Ardee Industries Limited — Prospectus dated August 9, 2026 (filed with RoC; NSE archives) · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 5 Aug 2026
Closes: 7 Aug 2026
Allotment: 10 Aug 2026
Lists: 12 Aug 2026
Revenue (FY26): ₹1,168 Cr
Profit (FY26): ₹84.68 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.