Summary: Ardee Industries IPO opens August 5, 2026, and closes August 7. The price band is ₹50 to ₹53 per share, the lot size is 281 shares, and the minimum retail investment at the upper band is ₹14,893. Total issue size is ₹425.87 crore, combining a fresh issue of ₹320 crore and an OFS of 2 crore shares aggregating ₹105.87 crore. The listing is tentatively set for August 12 on BSE and NSE.
Introduction
Ardee Industries recycles end-of-life batteries and non-ferrous scrap into high-purity lead and lead alloys at its facility in Tirupati, Andhra Pradesh. FY25 saw revenue grow 60% and PAT nearly quadruple. The fresh issue proceeds go primarily toward working capital, which reflects the cash-intensive nature of the lead recycling business.
Ardee Industries IPO: Key details at a glance
| Detail | Information |
| IPO open date | August 5, 2026 |
| IPO close date | August 7, 2026 |
| Price band | ₹50 to ₹53 per share |
| Lot size | 281 shares |
| Minimum retail investment | ₹14,893 at upper band |
| Total issue size | ₹425.87 crore |
| Fresh issue | 6.04 crore shares (₹320 crore) |
| OFS | 2 crore shares (₹105.87 crore) |
| Face value | ₹2 per share |
| Listing exchanges | BSE and NSE |
| Allotment date | August 10, 2026 |
| Listing date | August 12, 2026 |
| Lead manager | Pantomath Capital Advisors Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
| Promoters | Sandeep Aggarwal, Mikunj Aggarwal, Esha Gupta |
| Pre-IPO promoter holding | 100% |
| QIB quota | Not more than 50% |
| Retail quota | Not more than 35% |
| HNI quota | Not less than 15% |
About Ardee Industries Limited
Ardee Industries recycles end-of-life batteries and non-ferrous scrap into high-purity lead and lead alloys at its manufacturing facility in Tirupati district, Andhra Pradesh. Installed capacity is 1,04,025 MTPA across approximately 7.61 acres. Products include lead-calcium, lead-antimony, lead-tin, lead-silver, and lead-cadmium alloys, used in batteries, automotive, e-mobility, and chemicals.
As of March 2025, the company served over 50 customers domestically and internationally, exporting to Singapore, South Korea, Japan, the UAE, Switzerland, Hong Kong, and the USA. The facility holds ISO 9001, ISO 14001, and ISO 45001 certifications. The only recent comparable in the diversified metals space, Jain Resource Recycling, listed at a 37% gain over its issue price and currently trades above that level.
Ardee Industries financial performance: Revenue and profit growth
| Metric | FY23 | FY24 | FY25 |
| Total income (₹ Cr) | 411.84 | 463.39 | 743.53 |
| PAT (₹ Cr) | 8.57 | 8.95 | 33.27 |
| EBITDA (₹ Cr) | 22.76 | 28.06 | 65.93 |
| Net worth (₹ Cr) | 20.22 | 29.25 | 62.60 |
| Total borrowings (₹ Cr) | 80.91 | 142.36 | 165.77 |
| KPI | FY25 |
| ROE | 72% |
| ROCE | 25.17% |
| RoNW | 53.15% |
| PAT margin | 4.48% |
| EBITDA margin | 8.88% |
Revenue jumped 60% in FY25. PAT nearly quadrupled from ₹8.95 crore to ₹33.27 crore. ROE of 72% is high, partly because the net worth base was small coming in. A PAT margin of 4.48% and an EBITDA margin of 8.88% are thin but typical for a commodities processing business where volumes are large and raw material costs dominate the cost structure.
Objectives of the IPO
| Use | Amount (₹ Cr) |
| Working capital requirements | 220.00 |
| Repayment of borrowings | 22.00 |
| General corporate purposes | Balance |
₹220 crore toward working capital is the dominant use. Lead recycling requires significant capital tied up in raw material procurement and processing inventory. The ₹105.87 crore OFS goes to existing shareholders, not the company.
Should you invest in Ardee Industries IPO?
At ₹53 per share and 281 shares per lot, the minimum retail investment is ₹14,893. The price band on a face value of ₹2 implies a market cap of roughly ₹1,350 to ₹1,430 crore at the upper end, against an FY25 PAT of ₹33.27 crore. That puts post-issue P/E in the 40 to 43x range, which is a meaningful ask for a business with 4.48% PAT margins.
Key strengths
- FY25 revenue up 60% and PAT up 272% versus FY24, which is not a small jump
- ROE of 72% and RoNW of 53.15% reflect efficient use of equity capital
- Battery recycling is a genuine growth segment as EV adoption increases end-of-life battery volumes
- Export footprint across 7 countries, including developed markets
- Only a recent sector comparable, Jain Resource Recycling, is listed with a +37% gain.
Key risks to watch
- PAT margin of 4.48% is thin; raw material cost movements can compress profits quickly
- ₹220 crore of the ₹320 crore fresh issue goes to working capital, indicating high cash intensity
- Total borrowings grew from ₹80.91 crore in FY23 to ₹165.77 crore in FY25. Only ₹22 crore of IPO proceeds go toward debt
- Lead prices are commodity-driven and volatile. Hedging reduces but does not eliminate that risk
- 100% promoter holding pre-IPO means no prior institutional validation of the business
Ardee Industries IPO subscription status
The IPO opens August 5 and closes August 7, 2026. Subscription data will be available live on BSE and NSE from Day 1. QIBs get up to 50%, retail up to 35%, and HNIs at least 15%. Track category-wise bidding on exchange portals or your broker platform through the three-day window. Allotment is expected August 10.
How to apply for Ardee Industries IPO
Via UPI: Log in to your account, go to the IPO section, select Ardee Industries, enter the number of lots, bid at ₹53 (upper band), submit your UPI ID, and approve the mandate on your UPI app. The amount is blocked, not debited.
Via ASBA: Apply through your bank's net banking under the IPO section. Search Ardee Industries, enter lot size and bid price, and submit. Allotment status can be checked at ipostatus.kfintech.com from August 10 using your PAN or application number.
Conclusion
Ardee Industries is a real business in a growing recycling segment, with strong FY25 numbers and an established export presence. The thin PAT margins, high working capital intensity, and P/E of 40x to 43x on FY25 earnings are the things worth weighing before applying. The sector comparable is listed at a 37% gain, but that is not a guarantee. Read the RHP, check the final allotment structure, and apply only if the risk-reward works for your profile.
