Ardee Industries IPO: dates, price band and key numbers

Ardee Industries Limited opens for public subscription on 5 August 2026 at a price band of Rs 50 to 53 a share. The Rs 425.87 crore book-built mainboard issue combines a fresh issue of equity to raise new capital and an offer for sale by existing promoters. Bidding closes on 7 August 2026, with listing expected on both BSE and NSE on 12 August 2026.

What Ardee Industries does

Ardee Industries Limited is an Indian resource recovery enterprise operating in the circular economy sector. Incorporated in September 1993 under the name Ardee Industries Private Limited, the organization completed its corporate conversion to a public limited company in 2025. The company specializes in the eco-friendly processing and reclamation of non-ferrous metal scrap and end-of-life energy storage systems, with primary focus on discarded lead-acid batteries.

The business produces refined lead with purity grades reaching between 99.97% and 99.985%, alongside specialized lead formulations including lead-calcium, lead-antimony, lead-tin, lead-silver and lead-cadmium alloys. Its primary manufacturing and recycling facility is situated at Naidupet in the Tirupati district of Andhra Pradesh, featuring a cumulative annual recycling capacity of 104,025 metric tonnes. In early 2026, the company achieved official approval for its pure lead brand Ardee Lead 9997 for delivery against London Metal Exchange standard contracts.

Ardee Industries serves a client base of over 50 domestic and global corporate customers spanning energy storage, electric mobility, automotive and industrial battery manufacturing. The enterprise exports refined metal products to seven international markets, including the United States, Japan and Singapore. Operational priorities centre on sustainable closed-loop battery recycling to meet environmental regulations while securing raw material supply chains.

The issue

The initial public offering totals Rs 425.87 crore, consisting of 8,03,52,358 equity shares at a face value of Rs 2 per share. The issue structure comprises two parts: a fresh issue of Rs 320.00 crore (6,03,77,358 shares at the upper price band) and an offer for sale of Rs 105.87 crore (1,99,75,000 shares).

Proceeds from the fresh equity portion will go directly to the company. According to the Red Herring Prospectus, Ardee Industries has earmarked Rs 220 crore for funding incremental working capital requirements, Rs 22 crore for the repayment or prepayment of specific outstanding borrowings, and Rs 78 crore for general corporate purposes. Proceeds from the offer for sale will go to the selling promoter shareholders, with no funds reaching the business.

The offer is allocated across investor categories in standard mainboard proportions: up to 50% for Qualified Institutional Buyers (QIB), at least 15% for Non-Institutional Investors (NII), and at least 35% for Retail Individual Investors. The NII portion is divided into Small NII (bids between Rs 2 lakh and Rs 10 lakh) and Big NII (bids above Rs 10 lakh).

Financials

Figures are in Rs crore, by fiscal year ended 31 March.

Ardee Industries has recorded substantial revenue and profit expansion across the last four fiscal years. Revenue from operations expanded from Rs 411.78 crore in FY23 to Rs 462.96 crore in FY24, accelerating to Rs 742.74 crore in FY25 and reaching Rs 1,168.88 crore in FY26. Net profit after tax followed a similar trajectory, rising from Rs 8.57 crore in FY23 to Rs 8.95 crore in FY24, Rs 33.27 crore in FY25, and Rs 84.68 crore in FY26.

The balance sheet shows net worth strengthening from Rs 20.38 crore in FY23 to Rs 147.38 crore in FY26, driven by retained earnings. Total borrowings increased from Rs 80.91 crore in FY23 to Rs 182.75 crore in FY26 to support operational scaling. Key return ratios include a Return on Net Worth (RoNW) of 53.15%, Return on Capital Employed (ROCE) of 25.17%, and a net PAT margin of 4.48% for FY26.

Valuation and market metrics

At the upper price band of Rs 53 per share, Ardee Industries commands a post-issue market capitalization of Rs 1,671 crore. Based on post-issue Earnings Per Share (EPS) of Rs 2.69, the issue is priced at a post-IPO Price-to-Earnings (P/E) multiple of 19.70x (compared to a pre-IPO P/E of 15.96x on pre-issue EPS of Rs 3.32). The company identifies Gravita India Limited, Pondy Oxides & Chemicals Limited and Nile Limited as listed peers in the lead recycling sector.

Strengths

• Established position in circular economy and battery recycling with a 104,025 MTPA capacity facility in Andhra Pradesh.
• LME registration for its Ardee Lead 9997 brand in early 2026, validating product quality for international delivery.
• Diversified client relationships spanning 50 domestic and global customers across 7 export markets.
• Strong financial growth with revenue surpassing Rs 1,168 crore and PAT reaching Rs 84.68 crore in FY26.

Risks

• Heavy dependence on the consistent sourcing of used lead-acid battery scrap and non-ferrous metal scrap.
• Exposure to price volatility in international and domestic non-ferrous metals.
• Single manufacturing facility concentration at Naidupet, Andhra Pradesh, exposing operations to localized disruptions.
• Strict environmental regulations, hazardous waste management norms and emission standards enforced by pollution control authorities.
• Debt-to-equity ratio standing at 2.65 as of March 2026.

How to apply

1. Log into your broker app or bank ASBA portal between 5 August and 7 August 2026.
2. Select Ardee Industries IPO and bid for at least 1 lot of 281 shares, requiring Rs 14,893 at the upper band of Rs 53.
3. Retail investors can apply for up to 13 lots (3,653 shares) totaling Rs 1,93,609.
4. Enter your valid UPI ID and submit the application before 5 PM on 7 August 2026.
5. Approve the UPI mandate request in your payment app before the cut-off time.
6. Funds will remain blocked in your bank account until allotment finalization on 10 August 2026.

This article is for information only and is not investment advice. It does not recommend whether to apply for this issue. Any grey market premium quoted is unofficial, unregulated market news and is not a forecast of the listing price. IPO investments carry market risks. Read the prospectus and conduct your own research before bidding.