Ardee Industries Ltd IPO
Non Ferrous Metals
Price Band
₹50 – ₹53
Lot Size
281
Minimum Bid Quantity
281
Minimum Investment
₹14893
Issue Size
₹425.87Cr
Opens
2026-08-05
Closes
2026-08-07
Listing
12-08-2026
Subscription Status
Qualified Institutional Buyers
197.77 x
Non-Institutional Investor
255.03 x
Retail Individual Investor
45.11 x
Total
133.31 x
IPO Details
Issue Type
EQUITY
Face Value
₹2
Tick Size
1
ISIN
INE0XNF01022
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Ardee Industries Limited is engaged in the recycling and recovery of end-of-life energy storage products and non-ferrous scrap, manufacturing pure lead and lead alloys for domestic and international markets. Its product portfolio includes pure lead and lead calcium, lead antimony, lead tin, lead silver, and lead cadmium alloys, which are used across industries such as energy storage, automotive, e-mobility, and chemicals. The company also manufactures customised lead alloys with purity levels ranging from 99.97% to 99.985% to meet customer-specific requirements. As of March 31, 2026, it served more than 50 customers across India and eight international markets. The company operates a manufacturing and recycling facility spread across approximately 7.61 acres in Tirupati, Andhra Pradesh, with an installed recycling capacity of 156,950 MTPA. The facility is equipped with rotary furnaces, refining kettles, casting machines, pollution control systems, and an NABL-accredited in-house testing laboratory. It also holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications. The company's brands "Ardee" and "ARDEE LEAD 9997" are listed on the Multi Commodity Exchange (MCX) and the London Metal Exchange (LME), respectively.
Pros
- • The company claims to be one of India's leading players in the circular economy, engaged in the recycling of end-of-life energy storage products and non-ferrous scrap. As of July 27, 2026, it claims to operate a manufacturing facility with an installed recycling capacity of 156,950 MTPA, up from 54,750 MTPA in FY24 and 104,025 MTPA in FY26. The company claims to manufacture pure lead and lead alloys with purity levels ranging from 99.97% to 99.985%. It has invested Rs 12.44 crore, Rs 25.30 crore, and Rs 20.54 crore in manufacturing activities during FY26, FY25, and FY24, respectively.
- • The company claims to mitigate commodity price volatility through a board-approved hedging framework linked to the London Metal Exchange (LME). It follows a back-to-back pricing model and uses LME futures contracts to hedge approximately 60%–100% of its exposure to lead prices, helping protect margins and reduce the impact of fluctuations in lead prices on its financial performance.
- • The company claims to have established a diversified customer base across domestic and international markets, serving more than 50 customers as of March 31, 2026. It exports its products to eight countries – Singapore, Hong Kong, South Korea, Switzerland, the UAE, Japan, Saudi Arabia, and the United States. Its export revenue grew at a CAGR of 138.69% between FY24 and FY26. The company also claims to have established sourcing relationships with domestic and international scrap and metal suppliers, enabling the procurement of raw materials through purchase orders and auctions to support its recycling operations.
Cons
- • The company derives a significant portion of its revenue from a limited number of customers. Its largest customer contributed Rs 474.56 crore (40.64% of revenue) in FY26, Rs 380.41 crore (51.22%) in FY25, and Rs 335.29 crore (72.42%) in FY24. The top five customers accounted for Rs 957.19 crore (81.98%), Rs 612.45 crore (82.46%), and Rs 419.19 crore (90.54%) during the same period, while the top 10 customers contributed Rs 1,069.67 crore (91.61%), Rs 679.84 crore (91.53%), and Rs 440.54 crore (95.15%), respectively. The loss of key customers or a reduction in orders from any of them could adversely affect the company's revenue, cash flows, and financial performance.
- • The company is heavily dependent on the battery and metal industries, which contributed 84.79% of revenue in FY26, 87.23% in FY25, and 88.64% in FY24. Revenue from the battery industry stood at Rs 405.99 crore, Rs 328.76 crore, and Rs 305.67 crore during FY26, FY25, and FY24, respectively, while the metal industry contributed Rs 584.03 crore (50.02%), Rs 319.15 crore (42.97%), and Rs 104.69 crore (22.61%). Any slowdown in these industries or reduced demand from customers operating in these sectors could adversely affect the company's revenue, profitability, and financial performance.
- • The company depends on third-party suppliers for key raw materials, including battery scrap, remelted lead ingots, remelted lead blocks, lead scrap, and lead master metal. Its top 10 suppliers accounted for raw material purchases of Rs 356.75 crore (38.48% of purchases) in FY26, Rs 304.75 crore (53.71%) in FY25, and Rs 188.17 crore (51.06%) in FY24. Any disruption in raw material availability, price volatility, or supplier relationships could adversely affect the company's production, cash flows, and financial performance.
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