Ardee Industries
Ardee Industries is a leading Indian company in the secondary metals industry specializing in the manufacturing and recycling of refined lead and alloys. The company serves critical sectors including energy storage, e-mobility, automotive, and chemicals.
Price Band
₹50 - ₹53
Lot Size
281 Shares
Issue Size
₹425.87 Cr
Fresh Issue
₹320.00 Cr
OFS
₹105.87 Cr
Registrar
AI Sentiment Score
Listing Price
₹72.00
vs Issue: ₹53 (+35.85%)
📅 IPO Timeline
✓
Open
Aug 5, 2026
✓
Close
Aug 7, 2026
✓
Allotment
Aug 10, 2026
✓
Refund
Aug 11, 2026
✓
Demat
Aug 11, 2026
✓
Listing
Aug 12, 2026
📈 Grey Market Premium (GMP) Trendline
Daily consensus GMP movement (₹) recorded across market sources
✨ AI Analysis & Prediction
🔒 Final Reconciled Estimate
Locked post-listing with actual debut performance
Ardee Industries displays an established operational footprint with expanding revenue streams (Positive) and a defensible value proposition.
💪 Strengths
- Demonstrated operational revenue trajectory with resilient top-line growth (Positive).
- Established customer relationships and market position across target industry sectors.
- Sound operational capital returns with Return on Capital Employed (ROCE) at 15.0%.
⚠️ Weaknesses
- Exposure to input cost fluctuations and broader macroeconomic supply chain cycles.
- Working capital requirements to support continuous capacity expansion.
- Competitive landscape from both established incumbents and specialized regional players.
🚀 Opportunities
- Industry tailwinds from rising domestic capex and infrastructure spending.
- Operating leverage potential allowing margin expansion as manufacturing utilization rises.
- Geographic diversification and entry into higher-margin specialized product lines.
🛡️ Threats
- Sectoral regulatory shifts and evolving statutory compliance requirements.
- Aggressive pricing actions by domestic competitors impacting gross margins.
- Broader market equity volatility and liquidity fluctuations.
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Funding incremental working capital requirement of Company | ₹220.00 |
| Repayment and/or pre-payment, in full or in part, of certain borrowings availed by Company | ₹20.00 |
| Purposes | ₹185.87 |
📊 Key Financials
📋 Live Subscription Status
QIB
197.77x
NII
277.36x
Retail
45.71x
Total
133.66x
🎯 Retail Allotment Probability
2.2% Odds
1 in 45.7 chance (~2.2% probability per PAN)
SEBI Rule: Under SEBI lottery allotment rules, applying for multiple lots under Retail does NOT increase your lottery odds. All valid retail applicants have identical 1-lot odds per PAN.
Updated: Sep 12, 2026 2:29 PM
💼 Issue Structure & Reservation Quota
Capital Structure
₹425.9 Cr
Issue Size
Fresh (75.1%)
OFS (24.9%)
Reservation Quota
100%
Allocation
QIB (50%)
NII (15%)
Retail (35%)
QIB
50.00%
Retail
35.00%
NII
15.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in 1993, Ardee Industries began its journey as a trading company before evolving into a prominent manufacturer and recycler of refined lead and alloys. Over three decades, it has established itself as a key player in the secondary metals sector, focusing on high-quality lead metal production.
The company's business model revolves around the production of high-purity lead and specialized alloys, including lead calcium, lead antimony, lead tin, lead silver, and lead cadmium alloys. These products are essential components for batteries and other industrial applications across domestic and international markets.
Ardee Industries maintains a global footprint, exporting its products to diverse geographies including Singapore, Hong Kong, South Korea, Switzerland, the United Arab Emirates, Japan, and the United States of America. This international presence underscores the quality and competitiveness of its offerings.
Operationally, the company manages a manufacturing facility in the Tirupati district of Andhra Pradesh, spanning approximately 7.61 acres. This facility serves as the hub for its recycling and refining operations, enabling it to scale its production to meet rising demand in the e-mobility and energy storage sectors.
The company is led by its promoters Sandeep Aggarwal, Nikunj Aggarwal, and Esha Gupta, who have steered the firm from its trading roots to its current status as a diversified industrial manufacturer.
Ardee Industries is launching a Mainboard IPO to raise approximately ₹425.87 Crores. The issue structure consists of a fresh issue of ₹320 Crores and an Offer for Sale (OFS) of up to 1,99,75,000 equity shares. The price band is set between ₹50 and ₹53 per share, with a minimum retail lot size of 281 shares amounting to ₹14,893. The IPO is scheduled to open on August 5, 2026, and close on August 7, 2026, with listing on the BSE and NSE on August 12, 2026.
The proceeds from the fresh issue are primarily earmarked for operational growth, with ₹220 Crore allocated toward funding incremental working capital requirements and ₹20 Crore designated for the repayment or pre-payment of certain borrowings.
Financial performance has shown explosive growth over the last three years. Revenue increased from ₹463.39 Crore in 2024 to ₹1,168.88 Crore in 2026. Even more impressive is the PAT growth, which surged from ₹8.95 Crore in 2024 to ₹33.27 Crore in 2025, and reaching ₹84.68 Crore in 2026, indicating significant margin expansion.
From a valuation perspective, the company boasts a very high ROE of 57.46% and ROCE of 44.26%. While the P/E ratio is not explicitly provided, the growth trajectory and efficiency ratios suggest a strong internal value proposition compared to peers like Gravita India and Pondy Oxides.
Key strengths include its strong export market presence, leadership in the secondary lead industry, and exceptional profitability growth. However, risks include a debt-to-equity ratio of 1.25, which is slightly higher than ideal, and the inherent volatility of the secondary metals market.
For investors, the IPO presents a blend of high growth and operational efficiency. While the OFS component indicates some promoter offloading, the substantial fresh issue suggests a commitment to scaling the business, making it an interesting prospect for those looking at the e-mobility and recycling theme.