About Ardee Industries IPO
The Ardee Industries IPO is a 100% book-built issue consisting of both a fresh issue of shares worth ₹320 crore and an offer for sale of 37,650,000 equity shares. According to the DRHP filed on September 28, 2025.
The equity shares have a face value of ₹2 each and are proposed to be listed on both the NSE and the BSE. The Book Running Lead Manager (BRLM) for this issue is Pantomath Capital Advisors Private Ltd., while KFin Technologies Ltd. is the registrar for the issue.
Company Background
Ardee Industries Ltd. was incorporated on September 16, 1993, in Chennai, Tamil Nadu, as a private company. With a decade in the market, this company was able to create a remarkable image in the industrial setup before undergoing a major change recently. In April 2025, after a special resolution passed by its shareholders, the company was converted into a public limited company.
Currently, the company’s registered office is situated in New Delhi. From its roots in Tamil Nadu to its current corporate structure, the firm has evolved into a leading specialist in the recycling of end-of-life energy storage products.
Operations & Product Range
The business activities of Ardee Industries Ltd. revolve around the environmentally responsible recovery and recycling of non-ferrous scrap, namely the recycling of key resources from waste. The company’s main product line consists of pure lead and lead alloys like lead-calcium alloys and lead-antimony alloys.
These materials are critical raw materials for a number of end-use industries, primarily the lead-acid battery industry. The company’s emphasis on the circular economy helps to ensure a sustainable supply of materials and minimize the environmental effects of industrial waste.
Facilities & Capacity
The main manufacturing unit of Ardee Industries Ltd. is situated in the SPSR Nellore District of Andhra Pradesh. This unit is situated close to the ports, which helps in meeting the demands of both domestic and international markets, including Southeast Asian countries and South Korea.
The unit is established on an industrial land area of around 7.61 acres. To meet the growth plan and cope with the rising demand, the company has estimated substantial working capital requirements for the coming 2026 and 2027 fiscal years.
Brands & Market Presence
Ardee Industries Ltd. operates under the flagship brand ‘Ardee,’ which has gained significant recognition in the domestic commodity markets. Notably, the brand is listed on the Multi-Commodity Exchange (MCX) platform, making the company one of the few in its sector with a registered brand for pure lead trading in India.
This listing provides transparent benchmark pricing and helps in hedging price risks. Furthermore, the company has applied to list its ‘Ardee Lead 9997’ brand on the London Metal Exchange (LME) to enhance its credibility and competitiveness in international markets.
Revenue Streams & Business Model
The business model of Ardee Industries Ltd. is dependent on the sale of finished goods and job work. During the fiscal year ending March 31, 2025, the company generated a total revenue from operations of ₹742.74 crore.
A major chunk of this revenue is generated from domestic sales in India, which is ₹444.45 crore, and the remainder is from international exports, which is ₹275.06 crore. The revenue generated has shown a remarkable increase from ₹411.78 crore in fiscal 2023 to over ₹742 crore in fiscal 2025.
Management & Shareholding
The Ardee Industries IPO has been supported by its promoters: Sandeep Aggarwal, Nikunj Aggarwal and Esha Gupta. Before the IPO, the promoters had a majority stake in the company and the IPO would lead to the dilution of this majority stake to the public.
Board & Key Management
Ardee Industries’s leadership is spearheaded by Sandeep Aggarwal (Chairman and Managing Director). The board also includes a whole-time director, Nikunj Aggarwal and Esha Gupta. Their key managerial team also includes Arun Kumar Mallik (CFO) and Puneet Verma (CS and Compliance Officer). The board has established essential committees, including an Audit Committee and a Stakeholders Relationship Committee, to ensure strong corporate governance as the firm transitions to a public entity.
Ardee Industries IPO Details
| Detail | Description |
|---|---|
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹ 2 per Equity Share |
| Issue Price Band | [.] |
| Lot Size | [.] |
| Sale Type | 100 % Book Built Offer |
| Total Issue Size | [.] |
| Fresh Issue(Ex Market Maker) | ₹ 3,200 million (₹320 Crore) |
| Offer for Sale | Up to 3,76,50,000 Equity Shares |
| Issue Type | Fresh Issue and Offer for Sale |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 25,48,24,000 Equity Shares |
Ardee Industries IPO Financial Information
Latest Revenue
₹ 743.53
₹ Crore
Profit After Tax
₹ 33.27
₹ Crore
Net Worth
₹ 62.60
₹ Crore
Total Borrowing
₹ 87.43
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| FY 2025 (Mar 31) | ₹ 269.74 | ₹ 743.53 | ₹ 33.27 | ₹ 62.60 | ₹ 11.25 | ₹ 87.43 | |||
| FY 2024 (Mar 31) | ₹ 258.05 | ₹ 463.39 | ₹ 8.95 | ₹ 16.85 | ₹ 8.42 | ₹ 80.11 | |||
| FY 2023 (Mar 31) | ₹ 183.49 | ₹ 411.84 | ₹ 8.57 | ₹ 16.12 | ₹ 6.52 | ₹ 50.80 | |||
| Amount in ₹ Crore | |||||||||
Ardee Industries Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 53.15% |
| ROCE | 25.17% |
| Debt/Equity | 1.40x |
| PAT Margin | 4.48% |
| EBITDA Margin | 8.88% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹1.31 | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The company plans to utilize the net proceeds from the fresh issue of the Ardee Industries IPO for the following purposes:
- • Funding the incremental working capital requirements of the company, with an estimated allocation of ₹220 crore.
- • General corporate purposes to support overall business growth and operational flexibility.
Conclusion
The Ardee Industries IPO provides an opportunity to invest in a company that is highly integrated into the sustainable resource management industry. The company has a strong revenue growth track record, with its revenue more than doubling from 2024 to 2025, with a concentration on expanding its reach in the international markets. As the company readies itself for listing on the BSE and NSE, it is looking to capitalize on its brand and manufacturing proximity to the port to tap into the global non-ferrous metal recycling market.
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Competitive Strengths
Leading player in India’s circular economy with a focus on environmentally responsible lead and lead alloy recycling.
Strategically located manufacturing facility in Andhra Pradesh with proximity to ports, facilitating efficient domestic and international distribution.
Strong brand recognition with ‘Ardee’ being registered on the MCX.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 28/09/2025 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
Ardee Industries IPO Timeline
| IPO Open Date | [.] |
| IPO Close Date | [.] |
| Tentative Allotment | [.] |
| Initiation of Refunds | [.] |
| Credit of Shares to Demat | [.] |
| Tentative Listing Date | [.] |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | [.] | ₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | [.] | [.] | Up to ₹2,00,000 |
| S-HNI (Min) | [.] | [.] | More than ₹2,00,000 |
| S-HNI (Max) | [.] | [.] | Up to ₹10,00,000 |
| B-HNI (Min) | [.] | [.] | More than ₹10,00,000 |