ARDEE INDUSTRIES LIMITED

Recycles lead from end-of-life batteries and non-ferrous scrap into refined lead and specialised lead alloys, operating as a secondary metal producer on a circular-economy model in a single business segment. Installed capacity stands at 1,56,950 metric tonnes per annum after a brownfield expansion of 50,925 MTPA at a capex of ~Rs 15 crore that took effect on May 29, 2026, and the company has registered a 5.56-acre land parcel at Naidupet, Andhra Pradesh for medium-term expansion. Q1 FY27 revenue was Rs 338.8 crore on volumes of 17,645 MT, against Rs 250.6 crore in Q1 FY26, with FY26 revenue reaching Rs 1,167.7 crore (up from Rs 463 crore in FY24). The customer mix splits between domestic (61.3%) and export (38.7%) sales, with exports having scaled from Rs 81.6 crore in FY24 to Rs 465 crore in FY26 across eight countries; the Ardee Lead 99.97 brand is now empanelled with the London Metal Exchange and listed on MCX. Lead alloys account for 30-35% of volumes alongside refined lead. The biggest cost driver is imported scrap, with LME-linked back-to-back hedging used to manage commodity price risk; gross profit per ton fell to Rs 34,500 in Q1 FY27 from Rs 38,000 in Q4 FY26 on war-related freight and procurement disruption, compressing the EBITDA margin to 10% from 12.6% in FY26.