NSE: ARDEE · BSE: 544860
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. AR · MarketPing reader · 2026-09-16
Revenue streams, as the annual report describes them. Refined lead and lead alloys (single segment), Domestic sales (61%), Export sales (39%), Lead alloys. Asset-heavy, commodity-linked secondary lead producer running a circular-economy recycling model with cyclical margins.
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · standalone |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY27 |
|---|---|
| Revenue | 339 |
| Profit before tax | 27 |
| Net profit | 20 |
| EPS (₹) | 0.78 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board approves 33rd AGM and five-year secretarial auditor appointment | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Certificate under Reg 74(5) of SEBI DP Regulations for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · Ardee Industries: General Manager HR and Admin Resigns | management changes | medium | — | — |
| 26 Sept 2026 · Trading Window Closed Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 16 Sept 2026 · ROC grants 3-month extension for Ardee Industries AGM to December 31, 2026 | regulatory legal | medium | — | — |
| 7 Sept 2026 · Ardee Industries seeks 3-month extension for AGM from ROC | regulatory legal | medium | — | — |
| 3 Sept 2026 · Ardee Industries Q1 FY27: Revenue up 35% YoY, margins soften to 10% | investor communications | medium | — | — |
| 31 Aug 2026 · Audio recording of Q1 FY27 earnings call now available on website | investor communications | low | — | — |
| 31 Aug 2026 · Revised investor presentation shared for Q1 FY27 earnings call | investor communications | medium | — | — |
| 27 Aug 2026 · Ardee Industries Q1FY27 investor presentation ahead of Aug 31 earnings call | investor communications | medium | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
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