Ardee Industries IPO
Ardee Industries IPO is a mainboard IPO raising ₹426 Cr at ₹50 – ₹53 a share. It listed on 12 Aug 2026 at ₹72, +35.8% against its issue price of ₹53, and trades at ₹51 today (−3.8% since issue). It was subscribed 134× in total.
133.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Ardee Industries Limited recycles end-of-life lead-acid batteries and non-ferrous scrap into pure lead (99.97% to 99.985% purity) and customised lead alloys (lead calcium, lead antimony, lead tin, lead silver and lead cadmium). These products are sold to lead-acid battery manufacturers, automotive OEMs, e-mobility, chemical, cable-sheathing and energy-storage customers, both in India and in 8 overseas countries. Manufacturing is done at a single facility in Tirupati district, Andhra Pradesh.
How it earns
Primarily by selling recycled and refined pure lead and lead alloy ingots (revenue booked on transfer of control to customers), with a small additional stream from scrap sales and by-product plastic scrap/chips.
Who buys
More than 50 customers served as of 31 March 2026; 36 repeat customers in FY26 (85.86% of revenue from operations). Named key customers: domestic — Amara Raja Energy & Mobility Limited; international — Sebang Metal Trading Co. Ltd. No single-customer concentration percentage is stated.
Scale
Single manufacturing facility on ~7.61 acres at Naidupet, Tirupati district, Andhra Pradesh; installed recycling capacity 156,950 MTPA; revenue from operations FY26 ₹1,167.65 crore (₹11,676.53 million), up from ₹462.96 crore in FY24 (Revenue CAGR 58.81% over FY24–FY26). Employee count is not stated in this section.
What it says sets it apart
- Installed recycling capacity scaled from 54,750 MTPA (FY24) to 104,025 MTPA (FY26) and currently 156,950 MTPA, with capital expenditure of ₹124.42 million (FY26), ₹252.98 million (FY25) and ₹205.36 million (FY24) on manufacturing
- Brand 'ARDEE LEAD 9997' listed on the London Metal Exchange (LME) and 'Ardee' on MCX, providing global benchmark pricing, hedging access and international credibility
- Documented commodity-price hedging framework: back-to-back LME-linked pricing on import/export orders plus LME futures derivative contracts covering typically 60%–100% of exposure
- Strategic plant location at Naidupet, Tirupati (Andhra Pradesh) — within ~130–150 km of Chennai, Kattupalli and Ennore ports and adjacent to battery makers including Amara Raja Energy & Mobility
- Export footprint expanded from 4 countries (FY24) to 8 countries (FY26) with export revenue CAGR of 138.69% over FY24–FY26
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs53 / stated EPS Rs3.32 (FY2026 (year ended March 31, 2026) diluted EPS, restated consolidated, face value ₹2). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Restated (standalone)). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 (Year ended March 31, 2026) | ₹1,168 Cr | ₹85 Cr | 7.3% | ₹147 Cr | ₹183 Cr |
| FY2025 (Year ended March 31, 2025) | ₹743 Cr | ₹33 Cr | 4.5% | ₹63 Cr | ₹166 Cr |
| FY2024 (Year ended March 31, 2024) | ₹463 Cr | ₹9 Cr | 1.9% | ₹29 Cr | ₹142 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 255× their allocation. Retail: 46×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 13risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Pantomath Capital Advisors Private Limited — median +0.8% across the 18 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 18 Sept 2026.
What to watch
- Priced at 16× earnings — 52% below the median of the peers the issuer itself names.
- The register's top risk: Extreme customer concentration - top customer at 40-72% (prospectus page 30).
- Its cohort's record: median +33.9% since issue price, 27% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track ARDEE INDUSTRIES LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.