• IPO proceeds deployment: The company is raising ₹320 crore through a fresh issue within a ₹426 crore IPO, allocating ₹220 crore toward working capital, ₹20 crore to repay long-term debt, and ₹80 crore for general corporate purposes and expansion.
• Sourcing and hedging: Ardee imports 80% of its lead scrap and sources 20% domestically, selling 60% within India and exporting 40% exclusively to OEMs, while utilizing back-to-back LME derivative hedging to manage metal price and currency risks.
• Capacity and targets: After expanding capacity from 1.0 lakh to 1.56 lakh tonnes, the company aims to process approximately 90,000 tonnes this fiscal year and maintain an EBITDA margin of around ₹20,000 per tonne.
• Diversification and exports: While top 10 battery OEM customers account for 92% of revenue, the company plans to diversify into recycling copper, tin, and plastic on newly acquired land, alongside expanding exports in South East Asia.