• Customer concentration: Top client revenue concentration has declined from 70% to 40% as Ardee expanded its base to over 50 clients while maintaining a 58% year-on-year CAGR.
• Raw material sourcing: While imported materials currently account for approximately 87% of inputs, domestic procurement is expected to rise due to battery waste management and EPR regulatory tailwinds.
• Capacity and margins: EBITDA margins expanded from 6.1% to 12.6% over two years as capacity scaled from 54,000 tons to 1,56,000 tons and production reached around 70,000 tons in FY26. Management expects to sustain these margins through increased capacity utilization and value-added lead alloys.
• Export growth strategy: Exports generated approximately 40% of revenue (₹465 crore), with growth focused on Southeast Asian markets including South Korea, Japan, and Singapore following LME brand approval for Ardee Lead 9997.