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Ardee Industries Ltd
Non Ferrous MetalsIPO
₹53 - 53
Ardee Industries Limited is one of India's leading players in circular economy, specializing in the environmentally responsible recovery and recycling of end-of-life energy storage products and non-ferrous scrap, while reclaiming critical resources from waste streams. Our product portfolio comprises pure lead and lead alloys such as lead calcium alloys, lead antimony alloys, lead tin alloys, lead silver alloys and lead cadmium alloys which find applications in critical industries including energy storage, e-mobility, automotive, chemical, among others. Our products are customisable to the requirements of our customers, with respect to the level of purity and/or composition with other metal and nonmetal elements with purity levels ranging from 99.97% to 99.985% that conform to international standards. As per F&S Report, we are one of the fastest growing companies in terms of revenue amongst its peers with a Revenue CAGR of 58.81% in the last three Fiscals.
Lot281Min Invest₹14,893Face Value₹2Issue Size₹426 CrFresh Issue₹320 CrOffer for Sale₹106 CrListing Price₹74CMP₹56
Timeline
5 Aug
Bidding opens
7 Aug
Bidding closes
10 Aug
Allotment
11 Aug
Refund & demat credit
12 Aug
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹426 Cr8.04 Cr shares
Fresh Issue₹320 Cr
Offer for Sale₹106 Cr
Face Value₹2
Lot Size281 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8931-13 lots
sNII₹2,08,502from 14 lots
bNII₹10,12,724from 68 lots
Managers & Registrar
Lead ManagerPantomath Capital Advisors Private Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group91.47%67.61%Public8.53%32.39%
Objects of the Issue
- Funding incremental working capital requirement of the Company
- Repayment and/or pre-payment, in full or in part, of certain borrowings availed by its Company
- General corporate purposes
Anchor Book
Bid Date04-Aug-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 412 | 463 | 743 | 1,168 |
| Operating ProfitCr | 23 | 28 | 66 | 147 |
| OPM% | 5.5 | 6.1 | 8.9 | 12.6 |
| PBTCr | 13 | 12 | 45 | 113 |
| PATCr | 9 | 9 | 33 | 85 |
| EPS | 0 | 0 | 1 | 3 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 3 | 3 | 3 | 51 |
| ReservesCr | 17 | 26 | 59 | 96 |
| BorrowingsCr | 81 | 142 | 166 | 184 |
| Total AssetsCr | 108 | 196 | 262 | 363 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | -14 | -25 | 8 | 30 |
| Investing Cash FlowCr | -25 | -27 | -23 | -20 |
| Financing Cash FlowCr | 38 | 54 | 13 | 4 |
| Net Cash FlowCr | -1 | 2 | -2 | 14 |
Strengths & Risks
Strengths · as stated in the DRHP
- One of India's leading players in circular economy with a proven track record with demonstrated operational stability.
- Application of Hedging Mechanism for Commodity Price Risk Related Protection.
- Strong customer base along with robust raw materials sourcing capabilities.
- Track record of profitability and consistent financial performance.
- Experienced promoters and professional management team.
Strategies · as stated in the DRHP
- Expand our sustainably driven product portfolio through capacity expansion and strategic integration.
- Expanding our geographical footprint to capture larger customer base across exports and domestic markets.
- Leveraging our LME listing to expand our global presence.
- Improving the debt profile of our Company.
Risks · as stated in the DRHP
- The company served 52, 54 and 54 customers for the Fiscals 2026, 2025 and 2024. The revenue from the company's top customer was Rs. 4,745.56 million, Rs. 3,804.08 million and Rs. 3,352.94 million and contributed to 40.64%, 51.22% and 72.42% of revenue from operations during the respective years. The loss of any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- During the Fiscals 2026, 2025 and 2024, 84.79%, 87.23% and 88.64% of the company's revenue from operations, respectively, were attributed to the battery and metal industries and therefore its business operations is dependent upon the said industries. Any downturn in the demand of battery and metal industries and the other industries in which the company's customers operates, could adversely affect its business, financial performance and condition.
- The company depends on third party suppliers for the supply of raw material required for its business operations. Any disruptions in the supply or availability of the raw material or fluctuations in their prices may have an adverse impact on the company's business operations, cash flows and financial performance. Further, its cost of raw material purchased from the company's top 10 suppliers were Rs. 3,567.49 million, Rs. 3,047.48 million and Rs. 1,881.67 million, representing 38.48%, 53.71% and 51.06%, of its total purchases of raw materials in the Fiscals 2026, 2025 and 2024, respectively.
- The company has a limited operating history, and its historical performance may not be indicative of the company's future growth or financial results.
- The company debt-to-equity ratio, as per its Restated Financial Information, was 1.25 times, 2.65 times and 4.87 times for Fiscals 2026, 2025 and 2024, respectively. A high debt-to-equity ratio may adversely affect the company's financial condition and results of operations.
- The company operates in a labour-intensive industry and dependent on contract labour for its manufacturing operations. In the event of non-availability of contract labour or increase in labour cost or any adverse regulatory orders or strikes or labour unrest, it may have a material adverse impact on its operations.