Summary
Ardee Industries IPO is a ₹425.87 crore mainboard issue, comprising a ₹320 crore fresh issue and ₹105.87 crore offer for sale. The price band is ₹50–₹53 per share.
Revenue, profit and margins improved sharply through FY2026.
The company plans to use the fresh issue proceeds mainly for working capital and debt repayment.
Key risks include high customer concentration, rising inventory, commodity-price exposure and the long-term shift from lead-acid to lithium-ion batteries.
Ardee Industries plans to raise ₹425.87 crore through its IPO. Of this, ₹320 crore will come from a fresh issue, while the remaining ₹105.87 crore is an offer for sale. The shares carry a face value of ₹2 each.
The issue opens on 5 August 2026 and closes two days later. Allotment is likely to be completed on 10 August, with listing on BSE and NSE expected on 12 August 2026.
The price band has been fixed at ₹50 to ₹53 per share, with 281 shares in one lot. At the upper end of the band, the minimum retail investment comes to ₹14,893. An sNII must apply for at least 14 lots, or 3,934 shares, requiring ₹2,08,502. For bNII investors, the minimum application is 68 lots, equal to 19,108 shares and an investment of ₹10,12,724.
Ardee Industries IPO Details
The following table provides the key details of the Ardee Industries IPO.
| Particulars | Details |
| IPO Open Date | 5 August 2026 |
| Close Date | 7 August 2026 |
| Face Value | ₹2 per share |
| Price Band | ₹50 to ₹53 per share |
| Issue Price | To be finalised after the book-building process |
| IPO Lot Size | 281 shares |
| Offer for sale | 1,99,75,000 shares, aggregating to ₹105.87 crore at the upper price |
| Fresh issue | ₹320 crore |
| Issue Type | Book-built mainboard IPO |
| Listing At | BSE and NSE |
| Total Issue Size (₹ Crore) | ₹425.87 crore at the upper price |
| Minimum Investment | ₹14,893 for 281 shares at ₹53 per share |
Ardee Industries IPO Timeline
The following table provides the timeline for the Ardee Industries IPO.
| Event | Date |
| IPO open date | 5 August 2026 |
| IPO close date | 7 August 2026 |
| Tentative allotment | 10 August 2026 |
| Initiation of refunds | 11 August 2026 |
| Credit of shares to demat | 11 August 2026 |
| Tentative listing date | 12 August 2026 |
| Cut-off time for UPI mandate confirmation | 5:00 PM on 7 August 2026 |
Ardee Industries Key Performance Indicators (KPI)
The following table provides the key performance indicators of Ardee Industries.
| KPI | FY2026 | FY2025 | FY2024 |
| ROE (%) | 81% | 72% | 36% |
| ROCE (%) | 44.26% | 25.17% | 12.83% |
| Debt Equity (times) | 1.25 times | 2.65 times | 4.87 times |
| RoNW (%) | 57.46% | 53.15% | 30.61% |
| PAT Margin (%) | 7.25% | 4.48% | 1.93% |
| EBITDA Margin (%) | 12.60% | 8.88% | 6.06% |
| Price Book Value | – | – | – |
Ardee Industries Financials
The following table provides the financial information of Ardee Industries.
| Particulars (₹ crore) | FY2026 | FY2025 | FY2024 |
| Revenue from operations | 1,167.65 | 742.74 | 462.96 |
| Total assets | 363.33 | 262.06 | 196.12 |
| Profit after tax | 84.68 | 33.27 | 8.95 |
Ardee Industries IPO Subscription Status
| Date | QIB (Ex Anchor) | NII | Retail | Total |
|---|---|---|---|---|
| Aug 5 (Day 1) | 0.08 | 0.67 | 0.83 | 0.58 |
Ardee Industries IPO Grey Market Premium
Ardee Industries was trading at a grey market premium of ₹6.75 on 3 August 2026. If the same premium holds until listing, the shares may debut near ₹59.75 against the upper issue price of ₹53. This works out to an indicative gain of about 12.74%. The GMP has shown no change since 2 August.
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 05-08-2026 Open | ₹8 ─ | ₹61 (15.09%) | ₹2,248 | 5-Aug-2026 10:57 |
| 04-08-2026 | ₹8 ▲ | ₹61 (15.09%) | ₹2,248 | 4-Aug-2026 23:29 |
| 03-08-2026 | ₹7.5 ▲ | ₹60.5 (14.15%) | ₹2,107 | 3-Aug-2026 23:35 |
| 02-08-2026 | ₹6.75 ▼ | ₹59.75 (12.74%) | ₹1,896 | 2-Aug-2026 23:36 |
| 01-08-2026 | ₹7 ▲ | ₹60 (13.21%) | ₹1,967 | 1-Aug-2026 23:36 |
| 31-07-2026 | ₹6.5 ▼ | ₹59.5 (12.26%) | ₹1,826 | 31-Jul-2026 23:34 |
| 30-07-2026 | ₹13 ─ | ₹66 (24.53%) | ₹3,653 | 30-Jul-2026 23:28 |
| 29-07-2026 | ₹13 ▲ | ₹66 (24.53%) | ₹3,653 | 29-Jul-2026 23:29 |
| 28-07-2026 | ₹0 ─ | ₹ (0.00%) | 28-Jul-2026 5:55 | |
| 27-07-2026 | ₹0 ─ | ₹ (0.00%) | 27-Jul-2026 5:55 | |
| 26-07-2026 | ₹0 ─ | ₹ (0.00%) | 26-Jul-2026 5:55 | |
| 25-07-2026 | ₹0 ─ | ₹ (0.00%) | 25-Jul-2026 5:55 | |
| 24-07-2026 | ₹0 ─ | ₹ (%) | 24-Jul-2026 14:30 |
Note: GMP values are sourced from the unofficial grey market and may change rapidly based on demand, subscription levels and market sentiment. GMP does not guarantee the listing price or returns.
Ardee Industries IPO Reservation
The following table provides the reservation details for the Ardee Industries IPO.
| Investor Category | Shares Offered |
| Market maker shares offered | Not applicable |
| QIB shares offered | Up to 4,01,76,179 shares, or 50% of the offer |
| NII (HNI) shares offered | At least 1,20,52,854 shares, or 15% of the offer |
| Retail shares offered | At least 2,81,23,325 shares, or 35% of the offer |
| Total shares offered | 8,03,52,360 shares |
Ardee Industries IPO Lot Size
The following table provides the lot size details for the Ardee Industries IPO.
| Investor Category | Lots | Shares | Investment Amount* |
| Individual investors (Retail) minimum | 1 | 281 | ₹14,893 |
| Individual investors (Retail) maximum | 13 | 3,653 | ₹1,93,609 |
| S-HNI minimum | 14 | 3,934 | ₹2,08,502 |
| S-HNI maximum | 67 | 18,827 | ₹9,97,831 |
| B-HNI minimum | 68 | 19,108 | ₹10,12,724 |
*The investment amounts are calculated at the upper price band of ₹53 per share. The IPO lot size is 281 shares.
Ardee Industries IPO Anchor Investors
Ardee Industries has not yet disclosed its anchor investor allocation or the amount raised from anchor investors.
Ardee Industries IPO Prospectus
For more information on the issue, please go through the documents mentioned below.
About Ardee Industries
Ardee Industries was set up in Chennai as a private limited company. It became a public limited company in May 2025. Its promoters are Sandeep Aggarwal, Nikunj Aggarwal and Esha Gupta.
Its business centres on recovering lead from used energy-storage products and other non-ferrous scrap. The recovered material is processed into pure lead and alloys containing calcium, antimony, tin, silver or cadmium. Product specifications can be changed to suit individual customer requirements.
Production takes place at the company’s Tirupati facility in Andhra Pradesh. The site covers about 7.61 acres and has an installed annual capacity of 1,56,950 metric tonnes. Recycling, refining, casting, quality testing and pollution-control processes are handled at the same location.
As of 31 March 2026, Ardee Industries had customers in 12 Indian states and eight countries. Its Ardee Lead 9997 brand is registered with the London Metal Exchange.
| Lead Manager | Pantomath Capital Advisors Private Limited |
| IPO Registrar | KFin Technologies Limited |
Ardee Industries IPO Objectives
The following table provides the proposed use of proceeds from the fresh issue.
| Objective | Amount |
| Funding incremental working capital requirements | ₹220 crore |
| Repayment or prepayment of certain borrowings | ₹20 crore |
| General corporate purposes | To be finalised |
The company will not receive proceeds from the offer-for-sale portion. Those proceeds will go to the promoter selling shareholders after deducting applicable offer expenses.
Strengths of Ardee Industries
- Lead recycling and manufacturing capabilities: The company handles the recovery, refining and manufacture of recycled lead products within its Tirupati facility.
- Customised product range: It produces pure lead and several lead alloys with compositions adjusted according to customer specifications.
- Lead price hedging: Ardee hedges part of its lead exposure, offering some protection when prices move sharply.
- Wider market reach: By March 2026, its sales covered 12 Indian states. The company also exported to eight countries.
- Improving financial performance: Revenue, profit margins and return ratios increased during the three financial years.
- Management experience: Chairman and Managing Director Sandeep Aggarwal has more than three decades of experience in the pure lead and lead-alloy industry.
Risks of Ardee Industries
- High customer concentration: One customer contributed 40.64% of revenue from operations in FY2026. Any reduction in orders from this customer could have a noticeable impact on sales.
- Dependence on battery and metal companies: These two customer groups together generated 84.79% of FY2026 revenue. A slowdown in either industry may affect demand for the company’s products.
- Raw material supply risk: Ardee Industries sources raw materials from external suppliers. Shortages, delays or higher purchase prices could disrupt production and put pressure on margins.
- Borrowing and cash flow pressure: The debt-to-equity ratio fell to 1.25x in FY26, but the company still carries repayment and interest obligations. Higher finance costs could reduce available cash.
- Geographical concentration: Andhra Pradesh accounted for 40.84% of FY2026 revenue from operations. Export sales are also concentrated in a few markets, including Singapore, Switzerland and South Korea.
- Reliance on contract workers: A large part of the manufacturing workforce is hired through contractors. Labour shortages, wage increases or disputes may affect day-to-day operations.
Ardee Industries IPO Review
Ardee’s recent numbers are hard to ignore. Revenue has climbed from roughly ₹462 crore to almost ₹1,200 crore, while EBITDA margin rose from 6.06% to 12.60%. It has also added capacity without relying heavily on fresh project debt. That said, a large part of the business still comes from a small set of customers. Amara Raja Batteries offers repeat business, but it also shows how much Ardee depends on a few major buyers.
SEBI-registered analyst Naveen Kumar’s review of the Ardee Industries IPO raises a more practical concern around inventory. Stock levels have increased as the company has expanded, and that can absorb cash even when reported profit is rising. The IPO should ease some pressure because part of the proceeds will support working capital and repay debt. The bigger question lies further ahead. Lead-acid batteries still have a market, but Ardee may need to move beyond its current recycling base if lithium-ion adoption grows faster.
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Ardee Industries IPO FAQs
Ardee Industries IPO is a book-built mainboard issue worth ₹425.87 crore. It includes a fresh issue of ₹320 crore and an offer for sale worth ₹105.87 crore.
Investors can apply through a broker’s app using a demat account. Select the IPO, enter the number of lots, choose the bid price and approve the UPI mandate.
The IPO has positives such as revenue growth, improving margins and plans to reduce debt. However, investors should consider rising inventory, customer concentration and the long-term shift from lead-acid to lithium-ion batteries.
The latest GMP is ₹6.75 per share. At the upper price of ₹53, this suggests an estimated listing price of ₹59.75 and a potential gain of 12.74%. GMP is unofficial and does not guarantee returns.
The Ardee Industries IPO opens on 5 August 2026 and closes on 7 August 2026.
The IPO lot size is 281 shares. At the upper price band of ₹53, the minimum retail investment is ₹14,893.
Investors can also apply through their bank’s ASBA facility. The application amount remains blocked in the bank account and is debited only if shares are allotted.
The tentative allotment date is 10 August 2026. Investors can check the status through KFin Technologies after the allotment is finalised.
Ardee Industries shares are tentatively scheduled to list on BSE and NSE on 12 August 2026.
