Ardee Industries IPO Review 2026: Financials, Strengths & Risks

Ardee Industries IPO is a mainboard offer from a Delhi-based company engaged in the sustainable recovery and recycling of end-of-life energy storage products and non-ferrous scrap. The ₹425.87 crore issue combines a fresh issue of ₹320 crore with an offer for sale of ₹105.87 crore by two promoter shareholders.

For live subscription numbers and the application link, visit the Ardee Industries IPO page on IPO Ji. You can also track other live and upcoming issues on the IPO event calendar or browse upcoming mainboard IPOs on IPO Ji.

The offer for sale portion is being made by promoter shareholders Sandeep Aggarwal and Nikunj Aggarwal, who are each divesting up to 99.88 lakh shares. Up to 50% of the Net Offer is reserved for Qualified Institutional Buyers (of which up to 60% may go to anchor investors), not less than 15% for Non-Institutional Investors, and not less than 35% for Retail Individual Investors.

Kfin Technologies Ltd. is the registrar for the issue.

Pantomath Capital Advisors Pvt. Ltd. is the lead manager responsible for managing the IPO process.

For the complete lot-size table, live subscription tracker and application link, see the Ardee Industries IPO detail page on IPO Ji.

About Ardee Industries Limited

Ardee Industries Limited is an Indian company focused on the sustainable recovery and recycling of end-of-life energy storage products and non-ferrous scrap. Its product range includes pure lead and specialised lead alloys — Lead Calcium, Lead Antimony, Lead Tin, Lead Silver and Lead Cadmium alloys — used across the energy storage, e-mobility, automotive and chemical industries.

As of March 31, 2025, the company had served more than 50 customers across domestic and international markets in the batteries and metals industries, and had exported its products to seven countries: Singapore, Hong Kong, South Korea, Switzerland, the United Arab Emirates, Japan and the USA.

The company operates a manufacturing facility spread across roughly 7.61 acres in Tirupati district, Andhra Pradesh, with an installed capacity of 104,025 MTPA. The plant is equipped with a rotary furnace, refining kettle, casting machine and pollution control facility, and is certified under ISO 9001:2015 (quality management), ISO 14001:2015 (environmental management) and ISO 45001:2018 (occupational health and safety). Promoters Sandeep Aggarwal, Nikunj Aggarwal and Esha Gupta hold the company ahead of the IPO.

Ardee Industries IPO Financial

• Net worth more than doubled from ₹62.60 crore in FY25 to ₹147.38 crore in FY26.
• Total borrowings increased from ₹165.77 crore in FY25 to ₹182.75 crore in FY26.
• Performance Total income grew roughly 57% between FY25 and FY26, while Profit After Tax grew roughly 155% over the same period.

Source: RHP financials for Ardee Industries Limited

Ardee Industries IPO Key Strengths

1. Established position in the circular economy: One of India's players in the sustainable recovery and recycling of energy storage products and non-ferrous scrap, with a track record of operational stability.
2. Commodity price risk management: The company applies hedging mechanisms for protection against commodity price risk.
3. Diversified customer base and sourcing: Served more than 50 customers across domestic and international markets as of March 2025, backed by established raw material sourcing capabilities.
4. Export footprint: Products exported to seven countries, including Singapore, Hong Kong, South Korea, Switzerland, the UAE, Japan and the USA.
5. Track record of profitability: Revenue and profit after tax have both grown consistently over FY24, FY25 and FY26.

Ardee Industries IPO Key Risks

1. Single manufacturing location: All production is concentrated at one facility in Tirupati district, Andhra Pradesh, exposing operations to disruption at that single site.
2. Commodity price exposure: The business depends on lead and non-ferrous scrap prices, which can be volatile — the company's own disclosed reliance on hedging mechanisms points to this as an ongoing exposure.
3. Leverage: Total borrowings stood at ₹182.75 crore as of FY26, with a Debt/Equity ratio of 1.25, and part of the fresh issue proceeds are earmarked for working capital and debt repayment rather than capacity expansion.
4. Export market dependence: Sales to seven overseas markets carry currency and geopolitical risk alongside domestic demand risk.
5. Valuation multiples: At the upper price band, the issue is priced at a post-issue P/E of 19.70 and a Price/Book ratio of 21.54, levels that price in continued high growth.

Ardee Industries IPO Review: Our Take

Ardee Industries operates in a niche but structurally important segment — the recycling of lead-acid batteries and non-ferrous scrap — supported by an ISO-certified plant, an established base of over 50 customers, and exports to seven countries. Between FY24 and FY26, the company has shown consistent revenue and profit growth, with FY26 profit after tax rising roughly 155% year-on-year.

At the same time, operations remain concentrated at a single manufacturing site, the business carries commodity price exposure that it manages through hedging, and the issue is priced at double-digit P/E and high Price/Book multiples. Investors should review the complete financials, risk factors and subscription trends disclosed in the RHP before making an investment decision.

Investors should review the financials, peer valuations and their own risk appetite before making a decision. This content is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered investment advisor before applying.

Ardee Industries IPO Allotment Status

Allotment is tentatively expected around August 10, 2026, with listing tentatively scheduled for August 12, 2026 on BSE and NSE. Once finalised, check your status via:

• The IPO Ji app or website
• Kfin Technologies' registrar portal
• BSE or NSE websites

You'll need your PAN, application number or Demat account details.

Check the Ardee Industries IPO allotment status on IPO Ji for quick updates, or read our full guide on how IPO allotment works.

How to Apply for Ardee Industries IPO on IPO Ji

1. Open the IPO Ji App (Play Store/App Store) or visit ipoji.com.
2. Search for Ardee Industries IPO.
3. Review the price band, lot size and dates.
4. Select your Demat account and enter the number of lots.
5. Submit using your registered UPI ID and approve the mandate before the deadline.

The application amount stays blocked in your account and is debited only on allotment. ASBA via net banking or a supported broker also works, or you can apply directly using the UPI application method. Compare supported brokers on the IPO Ji broker directory.