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  5. Ardee Industries IPO opens on August 5: Check price band, business model, financials & more

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Ardee Industries IPO opens on August 5: Check price band, business model, financials & more

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By Sreenivas Ajankar

6 min read | Updated on August 04, 2026, 10:04 IST

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SUMMARY

Ardee Industries IPO will open for subscription on August 5. The company is engaged in recycling of energy storage products like lead-acid batteries and non-ferrous scrap metals. It plans to raise ₹426 crore via a combination of fresh issue and offer-for-sale.

Ardee_Industries_IPO_GMP

Indian recycled lead ingots market size is expected to be ₹39,200 crore by FY30.

Ardee Industries IPO will open for subscription on Wednesday, August 5 2026. The company is engaged in eco-friendly recycling of energy storage products like lead-acid batteries and non-ferrous scrap metal recycling.
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The company manufactures pure lead along with various lead alloys like lead-calcium, lead-antimony, lead-tin, lead-silver, and lead-cadmium alloys with purity content ranging between 99.97% and 99.99% according to international standards.

Here are key things to know about Ardee Industries ahead of its IPO opening on August 5:

About the company

Ardee Industries operates through a 7.61 acres facility in Tirupati district of Andhra Pradesh, located close to battery producers and near three ports such as Chennai, Kattupalli, and Ennore for facilitating domestic and international operations. The installed capacity has increased from 54,750 MTPA in FY24 to 156,950 MTPA as on the date of RHP.

As of March 31, 2026, the firm had more than 50 customers (44 domestic, 8 foreign) in the battery and metal industries. Amara Raja Energy & Mobility is the largest domestic customer, accounting for 40.6% of FY26 operating income. Sebang Metal Trading Co. Ltd is one of the important foreign customers of the company. The total contribution of the top 10 customers in FY26 is 91.6%.

The main inputs include battery scrap, remelted lead ingots/blocks, lead scrap, and lead master metal, which are available from 55 domestic and 165 foreign vendors in FY26.

Pure lead generated revenue of 56.4% in FY26, while that of lead alloy constituted 27.5%. Sales of scrap and others constituted the rest of the revenues in FY26. Domestically sold goods constituted 55.4% of total revenues, while exports generated 39.8% of revenue. Revenue from exports has shown a CAGR of 138.6% from FY24 to FY26. Singapore and Switzerland were the top two countries of exports in FY26.

The demand growth for recycled lead is fuelled by increased automotive manufacturing, increased installations of telecom towers, additional data centre capacities (estimated to cross 4,500 MW by 2030), and increased solar power backup applications.

The Indian recycled lead ingots market size was around ₹30,933 crore in FY26 and is expected to be ₹39,200 crore by FY30 with a CAGR of 6.1%. Over 80% of India's lead requirement is met from secondary sources of lead, primarily sourced from ULABs, largely driven by the automotive industry, inverter & UPS backup, telecommunication, data centres and renewable energy storage applications.

The industry of recycled lead continues to remain fragmented, with a sizeable contribution of output coming from the unorganised side of the market despite the efforts taken by the Indian government in the form of Battery Waste Management Rules, 2022; EPR regulations; and the National Non-Ferrous Metal Scrap Recycling Framework, 2020, to take the industry on to the path of formalisation and compliance.

Ardee Industries can leverage these favourable industry dynamics through the integrated recycling and refining of lead at Naidupet, Andhra Pradesh, with the installed refining capacity, which has been scaled up to 156,950 MTPA till May 2026. The favourable port-centric location of the firm gives it an advantage in procuring scrap from over 50 countries and exporting to the rapidly expanding export destinations like Southeast Asia and South Korea, where there is strong demand growth for recycled lead.

Ardee Industries financials

(₹ crore)FY24FY25FY26
Revenue462.9742.71,167.6
Total Assets196.1262.1363.3
Net Profit8.933.284.6
EBITDA28.0665.93147.08

Ardee Industries IPO objective

The money raised from the IPO will be used towards the following objectives:
Repayment of debts: The company will use ₹20 crore fund for repayment of certain borrowings availed by the company.
Working capital: The company will use ₹220 crore for funding incremental working capital requirements of the company.
General corporate purposes: Part of the IPO proceeds will be used for general corporate purposes, issue expenses.

Ardee Industries IPO details

Ardee Industries IPO aims to raise ₹426 crore through its public issue. The issue is a combination of fresh issue and offer for sale of over 8 crore shares.

The company has fixed the price band of the issue at ₹50 to ₹53 per share. The lot size, or the minimum bid quantity to apply for the issue, is 281 shares. This equates to a minimum investment amount of ₹14,893 per lot at the upper end of the price band for retail investors.

Ardee Industries IPO: Important dates

Ardee Industries IPO will remain open for bidding from 5 to 7 August. After the bidding is closed, the allotment of shares is expected to be finalised on August 10.

Successful bidders can expect the shares to be credited to their demat accounts by August 11, with others receiving refunds on the same day. Ardee Industries shares are scheduled to list on the BSE and NSE on August 12.

Strengths and opportunities

Capacity increased threefold: The company’s capacity has been increased threefold to 1,56,950 MTPA since 2021, owing to its strategically positioned manufacture near the port, which ensures that the company’s supply chain is reliable in terms of importing material.
Margin protection via hedging strategy: A two-way hedging strategy, which includes back-to-back pricing and LME futures hedge of 60% to 100%, protects the company’s margins from lead price fluctuation.
Consistent repeat customers: The repeat customers contributed 85.8% to Ardee’s total revenue in FY26, whereas exports have grown at a CAGR of 138.6% over 8 countries because of its LME-listed brand.

Risks and threats

Customer concentration risk: The leading customer constituted 40.6% of the FY26 revenues, whereas the top ten customers represented 91.6% of the total revenue; any loss of a big customer would have a significant impact on the revenues of the company.
End-use industry concentration: 84.7% of FY26 revenues were from battery and metal industries. The company is vulnerable to changes in these industries or their switch to lithium-ion technology.
Dependency on imports: 86.9% of FY26 purchases of raw materials were imported, with no long-term supplier agreements, hence exposure to foreign exchange movements and volatility in international prices for scrap materials.

About The Author

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Sreenivas Ajankar is a Deputy Editor at Upstox and has over nine years of experience in capital markets. His areas of expertise include equity research, analysis and business valuation.

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