About the Company: Circular Economy & Lead Recycling Specialist
Incorporated in 1993, Ardee Industries Limited is a prominent Indian company, with a core focus on the sustainable recovery and recycling of end-of-life energy storage products and non-ferrous scrap. Its product range includes high-purity lead and specialised lead alloys such as lead calcium, lead antimony, lead tin, lead silver, and lead cadmium alloys. These products are widely used across key sectors, including energy storage, e-mobility, automotive, and chemicals.
As of March 31, 2025, Ardee Industries has served over 50 customers across domestic and international markets, spanning the battery and metals industries. The Company has exported its products to seven countries, including Singapore, Hong Kong, South Korea, Switzerland, the United Arab Emirates, Japan, and the United States of America.
The Company owns and operates a manufacturing facility spread across approximately 7.61 acres in Tirupati district, Andhra Pradesh, with an installed capacity of 104,025 MTPA. The facility is equipped with advanced lead recycling infrastructure, including rotary furnaces, refining kettles, casting systems, and comprehensive pollution control mechanisms. It is certified under ISO 9001:2015 for quality management, ISO 14001:2015 for environmental management, and ISO 45001:2018 for occupational health and safety.
- 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.
The company’s promoters are Esha Gupta, Nikunj Aggarwal, and Sandeep Aggarwal.
Financial Trends & Performance
Ardee Industries Ltd.’s revenue increased by 57% and profit after tax (PAT) rose by 155% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | ₹363.33 Cr | ₹262.06 Cr | ₹196.12 Cr |
| Total Income | ₹1,168.88 Cr | ₹743.53 Cr | ₹463.39 Cr |
| Profit After Tax (PAT) | ₹84.68 Cr | ₹33.27 Cr | ₹8.95 Cr |
| EBITDA | ₹147.08 Cr | ₹65.93 Cr | ₹28.06 Cr |
| Net Worth | ₹147.38 Cr | ₹62.60 Cr | ₹29.25 Cr |
| Reserves and Surplus | ₹96.42 Cr | ₹59.42 Cr | ₹26.06 Cr |
| Total Borrowings | ₹182.75 Cr | ₹165.77 Cr | ₹142.36 Cr |
All figures in ₹ Crore | Source: Chittorgarh / DRHP (Restated)
Key Performance Indicators
Competitive Strengths
- Circular Economy Leadership: One of India’s leading players in the circular economy space with a demonstrated operational stability track record.
- Hedging Risk Management: Robust application of commodity price hedging mechanisms protecting operations against volatile metal price swings.
- Established Supply & Demand Base: Strong client base coupled with comprehensive raw material scrap sourcing networks across domestic and export markets.
- Consistent Execution: Proven track record of expanding capacity and delivering strong profit growth.
Issue Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII Shares Offered | Not less than 15% of the Net Issue |
IPO Structure & Use of Proceeds
The ₹425.87 Cr issue consists of a Fresh Issue of ₹320.00 Cr and an Offer for Sale of ₹105.87 Cr by promoter selling shareholders. The net fresh proceeds are proposed to be utilized as follows:
- Funding incremental working capital requirement of Company ₹220.00 Cr
- Repayment and/or pre-payment, in full or in part, of certain borrowings availed by Company ₹20.00 Cr
- General Corporate Purposes Balance
Bidding opens on August 5, 2026 and closes on August 7, 2026. Minimum retail application lot size is fixed at 281 shares (₹14,893 based on upper price band).
Ardee Industries Limited is well-positioned in India’s fast-growing lead recycling and circular economy sector, supported by strong demand from e-mobility, automotive, and energy storage industries.
The company has demonstrated impressive financial growth, with revenue expanding by 57% and PAT rising by 155% in FY26, alongside robust return metrics like ROE of 81%. With major fresh proceeds allocated toward scaling working capital (₹220 Cr), the company is gearing up for further operational expansion. Investors looking for circular economy and recycling exposure may find this offering worth reviewing.
