Ardee Industries logo

Ardee Industries

Allotment Day

Mainboard

PRICE BAND

Rs 50 - 53

LOT SIZE

281

Shares

MIN INVEST

Rs 14,893

CUT-OFF

Rs 53

per share

Open

05 Aug 2026

Last Day

07 Aug 2026

Allotment

10 Aug 2026

Listing

12 Aug 2026

GMP Today

5m ago

+29.2%

+Rs 15.5 premium

Refresh in --:--
GMP Graph

Est. Listing Price

GMP Based

Rs 68.5

Issue Price + GMP (Dynamic)

Est. Profit (1 Lot)

GMP Based

+Rs 4,355.5

+29.2% (281 shares)

Subscription

133.66x

Not open

Sub. Graph
IPOGyani AI Engine - Live Prediction
+28.1%

Range: +24.1% to +32.1%

Confidence: High - 73%

Confidence Score - 73%

📈 GMP Trend⚓ Anchor Quality🧠 Sentiment 73/100📊 Sub 133.66x🏭 Lead Recycling / Circular Economy
Next refresh: --:---Updated: --:-- IST-Model: IPOGyani v2.1

Allotment: Today

The allotment is scheduled on 10 Aug 2026! Check if you got allotted shares below.

Check Allotment
Date:10 Aug 2026

Final Subscription

Final subscription snapshot

Final subscription data is being compiled.

Current IPO Status: allot

Summarize with AI

Get a quick Ardee Industries summary (150-200 words) from your favorite AI:

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About Ardee Industries

Lead Recycling / Circular Economy

Ardee Industries Limited operates a manufacturing facility spread across approximately 7.61 acres in Tirupati district Andhra Pradesh with an installed capacity of 1,04,025 MTPA equipped with rotary furnaces refining kettles casting systems and comprehensive pollution control mechanisms certified under ISO 9001:2015 ISO 14001:2015 and ISO 45001:2018.

The company's product range includes high-purity lead and specialised lead alloys including lead calcium lead antimony lead tin lead silver and lead cadmium alloys - all derived from recycled battery scrap and non-ferrous waste, positioning it as a key beneficiary of the circular economy and battery recycling megatrend driven by India's EV adoption. It serves over 50 customers domestically and has exported to seven countries including Singapore Hong Kong South Korea Switzerland UAE Japan and USA. Revenue grew strongly from ₹411.84 Cr (FY23) to ₹743.53 Cr (FY25) - an 81% increase over two years - accompanied by PAT growing from ₹8.57 Cr to ₹33.27 Cr. The company employs a commodity hedging mechanism for lead price risk protection. Promoters Sandeep Aggarwal, Mikunj Aggarwal and Esha Gupta hold 100% pre-issue stake.

About Ardee Industries IPO

Issue structure, view & risks

The issue comprises a fresh issue of ₹320 Cr and OFS of 3,76,50,000 shares at a price band yet to be declared, listing on both BSE and NSE mainboard. SEBI approval was received on February 3, 2026 and is valid for 12 months.

Fresh issue proceeds will fund incremental working capital (₹220 Cr) and partial debt repayment (₹22 Cr) with ₹78 Cr for general corporate purposes. Key strengths include strong revenue and PAT growth momentum, circular economy tailwinds from EV battery recycling demand, leading market position in secondary lead production, commodity hedging for margin protection and ISO-certified manufacturing infrastructure; key risks include high Debt/Equity of 2.65x (borrowings of ₹165.77 Cr vs net worth ₹62.60 Cr), thin EBITDA margins of 8.88% typical for metals processing, commodity price volatility in lead, and price band/dates not yet declared. The only comparable listing Jain Resource Recycling listed at +37.09% gain suggesting positive market appetite for recycling sector plays.

Issue Details

Total Issue Size

Rs 426 Cr

Price Band

Rs 50 - 53

Issue Size for Retails

Rs 149.1 Cr

= Total Issue Size × Retail Quota % / 100

= Rs 426 Cr × 35% / 100

Fresh Issue vs OFS

Fresh Issue
Rs 320 Cr (75%)
OFS
Rs 106 Cr (25%)

Basic Details

IPO Date
05 Aug 2026 - 07 Aug 2026
Listing Date
12 Aug 2026
Lot Size
281 Shares
Min Investment
Rs 14,893
Listing At
Mainboard

Reservation Quota

QIB

50%

Retail

35%

NII

15%

Lead Manager

Pantomath Capital Advisors Pvt. Ltd.

Registrar

Kfin Technologies Ltd.

Objects of the Issue (as per DRHP)

  • 1Funding incremental working capital requirements of the Company (₹220.00 Cr)
  • 2Repayment and/or pre-payment in full or in part of certain borrowings availed by the Company (₹20.00 Cr)
  • 3General corporate purposes (balance amount not stated)

Key Performance Indicator (KPI)

KPIMar 31, 2025Mar 31, 2026
ROE72.00%81.00%
ROCE25.17%44.26%
Debt/Equity2.651.25
RoNW53.15%57.46%
PAT Margin4.48%7.25%
EBITDA Margin8.88%12.60%
Price to Book Value21.54
Check IPO Peer Comparison here.
Pre IPOPost IPO
EPS (Rs)3.322.69
P/E (x)15.9619.70
Promoter Holding100.00%74.51%
Market CapRs 1670.57 Cr.

Sandeep Aggarwal, Mikunj Aggarwal and Esha Gupta are the company's promoters.

Company Financials

Total Income Growth

57.2% YoY

FY24

Rs 463.39 Cr

FY25

Rs 743.53 Cr

FY26

Rs 1168.88 Cr

Other Financial Metrics

EBITDA (FY26)

Rs 147.08 Cr

123.1% YoY

ROE

NA

Return on Equity

ROCE

NA

Return on Capital

Debt/Equity

1.25

High Debt

2-Year CAGR

Revenue CAGR58.8%
Profit CAGR207.6%

P/E Ratio

19.7x

At upper band

Market Cap

Rs 1671 Cr

Post issue

MARKET SENTIMENT SCORE

0
50
100
73
Bullish

Based on expert reviews, GMP trends & market signals

Expert Reviews & Opinions

9
Positive
2
Neutral
0
Negative
BusinessTodayNewsPositive

By Pawan Kumar Nahar

Near-unanimous brokerage consensus — 10 brokerages all issued Subscribe or Subscribe for long-term ratings. Anchor book raised ₹127.76 crore from Bank of India MF, Ashish Kacholia's Bengal Finance & Investment, Winro Commercial, Bharat Value Fund, and Cognizant Capital. GMP at ₹8 (~15% listing pop expected). Promoter stake falls from 91.48% to 67.62% post-IPO. Verdict: Broad institutional and retail conviction; one of the stronger brokerage consensus reads in August 2026.

05 Aug 2026View Source
Sushil FinanceAnalystPositive

By Research Team

One of the stronger fundamental setups in this IPO batch. RoNW climbed to 57.46% in FY26 — unusually high and improving for a capital-intensive metals recycling business. Signals efficient capital use rather than leverage-funded growth. Revenue surged from ₹463 crore (FY24) to ₹1,167.7 crore (FY26); PAT from ₹9 crore to ₹84.7 crore. Verdict: Confident Subscribe.

05 Aug 2026View Source
Marwadi Financial ServicesAnalystNeutral

By Research Team

Leading circular economy player with reasonable valuation vs peers. High client concentration, weak cash conversion, and elevated debt levels are concerns for a long-term holder. Verdict: Subscribe with caution.

05 Aug 2026View Source
Ventura SecuritiesAnalystPositive

By Research Team

Rising organised battery recycling demand and stricter environmental norms are the structural tailwinds. Revenue from ₹463 crore (FY24) to ₹1,167.7 crore (FY26); PAT from ₹9 crore to ₹84.7 crore. Key risks: high customer concentration and single manufacturing facility in Tirupati. Verdict: Subscribe.

05 Aug 2026View Source
Swastika InvestmartAnalystPositive

By Research Team

P/E of 15.96x is a ~50% discount to listed recycling peers at 32–35x. Exceptional RoNW of 57.46% — well above peers. Fresh issue proceeds will expand net worth and reduce D/E to 0.35x. Verdict: Subscribe.

05 Aug 2026View Source
Choice BrokingAnalystPositive

By Research Team

Valued at 19.7x P/E and EV/Sales of 1.3x — reasonably priced. Among top 6 organised recycled lead producers with ~2% market share. Planned diversification into plastic granules, recycled tin, and copper adds long-term growth levers. Verdict: Subscribe for long term.

05 Aug 2026View Source
Canara Bank SecuritiesAnalystPositive

By Research Team

Strong structural tailwinds from EV adoption, battery storage demand, and EPR framework accelerating shift to organised recyclers. Valuation at 15.96x P/E vs industry average of 25.27x is highly attractive. Key risks: lead price volatility, single facility concentration, high working capital intensity. Verdict: Subscribe for long term.

05 Aug 2026View Source
BP EquitiesAnalystPositive

By Research Team

Better capacity utilisation at expanded facility, growing export contribution, shift to FOB procurement model, and diversification into plastic/tin/copper recycling will drive medium-term earnings growth. Battery Waste Management Rules 2022 and EPR framework structurally favour organised players like Ardee. Verdict: Subscribe for long term.

05 Aug 2026View Source
Business StandardNewsPositive

By PTI / Desk

Revenue 57% growth to ₹1,167 crore and PAT up 155% to ₹84.7 crore in FY26. Pre-IPO secondary transactions at ₹53/share saw marquee investors including Ashish Kacholia, Rohit Kothari's Winro Commercial, and Bharat Value Fund — strong institutional conviction. P/E of ~19.7x is a significant discount to the sector peer average of ~49.9x. Verdict: Positive — credible pre-IPO buying and attractive valuation vs peers are the bull case.

29 Jul 2026View Source
BusinessTodayNewsNeutral

By Pawan Kumar Nahar

First mainboard IPO of August 2026 after ₹51,000 crore raised across mainboard IPOs between January and July. Revenue rose 57.2% to ₹1,167.7 crore; PAT up 154.5% to ₹84.7 crore in FY26. Single manufacturing location in Tirupati, Andhra Pradesh is a key concentration risk. Commodity-linked business — global lead prices and scrap battery availability directly drive earnings. GMP at ₹6–8 is modest. Verdict: Neutral-to-positive coverage; suitable for long-term investors comfortable with commodity cycle exposure.

29 Jul 2026View Source
Business StandardNewsPositive

By PTI / Desk

India's leading organised secondary lead recycler with 104,025 MTPA installed capacity in Andhra Pradesh. Revenue grew 57% to ₹1,167 crore in FY26 from ₹463 crore in FY24 — nearly 2.5x in two years. PAT surged 154.5% to ₹84.7 crore. Key pre-IPO signal: secondary transactions of ₹115 crore at ₹53/share on July 24 and July 27 saw participation from marquee investors including Ashish Kacholia, Rohit Kothari's Winro Commercial, Bharat Value Fund, and multiple family offices — strong institutional conviction before public opening. OFS by two promoters (Sandeep and Nikunj Aggarwal) but dominated by ₹320 crore fresh issue for working capital (₹220 crore) and debt repayment (₹20 crore). Market cap at ₹53 upper band is ₹1,671 crore — P/E of ~19.7x, a significant discount to the sector peer average of ~49.9x. Exports to 7 countries, 50+ customers, ISO-certified facility. GMP at ₹6–8 implies modest ~13% listing premium. Verdict: Factual coverage is positive — strong financials, credible pre-IPO institutional buying, and attractive valuation vs peers are the bull case.

29 Jul 2026View Source

Reviews are AI-summarized from news channels, and other expert sources. Each summary is limited to 2 lines for quick reading.

Peer Comparison

Comparing with 2 listed peers
IPO P/E Ratio
19.7x
vs Peer Avg: 49.9x
IPO Market Cap
Rs 1671 Cr
Peer Avg: 9.2K Cr
IPO ROE
NA
CompanyMarket CapRevenuePATP/EROE
AI
Ardee IndustriesIPO
Rs 1671 CrRs 1168.88 CrRs 84.68 Cr19.7x81%
Gravita India14K Cr3.9K Cr312.9 Cr36.84x15.12%
Pondy Oxides and Chemicals4.0K Cr2.1K Cr58.06 Cr62.9x9.79%
Peer Average9.2K Cr3.0K Cr185.48 Cr49.9x12.5%

Quick Analysis

  • Ardee Industries's P/E of 19.7x is lower than the peer average of 49.9x, suggesting relatively attractive valuation.
  • ROE of 81% is above peer average (12.5%), indicating better return on equity.
  • Market cap post-listing would place Ardee Industries below peer average in terms of size.

* All peer data is from publicly available sources. Financial figures are latest reported annual numbers.

IPO Details

Open Date05 Aug 2026
Close Date07 Aug 2026
Allotment Date10 Aug 2026
Listing Date12 Aug 2026
Issue TypeBook Build Issue
Issue SizeRs 426 Cr
Fresh IssueRs 320 Cr
OFSRs 106 Cr
Price BandRs 50 - 53
Lot Size281 shares
Min Investment (Retail)Rs 14,893
Face ValueRs 1 per share
Listing ExchangeMainboard

Company Information

Company NameArdee Industries Ltd
IndustryLead Recycling / Circular Economy
RegistrarKfin Technologies Ltd.
Lead ManagerPantomath Capital Advisors Pvt. Ltd.
Market Cap (Upper)Rs 1671 Cr
P/E (Upper Band)19.7x

About the Company

Ardee Industries Limited is one of India's leading secondary lead producers and circular economy companies specialising in the sustainable recovery and recycling of end-of-life energy storage products and non-ferrous scrap into high-purity lead and specialised lead alloys serving the battery automotive e-mobility and chemicals sectors.

Grey Market Premium

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Ardee Industries IPO - Frequently Asked Questions

9 common questions about this IPO

  • 01.What is the price band of Ardee Industries IPO?
    The price band of Ardee Industries IPO is Rs 50-53 per share. The lot size is 281 shares per lot, so the minimum retail investment is Rs 14,893.
  • 02.What is the GMP of Ardee Industries IPO today?
    The current Grey Market Premium (GMP) of Ardee Industries IPO is Rs 15.5. GMP is an unofficial market signal and not a guaranteed listing price. IPOGyani updates GMP every 15 minutes from multiple grey-market sources - see the full GMP history and live trend on the dedicated GMP page.
  • 03.What is the subscription status of Ardee Industries IPO?
    Ardee Industries IPO is subscribed 133.66x overall so far. See the full day-wise category breakup (Retail, NII, QIB) and the live subscription trend on the dedicated subscription page.
  • 04.When is Ardee Industries IPO opening and closing?
    Ardee Industries IPO opens for subscription on 2026-08-05 and closes on 2026-08-07. The allotment is expected on 2026-08-10 and listing on 2026-08-12.
  • 05.What is the expected listing gain of Ardee Industries IPO?
    IPOGyani's AI model predicts a listing gain of approximately 28.1% for Ardee Industries IPO. The prediction combines subscription velocity, peer-group performance, sector trends and fundamentals. This is an estimate and not investment advice.
  • 06.Should I subscribe to Ardee Industries IPO?
    Ardee Industries IPO is currently 133.66x subscribed with a GMP of Rs 15.5 and an AI-predicted listing gain of 28.1%. Read the full analysis on this page - including expert reviews, peer comparison, financials and subscription pattern - before making any investment decision.
  • 07.Who is the registrar of Ardee Industries IPO?
    The registrar of Ardee Industries IPO is Kfin Technologies Ltd.. After allotment you can check your status on the registrar's website using your PAN or application number.
  • 08.Who are the lead managers of Ardee Industries IPO?
    The lead manager(s) of Ardee Industries IPO is/are Pantomath Capital Advisors Pvt. Ltd..
  • 09.How can I apply for Ardee Industries IPO?
    You can apply for Ardee Industries IPO via UPI through any SEBI-registered broker (Zerodha, Groww, Upstox, ICICI Direct, HDFC Sky etc.) or through ASBA via your bank's net-banking portal. Select Ardee Industries, pick the number of lots (281 shares per lot), enter your UPI ID, and approve the mandate before the IPO closes on 2026-08-07.

Check Allotment Status

Check your Ardee Industries IPO allotment status on the registrar website.

R

Kfin Technologies Ltd.

IPO Registrar

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Disclaimer

IPOGyani is not SEBI registered and does not provide investment advice. All information is for educational purposes only.

AI predictions are probabilistic estimates based on historical data and market trends. Past performance is not indicative of future results.

GMP (Grey Market Premium) data is sourced from various unofficial channels and may not be accurate. Always verify from multiple sources.

Investors should do their own research (DYOR) and consult a SEBI registered advisor before investing.