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Ardee Industries IPO
Price Band
₹50.0–53.0
Issue Size
₹425.87 Cr
Lot Size
281 shares
Min Investment
₹14,893
GMP
+₹17.0 (32.08%)
Issue Price
₹53.0
Subject to Sauda
₹3600
Paid only if allotted
Ardee Industries IPO AI Summary
- Ardee Industries IPO is listed on BSE, NSE in the Diversified Metals sector.
- Price band: ₹50.0–₹53.0 per share, lot size 281 shares (min. investment ₹14,893).
- Subscription window: 05 Aug–07 Aug 2026, listing on 12 Aug 2026.
- Current GMP is +₹17.0 (32.08%), an estimated listing price of ₹70 — unofficial and can change daily.
Ardee Industries Limited is a key player in the recycling sector, focusing on lead-based materials and non-ferrous metal scrap. With a strong growth trajectory in revenue and profitability, the company is well-positioned in the market, supported by a diversified customer base and modern manufacturing capabilities.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Ardee Industries IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 07 Aug 2026 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Overall Subscription
138.83x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
202.26x
|
202x 🔥 |
| NII (HNI) |
266.75x
|
267x 🔥 |
| ↳ bNII (>₹10L) |
289.87x
|
290x 🔥 |
| ↳ sNII (<₹10L) |
220.51x
|
221x 🔥 |
| Retail (RII) |
47.77x
|
48x ✓ |
| Total | 138.83x | 138.83x |
Auto-updated every 5 min · As of 7th Aug 2026 18:56
Ardee Industries IPO Grey Market Premium (GMP) Today
GMP
+₹17.0
GMP %
+32.08%
Est. Listing
₹70.0
Updated: 12 Aug 2026 06:30
GMP Trend (Last 14 Days)
About the Company
Ardee Industries Limited is engaged in the recycling and recovery of lead-based materials and non-ferrous metal scrap, contributing to the circular economy through the sustainable processing of end-of-life energy storage products. The company focuses on transforming recyclable materials into value-added products for industrial applications. The company manufactures and supplies refined lead and a range of specialized lead alloys, including lead calcium, lead antimony, lead tin, lead silver, and lead cadmium alloys. These products serve various industries such as battery manufacturing, electric mobility, automotive components, energy storage systems, and chemical processing. As of March 31, 2025, Ardee Industries catered to more than 50 customers across domestic and international markets. Its products have been exported to multiple countries, including Singapore, Hong Kong, South Korea, Switzerland, the United Arab Emirates, Japan, and the United States, reflecting its presence in global metal and battery supply chains. The company operates an integrated manufacturing facility located in the Tirupati district of Andhra Pradesh, spread across approximately 7.61 acres. The facility has an installed production capacity of 104,025 MTPA and is equipped with modern lead recycling and refining infrastructure, including rotary furnaces, refining kettles, casting equipment, and environmental protection systems designed to support efficient and sustainable operations. Ardee Industries maintains internationally recognized management standards and holds certifications including ISO 9001:2015 for Quality Management Systems, ISO 14001:2015 for Environmental Management Systems, and ISO 45001:2018 for Occupational Health and Safety Management Systems. Key Competitive Advantages Established position in India's recycling and circular economy ecosystem with a proven operating track record. Utilization of commodity hedging strategies to manage fluctuations in raw material and metal prices. Diversified customer base supported by strong procurement and sourcing capabilities for raw materials. History of stable profitability and consistent financial performance. Leadership team comprising experienced promoters and industry professionals.
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 363.33 | 262.06 | 196.12 |
| Total Income | 1,168.88 | 743.53 | 463.39 |
| Profit After Tax | 84.68 | 33.27 | 8.95 |
| EBITDA | 147.08 | 65.93 | 28.06 |
| NET Worth | 147.38 | 62.60 | 29.25 |
| Reserves and Surplus | 96.42 | 59.42 | 26.06 |
| Total Borrowing | 182.75 | 165.77 | 142.36 |
Key Ratios
EPS
₹3.32
NAV
₹2.46
ROE
72%
ROCE
25.17%
RoNW
53.15%
P/B Value
21.54
P/E Ratio
15.96
Market Cap
₹1670.57 Cr
PAT Margin
4.48%
Debt/Equity
2.65
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Jain Resources Recycling | 45.24 | 22.25% | 33.57 | 10.25 | 10.25 |
| Pondy Oxides and Chemicals | 258.39 | 16.73% | 31.94 | 43.98 | 43.98 |
| Gravita India | 332.16 | 15.43% | 35.37 | 52.02 | 52.02 |
| Ardee Industries This IPO | 5.78 | 57.46% | — | 3.32 | 3.32 |
Promoters
Sandeep Aggarwal, Nikunj Aggarwal, Esha Gupta
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding incremental working capital requirement of Company 220.00 2 Repayment and/or pre-payment, in full or in part, of certain borrowings availed by Company 20.00 3 General Corporate Purposes Total 240.00
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹463.39 Cr in the year ending 31 Mar 2024, rising to ₹743.53 Cr by 31 Mar 2025, and further increasing to ₹1,168.88 Cr by 31 Mar 2026. This shows a consistent upward trend in revenue over the periods.
Profit Trend
Profit After Tax was ₹8.95 Cr for the year ending 31 Mar 2024, increasing to ₹33.27 Cr by 31 Mar 2025, and further rising to ₹84.68 Cr by 31 Mar 2026. This indicates a strong growth in profitability across the periods.
Valuation
At the issue price of ₹53.0, Ardee Industries has an implied P/E ratio of approximately 15.96 based on its EPS of ₹3.32. This is lower than its peers, which trade at P/E ratios ranging from 31.94 to 35.37.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected premium of the IPO shares over the issue price in the unofficial market before listing. A positive GMP suggests that the shares may list at a higher price than the issue price, while a negative GMP indicates the opposite.
Subscription Demand
As of 7th Aug 2026, the IPO has been subscribed 138.83 times overall. The QIB category saw a subscription of 202.26 times, the NII category 266.75 times, and the Retail category 47.77 times, indicating strong demand across all investor segments.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their financial goals and risk tolerance. It's essential to consider the company's fundamentals and market conditions before making a decision.
Who May Want to Wait
Investors with a low-risk appetite or those seeking guaranteed returns may want to avoid this IPO, as the stock market can be unpredictable, and IPOs can be subject to high volatility.
Listing Gains — The Risk
Listing-day gains can be influenced by various factors, including overall market conditions and investor sentiment. There is a risk that the stock may not perform as expected on its listing day, and investors should be prepared for potential fluctuations in share price.
This evaluation is generated from Ardee Industries's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Ardee Industries IPO GMP today?
Ardee Industries IPO GMP today is +₹17.0 (32.08%), indicating an estimated listing price of ₹70. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Ardee Industries IPO?
The price band of Ardee Industries IPO is ₹50.0–₹53.0 per share.
When does Ardee Industries IPO open and close?
Ardee Industries IPO opens on 05 August 2026 and closes on 07 August 2026.
When does Ardee Industries IPO list on the stock exchange?
Ardee Industries IPO listed on 12 August 2026 at ₹70.0.
What is the lot size for Ardee Industries IPO?
The lot size for Ardee Industries IPO is 281 shares, requiring a minimum investment of ₹14,893.
What is the lot size for this IPO?
The lot size for Ardee Industries' IPO is 281 shares.
What is the minimum investment required?
The minimum investment required is ₹14,893.00.
What is the price band for the IPO?
The price band for the IPO is ₹50.0 to ₹53.0.
When does the IPO open and close?
The IPO opens on 5th August 2026 and closes on 7th August 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium of the IPO shares in the unofficial market before listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
05 Aug 2026
Close
07 Aug 2026
Allotment
10 Aug 2026
Listing
12 Aug 2026
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