- IPO opens August 5 at ₹50-53; fresh issue to fuel working capital, debt reduction and growth
- Revenue surges to ₹1,167.65 crore in FY26 from ₹462.96 crore in FY24; PAT rockets to ₹84.68 crore
- LME-approved Ardee Lead 9997 opens globally benchmarked export pathway
- 104,390-MT annual recycling capacity anchors circular-economy play
- CMD Sandeep Aggarwal: Lead-acid battery demand remains insulated despite EV transition
R MANICKAVASAGAM
AHMEDABAD, JULY 30
What was once discarded as dead metal is being recast as live capital. Ardee Industries Ltd, a secondary-metals player that transforms end-of-life energy-storage products and non-ferrous scrap into refined lead and specialised alloys, is taking its circular-economy proposition to the public markets with a ₹425.87-crore IPO opening on August 5.
The three-day issue will close on August 7, with the price band fixed at ₹50-53 a share. The issue comprises a fresh issue of up to ₹320 crore and an Offer for Sale (OFS). At the upper band, the issue size works out to about ₹426 crore.
The lot size has been fixed at 281 equity shares, taking the minimum investment at the upper price-band level to ₹14,893. Allotment is expected to be finalised on August 10, with shares slated for listing on August 12.
The fresh proceeds are primarily earmarked for incremental working capital, with part proposed for repayment/prepayment of borrowings and the balance for general corporate purposes.
Numbers fuel the IPO pitch
Ardee’s financial trajectory provides a strong plank to its IPO narrative. Revenue from operations climbed to ₹1,167.65 crore in FY26 from ₹462.96 crore in FY24, while PAT soared from ₹8.95 crore to ₹84.68 crore over the same period.
The company has an installed recycling capacity of about 104,390 MT annually of finished products, including refined lead and lead alloys. Its products, with purity ranging from 99.97% to 99.985%, cater to battery, automotive, e-mobility and industrial applications.
LME approval widens the horizon
The company’s biggest recent global credential is the approval of Ardee Lead 9997 for delivery against the London Metal Exchange’s lead contract. The company already has its Ardee brand listed on MCX, enabling benchmark pricing and hedging; the LME milestone provides an additional global benchmark and strengthens its international positioning.
Commenting on this, CMD Sandeep Aggarwal said: “The LME approval is a major milestone and it can change the export opportunity for Ardee Industries. It gives international customers the comfort of buying a product recognised against a globally accepted benchmark and strengthens our credibility in international markets. We already have an export presence and see the LME approval helping us deepen existing relationships and open doors to new customers.”
On the challenge of volatile international lead prices, Aggarwal said: “Lead prices are internationally determined and we do not control the commodity price. Our focus is therefore on disciplined procurement, efficient recycling, value-added lead alloys and prudent risk management. Our MCX listing provides transparent benchmark pricing and supports hedging against price risks. This helps us protect our economics and maintain greater predictability even when lead and raw-material prices move sharply.”
EV transition no threat to core demand
While the accelerating EV transition is reshaping the battery industry, Aggarwal sees substantial resilience in the lead-acid ecosystem.
“Lead-acid battery demand is insulated despite the EV transition because it is used across diversified sectors. It remains important in automotive applications, inverter and UPS systems, telecom, data centres, renewable-energy storage and several industrial applications. Therefore, our addressable market is much broader than conventional automobiles. At the same time, we are keeping ourselves prepared to participate in emerging battery-recycling opportunities as new chemistries scale up.”
Capital to power the next lap
With the IPO proceeds strengthening working capital and supporting debt reduction, Ardee is seeking to scale a business positioned at the intersection of resource recovery, recycling and industrial manufacturing.
Aggarwal said: “Our objective is not simply to increase capacity; it is to build a stronger, more integrated circular-economy platform. With our recycling capabilities, established customer relationships, MCX presence and LME-approved lead brand, we believe Ardee is well placed to participate in the growing demand for responsibly recycled metals in India and global markets.”
Retail investors get 35% slice
The IPO has reserved 50% of the issue for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.
With Pantomath Capital Advisors as the sole book-running lead manager and KFin Technologies as registrar, Ardee Industries is now preparing to test investor appetite for a distinctly circular-economy proposition: turning discarded energy-storage materials into industrial-grade metal, and recycling a proven business model into public-market capital.
