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.
Competitive strengths:
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 |
|---|---|---|---|
| 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 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Jain Resource Recycling Ltd. | Mainboard | ₹1,250.00 Cr | ₹232 | 33.62 | ₹318.06 | +37.09% | ₹350.20 |
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 |
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 81% | 72% |
| ROCE | 44.26% | 25.17% |
| Debt/Equity | 1.25 | 2.65 |
| RoNW | 57.46% | 53.15% |
| PAT Margin | 7.25% | 4.48% |
| EBITDA Margin | 12.60% | 8.88% |
| NAV | 5.78 | 2.46 |
| Price to Book Value | 21.54 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 3.32 | 2.69 |
| P/E (x) | 15.96 | 19.7 |
| IPO Date | 5 to 7 Aug, 2026 |
| Listing Date | Wed, Aug 12, 2026 |
| Face Value | ₹2 per share |
| Price Band | ₹50 to ₹53 |
| Lot Size | 281 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 8,03,52,358 shares (agg. up to ₹426 Cr) |
| Fresh Issue | 6,03,77,358 shares (agg. up to ₹320 Cr) |
| Offer for Sale | 1,99,75,000 shares of ₹2 (agg. up to ₹106 Cr) |
| Share Holding Pre Issue | 25,48,24,000 shares |
| Share Holding Post Issue | 31,52,01,358 shares |
As per our analysis and Based on the information we have, this is the output.
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