Bhubaneswar: Ardee Industries Limited, one of India’s leading players in circular economy, specializing in the environmentally responsible recovery and recycling of end-of-life energy storage products and non-ferrous scrap, while reclaiming critical resources from waste streams has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).
The IPO comprises of a fresh issue of Rs 320 Crores and an offer for sale of up to 37,650,000 equity shares of face value of ₹ 2 each. The offer for sale by promoter selling shareholders comprise of up to 18,825,000 equity shares of face value of ₹ 2 each by Sandeep Aggarwal and up to 18,825,000 equity shares of face value of ₹ 2 each by Nikunj Aggarwal.
The company proposes to utilise the net proceeds towards funding incremental working capital requirement of the Company amounting to Rs 220 Crores, towards repayment and/ or pre-payment, in full or in part of certain borrowings availed by the Company amounting to Rs 22 Crores and general corporate purposes.
Ardee Industries Limited is one of the fastest growing companies in terms of revenue amongst its peers with a revenue CAGR of 33.15% in the last three Fiscal, as per the F&S Report. The product portfolio comprises pure lead and lead alloys such as lead calcium alloys, lead antimony alloys, lead tin alloys, lead silver alloys and lead cadmium alloys which find applications in critical industries including energy storage, e-mobility, automotive, chemical, among others. The products are customisable to the requirements of customers, with respect to the level of purity and/or composition with other metal and non-metal elements with purity levels ranging from 99.97% to 99.985% that conform to international standards. The company’s brand ‘Ardee’ is listed on the MCX platform which provides customers and commodity traders a platform to purchase and trade in the product, pure lead.
As of March 31, 2025, the Company has served more than 50 customers across diverse industries including battery and metal, both in the domestic and international markets. The Company exports products to customers based in seven countries including Singapore, Hong Kong, South Korea, Switzerland, United Arab Emirates, Japan and United States of America. Additionally, they also have presence across India, with products being sold in ten states as of March 31, 2025.
The Company owns and operates a manufacturing facility of approximately 7.61 acres in District Tirupati, Andhra Pradesh with an installed capacity of 104,025 MTPA. The facility is equipped with advanced machinery for efficient and environmentally responsible lead recycling, including rotary furnaces, refining kettles, casting machines, and pollution control systems. The Company has a track record of producing quality-compliant alloys, the company is closely aligned with India’s sustainability agenda and the global transition towards a circular, resource-efficient economy
As per F&S Report, the Company is one of the fastest growing companies in terms of revenue amongst its peers with a revenue CAGR of 34.30% from FY23 to FY25. The Gross margin per ton increased from ₹ 19,511.95 in FY23 to ₹ 33,642.16 in FY25. EBITDA recorded a CAGR of 70.20% from FY23 to FY25. Further, the Company recorded a CAGR in profit after tax of 97.07% from FY23 to FY25. The continued focus on efficiency and productivity improvements and cost rationalization have enabled them to deliver better financial performance. The revenue from exports have grown at a CAGR of 521.22% from FY23 to FY25.
Lead is among the most extensively recycled metals, capable of being re-melted numerous times while retaining its characteristics. Over 80% of India’s lead demand is met through secondary (recycled) lead primarily derived from used lead-acid batteries (ULABs). India’s lead recycling ecosystem comprises of both organized and unorganized sector. India’s recycled lead production in FY 2025 stood at ~1.26 million tonnes. India’s Recycled Lead Ingot market was valued at ~INR 28,800 crores in FY 2025 mainly driven by the applications of lead acid battery in the automotive sector, Inverter and UPS, telecom, data centres, energy storage applications in renewable energy sector such as solar power backups and other segments such as Cable Sheathing, PVC Stabilizers, pigments etc.
With an installed recycling capacity of 104,025 MTPA and a track record of producing quality-compliant alloys, Ardee Industries Limited is closely aligned with India’s sustainability agenda and the global transition towards a circular, resource-efficient economy
The banker to the issue is Pantomath Capital Advisors Private Limited and the registrar to the offer is KFin Technologies Limited.
