- Ardee Industries has raised Rs 127.75 crore from anchor investors, including Ashish Kacholia
- IPO opened August 5, closing August 7, with a price band of Rs 50-53 per share
- Ardee recycles lead-acid batteries, sourcing 87% of scrap from 58 countries globally
Ardee Industries Ltd, a Tirupati-based lead recycling company, has raised Rs 127.75 crore from anchor investors on Tuesday. What's interesting is that ace investor Ashish Kacholia has picked up 19.57% of the total anchor allocation, putting in Rs 25 crore, according to the anchor book.
The IPO has opened today, August 5, and will close on August 7, with the price band fixed at Rs 50-53 per share. The issue comprises a fresh issuance of Rs 320 crore and an offer for sale worth Rs 106 crore from promoters Sandeep Aggarwal and Nikunj Aggarwal, taking the total issue size to Rs 426 crore.
Of the net proceeds, Rs 220 crore is earmarked for funding incremental working capital requirements, while Rs 20 crore will go towards repaying or prepaying borrowings. SBI Securities has a 'subscribe' rating on the issue for the long term, valuing it at a P/E multiple of 19.7 times on post-issue capital at the upper price band.
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Financials
Ardee's revenue grew from Rs 463 crore in FY24 to Rs 1,167.7 crore in FY26, a CAGR of 58.8%. The net profit climbed from Rs 9 crore to Rs 84.7 crore over the same period, a CAGR of 207.5%.
Ardee Industries' financials at a glance.
Photo Credit: NDTV Profit
EBITDA margin nearly doubled between FY24 and FY26, rising from 6.1% to 12.6%, aided by capacity expansion and improved utilisation at the Tirupati plant. Exports grew at a CAGR of 138.7% over the same period, with Singapore and Switzerland emerging as the largest overseas markets by FY26.
Business
Ardee recycles lead-acid batteries into pure lead and lead alloys, used in energy storage, e-mobility, automotive and chemical applications. The company operates a 1.57 lakh MTPA integrated recycling facility in Tirupati, Andhra Pradesh, and sources battery scrap from 58 countries, with imports accounting for 87% of total raw material purchases in FY26.
The customer base remains concentrated. Amara Raja alone accounted for 40.64% of FY26 revenue, while the top 10 customers together contributed around 92% of total revenue during the year, as per the SBI Securities note.
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