Ardee Industries IPO opens: Should you subscribe? Check price band, GMP, review & more

The initial public offering (IPO) of Ardee Industries shall be opening for subscription on Wednesday, August 05. The recycling solutions player is selling its shares in the range of Rs 50-53 apeice. Investors can apply for a minimum of 281 equity shares and its multiples thereafter. The issue will close for subscription on Friday, August 07.

Ardee Industries is looking to raise a total of Rs 426 crore from its primary offer, which includes a fresh share sale of Rs 320 crore and offer-for-sale (OFS) of up to 1,99,75,000 equity shares worth Rs 106 crore. Net proceeds from the issue shall be utilized towards funding working capital requirements, repayment of debt and general corporate purposes.

Incorporated in 1993, New Delhi-based Ardee Industries 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.

Ahead of its IPO, Ardee Industries raised a total of Rs 127.76 crore from seven anchor investors as it allocated 2,41,05,584 equity shares for Rs 53 apiece. Its anchor book included names like Bank of India MF, Ashish Kacholia's Bengal Finance & Investment, Winro Commercial (India), Catalyst New India Fund, Bharat Value Fund, India Max Investment Fund and Cognizant Capital.

Adree Industries reported a net profit of Rs 84.68 crore, with a revenue of Rs 1,168.88 crore for the year ended on March 31, 2026. It clocked a net profit of Rs 33.27 crore with a revenue of Rs 743.53 crore for the financial year 2024-25. At the current valuations, it commands a market capitalization of more than Rs 1,670 crore.

Adree Industries has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation. Retail investors have 35 per cent of the reservation in the issue. Last heard, Ardee Industries was commanding no grey market premium (GMP) of Rs 8 apeice, suggesting a listing pop of 15 per cent for the investors.

Pantomath Capital Advisors is the sole book running lead managers for Adree Industries IPO, while Kfin Technologies Ltd is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE with August 12, Wednesday, as the date of listing. Here's what a host of brokerage firms say about the IPO of Ardee Industries:

SBI Securities
Rating: Subscribe
Adree is engaged in the business of lead recycling with product offerings consisting of pure lead and various lead alloys that find applications in critical industries including energy storage, e-mobility, automotive, chemical, etc. It has recorded revenue, EBITDA and PAT CAGR of 58.8 per cent, 129 per cent and 207.5 per cent, respectively over the FY24-FY26 period, said SBI Securities.

"Ardee plans to enter into new verticals which shall be facilitated through its recently acquired 5.56 acre land parcel, leading to reduced dependency on a single revenue stream. The issue is valued at a P/E multiple of 19.7 times based on post-issue capital. We recommend investors to 'subscribe' to the issue for a long-term investment horizon," it added.

Marwadi Financial Services
Rating: Subscribe with caution
We assign a 'subscribe with caution' rating to this IPO as it is one of India's leading players in the circular economy, supported by a reasonable valuation compared to its peers, said Marwadi Financial Services. "High client concentration, weak cash conversion, and elevated debt levels make us cautious from a long-term investment perspective," it adds.

Swastika Investmart
Rating: Subscribe
The IPO is priced at 15.96 times P/E, offering nearly a 50 per cent discount compared to listed recycling peers trading at 32-35 times P/E. It reported an exceptional RoNW of 57.46 per cent, significantly higher than peers. Fresh issue proceeds will expand net worth and reduce debt, pulling the debt-to-equity (D/E) ratio down to 0.35 times," said Swastika Investmart with a 'subscribe' rating.

Choice Broking
Rating: Subscribe for long-term
Ardee is valued at a P/E of 19.7 times based on FY26 earnings and an EV/Sales of 1.3 times, reasonably priced relative to its established position in India's recycled lead industry. Its planned capacity expansion, proposed integration of Pilot Industries' recycling business, and diversification into plastic granules, recycled tin, and copper provide additional long-term growth levers, said Choice Broking.

"It is among the top six organized recycled lead producers in India with an estimated 2 per cent market share, supported by an integrated recycling platform, a strategically located manufacturing facility, diversified sourcing across 58 countries, and a growing domestic and export customer base," it added with a 'subscribe' for long-term rating.

Canara Bank Securities
Rating: Subscribe
Ardee operates in a niche segment with strong structural growth drivers supported by increasing demand for recycled lead, battery storage solutions, e-mobility adoption, and sustainability initiatives. It benefits from an integrated recycling model, strong customer relationships, growing export presence, significant capacity expansion, and improving profitability metrics, said Canara Bank Securities.

"It faces notable risks from lead price volatility, regulatory compliance, high working capital intensity, and heavy reliance on the battery sector for demand. However, valuation remains highly attractive at a 15.96 times P/E compared to the industry average of 25.27 times P/E justifying a long-term 'subscribe' rating," it added.

BP Equities
Rating: Subscribe for long-term
"We expect better capacity utilisation at the expanded facility, increasing export contribution, operational benefits from the shift to the FOB procurement model, and diversification into plastic, tin and copper recycling to support earnings growth over the medium term," said BP Equities.

"The implementation of the Battery Waste Management Rules, 2022 and the EPR framework, should continue to accelerate the shift towards organised recyclers. Considering its integrated business model, improving financial profile and attractive valuation relative to peers, we recommend a 'subscribe' rating for the issue with a long-term investment horizon," it added.

Master Capital Services
Rating: Subscribe for long-term
Ardee Industries is well positioned to benefit from its installed recycling capacity, customised lead alloy portfolio, strategic manufacturing location and established presence across domestic and international markets. Investors may consider the IPO as a potential long-term investment opportunity.

Ventura Securities
Rating: Subscribe
Ardee is a lead recycling and resource recovery company focused on converting end-of-life lead-acid batteries and non-ferrous scrap into high-purity lead and specialised alloys used across energy storage, e-mobility, automotive and chemical industries. Backed by the promoter experience, it benefits from rising demand for organised battery recycling and stricter environmental norms, said Ventura.

"Revenue surged to Rs 1,167.7 crore in FY26 from Rs 463 crore in FY24, while profit rose to Rs 84.7 crore from Rs 9 crore. The IPO includes a Rs 320 crore fresh issue and an OFS, with proceeds primarily earmarked for working capital and debt reduction. Key risks include high customer concentration and dependence on a single manufacturing facility," it added with a 'subscribe' rating.

Equivision
Rating: Subscribe
Ardee Industries proposes to utilize IPO proceeds towards the repayment/prepayment of long-term borrowings, which is expected to reduce interest costs, improve the debt-equity ratio, strengthen the balance sheet, and enhance financial flexibility for future growth. The increasing adoption of lithium-ion batteries poses a long-term risk to the company, said Equivision.

"However, lead-acid batteries are expected to continue witnessing demand in 12V auxiliary battery applications, as well as telecom, UPS, and backup power systems, which may partially offset the impact. Nevertheless, overall demand growth for lead-acid batteries is likely to moderate as lithium-ion adoption accelerates," it added with a 'subscribe' rating for the IPO.

Sushil Finance
Rating: Subscribe
Ardee Industries presents one of the stronger fundamental setups in this batch and merits a confident Subscribe, said Sushil Finance. "RoNW has climbed steadily to 57.46 per cent  in FY26, an unusually high and improving return profile for a capital intensive metals-recycling business, indicating efficient capital use rather than growth funded by dilution or leverage alone."

Kunvarji Financial Services
Rating: Subscribe for long-term
"We recommend 'subscribe this with long term' view. Ardee Industries is one of India's leading recyclers of end-of-life energy storage products and non-ferrous scrap, said Kunvarji Financial Services. Capacity expansion and a stronger focus on value-added lead alloys provide additional growth opportunities, it added.