Ardee Industries Limited
RHP · filed 28 Jul 2026
Ardee Industries Limited is a manufacturer of lead alloys and lead products serving the battery and metal industries, which accounted for over 84% of its revenue in recent years. The company is profitable with a revenue Compound Annual Growth Rate (CAGR) of 58.81% and a Return on Equity (ROE) of 57.46% as of the latest fiscal year. The offer is structured as a fresh issue of shares, with the company not currently incurring any debt. The draft prospectus highlights high risks related to customer concentration, as a single customer contributed over 70% of revenue, and supply chain volatility due to a lack of long-term contracts and reliance on imported raw materials.
What stands out
Risk factor. Loss of any of our top customers, top 5 customers, or top 10 customers could have a material adverse effect on our business, financial condition, results of operations and cash flows. The revenue from our top customer was ₹ 4,745.56 million, ₹ 3,804.08 million and ₹ 3,352.94 million and contributed
Risk factor. Loss of any substantial portion of sales to any of our top customer, top 5 customers and top 10 customers, for any reason including inability to negotiate favourable terms, failure to meet their quality specification, technological changes, a decline in market share of these customers in their respe
Risk factor. Our business operations are dependent upon the battery and metal industries, which accounted for 84.79%, 87.23% and 88.64% of our revenue from operations in the Fiscals 2026, 2025 and 2024, respectively. Any downturn in the demand of battery and metal industries and the other industries in which our
Strong revenue growth. Restated revenue CAGR of 58.8%.
Healthy return on equity. ROE of 57.5%.
How the offer is structured
- Funding incremental working capital requirement of our Company₹220 Cr
- Repayment and/or pre-payment, in full or in part, of certain borrowings availed by our Company₹20.0 Cr
- General corporate purposes
Restated financials
Revenue
₹1.17k Cr
Latest fiscal year
Profit after tax
₹84.7 Cr
Revenue CAGR
58.8%
Return on equity
57.5%
Debt / equity
1.24
PAT CAGR
207.5%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹463 Cr | ₹9.0 Cr | ₹29.2 Cr | |
| 2025 | ₹743 Cr | ₹33.3 Cr | ₹62.6 Cr | |
| 2026 | ₹1.17k Cr | ₹84.7 Cr | ₹147 Cr |
Promoters, litigation & related parties
Promoter (pre)
91.2%
Except as stated in this section, there are no outstanding criminal proceedings, actions taken by any statutory or regulatory authorities, disciplinary action including penalty imposed by SEBI or stock exchanges against the Company, Promoters and Directors in the last five Fiscals, outstanding claims for any direct or indirect tax, or details of any other pending litigations involving the Company, Directors, or Promoters that are determined to be material as per the Materiality Policy.
Risks the company discloses
Loss of any of our top customers, top 5 customers, or top 10 customers could have a material adverse effect on our business, financial condition, results of operations and cash flows. The revenue from our top customer was ₹ 4,745.56 million, ₹ 3,804.08 million and ₹ 3,352.94 million and contributed to 40.64%, 51.22% and 72.42% of revenue from operations during the respective years.(Customer Concentration)
Loss of any substantial portion of sales to any of our top customer, top 5 customers and top 10 customers, for any reason including inability to negotiate favourable terms, failure to meet their quality specification, technological changes, a decline in market share of these customers in their respective industries or high growth segments, disputes with these customers, adverse changes in their financial condition, insolvency or bankruptcy of these customers, decrease in their sales, facility closures, any action undertaken by the government affecting business of these customers, or labour strikes affecting their production.(Customer Concentration)
Our business operations are dependent upon the battery and metal industries, which accounted for 84.79%, 87.23% and 88.64% of our revenue from operations in the Fiscals 2026, 2025 and 2024, respectively. Any downturn in the demand of battery and metal industries and the other industries in which our customers operate could adversely affect our business, financial performance and condition.(Industry Concentration)
Any decline in the demand for pure lead or lead alloys by our customers in these industries due to technological shifts, regulatory changes, supply chain disruptions, or changing industry preferences could directly impact our order volumes and revenue from operations.(Industry Concentration)
Any slowdown or downturn in the battery or metal industries driven by economic factors, alternative technologies (e.g., lithium-ion replacing lead-acid batteries), and any change in the consumer behaviour may result in reduced demand for our products.(Industry Concentration)
Any disruptions in the supply or availability of the raw material or fluctuations in their prices may have an adverse impact on our business operations, cash flows and financial performance. The cost of raw material purchased from our top 10 suppliers were ₹ 3,567.49 million, ₹ 3,047.48 million and ₹ 1,881.67 million, representing 38.48%, 53.71% and 51.06%, of our total purchases of raw materials in the Fiscals 2026, 2025 and 2024, respectively.(Supply Chain)
We do not enter into long-term supply contracts with any of our raw material suppliers. Pricing and production volumes are negotiated for each purchase order on a case-by-case basis, and there are no contractual commitments other than those set forth in the purchase orders.(Supply Chain)
We are exposed to foreign exchange rate fluctuations as we import substantial portion of our raw material. Volatility in Indian rupee against the U.S. dollar or other currencies may materially affect our business performance, financial condition, and cash flows.(Foreign Exchange)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.