Ardee Industries Limited
PROSPECTUS · filed 09 Aug 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 Fiscal 2026. The company is not loss-making, reporting a revenue of Rs 1167.65 crore and a profit of Rs 84.68 crore in the latest fiscal year, with a revenue CAGR of 58.81%. The IPO comprises a fresh issue of Rs 319.998 crore and an offer for sale of Rs 105.868 crore, representing 24.86% of the post-issue paid-up capital. The company faces significant risks related to high customer concentration, with the top customer contributing 40.64% of revenue, and dependence on the battery and metal industries.
What stands out
Risk factor. The loss of any of our top customer, top 5 customers, or top 10 customers could have a material adverse effect on our business, financial condition, results of operations, and cash flows. In Fiscal 2026, the top customer contributed 40.64% of revenue from operations, the top 5 customers contributed
Risk factor. Our business operations are dependent on the battery and metal industries, which accounted for 84.79%, 87.23%, and 88.64% of our revenue from operations in Fiscal 2026, 2025, and 2024, respectively. Any downturn in the demand of these industries could adversely affect our business.
Primarily fresh capital. 75% of the offer is fresh issue, so most proceeds fund the company.
Low leverage. Debt-to-equity of 0.39x.
Strong revenue growth. Restated revenue CAGR of 58.8%.
Healthy return on equity. ROE of 57.5%.
How the offer is structured
Fresh issue
₹320 Cr
New capital into the company
Offer for sale
₹106 Cr
Goes to selling shareholders
OFS share
25%
- 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₹46.3 Cr
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
0.39
P/E at upper band
15.95
Only in a priced RHP
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 (a) criminal proceedings, (b) actions taken by any statutory or regulatory authorities, (c) disciplinary action including penalty imposed by SEBI or stock exchanges against the Company, Promoters and Directors in the last five Fiscals, (d) outstanding claims for any direct or indirect tax, or (e) details of any other pending litigations involving the Company, Directors, Promoters. All criminal proceedings involving Key Managerial Personnel and Senior Management and actions taken by regulatory and statutory authorities against such personnel are also not outstanding. The text defines a Materiality Policy and Threshold (₹ 21.15 million) for pending litigation but does not list specific pending cases.
Risks the company discloses
The loss of any of our top customer, top 5 customers, or top 10 customers could have a material adverse effect on our business, financial condition, results of operations, and cash flows. In Fiscal 2026, the top customer contributed 40.64% of revenue from operations, the top 5 customers contributed 81.98%, and the top 10 customers contributed 91.61%.(Customer Concentration)
Our business operations are dependent on the battery and metal industries, which accounted for 84.79%, 87.23%, and 88.64% of our revenue from operations in Fiscal 2026, 2025, and 2024, respectively. Any downturn in the demand of these industries could adversely affect our business.(Industry Concentration)
We depend on third-party suppliers for raw materials, and our 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 total purchases in Fiscal 2026, 2025, and 2024, respectively. Any disruptions in supply or availability of raw materials may have an adverse impact on our business operations, cash flows, and financial performance.(Supplier Concentration)
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 materials. Volatility in the Indian rupee against the U.S. dollar or other currencies may materially affect our business performance, financial condition, and cash flows.(Foreign Exchange)
A decline in the demand for pure lead or lead alloys by our customers in the battery and metal industries due to technological shifts, regulatory changes, supply chain disruptions, or changing industry preferences could directly impact our order volumes and revenue from operations.(Market Demand)
The loss of any substantial portion of sales to any of our top customer, top 5 customers, or top 10 customers could have an adverse impact on our business, financial condition, results of operations, and cash flows. We cannot assure that we will be able to maintain our historic levels of business from these customers or that we will be able to significantly reduce client concentration in the future.(Customer Concentration)
While we have not faced any instances of losing any of our top customer, top 5 customers, or top 10 customers in the last three Fiscals (2026, 2025, and 2024), the occurrence of any such instances could have an adverse impact on our business, financial condition, results of operations, and cash flows.(Customer Concentration)
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.