Ardee Industries Limited has launched its ₹425.87 crore Mainboard IPO, offering investors exposure to India's growing secondary metals and battery recycling industry. Driven by rising battery demand, electric vehicle adoption, and increasing focus on sustainability, the company operates in a sector benefiting from long-term growth trends.
This Ardee Industries IPO Analysis covers the company's business model, IPO details, financial performance, valuation, growth opportunities, key risks, and investment outlook to help investors make a well-informed decision before applying for the IPO.
Looking beyond IPOs? Explore Finology 30.
Table of Contents
- Ardee Industries IPO Details
- Ardee Industries IPO Dates and Important Timeline
- About Ardee Industries Limited
- Business Model of Ardee Industries
- Manufacturing Infrastructure Supports Large-Scale Operations
- Products Manufactured by Ardee Industries
- Customer Base Demonstrates Strong Domestic Presence
- Key Strengths of Ardee Industries
- Industry Outlook Supports Long-Term Growth for Ardee Industries
- Objects of the Issue
- Financial Performance Analysis
- Ardee Industries IPO Valuation
- Brokerage Views on the Ardee Industries IPO
- Growth Drivers for Ardee Industries
- Key Investment Risks
- Should You Apply for the Ardee Industries IPO?
- Final Verdict
- FAQs
The Ardee Industries IPO 2026 is a Mainboard public issue comprising a fresh issue of equity shares along with an Offer for Sale (OFS) by existing shareholders. While the fresh issue proceeds will be utilised for business expansion and debt reduction, the OFS portion allows certain promoters to partially monetise their holdings.
The IPO has been priced within a relatively affordable range, allowing retail investors to participate with a minimum investment below ₹15,000. The issue is proposed to be listed on both the NSE and BSE after the completion of the allotment process.
Ardee Industries IPO Details at a Glance
| Particular |
Details |
| IPO Type |
Mainboard IPO |
| Issue Size |
₹425.87 Crore |
| Fresh Issue |
₹320 Crore |
| Offer for Sale |
₹105.87 Crore |
| Price Band |
₹50 to ₹53 per share |
| Face Value |
₹2 per equity share |
| Lot Size |
281 shares |
| Minimum Retail Investment |
₹14,893 |
| Listing Exchange |
NSE & BSE |
The fresh issue constitutes the larger portion of the public offering, indicating that most of the funds raised will be available for the company's future business requirements.
/content-assets/9ff2ae587dd0439cb5ad3474754f2fc8.png)
Get all the latest updates on the Ardee Industries IPO, including the price band, subscription status, GMP, allotment details, and listing timeline.
Investors planning to participate in the IPO should keep track of the important dates related to bidding, allotment and listing.
Important IPO Schedule
| Event |
Date |
| IPO Opens |
5 August 2026 |
| IPO Closes |
7 August 2026 |
| Basis of Allotment |
10 August 2026 |
| Refund Initiation |
11 August 2026 |
| Shares Credited to Demat |
11 August 2026 |
| Tentative Listing |
12 August 2026 |
The IPO follows the standard T+3 listing timeline adopted for Indian primary market issues, enabling investors to receive shares and refunds within a relatively short period after the issue closes.
Ardee Industries IPO Price, Lot Size and Investment Requirements
The Ardee Industries IPO Price has been fixed in the range of ₹50 to ₹53 per equity share.
Retail investors are required to apply for a minimum of 281 equity shares, translating into a minimum investment of ₹14,893 at the upper end of the price band.
The issue allocation follows SEBI's prescribed structure:
- Qualified Institutional Buyers (QIB): 50%
- Non-Institutional Investors (NII): 15%
- Retail Investors: 35%
This allocation provides meaningful participation across institutional and retail investor categories while ensuring adequate retail reservation.
Founded in 1993, Ardee Industries Limited operates in the business of recycling end-of-life batteries and processing non-ferrous metal scrap into value-added products.
The company plays an important role in India's circular economy by recovering valuable metals from used batteries and industrial scrap, reducing dependence on primary mining while supporting sustainable manufacturing practices.
Instead of extracting fresh raw materials, the company focuses on recovering reusable metals through specialised recycling processes. This business model not only helps conserve natural resources but also aligns with increasing global emphasis on environmental sustainability and responsible resource utilisation.
Over more than three decades, Ardee Industries has expanded from a domestic recycling company into an integrated manufacturer supplying refined lead and specialised lead alloys to customers across India and several international markets.
Its operations serve industries where lead remains an essential raw material, particularly battery manufacturing.
The core business of Ardee Industries revolves around converting used lead-acid batteries and other non-ferrous metal scrap into refined lead and specialised lead alloys.
The recycling process enables valuable metals to be recovered, refined and supplied back into industrial production, thereby creating a circular supply chain.
The company's revenue primarily comes from manufacturing and selling:
- Refined lead
- Specialised lead alloys
- Recycled lead products
- Other related non-ferrous metal products
These products are supplied to battery manufacturers and industrial customers that require consistent quality and reliable metal supplies.
One of the biggest advantages of this business model is that recycled lead requires significantly fewer natural resources compared to primary lead production, making recycling increasingly attractive as environmental regulations become stricter worldwide.
The company also benefits from increasing replacement demand for automotive batteries, industrial batteries, energy storage systems and backup power solutions, all of which require lead-based components.
A major strength highlighted in the Ardee Industries IPO Analysis 2026 is the company's integrated manufacturing infrastructure.
Ardee Industries operates an integrated recycling facility in Andhra Pradesh with an installed production capacity of 104,025 metric tonnes per annum (MTPA).
The facility undertakes multiple stages of production, allowing the company to process raw scrap into finished products within the same manufacturing ecosystem. This integrated approach improves operational efficiency, enables better quality control and helps optimise production costs.
The manufacturing plant also holds internationally recognised certifications, demonstrating adherence to quality, environmental and occupational safety standards.
These certifications include:
-
ISO 9001:2015 for Quality Management Systems
-
ISO 14001:2015 for Environmental Management Systems
-
ISO 45001:2018 for Occupational Health and Safety Management
Such certifications enhance credibility among domestic and international customers while supporting compliance with industry standards.
Strategic Location Provides Logistical Advantages
The location of the company's manufacturing facility provides another operational advantage.
The plant is situated close to major battery manufacturing hubs as well as key port infrastructure, enabling efficient sourcing of imported scrap and export of finished products.
The facility enjoys connectivity to:
- Chennai Port
- Kattupalli Port
- Ennore Port
This proximity helps reduce freight costs, shortens logistics timelines and improves overall supply chain efficiency.
For recycling businesses that rely heavily on imported raw materials and export markets, transportation efficiency plays an important role in maintaining operating margins.
Lower logistics costs can improve competitiveness while allowing the company to respond more quickly to customer demand.
Ardee Industries primarily focuses on manufacturing refined lead and specialised lead alloys.
These products are used extensively across multiple industries, particularly battery manufacturing.
The company's product portfolio includes:
- Refined Lead
- Specialised Lead Alloys
- Recycled Lead Products
- Related Non-Ferrous Metal Products
Lead remains one of the most widely used materials in automotive batteries, industrial batteries, backup power systems and several energy storage applications.
As battery demand continues to increase across transportation, telecom infrastructure and renewable energy storage, recycled lead is expected to remain an important component of the supply chain.
Rather than depending entirely on newly mined lead, manufacturers increasingly source recycled lead to improve sustainability while reducing raw material costs.
Ardee Industries has established relationships with several leading battery manufacturers and industrial customers across India.
The company supplies products to more than 50 customers spread across 12 Indian states, reflecting a diversified geographical presence.
One of its prominent customers includes Amara Raja Energy & Mobility, one of India's leading battery manufacturers.
Serving established companies helps demonstrate product quality, manufacturing consistency and supply reliability.
A broad customer network across multiple states also reduces dependence on any single regional market while providing opportunities for future expansion.
While the domestic market continues to be a key revenue contributor, Ardee Industries has also focused on expanding its presence in international markets. This growing export business has become an important part of the company's overall growth strategy and revenue diversification efforts.
Growing Export Business Strengthens Revenue Diversification
Apart from serving domestic customers, Ardee Industries has steadily expanded its international business.
The company exports its products to several countries, including:
- United States
- Japan
- South Korea
- Singapore
- Hong Kong
- Switzerland
- United Arab Emirates
Export revenue has emerged as one of the fastest-growing segments of the business.
Between FY24 and FY26, export revenue recorded a remarkable three-year CAGR of 138.69%, highlighting the company's increasing acceptance in overseas markets.
A diversified export presence helps reduce dependence on domestic demand while providing access to larger international markets. It also creates opportunities to benefit from favourable pricing conditions and broader customer demand across global recycling and metals industries.
Several operational factors support the company's long-term business strategy and feature prominently in any comprehensive Ardee Industries IPO Review.
Some of the company's notable strengths include:
-
More than three decades of operating experience in battery recycling and non-ferrous metals.
-
Integrated manufacturing facility with an installed capacity of 104,025 MTPA.
-
International quality, environmental and safety certifications.
-
Strategic location near major ports and battery manufacturing hubs.
-
Strong relationships with leading battery manufacturers.
-
Presence across more than 50 customers in 12 Indian states.
-
Rapidly expanding export business with operations across multiple international markets.
-
Business aligned with the long-term growth of the circular economy and sustainable resource utilisation.
These strengths provide the foundation for the company's future expansion while supporting its ability to serve both domestic and international customers efficiently.
Ardee Industries operates in the secondary metals and battery recycling industry, a segment that is becoming increasingly important as governments and industries focus on sustainability, resource efficiency and environmental compliance.
Lead continues to remain one of the most widely recycled metals in the world because it can be recovered and reused multiple times without a significant loss in quality. This makes battery recycling an important part of the manufacturing ecosystem, particularly for industries that rely heavily on lead-acid batteries.
India's growing automobile fleet, expanding industrial infrastructure, increasing telecom installations, renewable energy projects and backup power requirements continue to generate demand for batteries. As these batteries reach the end of their useful life, recycling companies become an essential part of the supply chain by recovering valuable raw materials and reducing dependence on primary mining.
The sector also benefits from increasing awareness around responsible waste management and stricter environmental regulations governing the disposal of used batteries. These structural trends create favourable long-term opportunities for organised recycling companies with integrated operations and regulatory compliance.
For Ardee Industries, this industry backdrop complements its existing manufacturing capabilities, customer relationships and export business, positioning the company to participate in the growing demand for recycled lead and allied products.
The fresh issue portion of the Ardee Industries IPO 2026 will primarily be used to strengthen the company's balance sheet and support future business growth.
Unlike IPOs where a significant portion of proceeds is earmarked for acquisitions or unrelated diversification, Ardee Industries intends to utilise the capital for core operational requirements.
Utilisation of IPO Proceeds
| Purpose |
Amount |
| Working Capital Requirements |
₹220 Crore |
| Debt Repayment |
₹20 Crore |
| General Corporate Purposes |
Remaining Balance |
The allocation reflects management's focus on improving liquidity, supporting higher production volumes and maintaining operational flexibility.
Below is a detailed breakdown of each key allocation and how the company expects to utilise the IPO proceeds to support its operations and future growth.
Working Capital to Support Business Expansion
The largest allocation of ₹220 crore has been earmarked for working capital requirements.
For recycling businesses, working capital plays a crucial role because raw material procurement often requires significant upfront investment. Companies must continuously purchase used batteries and metal scrap while maintaining adequate inventory levels to ensure uninterrupted production.
Additional working capital can help Ardee Industries:
- Procure higher volumes of raw materials.
- Support increased production throughput.
- Improve inventory management.
- Meet growing customer demand.
- Enhance operational efficiency.
Since the company has reported strong revenue growth in recent years, additional working capital may also help sustain future business expansion.
Debt Repayment May Improve Financial Flexibility
The company also plans to utilise ₹20 crore towards repayment or prepayment of existing borrowings.
Reducing debt can provide several financial benefits, including:
- Lower interest expenses.
- Improved debt servicing capability.
- Stronger balance sheet.
- Better financial flexibility.
- Enhanced borrowing capacity for future expansion.
Brokerage estimates indicate that post-issue debt reduction could bring the company's debt-to-equity ratio closer to 0.35x, strengthening its financial profile.
Although debt repayment represents a relatively small portion of the IPO proceeds, it contributes positively to improving capital structure.
General Corporate Purposes
The remaining proceeds will be used for general corporate purposes.
These funds provide management with flexibility to support routine business operations, administrative expenses and future growth initiatives as business requirements evolve.
One of the strongest aspects of the Ardee Industries IPO Analysis is the company's financial performance over recent years.
The company has reported substantial growth in both revenue and profitability, indicating that operations have scaled efficiently while margins have improved.
Higher capacity utilisation, better operating efficiencies and improved risk management have contributed to stronger earnings.
Financial Highlights
| Financial Metric |
FY25 |
FY26 |
| Revenue from Operations |
₹743.5 Crore |
₹1,168.9 Crore |
| Profit After Tax (PAT) |
₹33.3 Crore |
₹84.7 Crore |
Revenue increased by 57.2%, while profit after tax surged by 154.3%, significantly outpacing revenue growth.
Such growth indicates that profitability has improved at a much faster pace than sales, reflecting better operational leverage.
The overall financial performance reflects strong business growth, but analysing the key financial metrics individually provides a better understanding of the company's operational efficiency and earnings quality. The following sections below break down the major financial indicators and the factors supporting Ardee Industries' recent growth.
Revenue Growth Reflects Strong Business Momentum
Revenue from operations increased from ₹743.5 crore in FY25 to ₹1,168.9 crore in FY26.
This represents a year-on-year growth of approximately 57.2%, demonstrating the company's ability to expand its business across both domestic and export markets.
Several factors may have contributed to this growth:
- Higher production volumes.
- Better capacity utilisation.
- Expansion of customer relationships.
- Rapid export growth.
- Increased demand from battery manufacturers.
The company has also reported a three-year revenue CAGR of 58.8%, highlighting consistent business expansion over multiple years rather than one exceptional period.
Consistent multi-year growth generally provides greater confidence regarding the sustainability of business performance compared with isolated short-term improvements.
Profit Growth Outpaced Revenue Growth
While revenue recorded strong growth, profitability expanded at an even faster pace.
Profit after tax increased from ₹33.3 crore in FY25 to ₹84.7 crore in FY26.
This translates into an impressive 154.3% year-on-year growth, significantly exceeding revenue growth.
When profit grows faster than revenue, it often indicates improving operational efficiency.
Possible contributors include:
- Better operating leverage.
- Higher capacity utilisation.
- Improved product mix.
- Efficient cost management.
- Better pricing discipline.
- Improved hedging against commodity price fluctuations.
Although future profitability will continue to depend on commodity prices and market conditions, the FY26 performance reflects meaningful improvement in operating efficiency.
Healthy EBITDA Margin Indicates Operational Improvement
Ardee Industries reported an EBITDA margin of 12.6% in FY26.
For companies operating in commodity-linked manufacturing businesses, maintaining stable operating margins is important because raw material prices can fluctuate significantly.
The reported margin suggests that the company has been able to manage operating costs effectively despite exposure to volatile lead prices.
Management attributes part of this operational improvement to:
- Better capacity utilisation.
- Improved production efficiency.
- Enhanced hedging mechanisms.
- Better management of commodity price risks.
Stable operating margins remain important because profitability in metal recycling businesses can be influenced by changes in raw material costs and international metal prices.
Export Growth Has Become an Important Earnings Driver
Exports have emerged as one of the fastest-growing components of Ardee Industries' business.
Between FY24 and FY26, export revenue registered an impressive three-year CAGR of 138.69%.
The company currently exports to multiple international markets, including:
- United States
- Japan
- South Korea
- Singapore
- Hong Kong
- Switzerland
- United Arab Emirates
A diversified export presence offers several strategic advantages.
It helps reduce dependence on domestic demand, broadens the customer base and enables the company to access larger global markets. International diversification can also provide resilience during periods when demand in any one region slows.
Sustained export growth may continue to support revenue expansion if the company strengthens its overseas customer relationships while maintaining product quality and competitive pricing.
Operational Scale Supports Future Growth
The company's integrated manufacturing capacity of 104,025 MTPA provides an operational foundation for future expansion.
As demand increases, having established manufacturing infrastructure can allow the company to scale production more efficiently compared with businesses that need to invest in entirely new facilities.
Its strategic location near major ports further supports efficient sourcing of imported scrap and exports of finished products, potentially reducing logistics costs and improving turnaround times.
Combined with additional working capital from the IPO proceeds, these operational advantages may help the company support higher production volumes in the coming years.
Financial Strengths Highlighted in the Ardee Industries IPO Analysis
Based on the available financial data, several strengths stand out.
-
Revenue increased by 57.2% in FY26.
-
Profit after tax grew by 154.3%.
-
Revenue CAGR stood at 58.8% over three years.
-
EBITDA margin reached 12.6%.
-
Export revenue recorded a CAGR of 138.69% between FY24 and FY26.
-
Majority of IPO proceeds will support future business operations through working capital funding.
-
Planned debt repayment may improve the overall balance sheet.
These financial indicators suggest that the company has experienced rapid business expansion while simultaneously improving profitability. However, as with any manufacturing business linked to commodity prices, investors should also evaluate future earnings sustainability alongside historical growth before making an investment decision.
Valuation is one of the most closely watched aspects of any IPO because it determines the price investors are paying for the company's earnings.
At the upper price band of ₹53 per share, the Ardee Industries IPO is valued at approximately 16x to 19.7x Price-to-Earnings (P/E) based on FY26 annualised earnings.
To assess whether the IPO appears reasonably priced, investors often compare its valuation with listed companies operating in similar businesses.
Peer Comparison
| Company |
Approximate P/E |
| Ardee Industries |
16x to 19.7x |
| Gravita India Ltd |
32x to 35x |
| Pondy Oxides & Chemicals Ltd |
22x to 25x |
Hindustan Zinc Ltd also operates in the broader lead business segment, although its diversified business model makes it less directly comparable with Ardee Industries.
What the Valuation Suggests
Compared with the listed peer group, Ardee Industries is entering the market at a relatively lower earnings multiple.
A lower valuation does not automatically make an IPO attractive, but it may provide a valuation cushion if the company continues to deliver consistent business growth and profitability.
When evaluating valuation, investors should consider multiple factors rather than focusing only on the P/E ratio.
These include:
- Revenue growth
- Profit growth
- Operating margins
- Balance sheet strength
- Future expansion plans
- Industry outlook
Brokerages tracking the issue have highlighted several positives while also acknowledging the risks associated with commodity-linked businesses.
According to the available information, firms including Swastika Investmart and SBICAP Securities have noted that the IPO valuation appears reasonable when compared with the valuation range of established listed peers.
Some of the key observations include:
-
The IPO is offered at a noticeable valuation discount compared with comparable listed companies.
-
Fresh issue proceeds are expected to strengthen the balance sheet through debt reduction.
-
Higher working capital availability may support future business expansion.
-
The company's integrated recycling operations provide operational advantages.
-
Expansion opportunities exist beyond traditional lead recycling.
These observations indicate that analysts view the valuation as supportive, provided the company continues executing its growth plans successfully.
Beyond historical financial performance, investors should also evaluate the factors that could influence the company's future growth.
Ardee Industries operates in a business that benefits from several structural trends, while the IPO proceeds may further strengthen its operational capabilities.
1. Growing Demand for Battery Recycling
The increasing use of automotive batteries, industrial batteries and energy storage systems is expected to generate a steady supply of recyclable batteries over the coming years.
As battery usage increases across automobiles, telecom infrastructure, renewable energy and backup power applications, organised recycling companies may benefit from higher processing volumes.
2. Expansion Through Additional Working Capital
The company intends to allocate ₹220 crore towards working capital.
Additional liquidity can support:
- Higher raw material procurement.
- Increased production volumes.
- Better inventory management.
- Improved operational efficiency.
- Stronger customer servicing capabilities.
Working capital is particularly important in recycling businesses because raw material procurement requires significant upfront funding.
3. Improving Balance Sheet
The repayment of existing borrowings using IPO proceeds may strengthen the company's financial position.
A healthier balance sheet can improve:
- Interest coverage.
- Financial flexibility.
- Borrowing capacity.
- Capital allocation efficiency.
Lower leverage may also enhance the company's ability to pursue future expansion opportunities.
4. Export Market Expansion
Exports have emerged as one of the strongest growth areas for Ardee Industries.
The company already exports to several international markets including:
- United States
- Japan
- South Korea
- Singapore
- Hong Kong
- Switzerland
- United Arab Emirates
With export revenue recording a 138.69% CAGR between FY24 and FY26, overseas markets could continue contributing meaningfully to future revenue growth.
5. Future Capacity Expansion
According to the available information, the company has recently acquired a 5.56-acre land parcel.
This acquisition provides flexibility for future expansion beyond its existing recycling operations.
Over the long term, this may support capacity expansion and broader participation in the non-ferrous metals recycling segment, subject to future investment decisions and execution.
Every IPO involves risks, and investors should evaluate these carefully alongside the company's growth opportunities.
1. Commodity Price Volatility
Lead is traded globally on the London Metal Exchange (LME).
Sharp fluctuations in lead prices or scrap availability can impact operating margins despite the company's hedging mechanisms.
Since raw material costs form a significant portion of overall expenses, sustained volatility may affect profitability.
2. Customer Concentration Risk
A meaningful portion of the company's business comes from established battery manufacturers, including Amara Raja Energy & Mobility.
Although relationships with leading customers demonstrate business credibility, dependence on a limited number of large customers can create revenue concentration risk.
Loss of a major customer or lower order volumes could impact future financial performance.
3. Regulatory and Environmental Compliance
Battery recycling is a highly regulated industry.
Companies operating in this sector must comply with environmental regulations prescribed by various authorities, including pollution control boards.
Any tightening of regulations, operational disruptions or compliance failures could affect manufacturing operations.
Maintaining high environmental and safety standards therefore remains critical for long-term business continuity.
4. Offer for Sale Component
The IPO includes an Offer for Sale (OFS) worth ₹105.87 crore.
Under the OFS, approximately 1.99 crore shares are being sold by promoters Sandeep Aggarwal and Nikunj Aggarwal.
Unlike the fresh issue, proceeds from the OFS do not go to the company and are instead received by the selling shareholders.
While OFS transactions are common in public issues, investors should distinguish between funds raised for business growth and shares sold by existing shareholders.
The investment decision ultimately depends on an investor's risk appetite, investment horizon and expectations from the IPO.
For Listing Gain Investors
The Ardee Industries IPO enters the market at a valuation that appears lower than several listed peers in the recycling industry.
Combined with healthy financial growth and favourable brokerage commentary on valuation, the issue may attract investor interest. However, listing performance can also be influenced by overall market conditions, subscription demand and prevailing investor sentiment.
For Long-Term Investors
From a long-term perspective, Ardee Industries presents several encouraging characteristics.
The company has reported:
-
Revenue CAGR of 58.8%.
-
PAT growth of 154.3% in FY26.
-
Export revenue CAGR of 138.69% between FY24 and FY26.
-
Integrated manufacturing capacity of 104,025 MTPA.
-
Presence across domestic and international markets.
-
Planned strengthening of its balance sheet through debt repayment.
At the same time, investors should continue monitoring factors such as commodity price movements, customer concentration and the company's ability to efficiently deploy the IPO proceeds towards working capital and future expansion.
Want to compare Ardee Industries with other recently listed companies across manufacturing, recycling, and industrial sectors? Use this IPO dashboard to analyse valuations, subscription trends, and listing performance.
The Ardee Industries IPO Analysis 2026 suggests that the company is entering the public markets with a combination of strong financial growth, expanding exports, integrated recycling operations and a valuation that compares favourably with listed peers.
Its business aligns with long-term themes such as the circular economy, resource recycling and sustainable manufacturing. The planned utilisation of IPO proceeds towards working capital and debt repayment also indicates a focus on strengthening operations rather than pursuing unrelated diversification.
On the financial front, revenue increased by 57.2%, profit after tax grew by 154.3%, EBITDA margin reached 12.6%, and export revenue recorded a strong growth trajectory over the past few years.
However, investors should also recognise that the company operates in a commodity-linked business where profitability can be influenced by fluctuations in lead prices, raw material availability, environmental regulations and customer concentration.
Overall, the IPO appears reasonably valued relative to comparable listed companies. Investors seeking exposure to India's organised battery recycling and secondary metals industry may find Ardee Industries worth evaluating after considering both its growth prospects and the associated business risks.
1. What is the Ardee Industries IPO price band?
The Ardee Industries IPO price band is ₹50 to ₹53 per equity share.
2. What is the minimum investment required for the Ardee Industries IPO?
Retail investors need to apply for a minimum lot of 281 shares, requiring an investment of ₹14,893 at the upper price band.
3. What are the Ardee Industries IPO dates?
The IPO opens on 5 August 2026 and closes on 7 August 2026. The tentative listing date is 12 August 2026.
4. How will the company use the IPO proceeds?
The fresh issue proceeds will primarily be utilised for:
- Working capital requirements.
- Repayment of borrowings.
- General corporate purposes.
5. What does Ardee Industries do?
Ardee Industries manufactures refined lead, specialised lead alloys and related products by recycling end-of-life batteries and non-ferrous metal scrap. The company supplies battery manufacturers and industrial customers in India and overseas markets.
6. Who are the major customers of Ardee Industries?
The company supplies products to more than 50 customers across 12 Indian states, including Amara Raja Energy & Mobility, along with serving international customers across multiple countries.