India’s IPO and pre-IPO market has become a critical hunting ground for investors looking for growth, diversification, and exposure to new economy themes such as renewables, circular economy and advanced materials. Within this landscape, the Draft Red Herring Prospectus (DRHP) of Ardee Industries Limited is notable because it offers exposure to a scaled, profitable player in recycled lead and lead alloys, a niche that sits at the intersection of energy storage, e‑mobility and sustainability. For investors tracking upcoming unlisted shares in India, Ardee’s move towards listing provides a data-rich window into its business model, financials and risk profile.
Ardee Industries operates in a segment where over 80% of India’s lead demand is already met through secondary (recycled) lead, making efficient recycling businesses strategically important for domestic resource security. The company’s DRHP highlights strong revenue growth, healthy margins and a capacity-led model that benefits from rising demand in batteries, energy storage and automotive sectors. This blog breaks down the key aspects of Ardee Industries from an investor’s perspective, with a focus on whether the “Ardee Industries Unlisted Share Price” and the eventual IPO could represent an attractive investment opportunity in unlisted companies.
About Ardee Industries Limited
Ardee Industries Limited is a lead recycler and alloy producer positioned as one of India’s leading circular economy players focused on environmentally responsible recovery and recycling of end‑of‑life energy storage products and non‑ferrous scrap. The company’s product portfolio includes pure lead and customised lead alloys such as lead‑calcium, lead‑antimony, lead‑tin, lead‑silver and lead‑cadmium, which are used in batteries, e‑mobility, chemicals and other industrial applications.
The company was originally incorporated in 1993 as Ardee Industries Private Limited and converted into a public limited company in 2025 ahead of the proposed IPO. Promoters include Sandeep Aggarwal (Chairman & Managing Director), Nikunj Aggarwal (Whole‑time Director) and Esha Gupta, with the promoter group holding the bulk of equity pre‑issue. Ardee operates a single large manufacturing facility in Tirupati district, Andhra Pradesh, with about 7.61 acres of area and an installed recycling capacity of 104,025 MTPA, backed by ISO 9001, ISO 14001 and ISO 45001 certifications for quality, environment and occupational health and safety.
Major credibility milestones include recognition as a One Star Export House by the Directorate General of Foreign Trade in 2022 and the listing of its “Ardee” pure lead brand on the MCX platform, which provides transparent price discovery and hedging opportunities. The company has also applied for listing of “Ardee Lead 9997” on the London Metal Exchange, which, if approved, can further enhance its global positioning and pricing benchmarks.
Business Model and Sectors Served
Ardee’s business model is built around sourcing used lead‑acid batteries and non‑ferrous scrap, processing them through rotary furnaces and refining kettles, and supplying refined lead and alloys to domestic and export customers. The company operates a closed‑loop model where it participates across collection, recycling and production, thereby reducing dependence on imported primary lead and improving resource efficiency.
Key end‑use segments include:
- Automotive OEM and replacement battery manufacturers
- Inverter and UPS batteries
- Telecom and data‑centre backup systems
- Renewable energy storage, especially solar backup
- Industrial applications such as cable sheathing, pigments and PVC stabilisers
Strategic location in Andhra Pradesh near large battery manufacturers (including Amara Raja group entities) and port connectivity supports both domestic and export volumes. The presence on MCX also allows Ardee to interface with financial markets and commodity traders, enhancing liquidity and hedging possibilities for its customers.
Financial Overview: Revenue, Profit and Growth
The DRHP provides restated financial information for FY 2023, FY 2024 and FY 2025, showing strong topline growth and improving profitability. The table below summarises key numbers (all in INR million unless stated otherwise):
Ardee Industries – Key Financials (Restated)
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue from sale of products | 3,851.07 | 4,190.00 | 6,675.12 |
| EBITDA | 227.62 | 280.57 | 659.34 |
| Net profit (total comprehensive income) | 85.45 | 90.32 | 333.52 |
| Basic EPS (INR) | 0.34 | 0.35 | 1.31 |
| Return on net worth (%) | 42.38 | 30.61 | 53.15 |
| Net worth (INR million) | 202.17 | 292.49 | 626.01 |
Ardee’s revenue from sale of products increased from about INR 3,851 million in FY 2023 to INR 6,675 million in FY 2025, representing a healthy revenue CAGR of over 30%. EBITDA more than doubled over the same period, while net profit grew almost four‑fold in FY 2025, leading to an improved EPS and strong return on net worth.
The revenue mix is diversified across product categories:
- Pure lead contributed 70.51% of revenue from operations in FY 2023, 53.01% in FY 2024 and 42.34% in FY 2025.
- Lead alloys grew sharply, rising from 17.18% of revenue in FY 2023 to 34.15% in FY 2024 and 43.02% in FY 2025, reflecting higher value‑added sales.
- Scrap sales and other income form a small but consistent portion, together under 6% of total revenue.
This shift from pure lead to higher‑margin alloys is important from an investor standpoint, as it supports profitability and positions Ardee as a more specialised supplier rather than a pure commodity producer.
Industry Position and Peer Context
India’s recycled lead ingot market was valued at roughly INR 28,800 crore in FY 2025, driven by automotive, inverter/UPS, telecom, data centres and renewable energy applications. The broader recycled lead market globally is projected to grow steadily, supported by rising electric vehicle penetration and regulatory pressure for recycling. Within India, secondary lead production is a core source of domestic supply, with recycled lead meeting more than 80% of national demand.
According to industry reports, Ardee is among the fastest‑growing companies by revenue among its peer group over the last three fiscals, with a revenue CAGR of about 33.15%. Peers in the organised recycling and lead alloy space include names such as Gravita India and other regional recyclers, although product mix, export share and customer base differ. Ardee’s positioning benefits from:
- Integrated, capacity‑driven model with 104,025 MTPA refining capacity
- Export orientation and One Star Export House status
- Branding through MCX listing and proposed LME recognition for Ardee Lead 9997
For investors focused on upcoming unlisted shares in India, Ardee thus represents exposure to a growth segment within metals recycling rather than a conventional manufacturing or consumer‑facing business.
Market Opportunities and Growth Drivers
Several secular trends underpin Ardee’s addressable market:
- Rising penetration of automotive and two‑wheeler ownership, sustaining demand for lead‑acid starter batteries.
- Growing inverter, UPS and data‑centre backup markets in India, which continue to rely significantly on lead‑acid storage.
- Expansion of solar and renewable capacity, where lead‑acid batteries still command a sizeable share in off‑grid and backup solutions.
- Regulatory emphasis on proper disposal and recycling of used batteries, which favours compliant and organised recyclers.
The India recycled lead market is expected to grow at a CAGR of around 5–6% in the coming years, with imports and domestic recycling both contributing to supply. Ardee’s capacity, certifications and export credentials position it to benefit from this trend, while its alloy offerings can tap higher‑margin, specialised demand.
Key growth levers for Ardee include:
- Higher utilisation of installed capacity at the Tirupati facility
- Increased alloy share in the product basket
- Potential listing on the LME, which can open deeper global markets
- Stronger sourcing networks for scrap and used lead‑acid batteries to secure feedstock.
Risks and Challenges
The DRHP’s Risk Factors section details a range of risks that investors in Ardee Industries unlisted shares and the eventual IPO should consider. These can broadly be classified as:
Regulatory and Compliance Risks
- The company operates in an industry subject to stringent environmental, pollution control and hazardous waste regulations; any non‑compliance could lead to penalties, plant shutdowns or capex for remediation.
- Changes in GST, customs duty, export incentives, or environmental policies can impact profitability.
Operational and Supply Risks
- Ardee depends on the continuous and economical availability of used lead‑acid batteries and scrap; disruptions in collection channels or competition for scrap could affect capacity utilisation and margins.
- The manufacturing facility is a single‑location asset; concentration risk arises from potential natural disasters, accidents or local disruptions at this site.
Financial and Market Risks
- Exposure to volatile lead prices can affect margins, although MCX listing and hedging strategies mitigate part of this risk.
- The company carries working capital requirements that are sensitive to commodity cycles, receivables and inventory management.
Business and Customer Risks
- Dependence on a set of large customers, including major battery manufacturers, can create concentration risk if key relationships weaken.
- Intense competition from both organised and unorganised recyclers may pressure pricing and scrap sourcing.
Investors should review the detailed risk disclosures in the DRHP and align them with their own risk appetite and investment horizon.
Investment Insights: Pre‑IPO and Long‑Term View
From an investment perspective, Ardee Industries offers:
- A high‑growth revenue track record with a 30%+ CAGR and expanding EBITDA.
- Strong returns on equity (RoNW above 50% in FY 2025) and improving EPS.
- Exposure to a structural sustainability and circular‑economy theme rather than a purely cyclical metals play.
For investors evaluating investment opportunities in unlisted companies, Ardee could be attractive as a medium‑ to long‑term play on:
- Increasing formalisation of battery recycling in India
- Growth in energy storage linked to EVs, telecom and renewables
- Potential rerating post‑listing if the company sustains growth and margins.
However, being a commodity‑linked business, listing gains (if any) will likely depend on:
- Final IPO valuation relative to earnings and peer multiples
- Prevailing lead price cycle and sentiment on metals
- Broader IPO market conditions at the time of listing.
Investors looking at Ardee Industries unlisted share price in the grey market should be cautious about illiquidity, limited data transparency and the risk that actual IPO pricing and post‑listing performance may differ from pre‑IPO expectations.
Ardee Industries Unlisted Share Price and Unlisted Market Trends
The phrases “Ardee Industries Unlisted Share Price” and “investment opportunity in Ardee Industries unlisted shares” will gain traction as the company moves closer to filing its final RHP and announcing its price band. In the unlisted space, investors often look for a discount relative to expected IPO pricing, factoring in growth, margins and peer valuations; however, unlisted deals are negotiated bilaterally, and prices can be opaque and volatile.
Some broader trends in the unlisted share market in India include:
- Growing investor participation in upcoming unlisted shares in India, driven by demand to access businesses earlier in their lifecycle.
- Increasing role of specialised intermediaries and platforms in facilitating pre‑IPO transactions, though regulatory oversight and transparency levels vary.
- Instances where IPO price bands are set below prevailing unlisted share valuations, which can compress returns for late unlisted entrants.
For Ardee, investors should track:
- Any reported deals in Ardee Industries unlisted shares on reputed pre‑IPO platforms
- Implied valuation multiples (e.g., P/E, EV/EBITDA) at which such deals occur
- How those compare to listed peers in recycling and non‑ferrous metals.
Conclusion: Why Investors Should Track Ardee
Ardee Industries combines three themes attractive to long‑term investors: commodity‑linked cash flows, structural demand from batteries and energy storage, and a circular‑economy sustainability angle supported by regulation. The company’s financials show strong revenue growth, improving profitability and robust return ratios, underpinned by a large, certified facility and a shift toward higher‑margin alloys.
Investors tracking upcoming unlisted shares in India should keep Ardee on their watchlist for:
- Potential value in Ardee Industries unlisted share price before the IPO, if acquired at reasonable multiples
- Long‑term compounding potential from capacity utilisation, product mix improvements and global market access
- The opportunity to participate in India’s formal, environmentally compliant battery recycling ecosystem.
For ongoing updates on Ardee’s IPO timeline, pricing, and unlisted market developments, following specialised platforms like Unlisted Radar can help investors stay ahead in this evolving segment of investment opportunities in unlisted companies.
FAQs on Ardee Industries and Its Unlisted Shares
1. What is Ardee Industries’ unlisted share price today?
Ardee Industries unlisted share price is discovered through private transactions on pre‑IPO and unlisted share platforms, and there is no single official traded price like on NSE or BSE. Investors should check multiple reputed intermediaries or platforms specialising in upcoming unlisted shares in India to understand the latest deal levels and liquidity for Ardee Industries unlisted shares.
2. How can an investor buy Ardee Industries unlisted shares?
Investors typically access Ardee Industries unlisted shares through SEBI‑registered brokers, wealth managers or specialised pre‑IPO platforms that arrange matched deals between existing shareholders and new buyers. Due diligence on counterparty risk, documentation and transfer timelines is essential, as settlement and disclosure norms in the unlisted market are less standardised than in listed markets.
3. Is Ardee Industries a good investment before its IPO?
Ardee’s strong revenue CAGR, improving EBITDA, high return on net worth and positioning in the recycled lead and circular‑economy space provide a solid fundamental case for long‑term investors. Whether it is a “good” investment pre‑IPO depends on the entry valuation in the unlisted market relative to its earnings, peer multiples and the final IPO pricing, as well as the investor’s risk appetite for an illiquid, commodity‑linked business.
4. When is the Ardee Industries IPO likely to launch?
The DRHP dated September 28, 2025 outlines Ardee’s intention to raise funds via a fresh issue of equity shares aggregating up to INR 3,200 million along with an offer for sale of 37.65 million shares, but the exact IPO timetable, price band and lot size will be finalised closer to filing the Red Herring Prospectus. Investors should track SEBI and stock exchange announcements as well as merchant banker communications for final IPO dates and terms.
5. What are the key risks of investing in Ardee Industries unlisted shares?
Major risks include regulatory and environmental compliance risk, dependence on scrap and used battery availability, commodity price volatility in lead, and customer concentration in a few large battery manufacturers. Additionally, unlisted shares carry liquidity risk, pricing opacity and execution risk in transfers, which investors must factor into their position sizing and return expectations.
6. Which brokers or platforms deal in Ardee Industries unlisted shares?
Several specialised intermediaries and platforms focus on investment opportunities in unlisted companies, including pre‑IPO shares of companies preparing to list. Investors should work only with SEBI‑registered entities, verify past transaction track record, and cross‑check pricing with more than one counterparty before participating in Ardee Industries unlisted share transactions.
7. What will be the IPO lot size for Ardee Industries?
The DRHP states that the price band and minimum bid lot will be decided by the company in consultation with the Book Running Lead Manager and published at least two working days before the bid opening date. Until the final Red Herring Prospectus and public announcements are issued, the exact lot size and price band for Ardee Industries IPO remain undetermined.
8. How does Ardee Industries compare with competitors?
Compared with many domestic recyclers, Ardee benefits from a relatively large, ISO‑certified facility, a high installed capacity of 104,025 MTPA and recognition as a One Star Export House. Industry research indicates that Ardee’s revenue growth has been among the fastest in its peer set, while its push into alloys and branding via MCX and proposed LME listing aim to differentiate it from more commodity‑grade or regionally focused recyclers.
9. What are the main use‑cases of Ardee’s products?
Ardee’s pure lead and lead alloys are primarily used in lead‑acid batteries for automotive, industrial and renewable energy storage applications, alongside niche uses in cable sheathing, pigments and PVC stabilisers. This demand profile links the company’s fortunes to growth in vehicle sales, power backup infrastructure, telecom expansion and distributed solar adoption in India and export markets.
10. Why should investors follow updates on Ardee through platforms like Unlisted Radar?
Given the dynamic nature of the unlisted market and the sensitivity of Ardee Industries unlisted share price to news on approvals, valuations and IPO timelines, specialised research platforms can help investors track relevant developments in one place. Following such updates allows investors to make more informed decisions on entry, exit and position sizing in this upcoming unlisted share in India, and to respond quickly as the company transitions from DRHP to final listing.