Company Overview

Ardee Industries Limited (formerly Ardee Industries Private Limited) is a leading player in circular economy specializing in environmentally responsible recovery and recycling of end-of-life energy storage products and non-ferrous scrap. The company was incorporated on September 16, 1993, and converted to a public limited company on May 6, 2025. CIN: U24294DL1993PLC405804.

Financial Performance FY2025-26

Revenue: ₹1,167.65 crore (57.21% growth from FY25 ₹742.73 crore)

Profit Before Tax: ₹1,129.44 crore (152.97% growth from FY25 ₹446.47 crore)

Profit After Tax: ₹84.68 crore (154.52% growth from FY25 ₹33.27 crore)

EBITDA: ₹147.08 crore (123.1% growth from FY25 ₹65.93 crore)

EPS: ₹3.32 (FY25: ₹1.31)

Total Equity: ₹1,473.80 million as of March 31, 2026 (₹626.01 million previous year)

Current Tax Expense: ₹293.45 million for FY26 (₹116.71 million for FY25)

Effective Tax Rate: 25.17%

Operational Highlights

Production Volume: 69,855 MT (48.69% growth from FY25 46,980 MT)

Capacity Utilization: 67.15% (FY25: 45.16%)

Installed Capacity: 104,025 MTPA (increased to 156,950 MTPA w.e.f May 29, 2026)

Export Revenue: ₹465.05 crore (39.83% of total revenue, 69.07% growth)

Domestic Revenue: ₹647.72 crore (55.47% of total revenue)

Borrowings Structure

Total borrowings stood at ₹1,827.48 million comprising multiple facilities:

Term Loans: ₹229.59 million from Karnataka Bank, Yes Bank, Axis Bank, and RBL Bank with varying interest rates (8.25%-13.23%) and repayment terms

Cash Credit Facilities: Limits totaling ₹1.66 billion with outstanding ₹215.96 million across multiple banks

Working Capital Demand Loans: ₹845.36 million outstanding from Yes Bank, Axis Bank, RBL Bank, Standard Chartered Bank, and DBS Bank

Buyers Credit: ₹464.26 million outstanding in foreign currency facilities

All facilities are secured by mortgages of industrial land, plant machinery, personal guarantees of directors, and corporate guarantees

Key Developments

IPO Listing: Successfully completed ₹320 crore IPO in August 2026 with issue of 60,376,950 equity shares at ₹53 per share. The issue was oversubscribed 138 times.

LME Certification: Achieved LME Good Delivery approval for "Ardee Lead 9997" in December 2025, enabling premium export markets access.

Capacity Expansion: Installed capacity increased from 54,750 MTPA in FY2023 to 156,950 MTPA currently. Acquired 6-acre adjacent land bank for future expansion.

Bonus Issue: Issued 23,88,97,500 bonus shares in ratio of 15:1 on August 14, 2025.

Contingent Liabilities & Risks

Bank Guarantees: ₹125.00 million given to customers for job work arrangements

Disputed Income Tax Demand: ₹2.61 million for AY 2024-25

CSR Shortfall: ₹2.86 million to be spent by September 30, 2026

Risk Factors: LME lead price volatility, raw material availability fluctuations, customer concentration (top 10 customers contribute 91.61% of revenue), and regulatory compliance requirements

Related Party Transactions

Key Management Personnel: Sandeep Aggarwal (remuneration ₹20.05 million), Nikunj Aggarwal (remuneration ₹20.02 million), Esha Gupta (remuneration ₹1.60 million)

Enterprises with Significant Influence: Purchases from Pilot Industries Ltd (₹5.80 million), Sales to Pilot Industries Ltd (₹202.68 million), Loans from D.P. Auto Industries (₹15.00 million received, ₹57.06 million repaid)

Financial Position & Ratios

Balance Sheet (as of March 31, 2026): Total Assets: ₹3,633.33 million, Net Worth: ₹1,473.80 million, Total Borrowings: ₹1,827.48 million

Key Ratios: Debt-Equity Ratio: 1.25x (FY25: 2.65x), Current Ratio: 1.41x (FY25: 1.04x), Return on Net Worth: 57.46% (FY25: 53.15%), Interest Coverage: 9.61x (FY25: 5.42x)

Future Outlook

Focus on improving capacity utilization from current 67.15%, deployment of ₹220 crore IPO proceeds for working capital requirements, expansion into adjacent recycling streams (plastic, acid, copper, tin recovery), and medium-term diversification into lithium-ion battery recycling with greenfield expansion on acquired 6-acre land parcel.