✅ Subscribe
Listed
Non-Ferrous Metals
Ardee Industries Limited IPO
₹426 Cr · Fresh Issue & OFS · Non-Ferrous Metals
Price Band
₹50 – ₹53
Lot: 2000 shares (₹106,000)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹426 Cr
Fresh Issue & OFS
Market Cap
₹1670.57 Cr
At upper band
P/E Ratio
19.7x
P/S: 1.4x
Listing Date
12 Aug 2026
BSE & NSE
IPO Timeline
✓
Opens
05 Aug 2026
✓
Closes
07 Aug 2026
✓
Allotment
10 Aug 2026
✓
Refund
11 Aug 2026
✓
Listing
12 Aug 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 0.86× sector midpoint with exceptional 207.6% PAT CAGR and 25.17% ROCE, supported by 138.83× subscription and 21.94% GMP. High leverage (D/E 2.65×) and thin 7.2% NPM are material concerns that warrant caution on position sizing.
Listing Performance
Issue Price
₹53
Allotment price
Listing Price
₹73.6
+38.87% on listing day
Current Price (CMP)
₹43.47
-18% vs issue
Listed On
12 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit grew from ₹8.9 Cr (FY-2) to ₹84.7 Cr (FY0), delivering a 207.6% two-year PAT CAGR. This demonstrates strong operational leverage and margin expansion despite a modest 7.2% NPM, indicating the business is scaling efficiently.
✓ Strength
Attractive valuation relative to sector
At 19.7× P/E, the company trades at 0.86× the niche/unlisted sector midpoint of 23×, placing it in the Subscribe zone. Combined with 58.8% revenue CAGR and 25.17% ROCE, the valuation offers meaningful margin of safety for growth investors.
⚠ Risk
Elevated leverage constrains financial flexibility
Debt-to-equity of 2.65× is materially above the 1.5× comfort threshold and sits in the elevated zone for non-infrastructure sectors. While ₹20 Cr of the proceeds will repay debt, post-IPO leverage will remain a structural constraint on dividend capacity and acquisition optionality.
⚠ Risk
Thin margins limit downside protection
Net profit margin of 7.2% and EBITDA margin of 8.88% are narrow for a non-ferrous metals business, leaving minimal buffer against commodity price volatility or operational disruptions. Any margin compression would materially impact earnings.
₹ Valuation
Fair valuation with growth premium justified
P/E of 19.7× at 0.86× sector midpoint is below the 1.0× threshold for Subscribe conviction. The 207.6% PAT CAGR and 25.17% ROCE support this multiple, though the 7.2% NPM prevents a higher conviction rating despite strong growth.
👁 Watch
Post-listing debt trajectory and working capital
Monitor quarterly debt levels and working capital intensity post-listing, as ₹220 Cr (52% of proceeds) is earmarked for incremental working capital. Any deterioration in cash conversion or inability to reduce leverage would signal execution risk.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Ardee Industries Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹1167.65 Cr
Net Profit
₹84.68 Cr
Industry
Non-Ferrous Metals
Issue Type
Fresh Issue & OFS
Promoters
SANDEEP AGGARWAL, NIKUNJ AGGARWAL AND ESHA GUPTA
Lead Managers
Pantomath Capital Advisors
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.86× sector midpoint with exceptional 207.6% PAT CAGR and 25.17% ROCE, supported by 138.83× subscription and 21.94% GMP. High leverage (D/E 2.65×) and thin 7.2% NPM are material concerns that warrant caution on position sizing.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 2000 shares. At the upper band price of ₹53, the minimum investment per retail application is ₹106,000. You can apply for up to 13 lots (₹1,378,000) under the retail category (up to ₹2 lakh).
The IPO opens on 05 Aug 2026. It closes on 07 Aug 2026. Allotment is expected on 10 Aug 2026. Refunds initiate on 11 Aug 2026. Listing on BSE and NSE is on 12 Aug 2026.
The lead managers for the IPO are Pantomath Capital Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 12 Aug 2026 at ₹73.6 against an issue price of ₹53 (+38.87% on listing day). The current market price (CMP) is approximately ₹43.47 (+-18% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 07 Aug 2026. The minimum investment is ₹106,000 for one lot (2000 shares). The company trades at 0.86× sector midpoint with exceptional 207.6% PAT CAGR and 25.17% ROCE, supported by 138.83× subscription and 21.94% GMP. High leverage (D/E 2.65×) and thin 7.2% NPM are material concerns that warrant caution on position sizing.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 07 Aug 2026. The IPO is priced at a P/E of 19.7x. Market cap at issue price is ₹1670.57 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 2000 shares at ₹53 each, costing ₹106,000 per application. The issue closes on 07 Aug 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Ardee Industries Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
Explore More