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Listed
Non-Ferrous Metals
Ardee Industries Limited IPO
₹426 Cr · Fresh Issue & OFS · Non-Ferrous Metals
Price Band
₹50 – ₹53
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 58.8% revenue CAGR, supported by 25.17% ROCE and strong 138.83× subscription. Primary risk is elevated D/E of 2.65× which will only partially improve post-IPO despite ₹20 Cr debt repayment.
Listing Performance
Issue Price
₹53
Allotment price
Listing Price
₹73.6
+38.87% on listing day
Current Price (CMP)
₹50.87
-4% vs issue
Listed On
12 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit surged from ₹8.9 Cr (FY-2) to ₹84.7 Cr (FY0), a 207.6% CAGR, while revenue grew 58.8% over the same period. This demonstrates strong operational leverage and margin expansion in the non-ferrous metals sector.
✓ Strength
Valuation discount to sector baseline
At 19.7× P/E, the company trades at 0.86× the niche/unlisted sector midpoint of 23×, placing it in the Subscribe range. The 138.83× subscription indicates strong retail confidence despite the SME classification.
⚠ Risk
High leverage limits financial flexibility
Debt-to-equity of 2.65× is materially above the 1.5× comfort threshold and well above typical manufacturing norms. Even after the ₹20 Cr debt repayment from IPO proceeds, leverage will remain elevated at approximately 2.4×, constraining future capital deployment.
⚠ Risk
Thin net profit margin vulnerability
NPM of 7.2% and EBITDA margin of 8.88% are modest for a metals company and leave limited buffer against commodity price volatility or operational disruptions. Any margin compression would materially impact earnings given the capital-intensive nature of the business.
₹ Valuation
Fair valuation with growth premium justified
P/E of 19.7× at 0.86× sector midpoint is attractive, and the 207.6% PAT CAGR supports a modest premium to baseline. However, NPM of 7.2% is below the 15% threshold that would justify a 1.5× multiple, so valuation sits at the lower end of fair range.
👁 Watch
Monitor debt reduction and working capital efficiency
Post-listing, track whether the company deploys ₹220 Cr for working capital efficiently and achieves the committed ₹20 Cr debt repayment on schedule. Failure to reduce leverage or margin compression 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 58.8% revenue CAGR, supported by 25.17% ROCE and strong 138.83× subscription. Primary risk is elevated D/E of 2.65× which will only partially improve post-IPO despite ₹20 Cr debt repayment.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹50 – ₹53.
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 ₹50.87 (+-4% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 07 Aug 2026. The company trades at 0.86× sector midpoint with exceptional 207.6% PAT CAGR and 58.8% revenue CAGR, supported by 25.17% ROCE and strong 138.83× subscription. Primary risk is elevated D/E of 2.65× which will only partially improve post-IPO despite ₹20 Cr debt repayment.
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 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.
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