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Ardee Industries IPO Review

Ardee Industries IPO has been reviewed by 9 analysts, and the overall consensus is Strong Apply — carrying a score of 90. Out of the 9 analysts who have covered this IPO, 6 recommend subscribing while 3 advise caution or avoidance — reflecting a broadly positive view from the analyst community.

The issue is priced in the band of ₹50-53 per share, with a minimum application size of 281 shares (minimum investment of approximately ₹14,893 at the upper band). Subscription ran from 05 Aug 2026 to 07 Aug 2026. The issue size is ₹426 crore, a mix of fresh issue and offer for sale. As of now, the grey market premium (GMP) for Ardee Industries IPO is quoting at ₹17 (32.08%), which gives a preliminary sense of how the street is pricing the listing — though GMP is unofficial and can swing sharply before the listing date. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
90/ 100
Strong Apply 6 of 9 recommend subscribing
How analysts voted
Apply 6
May apply 3
Not rated 4

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

Ardee Industries is described in the notes as one of India's leading players in the circular economy, recycling lead and metals for the battery industry. FY26 income was ₹1,168.88 crore with profit jumping from ₹33.27 crore to ₹84.68 crore. Of the eight analysts covering it, three said subscribe, two advised caution and three gave no rating.

Listing gains

At the ₹53 upper band the notes value the issue at about 19.7 times FY26 earnings, on a market cap near ₹1,670 crore. Analysts describe this as reasonable against listed recycling peers trading around 29 to 30 times. That discount supported a positive lean, tempered by the cautious ratings on balance sheet quality.

Short-term strategy

Profit rose sharply in FY26 and EBITDA more than doubled to ₹147.08 crore. The cautious notes point the other way: the top five clients give 82 percent of revenue, cash conversion is weak and debt levels are elevated. Fresh money funds working capital and repays borrowings, which should ease that pressure.

Long-term strategy

The positive notes recommend it for long-term wealth creation on healthy return ratios and favourable recycling industry prospects. Their risks are concentration and end-market dependence, with a single customer at 40.6 percent of FY26 revenue, the top ten at 91.6 percent, and over 84 percent of revenue tied to battery and metal industries.

How this is written: an AI-assisted summary of the 13 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Latest IPO reviews

How analysts rated the most recent mainboard issues — and, where they have listed, how the call played out.

Frequently asked

Should I apply for Ardee Industries IPO?

The analyst consensus for Ardee Industries IPO tracked on this page is Strong Apply, with a score of 90/100. Out of 9 analysts who have reviewed this IPO, 6 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 90 mean for Ardee Industries IPO?

The score of 90 is an aggregate of all analyst ratings tracked for Ardee Industries IPO. A score in this range indicates strong analyst confidence — most analysts are recommending a subscribe. Read the individual analyst verdicts above for more context.

What was the actual listing price of Ardee Industries IPO?

Ardee Industries IPO listed on August 12, 2026 at ₹72, against the issue price of ₹53 — a gain of +35.85% (₹19 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of Ardee Industries IPO?

Ardee Industries IPO was priced at ₹50-53 per share. The minimum lot size is 281 shares, making the minimum investment approximately ₹14,893 at the upper end of the price band. Subscription ran from 05 Aug 2026 to 07 Aug 2026.

Explore Ardee Industries IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

Ardee Industries IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
Strong Apply
Score
90 / 100
Listed at
₹72
Full IPO details