Ardee IndustriesIPO Review — Financials, Valuation & Peers
A data-only look at the Ardee Industries IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 463.39 | 8.95 | 28.06 | 29.25 | 196.12 | 142.36 | — |
| FY 2025 | 743.53 | 33.27 | 65.93 | 62.6 | 262.06 | 165.77 | — |
| FY 2026 | 1,168.88 | 84.68 | 147.08 | 147.38 | 363.33 | 182.75 | 3.32 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 15.96x
- P/E (post-issue)
- 19.7x
- RoNW
- 57.46%
- RoE
- 81%
- RoCE
- 44.26%
- Debt / Equity
- 1.25
- EPS (pre-issue)
- ₹3.32
- EPS (post-issue)
- ₹2.69
- EBITDA Margin
- 12.6%
- PAT Margin
- 7.25%
- P/BV
- 21.54x
- NAV / share
- ₹5.78
- Market Cap
- ₹1,670.57 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Ardee Industries | 3.32 | 5.78 | — | 57.46% | — |
| Gravita India | 52.02 | 332.16 | 35.37x | 15.43% | 5.54x |
| Jain Resources Recycling | 10.25 | 45.24 | 33.57x | 22.25% | 7.64x |
| Pondy Oxides and Chemicals | 43.98 | 258.39 | 31.94x | 16.73% | 5.44x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Sandeep Aggarwal, Nikunj Aggarwal, Esha Gupta</p>
- Holding (pre-issue)
- 91.48%
- Holding (post-issue)
- 67.62%
- Dilution
- 23.86%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Ardee Industries IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
The anchor round of the Ardee Industries IPO drew 7 institutional investors committing a combined ₹127.76 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to BANK OF INDIA SMALL CAP FUND (₹25 crore), BENGAL FINANCE & INVESTMENT PVT.LTD. (₹25 crore) and WINRO COMMERCIAL (INDIA) LTD. (₹25 crore). Investor categories represented include Bank and Other. The lock-in on half the anchor shares ends on 8 Sept 2026, with the remainder locked until 7 Nov 2026.
Analyst view tally
For the Ardee Industries IPO, we track the published view of 1 reviewer, Capital Market among them. Of the 1 with a stated verdict, 1 says "May Apply". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Ardee Industries operates at an EBITDA margin of 12.6% and a net (PAT) margin of 7.25% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 44.26% and a return on equity (RoE) of 81%. At the upper band, the post-issue market capitalisation works out to about ₹1,670.57 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding incremental working capital requirement of company (₹220 crore), alongside general corporate purposes (₹46.27 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Ardee Industries reported revenue of ₹1,168.88 crore and a net profit of ₹84.68 crore. Revenue grew from ₹463.39 crore in FY2024 to ₹1,168.88 crore in FY2026 (+152.0%). Net worth stood at ₹147.38 crore at the end of FY2026. At the upper band, that puts the issue at roughly 16.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 19.7× post-issue earnings and 21.54× book value, against a return on net worth of 57.46% and a debt-to-equity ratio of 1.25. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Gravita India and Jain Resources Recycling, with a median peer P/E of about 33.6×. The issue's own post-issue P/E works out to 19.7×.
Promoters
The promoters of the company are <p>Sandeep Aggarwal, Nikunj Aggarwal, Esha Gupta</p>. Promoter holding stands at 91.48% before the issue and comes down to 67.62% after listing.
Frequently asked questions
- What is the reservation split in the Ardee Industries IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of Ardee Industries and what is their holding?
- The promoters are <p>Sandeep Aggarwal, Nikunj Aggarwal, Esha Gupta</p>. Promoter holding is 91.48% before the issue and 67.62% after listing.
- What is the P/E ratio of the Ardee Industries IPO?
- At the upper price band, the Ardee Industries IPO is valued at 15.96× pre-issue earnings and 19.7× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Ardee Industries IPO?
- The net proceeds go primarily toward funding incremental working capital requirement of company, among 4 disclosed objects.