Avaada Electro IPO

Avaada Electro Limited's IPO is a book building issue of ₹7,600.00 crore, consisting of a fresh issue of shares worth ₹1,600.00 crore and an offer for sale (OFS) of ₹6,000.00 crore.

The equity shares are proposed to be listed on NSE and BSE. ICICI Securities Limited is the book-running lead manager, and MUFG Intime India Private Limited is the registrar of the issue. Key details, such as IPO dates, price bands, and lot size, are yet to be announced.

About Avaada Electro Limited

Avaada Electro Limited was incorporated as Avaada Electro Private Limited on April 27, 2021, under the Companies Act, 2013, as a private limited company, with its registered office in Noida, Uttar Pradesh. The company was subsequently converted into a public limited company and renamed Avaada Electro Limited on September 16, 2025, following a Board resolution and a special resolution passed by its shareholders. The company is a wholly owned subsidiary of Avaada Ventures Private Limited and is part of the Avaada Group, an integrated energy transition conglomerate.

The company operates in India's renewable energy sector, specifically the solar photovoltaic (PV) cell and module manufacturing industry. It is primarily engaged in the manufacturing and sale of solar photovoltaic modules and is expanding its operations into solar cell manufacturing. Its manufacturing operations are focused on advanced N-type tunnel oxide passivated contact (TOPCon) technology, which is designed to improve solar cell efficiency and module performance.

The company's product portfolio comprises solar photovoltaic cells and solar modules, which are marketed under the Avaada Electro – Enlume and Integlow brand names. Its solar module portfolio includes N-type bifacial TOPCon modules in different formats and power outputs, including Integlow M-10, Integlow M-10L, Enlume G12, and Enlume G12R. These modules have maximum power outputs ranging from 585 Wp to 720 Wp and carry a 30-year performance warranty and a 12-year product warranty.

The company operates two manufacturing facilities across India, spread over an area of 206 acres. These facilities are located at Dadri in Uttar Pradesh and Butibori in Nagpur, Maharashtra. Both facilities are equipped with infrastructure for raw material storage, manufacturing, finished goods storage, and quality control.

As of March 31, 2026, the company had an aggregate installed solar module manufacturing capacity of 8.50 GW, comprising 1.50 GW at Dadri and 7.00 GW at Nagpur. The company also has 3.00 GW of operational TOPCon solar cell manufacturing capacity at Nagpur, with an additional 3.00 GW of solar cell manufacturing capacity in an advanced stage of commissioning as disclosed in the prospectus.

The company is undertaking further capacity expansion to strengthen its presence across the solar manufacturing value chain. It is developing a third integrated manufacturing facility at Greater Noida, Uttar Pradesh, which is expected to add 5.10 GW of solar module manufacturing capacity and 6.00 GW of solar cell manufacturing capacity by Fiscal 2028.

The company is also developing a pan-India distribution network to expand its presence in the retail solar market. As of March 31, 2026, it had entered into distributor agreements with 14 distributors covering 13 states.

These distributors market and supply solar modules under the Avaada Electro brand across different customer segments, including retailers, micro, small and medium enterprises (MSMEs), small-scale installers, regional engineering, procurement and construction (EPC) players, and commercial and industrial (C&I) clients. Additionally, through a group entity, the company has access to more than 250 solar sites across India, which are expected to serve as potential locations for local franchises.

The company uses third-party logistics providers and freight forwarders for the transportation and delivery of raw materials and finished products through air, sea, and land routes. Its products are dispatched from its manufacturing facilities in Dadri and Nagpur to customers across India.

The company is also exploring international markets through dedicated export sales initiatives and participation in global renewable energy exhibitions, including RE+ USA, Intersolar North America, the Shanghai New Energy Conference, and the World Future Energy Summit in Abu Dhabi.

Industry Outlook

• India’s total primary energy supply reached approximately 1,061.4 million tonnes of oil equivalent (Mtoe) in FY25. Coal accounted for nearly 52%, oil for 25%, natural gas for 6%, renewable energy sources including nuclear power for 5%, and biofuels and biomass for around 12%. Fossil fuels continued to contribute over 80% of the country’s primary energy supply.
• India’s power sector is witnessing a shift towards cleaner energy sources, with non-fossil fuel sources accounting for over 52% of installed electricity capacity. As of March 2026, the country had approximately 275 GW of installed renewable energy capacity. The Government of India aims to achieve 500 GW of non-fossil fuel-based capacity by 2030.
• India’s solar module manufacturing capacity has expanded significantly, reaching approximately 193 GWp as of May 1, 2026, based on the Approved List of Models and Manufacturers (ALMM). However, domestic solar cell manufacturing capacity remains relatively limited, accounting for only around 15%–20% of module manufacturing capacity, assuming full utilization.
• The domestic solar PV market has witnessed increased demand across utility-scale, rooftop, and open-access solar projects. Annual solar PV demand is expected to average approximately 65–70 GWp between FY27 and FY31, with demand during this period projected to be more than 2.5 times the rate recorded between FY21 and FY25. Demand for domestic content requirement (DCR) modules is also expected to increase significantly.
• Backward integration is becoming increasingly important for solar manufacturers as it helps optimize production costs, reduce dependence on external suppliers, improve quality control, and strengthen supply chain security. Raw materials account for approximately 80%–85% of solar cell manufacturers’ operating costs, while dependence on imported wafers exposes manufacturers to foreign exchange fluctuations and supply-chain risks.
• India has significant potential to emerge as a global solar module manufacturing and export hub. The country’s solar module manufacturing capacity is expected to reach approximately 240–260 GW by FY30, against estimated domestic demand of 65–70 GW. This projected surplus could create export opportunities, supported by government incentives, supply-chain diversification, and growing demand in developing markets.

Avaada Electro IPO Objectives

The company proposes to utilize the net proceeds from the issue towards the following objectives:

• Funding prepayment, repayment, and/or payment obligations to our lenders towards certain borrowings, and acceptances pursuant to letters of credit availed by the company, in part or full.
• Towards general corporate purposes.

Financial Performance of Avaada Electro Limited

Avaada Electro Limited Peer Details Comparison