Avana Electrosystems IPO is a book-built public issue worth ₹35.22 crore, comprising a fresh issue of 0.52 crore shares amounting to ₹30.54 crore and an offer for sale of 0.08 crore shares aggregating to ₹4.68 crore.
The IPO will open for subscription on January 12, 2026, and close on January 14, 2026. The allotment is expected to be finalised on January 15, 2026, with the company slated to list on the NSE SME platform on January 19, 2026, subject to final approvals.
The price band for the Avana Electrosystems IPO has been fixed at ₹56 to ₹59 per share. The issue has a lot size of 2,000 shares. Retail investors are required to invest a minimum of ₹2,36,000 for 4,000 shares at the upper end of the price band. For HNI investors, the minimum application size is three lots or 6,000 shares, translating to an investment of ₹3,54,000.
Indcap Advisors Pvt. Ltd is acting as the book running lead manager for the issue, while Integrated Registry Management Services Pvt. Ltd has been appointed as the registrar. Refer to Avana Electrosystems IPO RHP for complete details.
Avana Electrosystems IPO Objectives
The company plans to utilise the Net Proceeds from the issue for the following purposes:
- Capital expenditure of up to ₹1,155.38 lakh is proposed for civil construction, internal electrical work, and internal plumbing to establish an integrated manufacturing unit.
- Up to ₹840.00 lakh is earmarked to meet the working capital requirements of the company.
- For general corporate purposes.
About Avana Electrosystems Limited
Avana Electrosystems Limited is engaged in the manufacturing of control and relay panels and relays. The company specialises in designing and producing customised Control and Relay Panels ranging from 11 kV to 220 kV for power system monitoring, control, and protection applications.
These solutions are used for transmission lines, power transformers, bus bars, capacitor banks, and other critical power infrastructure, catering to both indoor and outdoor installations across medium-voltage (MV) and low-voltage (LV) systems. Its offerings also include protection relays and substation automation systems.
The company’s control and relay panels are deployed across a wide range of sectors involved in power transmission and distribution, including solar power plants, wind power farms, conventional power generation units, power transmission stations, electricity board substations, and power utility companies.
Avana Electrosystems also manufactures relays, which are essential devices in electrical systems used to detect faults, analyse electrical parameters, and initiate protective actions to safeguard equipment and ensure system reliability.
Avana Electrosystems Limited is an ISO 9001:2015 certified company, reflecting its adherence to established quality management standards. Its product portfolio is broadly categorised into high-voltage and extra-high-voltage systems, medium-voltage systems, low-voltage systems, and protection relays.
The high-voltage and extra-high-voltage segment includes conventional and bay control unit (BCU)-based control and relay panels for SCADA and substation automation systems, feeder and line protection panels, transformer protection panels, bus-bar protection panels, and capacitor bank protection panels.
The medium-voltage segment comprises indoor and outdoor control and relay panels for feeder protection, bus coupler panels, and transformer protection. The low-voltage range includes AC and DC distribution boxes, on-load tap changer panels, and metering panels, along with protection and electromechanical relays.
The company operates two manufacturing units, both equipped with the required infrastructure and supported by a skilled team of engineers and technicians.
These teams have expertise in the design, manufacturing, testing, and commissioning of control and relay panels, switchgear panels, protection relays, and automation panels for power system applications across different voltage levels.
Avana Electrosystems’ customer base primarily consists of government power utilities and private sector energy producers, with operations spread across India. In FY 2025–26, the company also commenced exports, supplying its products to a customer in Kuwait, marking its entry into international markets.
Industry Outlook
- The LV switchgear industry is set to benefit from rising adoption of digitalisation, automation and smart monitoring solutions, along with deeper integration of renewable energy systems, driving demand for advanced and efficient products.
- India’s electricity demand is expected to grow steadily, with per capita consumption projected at 1,824 TWh by FY27 and peak power demand estimated at 277 GW in FY26, highlighting sustained infrastructure and grid expansion needs.
- Emphasis on self-reliance, energy efficiency and sustainability, coupled with a 7.4% CAGR in electricity consumption over FY21–FY25 and a persistent demand–supply gap of around 7–7.5%, is likely to support long-term opportunities for domestic manufacturers.
How To Apply for the Avana Electrosystems IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Avana Electrosystems IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Avana Electrosystems IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Avana Electrosystems Limited
Registered office: No: 8, KAIDB, lot No. 35, 1st Main Road, 2nd Phase, Peenya Industrial Area, Nelagadaranahalli Village, Peenya Small Industries, Bengaluru – 560 058, Karnataka, India.
Phone: +91 80 4123 3386
Email Id: cs@avanaelectrosystems.com
Avana Electrosystems IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
Avana Electrosystems IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 4000 | ₹2,36,000 |
| Individual investors (Retail) (Max) | 2 | 4000 | ₹2,36,000 |
| HNI (Min) | 3 | 6000 | ₹3,54,000 |
Avana Electrosystems IPO Promoter Holding
The promoters of the company include Anantharamaiah Panish, Gururaj Dambal, S Vinod Kumar and K N Sreenath.
| Share Holding Pre-Issue | 100% |
| Share Holding Post Issue | 73.64% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Avana Electrosystems IPO
| KPI | Value (FY 2025) |
| RoCE (%) | 53.71 |
| RoE (%) | 47.11 |
| EBITDA Margin (%) | 20.36 |
| PAT Margin (%) | 13.52 |
Avana Electrosystems IPO Registrar and Lead Managers
Avana Electrosystems IPO Lead Managers
- Indcap Advisors Pvt Ltd
Registrar for Avana Electrosystems IPO
Integrated Registry Management Services Pvt Ltd
- Phone: 044 - 28140801 to 28140803
- Email: smeipo@integratedindia.in
Financial Performance of Avana Electrosystems Limited
| Particulars (Units) | FY 2025 | FY 2024 | FY 2023 |
| Revenue from Operations (₹ in lakhs) | 6,148.58 | 5,298.77 | 2,840.65 |
| Growth in Revenue from Operations (YoY %) | 16.04% | 86.53% | 36.66% |
| Gross Profit (₹ in lakhs) | 2,939.28 | 2,054.99 | 1,216.13 |
| EBITDA (₹ in lakhs) | 1,251.96 | 741.97 | 192.04 |
| Profit After Tax – PAT (₹ in lakhs) | 831.23 | 402.41 | 92.29 |
| Operating Cash Flows (₹ in lakhs) | 676.66 | 94.77 | (31.75) |
Peer Comparison
| Name of the Company | Basic EPS (₹) | P/E Ratio | RoNW (%) | Total Revenue from Operations (₹ in lakhs) |
| Avana Electrosystems Limited | 4.76 | - | 38.13 | 6,148.58 |
| Danish Power Limited | 34.55 | 30.18 | 18.00 | 43,295.03 |
| Aartech Solonics Limited | 0.87 | 73.86 | 8.74 | 3,933.17 |
Strengths and Opportunities of Avana Electrosystems Limited
- Avana Electrosystems Limited has built strong, long-term relationships with state-owned and private power utilities, serving 367 customers in FY2025, reflecting a steadily expanding client base.
- A diversified revenue mix, with the top five customers contributing just over 22% in FY2025, reduces customer concentration risk and improves revenue stability.
- The company offers a wide portfolio of customised Control and Relay Panels from 11 kV to 220 kV, catering to renewable energy, transmission, and utility infrastructure projects.
- ISO 9001:2015 certification, in-house testing facilities, and IEC-compliant product testing enhance quality assurance and strengthen customer confidence.
- An experienced promoter-led management team with deep technical and financial expertise provides operational stability and the ability to adapt to evolving industry demands.
- High capacity utilisation across manufacturing units highlights strong demand and creates an opportunity for scale-up through the planned integrated manufacturing facility.
- Expansion of the dealer network across India presents opportunities to deepen market penetration, improve order inflows, and address regional demand efficiently.
- Growth in export potential, supported by renewed international focus and a confirmed order from Kuwait, opens avenues for global market expansion and revenue diversification.
Risks and Threats of Avana Electrosystems Limited
- Delay or failure to commence commercial production at the KIADB-allotted land by May 22, 2026, could lead to cancellation of the lease and negatively impact expansion plans.
- The company is highly dependent on IPO proceeds to fund its integrated manufacturing unit, with no alternate funding sources identified, increasing execution and funding risk.
- Ongoing legal proceedings could result in financial liabilities, penalties, or reputational damage if outcomes are unfavourable.
- Revenue concentration remains a risk, as a significant portion of income is derived from the top five and top ten customers, making earnings vulnerable to order losses or delays.
- Dependence on a limited number of suppliers exposes the company to supply disruptions, pricing volatility, and potential production delays.
- Strict customer quality standards mean any product defects could lead to order cancellations, recalls, litigation, and reputational harm.
- Demand for products is closely linked to growth in the power generation, transmission, and distribution sector, making performance sensitive to industry slowdowns.
- Heavy reliance on tenders, private players, and EPC contractors for sales exposes the company to policy changes, tender delays, and concentration-related revenue risks.
