The IPO will comprise a fresh issue of equity shares aggregating up to INR 1,600 crore and an OFS of up to INR 6,000 crore by promoter selling shareholder Avaada Ventures. The equity shares have a face value of INR 5 each.
August 26, 2026. By Abha Rustagi
Avaada Electro, a vertically integrated solar photovoltaic manufacturer backed by Avaada Group, has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for its proposed INR 7,600-crore initial public offering (IPO).
The IPO will comprise a fresh issue of equity shares aggregating up to INR 1,600 crore and an Offer for Sale (OFS) of up to INR 6,000 crore by promoter selling shareholder Avaada Ventures. The equity shares have a face value of INR 5 each.
Avaada Electro proposes to use INR 1,200 crore from the net proceeds of the fresh issue towards the prepayment, repayment and/or payment of certain borrowings and obligations under letters of credit availed by the company. The remaining proceeds will be used for general corporate purposes.
Incorporated in 2021, Avaada Electro is led by Chairperson and Whole-time Director Vineet Mittal and specialises in manufacturing solar cells and modules. Its modules are marketed under the Enlume and Integlow brands through 14 distributors across 13 states.
The company currently has 8.5 GW of operational solar module manufacturing capacity and 3 GW of operational TOPCon solar cell manufacturing capacity. It plans to expand its module capacity to 13.60 GW, solar cell capacity to 12 GW and ingot and wafer capacity to 3 GW by FY2028. Once fully commissioned, the planned facilities are expected to provide integration across the ingot, wafer, cell and module value chain.
Avaada Electro operates two manufacturing facilities. Its Dadri facility in Uttar Pradesh has 1.5 GW of annual module manufacturing capacity, while its principal integrated facility in Nagpur, Maharashtra, has 7 GW of operational module capacity and a 6 GW solar cell facility, of which 3 GW is operational and another 3 GW is under commissioning. The latter is proposed to become operational by the quarter ending September 30, 2026.
Its Dadri facility was commissioned within four months of construction commencing, while the Nagpur facility progressed from greenfield development to operational readiness in seven months.
The company has adopted N-type TOPCon technology across its existing module manufacturing lines. Its modules are designed for a 30-year operating life, while cell-to-module power loss is approximately 2 percent, compared with an industry average of around 4 percent, according to the UDRHP. Its commercially listed bifacial glass-to-glass TOPCon modules have efficiencies of up to 23.61 percent, with bifaciality of approximately 80 - 85 percent.
The company's average module manufacturing cycle time is approximately 16 seconds, among the fastest in the industry. It has also commenced production of glass-to-glass modules directly at both its manufacturing facilities, rather than beginning with glass-to-backsheet modules and subsequently transitioning to glass-to-glass production.
The company’s solar cell efficiencies listed under List II of the Approved List of Models and Manufacturers (ALMM) range from 24.5 percent to 26.3 percent, which it describes as the highest among established solar cell manufacturers in India.
The manufacturer has recorded a sharp improvement in financial performance. Revenue from operations rose from INR 911.62 crore in FY2025 to INR 5,303.52 crore in FY2026. EBITDA increased from INR 241.68 crore to INR 1,258.86 crore, while profit after tax rose from INR 173 crore to INR 888.74 crore during the same period.
Avaada Energy, a group company and an anchor customer, contributed 89 percent of Avaada Electro’s revenue from operations in FY2026.
The company’s operational scale also expanded rapidly during the year. Module installed capacity increased from 1.5 GW to 8.5 GW, effective capacity rose from 0.76 GW to 6.05 GW and production increased from 0.63 GW to 3.77 GW. Its order book expanded more than sevenfold, from 2,555 MW to 19,106 MW.
Avaada Electro is also seeking to diversify beyond module and cell manufacturing. Its plans include the introduction of the “Avaada Halo” energy storage solution, which it intends to integrate with its solar module sales, as well as entry into third-party engineering, procurement and construction (EPC) and operations and maintenance (O&M) segments.
The company has technology collaborations with RCT, Germany and ISC Konstanz, Germany, at the subsidiary level. It was among the early Indian manufacturers to introduce 720 Wp TOPCon solar modules compatible with multiple advanced solar cell formats.
The company is also developing a supply-chain ecosystem around its manufacturing facilities by strategically co-locating ancillary components such as solar glass, aluminium frames and encapsulants. The approach is expected to lower logistics costs, reduce turnaround times and improve inventory management.
The company is backed by Avaada Group and has received investment support from global institutions including Brookfield Global Transition Fund-I, Global Power Synergy Company (GPSC), part of Thailand’s PTT Group, Asian Development Bank (ADB), DEG, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. and Proparco.
ICICI Securities, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets (India), SBI Capital Markets and IIFL Capital Services are the Book Running Lead Managers to the issue.
