Eastman Auto and Power Secures SEBI Nod for Proposed IPO
Eastman Auto and Power Ltd has received approval from the Securities and Exchange Board of India to proceed with its proposed initial public offering following the filing of a confidential DRHP in December 2025.
March 07, 2026. By Mrinmoy Dey
The company filed a confidential draft red herring prospectus (DRHP) with SEBI in December 2025. And, SEBI has issued observations on March 4, 2026. Now, EAPL will get 18 months to float the IPO.
Since EAPL filed the DRHP privately, it first has to file an updated DRHP with SEBI, followed by RHP filing with the Registrar of Companies.
Axis Capital is serving as the Coordinating Lead Manager for the issue.
Founded in 2000 under the JRS Eastman Group, EAPL has evolved into a diversified energy solutions provider operating across battery storage, power electronics, and solar technologies. The company’s business spans three key segments: last-mile e-mobility solutions, electronics manufacturing, and solar systems integrated with energy storage.
EAPL holds a strong presence in the electric three-wheeler battery segment, accounting for more than half of the industry’s volumes in FY25. It supplies batteries to over 400 electric three-wheeler OEMs across India and is supported by a nationwide service network of around 2,500 partners and 1,200 distributors. Its portfolio also includes E3W chargers, inverters, and UPS systems.
The company operates eight manufacturing facilities across India, including three dedicated to power electronics, with a combined annual capacity of nearly two million units.
EAPL has also recently commissioned an 800 MW solar module manufacturing facility in Sonipat, strengthening its strategy to build a more integrated solar solutions portfolio. In December 2025, Eastman Green Technologies, the solar manufacturing arm of EAPL secured Approved List of Models and Manufacturers (ALMM) approval for 374 MW of bifacial Mono PERC solar module.
In addition, the company produces lithium-based energy storage systems, solar batteries, and inverters to address the growing demand for solar adoption and reliable energy storage across grid and residential markets.
Beyond India, the firm exports storage batteries to more than 50 countries. Its overall production footprint includes 11.47 GWh of battery storage capacity and an annual output of six million energy storage units across electric three-wheelers, solar, and home-inverter segments, along with two million inverters and E3W chargers.
In FY25, EAPL reported revenue of INR 4,228 crore, registering a 28 percent compound annual growth rate (CAGR) between FY23 and FY25.
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