Eastman Auto files confidential draft IPO papers with Sebi

Eastman Auto and Power Ltd (EAPL) has filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to initiate its initial public offering (IPO).

Founded in 2000 under the JRS Eastman Group, EAPL has developed into a multifaceted energy solutions provider specialising in battery storage, power electronics and solar technologies. The company operates with the vision of "Made in India, for the World."

EAPL's business strategy is centered on three pillars: last-mile electric mobility solutions, advanced electronics manufacturing, and solar energy integrated with energy storage. It holds around 50 per cent market share in electric three-wheeler (E3W) batteries as of fiscal year 2025 and serves more than 400 E3W original equipment manufacturers across India. This is supported by an extensive service network with over 2,500 partners and 1,200 distributors.

The company's manufacturing infrastructure includes eight plants nationwide, with three dedicated to power electronics. Its product lineup includes E3W chargers, solar inverters (off-grid, grid-tie and hybrid), online UPS systems and home inverters. EAPL's in-house research and development team comprises over 200 professionals and international experts, holding five patents alongside 47 design registrations.

EAPL recently commissioned an 800 MW solar panel manufacturing facility in Sonipat. It manufactures lithium-based energy storage systems, solar batteries, and inverters and is India's largest exporter of storage batteries for solar applications, distributing to more than 50 countries.

In fiscal year 2025, the company reported revenues of Rs 4,228 crore with a compound annual growth rate of 28 per cent from fiscal years 2023 to 2025. Its production capacity encompasses 11.47 GWh of battery storage and annual outputs of six million energy-storage units and two million units of solar inverters, home inverters and E3W chargers.

India's clean energy sector is expanding rapidly, with the electric vehicle market expected to increase from $2.36 billion in 2024 to $164.42 billion by 2033 at a 57 per cent CAGR. The EV battery market is projected to reach $13.89 billion by 2033. Solar energy capacity is also growing, with installed solar capacity anticipated to reach 303 GW by 2030 and rooftop solar capacity expected to nearly quadruple from 4.4 GW in 2019 to 17 GW by 2025.