Solar PV maker Avaada Electro filed DRHP with SEBI to launch Rs 7,600 crore IPO; check key details

Avaada Electro has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of up to Rs 7,600 crore. The company, incorporated in 2021 and backed by Avaada Group, describes itself as one of India’s leading vertically integrated solar photovoltaic manufacturers based on operational solar cell and module capacity as of July 31, 2026.

The proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 1,600 crore and an offer for sale of up to Rs 6,000 crore by Avaada Ventures Private, the promoter selling shareholder. The equity shares have a face value of Rs 5 each.

Avaada Electro said the net proceeds from the fresh issue will be used primarily towards the prepayment, repayment and or payment obligations to lenders in relation to certain borrowings and acceptances under letters of credit availed by the company, in part or full, amounting to Rs 1,200 crore, with the balance earmarked for general corporate purposes.

Led by Chairperson Vineet Mittal and supported by a professional management team, Avaada Electro operates in the renewable energy sector and specialises in the production of solar cells and modules. Its solar modules are marketed under the brand names Enlume and Integlow through 14 distributors across 13 states.

The company said it aims to build a comprehensive vertically integrated solar manufacturing ecosystem to improve resilience, cost competitiveness and strategic autonomy. It expects to scale its solar module capacity to 13.60 GW, solar cell capacity to 12.00 GW and ingot and wafer capacity to 3.00 GW by Fiscal 2028, after which it expects to be vertically integrated across ingot, wafer, solar cell and solar module production.

The company said it has adopted N-type TOPCon technology across its existing module manufacturing lines, with modules designed for a 30-year operating life. It said cell-to-module power loss is about 2 per cent, compared with an industry average of about 4 per cent.

Its commercially listed bifacial glass-to-glass TOPCon modules have efficiencies of up to 23.61 per cent, while the N-type TOPCon modules have a bifaciality rate of about 80-85 per cent, compared with about 70-75 per cent for conventional PERC modules.

Avaada Electro reported revenue from operations of Rs 5,303.52 crore in FY26, up from Rs 911.62 crore in FY25. EBITDA rose to Rs 1,258.86 crore from Rs 241.68 crore, while profit after tax increased to Rs 888.74 crore from Rs 173 crore.

The company said its group company subsidiary, Avaada Energy, served as an anchor customer and contributed 89 per cent of revenue from operations in FY26. It also said that in one year, module installed capacity rose from 1.5 GW to 8.5 GW, effective capacity increased from 0.76 GW to 6.05 GW, production grew from 0.63 GW to 3.77 GW, and its order book expanded more than seven times from 2,555 MW to 19,106 MW.

The company said it is positioning itself to serve rooftop and residential consumers, particularly in urban and semi-urban areas, and to participate in government programmes such as PM-Surya Ghar, PM-KUSUM and CPSU with DCR-linked demand.

In March 2023, it was awarded 3 GW of integrated wafer-to-module manufacturing capacity under the Production Linked Incentive scheme and is eligible for incentives of up to Rs 961.62 crore, subject to applicable conditions and commissioning timelines.

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.