Aug 26: Avaada Electro Limited, one of India’s vertically integrated solar photovoltaic manufacturers, based on operational solar cell and module capacity as of July 31, 2026, has filed its Updated Draft Red Herring Prospectus with the Securities and Exchange Board of India for its INR7600 Crore IPO.
The company’s proposed IPO comprises a fresh issue of equity shares aggregating up to INR1,600 crore and an Offer for Sale aggregating up to INR 6,000 crore, taking the total offer size to up to INR 7,600 crore. The equity shares have a face value of INR 5 each. The Offer for Sale of up toINR 6,000 crore will be undertaken by Avaada Ventures Private Limited, which is the Promoter Selling Shareholder.
The net proceeds from the fresh issue are proposed to be utilised primarily towards funding the prepayment, repayment and/or payment obligations to lenders in relation to certain borrowings and acceptances pursuant to letters of credit availed by the Company, in part or full, amounting to ₹1,200 crore. The balance net proceeds will be utilised towards general corporate purposes.
Backed by its parent Avaada Group and led by Vineet Mittal, its Chairperson and supported by a professional management team, Avaada Electro was incorporated in 2021 and operates in the renewable energy sector. It specializes in the production of solar cell and modules. The solar modules are marketed under the brand names Enlume and Integlow across 14 distributors and 13 states.
The Avaada group’s credibility is further supported by longstanding backing from global investors such as Brookfield Global Transition Fund-I, Global Power Synergy Company (GPSC, part of PTT Group Thailand), Asian Development Bank, DEG (Deutsche Investitions- und Entwicklungsgesellschaft), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. and Proparco.
AELs board of directors comprise of Vineet Mittal, Chairman & Wholetime Director; Sindoor Mittal, Vice Chairman & Non Executive Independent Director; Vinoo George, Wholetime Director; Rajnish Kumar, Former SBI Chairman, Independent Director; Diana Miller, Independent Director and Subhash Kamath, Independent Director
Avaada Electro has a backward integrated Solar Module and Cell manufacturing facility and currently has 8.5 GW of operational solar module manufacturing capability and 3.00 GW of operational tunnel oxide passivated contact solar cell manufacturing capacity.
The company intends to build a comprehensive, vertically integrated solar manufacturing ecosystem to enhance resilience, cost competitiveness and strategic autonomy. It expects to increase 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 and upon complete commissioning of the projects, it is poised to be vertically integrated across the value chain, encompassing ingot, wafer, solar cell and solar module production.
The growth and diversification plans of the company also includes an intent to introduce an energy storage solution “Avaada Halo” which it will integrate with its solar module sales and enter into third party EPC and O&M Segments.
Backed by technology collaborations with RCT, Germany and ISC Konstanz, Germany at a subsidiary level its products are differentiated based on their efficiencies and power output. It was among the first Indian manufacturers to introduce 720 Wp TOPCon solar modules, compatible with multiple advanced solar cell formats.
It has adopted the N-type TOPCon technology across its existing module-manufacturing lines and the modules are designed for a 30 year operating life. The cell-to-module power loss is approximately 2%, compared with the industry average of approximately 4%.Additionally, its commercially listed bifacial glass-to-glass TOPCon modules have efficiencies of up to 23.61%. The N-type TOPCon modules have a bifaciality rate of approximately 80–85%, compared with approximately 70–75% for conventional PERC modules.
Recently its modules were recognised as a “Top Performer” in the Kiwa PVEL 2026 PV Module Reliability Scorecard across applicable reliability and durability tests.
Avaada Electro has two operational manufacturing facilities which include an advanced fully operational unit in Dadri, Uttar Pradesh that has 1.5 GW of annual module-manufacturing capacity and its principal integrated facility in Nagpur, Maharashtra that has a 7 GW of operational module capacity and a 6 GW solar-cell facility, comprising 3 GW of operational capacity and 3 GW under commissioning and is proposed to be operational within quarter ended September 30, 2026 .
The Dadri Facility was commissioned in just four months from the start of construction, and its Nagpur Facility was developed from greenfield to operational readiness within seven months, both of which are among the fastest commissioning of facilities of similar scale in India.
Avaada Group is in the process of strategically co-locating key ancillaries and components of our business, such as solar glass, aluminium frames and encapsulants adjacent to its manufacturing facilities. This arrangement will lower logistics costs, reduces turnaround time and allow for more responsive inventory management
AELs average cycle time – which reflects the speed of operation and measures the time taken to produce one module was just 16 seconds. This is one of fastest cycle times in the industry. The companies capital expenditure per GW of installed capacity as of March 31, 2026 is materially lower than the peers for facilities of similar scale in India.
While most solar module manufacturers start their new lines with glass-to-backsheet combination and later switch to glass- to-glass, considering the higher complexity, Avaada Electro has been amongst the few solar PV manufacturers in India who successfully started operations in both its facilities directly with G2G solar modules.
The companies solar cell efficiency as listed in List II of the ALMM, ranges from 24.5% to 26.3% and is the highest among all established solar cell manufacturers in India.
The revenue from operations rose from ₹911.62 crore in FY25 to ₹5,303.52 crore in FY26. EBITDA increased from ₹241.68 crore in FY25 to ₹1,258.86 crore and Profit after tax grew from ₹173 crore in FY25 to ₹888.74 crore in FY26.
Its group company subsidiary Avaada Energy served as an Anchor Customer and contributed to 89% of its revenue from operations in FY26.
In just one year, its module installed capacity surged from 1.5 GW to 8.5 GW, effective capacity from 0.76 GW to 6.05 GW, production from 0.63 GW to 3.77 GW, while the order book expanded over 7x from 2,555 MW to 19,106 MW.
The company is positioning itself to serve rooftop and residential consumers, especially in urban and semi-urban areas, as well as to participate in government programmes such as PM-Surya Ghar, PM-KUSUM and CPSU with DCR linked demand. In March 2023, the company was awarded 3 GW of integrated wafer-to-module manufacturing capacity under the Production Linked Incentive Scheme. It is eligible for incentives of up to ₹961.62 crore, subject to applicable conditions and commissioning timelines.
From June 1, 2026, solar modules used in specified projects covered by the applicable ALMM framework are required to source cells from domestic manufacturers enlisted under ALMM List-II. MNRE has also proposed the introduction of ALMM List-III for domestically manufactured wafers from 2028. This could provide an important growth opportunity for integrated domestic manufacturers with capabilities across wafers, cells and modules.
ICICI Securities Limited, Axis Capital Limited, BofA Securities India Limited, HSBC Securities and Capital Markets Private Limited, SBI Capital Markets Limited and IIFL Capital Services Limited are the Book Running Lead Managers to the issue.
