Avaada Electro, a solar cell and panel maker, filed its UDRHP with the market regulator SEBI to raise ₹7,600 crore via an Initial Public Offering (IPO).
As per the updated draft papers filed on August 25, the IPO will include a fresh issue of ₹1,600 crore and an offer-for-sale (OFS) of up to ₹6,000 crore by promoter Avaada Ventures.
Before filing the RHP, the firm may also plan to raise ₹320 crore via a pre-IPO placement. If the pre-IPO round goes through, the fund of ₹320 crore will be reduced from the fresh issue.
The firm submitted its DRHP with SEBI via a confidential route in October 2025 and received approval in April 2026.
Avaada Electro will use ₹1,200 crore of the fresh issue proceeds to repay debt. While, the remaining funds will be used for general corporate purposes. As of June 2026, total outstanding borrowings stood at ₹3,926.4 crore.
Premier Energies, Waaree Energies, Vikram Solar, Websol Energy Systems, and Emmvee Photovoltaic Power are some of the major competitors of the company.
Founded in 2021, Avaada Electro is a subsidiary of Avaada Ventures and manufactures advanced solar PV modules and cells. The company has 8.50 GW of operational solar module capacity, plans to add 5.10 GW by FY2027, and aims to increase TOPCon solar cell capacity from 3.00 GW to 12.00 GW by FY2028. Its solutions include utility-scale solar, commercial and industrial solar, and Residential solar.
The merchant bankers of the IPO include ICICI Securities, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets (India), SBI Capital Markets, and IIFL Capital Services.
Financially, in FY26, Revenue grew nearly six times to ₹5,303.5 crore, from ₹911.6 crore in FY2025. The profit also grew nearly 5-times to ₹888.7 crore, compared with ₹173.3 crore in the previous year.
Avaada Electro IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Avaada Electro Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2024 | ₹30.24 | ₹0.07 | ₹22.56 |
| 2025 | ₹933.09 | ₹701.45 | ₹173.30 |
| 2026 | ₹5415.63 | ₹4221.82 | ₹888.74 |
Avaada Electro IPO Valuation – FY2026
Avaada Electro IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹5.76 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 55.80% |
| Net Asset Value (NAV): | ₹10.33 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Premier Energies Limited | 33.63 | 31.33 | 35.02% | 95.15 | 7824.37 Cr. |
| Waaree Energies Limited | 129.10 | 20.80 | 25.88% | 521.84 | 26536.77 Cr. |
| Vikram Solar Limited | 13.68 | 12.74 | 14.85% | 87.43 | 4802.25 Cr. |
| Websol Energy Systems Limited | 6.98 | 11.86 | 48.04% | 14.53 | 1049.44 Cr. |
| Emmvee Photovoltaic Power Limited | 17.17 | 18.88 | 29.27% | 53.37 | 5049.88 Cr. |
Objects of the Issue
- Funding prepayment, repayment and/ or payment obligations to the lenders towards certain borrowings, and acceptances pursuant to letters of credit availed by the Company, in part or full; and
- General corporate purposes
