Avaada Electro, the solar manufacturing arm of Avaada Group, has filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI for a proposed ₹7,600-crore IPO.
The IPO will comprise a fresh issue of up to ₹1,600 crore and an Offer for Sale (OFS) of up to ₹6,000 crore by promoter Avaada Ventures. Of the fresh issue proceeds, ₹1,200 crore is proposed to be used for repayment/prepayment of certain borrowings and obligations, with the remaining amount earmarked for general corporate purposes.
Avaada Electro currently has 8.5 GW of operational solar module manufacturing capacity and 3 GW of operational TOPCon solar cell capacity. The company aims to scale its manufacturing footprint by FY2028 to 13.6 GW of module capacity, 12 GW of solar cell capacity and 3 GW of ingot and wafer capacity.
The company operates manufacturing facilities in Dadri, Uttar Pradesh, and Nagpur, Maharashtra. Its Nagpur facility has 7 GW of operational module capacity and a 6 GW solar cell facility, of which 3 GW is operational and another 3 GW is under commissioning.
Avaada Electro has adopted N-type TOPCon technology across its existing module manufacturing lines. Its commercially listed bifacial glass-to-glass TOPCon modules offer efficiencies of up to 23.61%, with bifaciality of approximately 80–85%.
The company also reported strong financial growth in FY2026, with revenue rising to ₹5,303.52 crore, EBITDA reaching ₹1,258.86 crore, and profit after tax increasing to ₹888.74 crore. Its order book expanded more than sevenfold to 19,106 MW during the year.
Beyond solar manufacturing, Avaada Electro plans to introduce its Avaada Halo energy storage solution and expand into third-party EPC and O&M services.
Key Highlights
- ₹7,600 crore proposed IPO
- ₹1,600 crore fresh issue
- ₹6,000 crore OFS
- 8.5 GW operational module capacity
- 3 GW operational TOPCon cell capacity
- Target by FY2028: 13.6 GW modules + 12 GW cells + 3 GW ingot/wafer
- FY2026 PAT: ₹888.74 crore
- Order book: 19,106 MW
