Avaada Electro IPO

About Avaada Electro

Avaada Electro operates in the renewable energy sector and specializes in manufacturing and selling solar photovoltaic modules and solar cells. The company markets its products under the Enlume and Integlow brands, using tunnel oxide passivated contact technology to produce bifacial glass-to-glass solar modules. It generates revenue through the sale and delivery of solar modules to independent power producers, including its primary customer and group entity, Avaada Energy, as well as other customers for utility-scale and government-mandated projects. The company operates two manufacturing facilities located in Dadri, Uttar Pradesh, and Butibori, Nagpur, Maharashtra, with an aggregate operational capacity of 8.50 gigawatts for solar modules and 3.00 gigawatts for solar cells. Additionally, the company is expanding its Nagpur facility to add solar cell, ingot, and wafer capacities, while developing a new facility in Greater Noida, Uttar Pradesh, to establish a vertically integrated manufacturing platform.

Financials of Avaada Electro

Issue size

Utilisation of proceeds

Strengths

• Top 10 vertically integrated solar PV manufacturer in India by operational capacity.
• Adopted N-type TOPCon technology across all existing and upcoming solar manufacturing lines.
• Competitive cost structure driven by co-located supply chain and manufacturing scale.
• Strong order book of 19,106.22 MW supported by strategic integration with Avaada Energy.
• Backed by the Avaada group and experienced leadership with proven project execution.

Risks

• Heavy revenue dependence on group company Avaada Energy (89.34% in Fiscal 2026).
• Limited operating history as commercial operations and revenue started only in Fiscal 2025.
• High financial leverage with debt-to-equity ratio rising to 1.92x in Fiscal 2026.
• Execution risks in expanding the Nagpur plant and building the Greater Noida facility.
• Does not own the Avaada trademark and relies on a license agreement with its promoter.