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Avaada Electro files for Rs 7,600 crore solar IPO
The Hindu BusinessLine··27 Aug
Avaada Electro filed an updated draft prospectus with SEBI for a 7,600 crore rupee initial public offering. It comprises a fresh issue of 1,600 crore rupees and a 6,000 crore offer for sale by Avaada Ventures. The Nagpur company runs 8.5 GW of module capacity and reported revenue of 5,303.52 crore in FY26. Proceeds will repay 1,200 crore of borrowings.
Prism
What It Means For You
- Retail investors get another route into domestic solar manufacturing, a sector built on policy support.
- Of the 7,600 crore rupees, only 1,600 crore is fresh capital; the rest goes to the selling promoter.
- The company holds a 3 GW allocation under the Production Linked Incentive scheme.
What's Happening
- The offer is a 1,600 crore rupee fresh issue plus a 6,000 crore offer for sale by Avaada Ventures.
- Revenue rose from 911.62 crore rupees in FY25 to 5,303.52 crore in FY26.
- Profit after tax grew from 173 crore rupees to 888.74 crore over the same period.
The Capacity Plan
- Avaada Electro runs 8.5 GW of module capacity and 3 GW of TOPCon cell capacity today.
- It targets 13.6 GW of module and 12 GW of cell capacity by fiscal 2028, adding ingot and wafer lines.
- Group subsidiary Avaada Energy accounted for 89 percent of FY26 revenue.
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