# Avaada Electro Limited: IPO analysis > Avaada Electro Limited (CIN U31905UP2021PLC145680) has filed a Updated Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹1,600 Cr and an offer for sale of ₹6,000 Cr. In FY26 it reported revenue of ₹5,304 Cr (+481.8% on FY25) and a net profit of ₹889 Cr. Promoters hold 51.0% before the IPO. Our earlier look-up of its claims found no medium or high concerns across 40 claims looked up. - Page: https://ipo.innerkore.com/in/company/U31905UP2021PLC145680/avaada-electro-limited/ - CIN: U31905UP2021PLC145680 - Last updated: 25 Aug 2026 ## Key facts - **Company:** Avaada Electro Limited - **CIN:** U31905UP2021PLC145680 - **Filing stage:** UDRHP - **Latest SEBI filing:** 25 Aug 2026 - **Fresh issue:** ₹1,600 Cr - **Offer for sale:** ₹6,000 Cr - **Listing on:** BSE, NSE - **Revenue FY26:** ₹5,304 Cr - **Revenue growth:** +481.8% - **Net profit FY26:** ₹889 Cr - **Revenue CAGR FY25 to FY26:** 481.8% - **Promoter holding (pre-IPO):** 51.0% - **Lead managers:** ICICI Securities Limited, Axis Capital Limited, BofA Securities India Limited, SBI Capital Markets Limited, IIFL Capital Services Limited, IIFL Securities Limited, Avaada Electro Private Limited, Company was converted into a public limited, VINEET MITTAL AND AVAADA VENTURES PRIVATE LIMITED, BY AVAADA VENTURES PRIVATE LIMITED - **Registrar:** INM000010940 MUFG Intime India Private Limited - **Earlier look-up flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 481.8% a year. Sales FY25 to FY26; latest year +481.8%. - **Profitability** (looks fine): 16.8% net margin. FY26; operating margin slipping. - **Debt** (concern): 1.92x equity. ₹3,065 crore borrowed at the end of FY26. - **Profit into cash** (concern): 9% of profit. Operations brought in ₹80 crore against ₹889 crore of profit in FY26. - **One-off income** (looks fine): 9% of profit. Other and one-off income is 9% of pre-tax profit. - **Where the money goes** (concern): 79% for sale. 21% is new shares issued by the company. 100% of the new money repays debt. - **Red flags** (looks fine): None serious. 40 claims looked up earlier: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; unspecified) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 0.00 | 912 | 5,304 | | Sales growth | – | – | 481.8% | | Operating profit | -0.07 | 242 | 1,259 | | Operating margin | – | 26.5% | 23.7% | | Net profit | 23 | 173 | 889 | | Net margin | – | 19.0% | 16.8% | | Net worth | 415 | 588 | 1,593 | | Borrowings | 393 | 595 | 3,065 | | Return on equity | 5.4% | 29.5% | 55.8% | ## Use of proceeds (fresh issue) - Funding prepayment, repayment and/ or payment obligations to our lenders towards certain borrowings, and acceptances pursuant to letters of credit availed by our Company, in part or full: ₹1,200 crore - General corporate purposes(1): amount not fixed yet ## Claims looked up earlier - **NONE** (LitigationStatus): A criminal miscellaneous application was filed against Hero MotoCorp Limited concerning the alleged forgery of board resolutions authorizing employees to represent the company in various courts.. No web search results were found for the claim regarding a criminal miscellaneous application filed against Hero MotoCorp Limited concerning the forgery of board resolutions. - **NONE** (LitigationStatus): A writ petition was filed by Avaada Sunrays Private Limited challenging a Central Board of Indirect Taxes and Customs notification regarding the cancellation of a MOOWR license.. No web search results were found to corroborate, contradict, update, or provide any information regarding the writ petition filed by Avaada Sunrays Private Limited challenging the cancellation of a MOOWR license. - **NONE** (LitigationStatus): A writ petition was filed by Paregaon KH village Gram Panchayat challenging the allotment of land in favour of MSEB Solar Agro Power Limited.. No web search results were found to corroborate, contradict, update, or provide any information regarding the writ petition filed by Paregaon KH village Gram Panchayat challenging the land allotment to MSEB Solar Agro Power Limited. - **NONE** (PromoterBackground): Raj Parashar Constructions Private Limited is part of the Promoter Group.. No web search results were found for the claim regarding Raj Parashar Constructions Private Limited being part of the Promoter Group of Avaada Electro Limited. - **NONE** (PromoterBackground): Ivaar Hospitality Private Limited is part of the Promoter Group.. No web search results were found for the claim regarding Ivaar Hospitality Private Limited being part of the Promoter Group of Avaada Electro Limited. - **NONE** (PromoterBackground): Avaada HNAdampur Private Limited is part of the Promoter Group.. No web search results were found for the claim regarding Avaada HNAdampur Private Limited being part of the Promoter Group. Therefore, no corroboration or contradiction could be established. - **NONE** (PromoterBackground): MSKVY Fifth Solar Private Limited is part of the Promoter Group.. No web search results were found for the claim regarding MSKVY Fifth Solar Private Limited being part of the Promoter Group of Avaada Electro Limited. - **NONE** (PromoterBackground): Vishal Mittal has approximately 11 years of experience in various managerial and supply chain management roles and has previously been associated with Aarti Yarnfab Private Limited, Euler Motors Private Limited, Exide Leclanche Energy Private Limited, and Indus Towers Limited.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the experience or past associations of Vishal Mittal with the listed companies. - **NONE** (PromoterBackground): The individual discussed has approximately 31 years of experience in the renewable energy sector and has worked with several entities including Central Electronics Engineering Research Institute, Moser Baer Solar Limited, Websol Energy System Limited, Continental Device India Limited, and Usha (India) Limited.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim about the individual's experience or past employment history. - **NONE** (SubsidiaryPerformance): Key competitors in the business verticals include Waaree Energies Limited, Premier Energies Limited, Vikram Solar Limited, and others.. No current web search results were found to corroborate, contradict, or provide any information regarding the key competitors mentioned in the DRHP for Avaada Electro Limited. - **NONE** (SubsidiaryPerformance): The company has a robust order book from its strategic integration with Avaada Energy Private Limited, providing visibility on future growth.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Avaada Electro Limited has a robust order book resulting from its strategic integration with Avaada Energy Private Limited. - **NONE** (SubsidiaryPerformance): The company is a wholly-owned subsidiary of Avaada Ventures Private Limited, a member of the Avaada group, an integrated energy transition conglomerate.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Avaada Electro Limited is a wholly-owned subsidiary of Avaada Ventures Private Limited and part of the Avaada group. ## Common questions ### How big is the Avaada Electro Limited IPO? Avaada Electro Limited's IPO comprises a fresh issue of ₹1,600 Cr and an offer for sale of ₹6,000 Cr, according to its Updated Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Avaada Electro Limited's revenue and profit? Avaada Electro Limited reported revenue from operations of ₹5,304 Cr in FY26, +481.8% versus FY25. Net profit was ₹889 Cr (FY25: ₹173 Cr). Revenue grew at a compound rate of 481.8% a year from FY25 to FY26. Figures are read from the UDRHP, as printed there. ### How much do promoters own in Avaada Electro Limited? Promoters hold 51.0% of Avaada Electro Limited before the IPO. ### How will Avaada Electro Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding prepayment, repayment and/ or payment obligations to our lenders towards certain borrowings, and acceptances pursuant to letters of credit availed by our Company, in part or full (₹1,200 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Avaada Electro Limited's UDRHP? Earlier, we looked up 40 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Avaada Electro Limited do? Forget the hype: an investigation into the AVAADA ELECTRO IPO reveals a dark shadow over its launch. We uncover alarming details surrounding Hero MotoCorp Limited, including a criminal miscellaneous application alleging the forgery of board resolutions. ### Who manages the Avaada Electro Limited IPO? Book running lead managers: ICICI Securities Limited, Axis Capital Limited, BofA Securities India Limited, SBI Capital Markets Limited, IIFL Capital Services Limited, IIFL Securities Limited, Avaada Electro Private Limited, Company was converted into a public limited, VINEET MITTAL AND AVAADA VENTURES PRIVATE LIMITED, BY AVAADA VENTURES PRIVATE LIMITED. Registrar to the offer: INM000010940 MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Avaada Electro Limited IPO documents? All 2 filings for Avaada Electro Limited (UDRHP, DAP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [AVAADA ELECTRO LIMITED - UDRHP](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787804677669.pdf) (Updated Draft Red Herring Prospectus, filed 25 Aug 2026) - [AVAADA ELECTRO LIMITED - UDRHP](https://www.sebi.gov.in/sebi_data/commondocs/aug-2026/Avaada%20Electro%20Limited%20-%20Draft%20Abridged%20Prospectus_p.pdf) (Abridged prospectus (DAP), filed 25 Aug 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.