Avaada Electro Limited Avaada Electro Limited is an Indian solar photovoltaic (PV) manufacturing company with its registered office in Noida, Uttar Pradesh. The company manufactures solar PV modules and solar cells, with its production focused primarily on N-type Tunnel Oxide Passivated Contact (TOPCon) technology. It is a subsidiary of Avaada Ventures Private Limited and part of the Avaada Group, a renewable energy company. Incorporated in April 2021, the company operates manufacturing facilities in Dadri, Uttar Pradesh, and Butibori, Nagpur, Maharashtra. Its product portfolio includes bifacial solar modules marketed under the Enlume and Integlow brands. As of October 2026, Avaada Electro had an operational annual solar module manufacturing capacity of 8.5 GW and solar cell manufacturing capacity of 7 GW.[1][2] Company information Particulars Details Company name Avaada Electro Limited Former name Avaada Electro Private Limited Industry Renewable energy Sector Solar photovoltaic manufacturing Founded 2021 Incorporation date 27 April 2021 Headquarters Noida, Uttar Pradesh, India Corporate promoter Avaada Ventures Private Limited Parent group Avaada Group Chairman and Whole-time Director Vineet Mittal Products Solar PV modules and solar cells Manufacturing facilities Dadri, Uttar Pradesh; Nagpur, Maharashtra Website https://avaadaelectro.com/ History Incorporation and establishment Avaada Electro was incorporated on April 27, 2021, as Avaada Electro Private Limited. The company was established as part of the Avaada Group's expansion into solar photovoltaic manufacturing. Its initial manufacturing operations focused on solar module production. The company subsequently expanded its activities to include solar cell manufacturing, with the objective of developing an integrated solar manufacturing business. Expansion into solar module manufacturing In 2024, Avaada Electro commissioned a solar photovoltaic module manufacturing facility with an annual production capacity of 1.5 GW in Dadri, Uttar Pradesh. The company also laid the foundation stone for an integrated manufacturing facility at Butibori, Nagpur, Maharashtra, during the same year. [2][3] In 2025, the company commenced operations at its first solar module manufacturing line at the Nagpur facility. The facility was developed from a greenfield site to operational readiness within seven months, according to company disclosures.[9] In October 2026, MNRE's 13th revision of ALMM List-II enlisted 7. 1 GW of the company's n-type TOPCon cell capacity at Nagpur, with a manufacturer-declared maximum cell efficiency of up to 26.8%. [10] Expansion into solar cell manufacturing The Nagpur facility was developed to expand the company's manufacturing capabilities beyond solar modules into solar cells. In July 2026, Avaada Electro reported that its first 3 GW N-type TOPCon solar cell production line at the facility had become operational, with additional capacity under development and commissioning. The expansion formed part of the company's plans to develop an integrated manufacturing facility covering multiple stages of solar photovoltaic production.[1] Business operations Avaada Electro is engaged in the manufacturing of solar photovoltaic modules and solar cells. Its operations focus on N-type TOPCon technology, which is used in high�efficiency photovoltaic products. The company's business activities include solar cell production, solar module manufacturing, product development and the distribution of solar modules for different market segments. Its products are intended for use in utility-scale solar power projects, commercial and industrial installations, and residential rooftop solar systems. Solar module manufacturing Solar photovoltaic modules are manufactured by assembling interconnected solar cells into panels that convert sunlight into electrical energy. Avaada Electro manufactures bifacial glass-to-glass solar modules. Bifacial modules can generate electricity from sunlight received on both their front and rear surfaces, depending on installation conditions. The company produces modules in different cell formats and power configurations for utility-scale, commercial, industrial and residential applications. Solar cell manufacturing The company has expanded into solar cell production through its integrated manufacturing facility in Nagpur. Solar cells form the electricity-generating component of photovoltaic modules. By manufacturing both solar cells and modules, Avaada Electro aims to increase the level of integration within its production operations. The company's cell manufacturing operations are based on N-type TOPCon technology. Manufacturing facilities Avaada Electro operates manufacturing facilities at Dadri in Uttar Pradesh and Butibori in Nagpur, Maharashtra. Dadri, Uttar Pradesh The company's Dadri facility commenced production in 2024 and has an annual solar module manufacturing capacity of 1.5 GW. The facility manufactures bifacial glass-to-glass TOPCon solar modules for applications across residential, commercial, industrial and utility-scale solar installations. Butibori, Nagpur, Maharashtra The Butibori facility is the company's principal integrated solar manufacturing campus. The facility has an operational annual solar module manufacturing capacity of 7 GW. Its first 3 GW N-type TOPCon solar cell production line was also reported operational in July 2026. It has secured government enlistment for 7.1 GW of N-type TOPCon solar cell manufacturing capacity under the Ministry of New and Renewable Energy’s (MNRE) Approved List of Models and Manufacturers (ALMM) List-II. [9] The company has outlined plans to expand cell manufacturing capacity at the Nagpur facility and develop additional stages of the solar manufacturing value chain. Greater Noida, Uttar Pradesh Avaada Electro has announced plans to establish an additional solar manufacturing facility in Greater Noida, Uttar Pradesh. The proposed facility includes 5.1 GW of solar module manufacturing capacity and 6 GW of solar cell manufacturing capacity. These capacities form part of the company's longer-term expansion programme and should be distinguished from its operational manufacturing capacity.[3][4] Products and technology Avaada Electro manufactures solar photovoltaic modules based primarily on N-type TOPCon technology. Tunnel Oxide Passivated Contact (TOPCon) is a solar cell architecture that uses a thin tunnel oxide layer and a passivated contact structure to improve the collection of electrical charge carriers and reduce recombination losses. The company's product portfolio includes bifacial glass-to-glass solar modules in different cell formats and power ratings. Its solar module products are marketed under the following brands: Enlume Enlume is the company's range of N-type TOPCon solar modules. The portfolio includes G12 and G12R module configurations for residential, commercial and utility-scale applications. Integlow Integlow is another range of N-type TOPCon solar modules offered by the company. Its products include M10L configurations designed for commercial, industrial and utility�scale installations. The company has also introduced higher-wattage solar module variants, including a 745 Wp TOPCon module.[1][5] Expansion plans and manufacturing integration Avaada Electro has outlined plans to increase its manufacturing capacity and expand into additional stages of the solar photovoltaic supply chain. Its expansion programme includes increasing solar module manufacturing capacity to 13.6 GW and solar cell manufacturing capacity to 12 GW by FY2028. The company has also announced plans to establish 3 GW of ingot and wafer manufacturing capacity in Nagpur. These proposed developments are intended to expand its manufacturing operations across the solar production value chain, covering ingots, wafers, solar cells and finished solar modules.[3][4] Financial performance Avaada Electro's financial performance recorded an increase in revenue and profitability between FY2025 and FY2026, following the expansion of its manufacturing operations. The company's financial information reported in its IPO-related disclosures is summarised below: Financial performance (₹ crore) Particulars FY2025 FY2026 Revenue from operations 911.62 5,303.52 EBITDA 241.68 1,258.86 Profit after tax 173.30 888.74 Total assets 204.49 647.09 Figures are based on the restated information disclosed in the company's IPO documents. 6][7] Corporate ownership and governance Avaada Electro Limited is a wholly owned subsidiary of Avaada Ventures Private Limited, which is part of the Avaada Group. The company has its registered office in Sector 65, Noida, Uttar Pradesh, and its corporate office in Andheri East, Mumbai, Maharashtra. Board of directors financial As per the company's investor relations disclosures, its board of directors comprises: • Vineet Mittal – Chairman and Whole-time Director • Sindoor Mittal – Vice-Chairperson • Vinoo George – Whole-time Director • Rajnish Kumar – Independent Director • Diana Miller – Independent Director • Subhash Kamath – Independent Director The board oversees the company's corporate governance, management and strategic direction.[2] Initial public offering Avaada Electro filed its initial draft offer documents with the Securities and Exchange Board of India (SEBI) through the confidential filing route in October 2025. The company subsequently received regulatory observations in April 2026 and filed an updated draft red herring prospectus (UDRHP) on August 25, 2026, for a proposed initial public offering. The proposed issue is valued at up to ₹7,600 crore and comprises: • Fresh issue: Equity shares worth up to ₹1,600 crore. • Offer for sale: Equity shares worth up to ₹6,000 crore by promoter Avaada Ventures Private Limited. The company proposed to utilise ₹1,200 crore from the fresh issue proceeds towards repayment or prepayment of certain borrowings and obligations under letters of credit. The remaining proceeds were earmarked for general corporate purposes. The offer for sale component would involve the sale of existing shares by the promoter, with the proceeds accruing to the selling shareholder rather than the company. The updated draft offer document also disclosed the company's financial performance, manufacturing capacity, business operations and associated risk factors.[6][8] References 1. Avaada Electro – Official website and company updates. 2. Avaada Electro – About Us and Investor Relations. 3. Avaada Electro – Sustainability Report FY2024–25. 4. Outlook Business – Avaada Electro files updated draft papers with SEBI for ₹7,600-crore IPO. 5. Avaada Electro – Solar module products and technology. 6. Moneycontrol – Solar panels maker Avaada Electro files updated DRHP for ₹7,600-crore IPO. 7. Upstox – Avaada Electro files UDRHP with SEBI for ₹7,600-crore IPO. 8. Moneycontrol – IPO-bound Avaada Electro faces FY29 deadline to meet ₹800- crore export obligation. 9. Energetica- Avaada Electro Files UDRHP for ₹7600-Crore IPO 10.Economic Times - Avaada Electro Gets Mnre Enlistment For 7.1 GW of TopCon Solar Cell Capacity External links • Official website • Investor Relations