The Indian electrical systems & switchgears industry is ready to grow at a fervent pace till 2030, driven by government PLI programs, capex expenditure on infrastructure (power transmission & distribution segment of ₹11 Lakh Crore), renewable energy obligations, and the need for modular panels in data centers & industrials. In such a competitive scenario, players offering end-to-end solutions with scaled capacities & a business-to-business approach will dominate the market share.
Avana Electrosystems Ltd is a 2010-incorporated, Bengaluru-headquartered company (CIN U31400KA2010PLC054508) that rises as a key player in offering low and medium voltage switchgear, control panels, and EV charging solutions. The group operates an integrated manufacturing facility (annual capacity: more than 10,000+ panels, expandable) and supplies OEMs and EPC firms, and institutions in the industrial, renewable energy, and metro rail sectors with IoT-enabled modular systems. Avana Electrosystems will leverage the NSE SME through an IPO of 60.90 lakh equity shares with a face value of ₹10 each, consisting of a fresh issue of 50.90 lakh shares and an offer for sale of 10 lakh shares at a price to be determined later, opening on January 12, 2026, and closing on January 14, 2026, with allotment on January 15, 2026, and listing on January 19, 2026, to fund integrated manufacturing unit setup-₹11.55 Cr, working capital-₹8.40 Cr, and general corporate purposes.
Avana Electrosystems IPO Details:
Avana Electrosystems Issue Management:
Indcap Advisors Pvt Ltd acts as the book-running lead manager for Avana Electrosystems SME IPO, managing underwriting and compliance.
Avana Electrosystems IPO RTA (Registrar) Details:
Integrated Registry Management Services Pvt.Ltd. handles allotment, refunds, and demat credits—contact at (044) 28140801/28140803 or smeipo@integratedindia.in.
Avana Electrosystems IPO Allotment Status:
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Action Links:
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Avana Electrosystems Ltd. operates in a niche area with custom-made control relay panels in the higher voltage domain (11kV-220kV), Medium Voltage/Lower Voltage Switchgear, as well as Substation Automation solutions. It has its registered offices in Bengaluru, in the state of Karnataka, along with other manufacturing facilities in the Peenya Industrial Estate; further expansion in an integrated manufacturing unit will be funded with the help of IPO collections in order to cater to a growing demand in the B2B market.
Avana Electrosystems's revenues have been increasing by 18% YoY, with its PAT rising a whopping 107% to ₹8.31 Cr in FY25, as per DRHP filings, driven by the power transmission & distribution capex growth in the Indian market. The said NSE SME IPO involves a fresh issue of 50.90 lacs shares + an OFS of 10 lacs shares opening between January 12th & 14th, 2026 (allocation on January 15th, listing on January 19th) to meet the following objectives.
Avana Electrosystems IPO comprises a fresh issue of ₹20 Cr (50.90 lakh shares @ ₹10 FV) + OFS of 10 lakh shares, aimed at capex (₹11.55 Cr), working capital (₹8.40 Cr), and general purposes.
Avana Electrosystems IPO proceeds will be deployed towards the following objectives:
Standard NSE SME allocation: Retail ~35% (21.3L shares), NII 15% (9.1L shares), QIB 45% (27.4L shares incl. anchors), Market Maker 5% (3.0L shares) of total 60.90 lakh shares.
Avana reserves ~35% of QIB portion (est. 21L shares) for anchors. Bidding Jan 12, 2026 (day before public opening Jan 13). Lock-in: 50% (30 days), 50% (90 days).
The anchor allocation document filed right before the issue opens will list the names of specific anchor investors.
Avana Electrosystems Ltd exhibits strong growth with ROE 47.11%, ROCE 53.71%, PAT margin 13.52%, and EBITDA margin 20.36% for FY25 (revenue ₹62.93 Cr, PAT ₹8.31 Cr) per DRHP disclosures.
At upper price band (TBD), pre-issue valuation at reasonable ~15x FY25 EPS (est. post fresh issue equity base), supported by 18% revenue CAGR and low debt/equity 0.13.
The important risks and strengths of Avana Electrosystems IPO are mentioned below:
Strengths
Skilled technical promoters: Headed by Siddesh B.B. and Naveen Kumar with 15+ years of experience in electrical engineering and power systems to implement high-voltage panel orders effectively.
Manufacturing Expansion: The existing Peenya facility can support an output of 10,000+ panels on an annual basis; an IPO has helped set up an integrated manufacturing unit with double the capacity for processing EPC/renewables orders.
Pan-India B2B presence: Catering to utility, metro, and industry sectors, with 15+ states and more predictable, repeated orders compared with retail exposure.
Strong financial ratios: ROE of 47.11% in FY25, ROCE of 53.71%, EBITDA margin of 20.36%, and PAT margin of 13.52%.
Technical Innovation Advantage: Deals with relay panels from 11-220kV substation automation based on IoT requirements & PGCIL/RDSO specifications regarding T&D expansion.
Risks
Customer Concentration Risk: Being too reliant upon a customer base of top 5-10 EPC customers that represent more than 70% of revenues.
Execution Risks: The risk that the Company cannot spend up to ₹11.55Cr on the new production facility due to the shortage of skilled labor.
Volatility in Order Book: Revenue variation of 18% YoY; tied to successful power T&D tendering.
Compliance and regulatory requirements: There are pending cases against the promoters, and ISO certification may affect future government business.
Competition intensity: It has to compete with established switchgear manufacturers such as Danish Power, Aartech Solonics.
As stated in the DRHP, Avana Electrosystems Ltd. exhibits high profitability and scalability in the power T&D business, with a set of financials including ROE of 47.11% in FY25, EBITDA margins of 20.36%, and PAT margins of 13.52% attributed to the massive demand for 11-220kV control relay panels and substation automation solutions triggered by the India ₹11 Lakh Cr power sector capex thrust. Its niche offering in the high-voltage range, along with B2B selling in the EPC sector, utilities, and Metros in 15+ states, leads it to the forefront of the substation modernization and renewables space.
In this NSE SME IPO, the investor gets exposure to the ever-growing electrical equipment sector via a technically differentiated switchgear company with negligible debt and a proven execution background. The pre-issue multiple of low teens to FY25 EPS (to be disclosed upper band) seems fair for the SME with high-ROE and expanding production kapas with overall T&D push.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis only contains informative purposes and not investment advice.
Action Links:
To apply for Avana Electrosystems IPO, open a demat account here
Avana Electrosystems IPO Subscription Status: Check live subscription here
Avana Electrosystems IPO GMP Update: Check latest grey market premium here
1. What is Avana Electrosystems IPO Date & Listing Date?
Avana Electrosystems IPO opens Jan 12, closes Jan 14, 2026; allotment Jan 15, NSE SME listing Jan 19.
Track Avana Electrosystems IPO IPO subscription status live here.
2. Avana Electrosystems IPO Price Band, Lot Size & Minimum Amount?
The IPO Price band is ₹56-59/share, lot size 2000 shares. Retail min ₹2,36,000 (1 lot), NII min 6000 shares (3 lots).
Track Avana Electrosystems IPO GMP here on Finnpick to gauge investor demand before submitting your bid.
3. What is Avana Electrosystems IPO FY25 Financials ROE PAT?
ROE 47.11%, ROCE 53.71%, PAT ₹8.31 Cr (revenue ₹62.93 Cr), EBITDA margin 20.36%. Strong power T&D growth play.
4. How to apply for the Avana Electrosystems IPO?
Open demat here (Zerodha/Upstox/AngelOne) or ASBA by Jan 14, 5 PM. Monitor Avana Electrosystems IPO subscription tracker here.
5. How to check Avana Electrosystems IPO Allotment Status?
Post Jan 15 on Integrated Registry portal using PAN/DP ID. Avana allotment status live after basis finalization.
6. What is Avana Electrosystems IPO GMP today and subscription status?
Current GMP ₹0 (as of Jan 01). Avana Electrosystems IPO GMP trends here and live subscription status here from Jan 12th opening only on Finnpick.
7. Who is the lead manager and registrar for Avana Electrosystems IPO?
An investment bank (lead manager) is Indcap Advisors.
8. When is Avana Electrosystems IPO listing date?
Avana Electrosystems IPO is listing on NSE SME on January 19, 2026.
