AE
Avana Electrosystems Limited
Book Building issueSMENSE₹35.22 Cr issue
+31.36%
Listing gain over issue price
Issue size
₹35.22 Cr
1 lot at cut-off
₹1,18,000
Lot size
2,000shares
Open
12 Jan 2026
Close
14 Jan 2026
Allotment
15 Jan 2026
Listing
20 Jan 2026
Listing performance
Issue price
₹59
Listed at
₹77.50
Listing-day close
₹80.30
Latest price
₹129
Listing gain
+31.36%
Return since listing
+118.64%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹10.50
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 20 Jan 2026 | ₹10.50 | +17.80% | ₹16,000 | ₹69.50 | ₹21,000 |
| 19 Jan 2026 | ₹10.50 | +17.80% | ₹16,000 | ₹69.50 | ₹21,000 |
| 18 Jan 2026 | ₹12 | +20.34% | ₹18,200 | ₹71 | ₹24,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 12 Jan 2026 – 14 Jan 2026
- Listing date
- 20 Jan 2026
- Face value
- ₹10 per share
- Issue price
- ₹59 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹35.22 Cr
- Market cap at offer price
- ₹134 Cr
- Promoter holding
- 100.00% → 73.64% pre-issue → post-issue
- ISIN
- INE1KU201016
- Registrar
- Integrated Registry Management Services Pvt.Ltd.
- Lead managers
- Indcap Advisors Pvt.Ltd.
- Registered office
- No: 8, KAIDB, lot No.35, 1st Main Road, 2nd Phase, Peenya Industrial Area, Nelagadaranahalli Village, Peenya Small Industries, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 16,90,000 | — | — |
| Market maker | 3,00,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹59
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,18,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,36,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,44,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,62,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
16,90,000
Anchor portion
₹9.97 Cr
at ₹59 per share
Valuation and performance
Valuation at offer price
₹59 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.76 | 4.95 |
| P/E (×) | 12.39 | 11.92 |
| Price to book (×) | 4.73 | — |
| Market cap | — | ₹134 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 38.13%
- ROCE
- 53.71%
- Debt / equity
- 0.13
- PAT margin
- 13.52%
- EBITDA margin
- 20.36%
- NAV per share
- ₹12.48
- Price to book
- 4.73
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Avana Electrosystems Limited
Avana Electrosystems Limited, incorporated in 2010 and converted to a public company in December 2024, designs and manufactures control and relay panels, relays, numerical relays, electromechanical relays, annunciators, and related electrical components used in power supplies and signal conditioning circuits. The company operates two manufacturing facilities in Peenya Industrial Area, Bengaluru on leased premises, with an aggregate installed production capacity of 600 units per annum for control and relay panels and 70,000 units per annum for relays. Revenue from operations for FY2025 was ₹6,148.58 lakhs, growing from ₹5,298.77 lakhs in FY2024. The company earns revenue through the sale of these manufactured electrical control and automation products to customers in the power distribution and industrial sectors.
Company Analysis
from RHPAvana Electrosystems manufactures control and relay panels, relays, and related electrical control equipment for power distribution and industrial automation applications.
Avana Electrosystems Limited, incorporated in 2010 and converted to a public company in December 2024, designs and manufactures control and relay panels, relays, numerical relays, electromechanical relays, annunciators, and related electrical components used in power supplies and signal conditioning circuits. The company operates two manufacturing facilities in Peenya Industrial Area, Bengaluru on leased premises, with an aggregate installed production capacity of 600 units per annum for control and relay panels and 70,000 units per annum for relays. Revenue from operations for FY2025 was ₹6,148.58 lakhs, growing from ₹5,298.77 lakhs in FY2024. The company earns revenue through the sale of these manufactured electrical control and automation products to customers in the power distribution and industrial sectors.
Objects of the Issue
- Capital expenditure towards civil construction, internal electric work and internal plumbing to set up an Integrated manufacturing unit Up to ₹1,155.38 lakhs p.102
- To meet Working Capital requirements of the Company Up to ₹860.00 lakhs p.102
- General Corporate Purposes p.102
- To meet Offer Expenses p.102
- Capital expenditure towards civil construction, internal electric work and internal plumbing to set up an integrated manufacturing unit ₹1,155.38 lakhs p.103
- To meet Working Capital requirements of the Company Up to ₹860.00 lakhs p.103
- General Corporate Purposes [●] (to be finalized upon determination of Offer Price, not to exceed 15% of amount being raised or ₹1,000 Lakhs, whichever is less) p.103
- Funding capex for the new manufacturing facility (land procurement and construction) p.259
- General corporate purposes
Issue Structure
- Total Issue
- Up to 59,70,000 Equity Shares
- Fresh Issue
- Up to 51,76,000 Equity Shares of face value of ₹10.00 each
- Offer for Sale
- Up to 7,94,000 Equity Shares by Promoter Selling Shareholders
- Face Value
- ₹10.00 per Equity Share
Business Model
The company manufactures and sells electrical control equipment including control and relay panels, relays, numerical relays, electromechanical relays, annunciators, indicating lamps, push buttons, control switches, terminal blocks, digital/analog metres, and MS/SS cubicles. It procures raw materials (microcontrollers, processors, integrated chips, passive components, brass components, metal boxes, plastic components) from suppliers, manufactures finished products at its two leased facilities in Bengaluru, and sells to customers. Raw material procurement from the top ten suppliers represents 57.71% of cost of purchase as of September 30, 2025.
Business Segments
Manufacturing of control and relay panels for power distribution and industrial automation
Manufacturing of relays including numerical relays, electromechanical relays, and related relay components
Manufactures custom-built Control and Relay Panels ranging from 11kV to 220kV for Power System Monitoring, Control and Protection Applications including Feeder/Line Protection Panels, Transformer Protection Panels, Bus-Bar Protection Panels, Capacitor Bank Protection Panels, and SCADA & Substation Automation Systems for both indoor and outdoor usage
Manufactures Numerical Protection Relays and Electromechanical Relays, which are devices used in electrical systems to detect faults and protect equipment by analysing electrical parameters and executing protective actions. Includes monitoring relays for power system equipment protection
Manufacturing of protection relays and relay units. Unit 1 produces microcontroller/processor-based relays using integrated circuits, diodes, passive components, power transformers, current transformers, brass components, and metal enclosures.
Manufacturing of custom-built control and relay panels up to 220kV for power transmission and distribution. Uses numerical relays, electromechanical relays, annunciators, indicating lamps, push buttons, control switches, control cables, terminal blocks, meters and MS/SS cubicles.
Manufacturing of customized control and relay panels ranging from 11kV to 220kV for power system monitoring, control and protection applications including MV and LV panels
Manufacturing of relays, which are devices used in electrical systems to detect faults and protect equipment by analyzing electrical parameters and executing protective actions
Manufacturing of custom-built control and relay panels from 11kV to 220kV for power system monitoring, control and protection applications in transmission lines, power transformers, bus bars, and capacitor banks for both indoor and outdoor usage
Manufacturing of medium voltage and low voltage panels and relays
Provision of substation automation system solutions
SWOT Analysis
Strengths
- • Established manufacturing capability in power sector(p.29)
- • ISO 9001:2015 certification and quality control infrastructure(p.40)
- • Operational track record without major quality failures(p.40)
- • No disruptions or shutdowns in past operations(p.41)
- • Dedicated design and quality team(p.41)
- • 15 years of operational history with established customer relationships(p.153)
- • Experienced promoter and management team with over two decades in the industry(p.153)
- • ISO 9001:2015 certification and compliance with international standards(p.153)
- • In-house R&D capability with team of engineers and technical expertise(p.117)
- • Strong revenue growth trajectory with 86.53% YoY growth in FY24(p.120)
- • High profitability margins with PAT margin of 13.52% in FY25(p.120)
- • Diversified customer base across India spanning utilities and industrial sectors(p.117)
- • Strong customer relationships with 367 customers catered in FY2025, showing established market presence(p.168)
- • Significant revenue from repeat customers (₹4,381.17 lakhs in FY2025), indicating customer loyalty and retention(p.169)
- • Comprehensive customized product range covering 11kv to 220kv control and relay panels across multiple sectors(p.169)
- • ISO 9001:2015 certification and NABL accredited in-house testing lab ensuring quality standards(p.169)
- • Experienced management team with 32+ years experience in electrical engineering (Managing Director) and 23 years combined experience (Whole-Time Directors)(p.169)
- • Strong growth trajectory with revenue increasing 86.53% YoY in FY2024 and 16.04% in FY2025(p.166)
- • Healthy profitability with PAT margin of 13.52% in FY2025 and strong RoCE of 53.71%(p.166)
- • Experienced management team with over two decades in the industry(p.216)
- • ISO 9001:2015 certified operations(p.259)
- • Strong revenue growth trajectory(p.265)
- • Improved gross profit margins reflecting product mix optimization(p.268)
- • Strong EBITDA margins demonstrating operational efficiency(p.260)
- • Successful customer acquisition and retention(p.265)
- • Healthy return on equity and capital employed(p.260)
- • Improved cash generation from operations(p.260)
- • No defaults in statutory dues or debt repayment(p.276)
- • Clean audit record with no material frauds(p.276)
- • Strong operational track record (15 years)(p.282)
- • Positive EBITDA and profitability across multiple years(p.290)
- • Compliance with NSE EMERGE eligibility requirements(p.289)
Weaknesses
- • Dependence on land lease with strict completion timelines(p.36)
- • No alternate source of funding identified(p.37)
- • High customer concentration risk(p.37)
- • Geographic revenue concentration in three states(p.38)
- • Dependence on private players for majority of revenue(p.38)
- • High supplier concentration with limited alternatives(p.39)
- • Lack of owned manufacturing facilities(p.40)
- • Lease deeds of manufacturing units not registered(p.40)
- • Promoter group member lack of information and estrangement(p.39)
- • History of delays in statutory filings and payments(p.46)
- • Significant working capital requirements(p.43)
- • Unsecured loans repayable on demand(p.50)
- • Civil construction contract not yet awarded(p.41)
- • Heavy reliance on third-party logistics with no in-house transportation capability(p.51)
- • Significant concentration of raw material sourcing among top ten suppliers(p.51)
- • No long-term agreements with raw material suppliers(p.51)
- • Significant under-utilization of manufacturing capacity(p.52)
- • Negative cash flow from operating activities in FY 2023(p.54)
- • Contingent liabilities that may materialize into actual obligations(p.55)
- • High inventory levels creating inventory loss risk(p.55)
- • Unsecured borrowings that can be recalled at any time(p.56)
- • Directors lack experience in listed company management(p.59)
- • High reliance on two leased manufacturing facilities with limited expansion capacity(p.104)
- • Significant working capital requirement at 30.10% of revenue(p.112)
- • High inventory holding period of 167 days in FY25(p.113)
- • Dependence on confirmed work orders; as of August 31, 2025 total confirmed orders of ₹4,386.78 Lakhs(p.114)
- • Small scale compared to peers with FY25 revenue of only ₹6,148.58 lakhs versus Danish Power's ₹42,670.98 lakhs(p.122)
- • High capacity utilization volatility with Unit 1 utilization dropping to 48.07% in Sept 2025 from 94.5% in March 2025(p.165)
- • Heavy reliance on top 10 customers for 52% of revenue in Sept 2025 and top 5 customers for 38.79% of revenue(p.169)
- • Concentration of top 5 suppliers representing 43.40% of purchases, indicating supply chain vulnerability(p.168)
- • No formal agreements or contracts for major fabrication work outsourcing, creating operational risk(p.164)
- • Lease property for Control and Relay Panel unit is not registered, creating potential legal risk(p.179)
- • Low employee ESIC registration (14 employees out of 137) suggesting limited formal welfare coverage(p.176)
- • High dependence on a limited customer base(p.259)
- • Significant concentration in working capital with inventory and receivables(p.265)
- • Reliance on key personnel for product design(p.259)
- • Outstanding debt obligations requiring servicing(p.263)
- • Pending civil work contract for new manufacturing facility(p.259)
- • GST compliance dispute with significant tax demand(p.278)
- • Outstanding dues to creditors representing concentration risk(p.278)
- • Expiring factory registrations requiring renewal(p.286)
- • Significant financial commitments to small-scale suppliers(p.281)
Opportunities
- • Growth in power generation, transmission and distribution infrastructure(p.29)
- • Integration of two manufacturing units into one efficient facility(p.40)
- • Diversification of business into new geographies(p.37)
- • Expansion through strategic partnerships and opportunistic areas(p.50)
- • Expansion of manufacturing capacity to meet growing market demand(p.102)
- • Working capital deployment to support business growth(p.102)
- • Capacity expansion plan to increase production by 150% through new integrated manufacturing unit(p.104)
- • India's power sector projected to add 250GW of new generation capacity over next five years(p.138)
- • Renewable energy investment expected to reach Rs. 4,79,000 crore by 2032(p.137)
- • Growing demand for switchgear with LV switchgear industry growing at 13% in FY23(p.144)
- • Emerging opportunities in smart grid and digitalization of switchgear systems(p.144)
- • Government initiatives including Make in India and renewable energy policies supporting sector growth(p.145)
- • Export opportunities with company beginning exports to Kuwait in FY 2025-26(p.153)
- • Expansion through strengthening dealership network across India to source new customers(p.171)
- • Re-commencement of export markets by participating in international exhibitions and appointing overseas dealers(p.171)
- • Broadening product range to stay competitive with industry trends through in-house R&D department(p.171)
- • Growing order book of ₹5,223.65 lakhs as of November 30, 2025 indicating strong future revenue potential(p.171)
- • Expanding presence in new geographies with revenue growing in multiple states including Uttar Pradesh (₹882.56 lakhs in Sept 2025) and Chhattisgarh (₹296.14 lakhs in Sept 2025)(p.168)
- • Growth in power generation, transmission and distribution sectors(p.259)
- • Expansion of product portfolio and market penetration(p.259)
- • Capacity expansion through new manufacturing facility using IPO proceeds(p.259)
- • Growing demand from renewable energy sector(p.259)
- • International expansion potential(p.234)
- • Expansion through migration to main board(p.309)
- • Growing power system monitoring and control market(p.276)
- • Market making support for liquidity enhancement(p.310)
- • Substation automation systems market segment(p.276)
Threats
- • Cyclicality and slowdowns in power sector(p.41)
- • Intense competition in the market(p.50)
- • Regulatory changes in technology standards(p.50)
- • Potential regulatory changes affecting power industry(p.28)
- • Supply chain disruptions and raw material price volatility(p.39)
- • Environmental compliance and pollution control requirements(p.45)
- • Risk of order book non-realization(p.49)
- • Payment delays and customer financial difficulties(p.50)
- • Natural disasters and unforeseen events(p.41)
- • Labour disputes and workforce conflicts(p.50)
- • Disruptions in third-party transportation services(p.51)
- • Volatility in raw material supply and pricing(p.51)
- • Exposure to fluctuations in metal prices and electric components(p.64)
- • Labour cost inflation in India(p.61)
- • Global financial instability affecting Indian economy(p.63)
- • Economic slowdown and reduced demand(p.64)
- • Natural disasters, pandemics, and terrorist attacks(p.65)
- • Changes in tax laws and regulations(p.65)
- • Implementation of new Labour Codes increasing operating costs(p.61)
- • High inflation reducing profit margins(p.65)
- • Cyclicality and volatility in power sector demand affecting order flow(p.103)
- • Relocation project transition risks and potential operational disruptions during facility consolidation(p.106)
- • Intense competition from larger established switchgear manufacturers(p.147)
- • Supply chain disruptions and commodity price volatility affecting material costs(p.147)
- • Lead time requirements for raw materials averaging 30-40 days creating working capital pressure(p.113)
- • Regulatory changes in power sector and environmental compliance requirements(p.147)
- • Foreign exchange and currency fluctuation risks affecting import of components and export sales(p.103)
- • Intense competition from global giants and local players with larger capital bases and broader product ranges(p.174)
- • Decreasing tender/government orders trend (22.90% in Sept 2025 vs 26.71% in FY2023) due to project execution through EPC contractors(p.167)
- • Potential risk of employee attrition and difficulty retaining skilled workforce affecting operations(p.176)
- • Dependence on adequate power supply with sanctioned load of only 40 HP for Unit 1 and 50 HP for Unit 2(p.175)
- • Regulatory compliance obligations across multiple environmental, labor, and electrical safety laws(p.177)
- • Obligation to commence civil construction on KIADB leasehold land by May 23, 2026 and commercial production within 3 years(p.179)
- • Regulatory and condition-based risks related to land for new facility(p.259)
- • Quality and compliance risks from suppliers and operations(p.259)
- • Industry cyclicality and demand fluctuations(p.259)
- • Exposure to raw material price volatility(p.263)
- • Dependence on state-owned entities and public utilities for revenue(p.259)
- • Contingent liabilities from guarantees and LC exposure(p.245)
- • Regulatory compliance costs and GST enforcement actions(p.276)
- • Potential loss of lender approval during capital expansion(p.282)
- • Dependency on renewal of factory and pollution control licenses(p.285)
- • Exposure to global economic fluctuations affecting industrial demand(p.276)
- • Concentrated customer base risk(p.281)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anantharamaiah Panish | Promoter | 25.42% | — |
| Gururaj Dambal | Promoter | 25.42% | — |
| S Vinod Kumar | Promoter | 23.72% | — |
| K N Sreenath | Promoter | 25.42% | — |
| Anantharamaiah Panish | Promoter | — | — |
| Gururaj Dambal | Promoter | — | — |
| S Vinod Kumar | Promoter | — | — |
| K N Sreenath | Promoter | — | — |
| Anantharamaiah Panish | Promoter/Managing Director | 25.42% | — |
| Gururaj Dambal | Promoter/Whole-Time Director | 25.42% | — |
| S Vinod Kumar | Promoter/Whole-Time Director | 23.72% | — |
| K N Sreenath | Promoter/Executive Director | 25.42% | — |
| Anantharamaiah Panish | Managing Director / Promoter | 25.42% | — |
| Gururaj Dambal | Whole-Time Director / Promoter | 25.42% | — |
| S Vinod Kumar | Whole-Time Director / Promoter | 23.72% | — |
| K N Sreenath | Executive Director / Promoter | 25.42% | — |
| Anantharamaiah Panish | Promoter Selling Shareholder | 44,41,580 equity shares of face value ₹10 each | — |
| Gururaj Dambal | Promoter Selling Shareholder | 44,41,580 equity shares of face value ₹10 each | — |
| S Vinod Kumar | Promoter Selling Shareholder | 41,44,580 equity shares of face value ₹10 each | — |
| K N Sreenath | Promoter Selling Shareholder | 44,41,580 equity shares of face value ₹10 each | — |
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.