Eastman Auto and Power Limited Files for IPO via Confidential Route

Eastman Auto and Power Limited (EAPL), an energy-transition and power-electronics company, has submitted its confidential Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), marking its intention to go public.

The company, established in 2000 as part of the JRS Eastman Group, has developed into a diversified energy-solutions provider specializing in battery storage, power electronics, and solar technologies. Under Managing Director Shekhar Singal's leadership, EAPL operates with a focus on innovation-led manufacturing aligned with the "Made in India, for the World" philosophy.

EAPL's business model centers on three strategic areas: last-mile e-mobility solutions, advanced electronics manufacturing, and solar energy with integrated storage systems. The company commands a dominant position in the electric three-wheeler (E3W) battery segment, holding over 50% volume share in FY2025. It supplies more than 400 E3W original equipment manufacturers (OEMs) across India through a distribution network comprising over 2,500 service partners and 1,200 distributors.

The company's manufacturing infrastructure spans eight facilities across India, including three dedicated power-electronics plants with a combined annual production capacity of two million units. EAPL's product range includes E3W chargers, solar inverters (off-grid, grid-tie, and hybrid variants), online UPS systems, and home inverters. Its research and development capabilities are supported by over 200 professionals and international experts, with 5 patents and 47 design registrations.

In a significant expansion move, EAPL has commissioned an 800 MW solar panel manufacturing plant in Sonipat, positioning itself as an integrated solar-solutions provider. The company offers lithium-based energy-storage systems, solar batteries, and inverters, addressing India's growing solar adoption and storage requirements.

EAPL has established itself as the largest exporter of storage batteries for solar solutions, with a presence in over 50 countries. The company reported revenue of ₹4,228 crore in FY25, achieving a compound annual growth rate (CAGR) of 28% between FY23 and FY25. Its manufacturing capacity includes 11.47 GWh of battery storage and annual production of six million energy-storage units across E3W batteries, solar batteries, and home inverter batteries, plus two million solar inverters, home inverters, and E3W chargers.

The IPO filing comes at a time when India's clean-energy sector is experiencing substantial growth. The electric-vehicle market is projected to expand from $2.36 billion in 2024 to $164.42 billion by 2033, representing a 57% CAGR, while the EV battery market is expected to reach $13.89 billion by 2033. Solar energy installed capacity is projected to reach 303 GW by 2030, with rooftop solar capacity expected to grow from 4.4 GW in 2019 to 17 GW by 2025.

The confidential filing route allows companies to submit their prospectus to SEBI without immediate public disclosure, with details becoming available closer to the actual IPO launch date.