Avana Electrosystems IPO Overview
Bengaluru-based control and relay panels manufacturer raising โน35.22 cr (โน30.54 cr fresh issue + โน4.68 cr OFS). Price: โน56-59. Lot: 2,000 shares (โน2,36,000 min investment for 4,000 shares / 2 lots). GMP: โน14 (23.73% premium as of Jan 10, 2026).
Funds for capex (โน11.55 cr – civil construction, electrical work, plumbing for integrated manufacturing unit), working capital (โน8.60 cr), general corporate purposes.
Lead: Indcap Advisors.
Registrar: Integrated Registry Management Services.
Market Maker: Portion reserved (3 lakh shares).
Incorporated July 2010 (15 years operations); converted to public limited December 2024. Specializes in customized control and relay panels (11kV-220kV) for power system monitoring, control, protection. 129 employees (as of Aug 31, 2025).
Products: Control & Relay Panels (high voltage/extra high voltage 11-220kV, medium/low voltage), Numerical Protection Relays, Electromechanical Relays, Substation Automation Panels, Relay Test Blocks. Applications: Transmission lines, transformers, substations, bus bars, capacitor banks, solar/wind farms.
Operates two manufacturing units in Peenya Industrial Estate, Bengaluru (total 12,500 sq ft). Unit I: 70,000 protection relays/year capacity. Unit II: 600 control & relay panels/year capacity. B2B model serving state power utilities, EPC contractors, private power producers. Export started FY26 (Kuwait).
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | SME (NSE SME Emerge) |
| IPO Open Date | 12 January 2026 (Sunday) |
| IPO Close Date | 14 January 2026 (Tuesday) |
| Anchor Investor Bidding | Data not specified (16,90,000 shares / 28.31% reserved) |
| Allotment Date | 15 January 2026 (Wednesday) – Expected |
| Credit to Demat | 16 January 2026 (Thursday) – Expected |
| Refund Initiation | Data not specified |
| Listing Date | 19 January 2026 (Sunday) – Tentative |
| Price Band | โน56 – โน59 per share |
| Face Value | โน10 per share |
| Lot Size | 2,000 shares (minimum lot) |
| Min Investment (Retail) | โน2,36,000 (4,000 shares / 2 lots at upper band โน59) |
| sNII Investment | Data not specified (8,64,000 shares allocated) |
| bNII Investment | Data not specified |
| Issue Size | โน35.22 crore total (some sources: โน33.43-35 cr – data variance) |
| Fresh Issue | โน30.54 crore (86.7%) – 51,76,000 shares |
| Offer for Sale (OFS) | โน4.68 crore (13.3%) – 7,94,000 shares by promoters |
| Total Shares Offered | 59,70,000 equity shares (5.97 million shares) |
| Listing | NSE SME Emerge |
| Post-Issue Market Cap | Data not fully disclosed |
Issue Break-up
| Category | Allocation |
| Anchor Investors | 28.31% (16,90,000 shares) |
| QIB (Qualified Institutional Buyers – Ex Anchor) | 18.89% (11,28,000 shares) |
| Total QIB (Including Anchor) | 47.20% (28,18,000 shares) |
| NII (Non-Institutional Investors) | 14.47% (8,64,000 shares) |
| Retail Individual Investors | 33.30% (19,88,000 shares) |
| Market Maker | 5.02% (3,00,000 shares) |
Selling Shareholders (OFS โน4.68 crore)
Promoter Selling 7,94,000 shares:
- Mr. Anantharamaiah Panish – Promoter (partial exit)
- Mr. Gururaj Dambal – Promoter (partial exit)
- Mr. S. Vinod Kumar – Promoter (partial exit)
- Mr. K. N. Sreenath – Promoter (partial exit)
Note: OFS represents 13.3% of total issue. Majority (86.7%) fresh capital for company. Promoters partially exiting after 15 years.
Objects of the Issue (Fund Utilization)
Fresh Issue Proceeds (โน30.54 crore) will be used for:
- Capital Expenditure for Integrated Manufacturing Unit – โน11.55 crore (37.8%)
- Civil construction for expanded facility
- Internal electrical work and installations
- Internal plumbing infrastructure
- Setting up integrated manufacturing capabilities
- Enhancing production capacity beyond current 600 panels + 70,000 relays/year
- Working Capital Requirements – โน8.60 crore (28.1%)
- Day-to-day operational expenses
- Inventory management (components, raw materials)
- Managing receivables from state utilities, EPC contractors
- Project execution funding
- General Corporate Purposes – Balance Amount (~โน10.39 crore, 34.0%)
- Strategic initiatives
- Business development and expansion
- Export market development (post-Kuwait entry)
- Offer-related expenses
Strategic Focus:
- 38% capex for integrated manufacturing unit indicates capacity expansion ambitions
- Working capital (28%) addressing cash cycle needs for government utility payments
- Kuwait export entry (FY26) signaling international expansion
- IEC standards compliance, SCADA-compatible products positioning for modern grid infrastructure
- Renewable energy (solar/wind) applications capitalizing on India’s green energy push
OFS Proceeds:
- โน4.68 cr goes to promoters (Panish, Dambal, Vinod Kumar, Sreenath) for partial liquidity
Note: 87% fresh issue vs. 13% OFS – strong growth focus. Capex (38%) + working capital (28%) = 66% for operational scaling.
Lead Managers & Registrar
Book Running Lead Manager (BRLM):
- Indcap Advisors Private Limited
- Address: Suite 1201, 12th Floor, Aurora Waterfront, GN 34/1, Sector 5, Salt Lake City, Kolkata โ 700091, West Bengal
- Phone: +91 33 4069 8001
- Website: www.indcap.in
Registrar:
- Integrated Registry Management Services Private Limited
- Address: No. 30, Ramana Residency, 4th Cross Sampige Road, Malleswaram, Bengaluru โ 560 003, Karnataka
- Phone: +91 80 23460815/816/817/818
Promoters & Management
Key Promoters (4 Promoters – Technical Experts):
Individual Promoters:
- Mr. Anantharamaiah Panish – Promoter (Partial OFS participant)
- Co-founder with 20+ years industry experience
- Technical expertise in power systems
- Mr. Gururaj Dambal – Promoter (Partial OFS participant)
- Co-founder with 20+ years industry experience
- Electrical engineering background
- Mr. S. Vinod Kumar – Promoter (Partial OFS participant)
- Co-founder with 20+ years industry experience
- Operations and manufacturing expertise
- Mr. K. N. Sreenath – Promoter (Partial OFS participant)
- Co-founder with 20+ years industry experience
- Business development and client relationships
Promoter Holding:
- Pre-IPO: Data not fully disclosed
- Post-IPO: Dilution expected with 59.70 lakh total shares issued (51.76 lakh fresh + 7.94 lakh OFS)
Company History:
- Incorporated: July 16, 2010 as private limited company
- Converted to Public Limited: December 17, 2024
- Operations: 15 years in control and relay panels (2010-2026)
- Evolution:
- 2010: Established in Bengaluru by four technical co-founders
- Built expertise in customized control & relay panels for power systems
- Achieved IEC standards compliance, SCADA compatibility
- Expanded to two manufacturing units in Peenya Industrial Estate (12,500 sq ft total)
- Developed diversified product portfolio: HV/EHV panels, MV/LV panels, protection relays, automation systems
- Built customer base: state power utilities, EPC contractors, private power producers
- Entered renewable energy segment (solar/wind power plants)
- December 2024: Converted to public limited for IPO
- FY26: Started exports (Kuwait) marking international expansion
- FY24-25: Revenue grew 18% (โน53.26 cr to โน62.93 cr), PAT surged 107% (โน4.02 cr to โน8.31 cr)
- Workforce: 129 employees (as of August 31, 2025) – skilled engineers, technicians specializing in design, manufacturing, testing, commissioning
- Milestone:
- 15 years operational track record
- Revenue โน62.93 cr (FY25), PAT โน8.31 cr (FY25)
- 18% revenue, 107% PAT growth (FY24-25)
- Capacity: 70,000 relays + 600 panels/year
- Export entry: Kuwait (FY26)
Company Contact:
- Registered Office: Plot No. 35, 1st Main Road, 2nd Phase, Peenya Industrial Area, Nelagadaranahalli Village, Bengaluru โ 560 058, Karnataka, India
- Phone: +91 80 4123 3386
- Website: www.avanaelectrosystems.com
COMPANY DETAILS
Avana Electrosystems Limited is a specialized manufacturer of customized control and relay panels for power transmission and distribution networks, operating from two manufacturing facilities in Bengaluru’s Peenya Industrial Estate since 2010. The company designs and produces panels ranging from 11kV to 220kV for power system monitoring, control, and protection applications across transmission lines, substations, transformers, and renewable energy projects. With 15 years of operational experience and a team of 129 skilled professionals, Avana serves state power utilities, EPC contractors, and private sector energy producers on a B2B model, recently expanding into international markets with exports to Kuwait in FY26.
Key Highlights:
- 15 Years Track Record: Established 2010, converted to public limited December 2024
- Voltage Range Expertise: 11kV to 220kV control & relay panels for HV/EHV/MV/LV applications
- Dual Manufacturing: Two units in Peenya (12,500 sq ft) – Unit I: 70,000 relays/year, Unit II: 600 panels/year
- Product Portfolio: Control panels, protection relays (numerical + electromechanical), substation automation, test equipment
- End-Markets: Transmission lines, power transformers, substations, capacitor banks, solar/wind farms, utilities
- Standards Compliance: IEC-compliant products, SCADA-compatible substation automation systems
- International Expansion: Export commenced FY26 (Kuwait) marking global footprint beginning
Operations
Geographic Presence:
- Manufacturing: Peenya Industrial Estate, Bengaluru, Karnataka (two units)
- Domestic Markets: Pan-India – state utilities, EPC contractors, private power producers
- International: Export started FY26 (Kuwait)
Growth Trajectory:
- Revenue Growth (FY24-25): 18.16% YoY (โน53.26 cr to โน62.93 cr) – healthy double-digit growth
- PAT Growth (FY24-25): 106.72% YoY (โน4.02 cr to โน8.31 cr) – more than doubled, demonstrating operational leverage
- Margin Expansion: PAT margin improved from 7.55% (FY24) to 13.21% (FY25) – 566 bps improvement
- Strong profitability improvement despite modest revenue growth indicates pricing power and operational efficiency
Company Strengths
- Strong Financial Performance – 18% Revenue, 107% PAT Growth (FY24-25):
- Revenue grew 18% from โน53.26 cr (FY24) to โน62.93 cr (FY25)
- PAT more than doubled – 107% growth from โน4.02 cr to โน8.31 cr
- PAT margin surged from 7.55% to 13.21% – exceptional profitability improvement
- India’s Power Infrastructure Boom – Transmission, Renewables Driving Demand:
- Government’s โน3 lakh crore+ power transmission investment (2024-2030)
- 500 GW renewable energy target by 2030 requiring massive substation infrastructure
- Grid modernization, SCADA adoption, smart grid deployment creating panel demand
- Specialized Niche – HV/EHV Control Panels for Critical Power Infrastructure:
- 11-220kV voltage range expertise catering to transmission/substation applications
- IEC standards compliance, SCADA compatibility positioning for modern grids
- Customization capability for complex power system requirements
- Renewable Energy Exposure – Solar/Wind Power Plant Applications:
- Products deployed in solar and wind farms capitalizing on green energy boom
- India’s renewable capacity additions (50+ GW annually) driving substation panel demand
- Alignment with sustainability megatrend and government’s green energy push
- Export Entry – Kuwait FY26 Marking International Expansion:
- Commenced exports to Kuwait in FY26 signaling international competitiveness
- Middle East market entry providing geographic diversification beyond India
- Export potential in ASEAN, Africa, Middle East with similar power infrastructure needs
- Experienced Promoters – Four Co-Founders with 20+ Years Expertise:
- Four promoters (Panish, Dambal, Vinod Kumar, Sreenath) each with 20+ years industry experience
- Technical depth in electrical engineering, power systems, manufacturing
- 129-member team (Aug 2025) with skilled engineers and technicians
Key Risks & Challenges
- Intense Competition – ABB, Siemens, Schneider, L&T, CG Power Giants:
- Competes with global majors: ABB India, Siemens, Schneider Electric dominating HV/EHV segment
- Indian conglomerates: L&T Electrical & Automation, CG Power, Crompton Greaves with superior scale
- Numerous regional panel manufacturers in fragmented market
- Small Scale – โน62.93 Cr Revenue vs. Giants (ABB India โน9,000+ Cr):
- Revenue โน62.93 cr (FY25) extremely small compared to ABB India (โน9,000+ cr), Siemens (โน18,000+ cr)
- Limited capacity: 600 panels + 70,000 relays/year restricts large project participation
- May struggle to compete for mega transmission/substation projects requiring scale
- Customer Concentration – State Utilities Payment Delays, Credit Risk:
- Primary customers are state power utilities (DISCOMs) notorious for payment delays
- Many state utilities financially stressed, delayed payments pressuring working capital
- 28% of IPO proceeds (โน8.60 cr) for working capital indicates cash cycle stress
- Technology Disruption – Digital Substations, IIoT, AI/ML Integration:
- Power sector rapidly adopting digital substations, IIoT, AI/ML-based predictive maintenance
- Traditional relay panel manufacturers face technology obsolescence risk
- Continuous R&D investment required to keep pace with digitalization
- Limited Export Track Record – Kuwait Entry Only FY26:
- Export commenced only in FY26 (Kuwait) – minimal international experience
- No established presence in lucrative markets (Middle East, Africa, ASEAN)
- Export revenue contribution, sustainability unknown
- Promoter Partial Exit – 13% OFS After 15 Years:
- Promoters selling โน4.68 cr (13.3% of issue) after 15 years
- Partial exit signals potential valuation concerns or diversification desire
- Four promoters each selling indicates unanimous decision to monetize partially
Disclaimer
Avana Electrosystems Limited (incorporated 2010, 15 years operations, converted public Dec 2024) manufactures customized control & relay panels (11-220kV) for power transmission, distribution, renewables with 18% revenue growth (FY25 โน62.93 cr), 107% PAT growth (โน8.31 cr), 13.21% margin, two Bengaluru units (70K relays + 600 panels/year), 129 employees, Kuwait export entry FY26, but faces risks: competition from ABB/Siemens/Schneider/L&T/CG Power giants, small scale (โน62.93 cr vs. ABB โน9,000+ cr), state utility payment delays, technology disruption, limited export track record, 13% promoter OFS after 15 years. GMP โน14 (24% premium). NSE SME listing.
