SEBI approves IPO for Eastman Auto and Power

Eastman Auto and Power Limited (EAPL) has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The development marks a key step for the diversified energy solutions manufacturer operating across battery storage, power electronics and solar technologies.

EAPL was incorporated in 2000 under the JRS Eastman Group. Under the leadership of Managing Director (MD) Shekhar Singal, the company has expanded from conventional power products into integrated energy solutions. Its operations now cover battery systems, power electronics and solar technologies under a “Made in India, for the World” approach.

The company’s business is organised across three segments: last-mile electric mobility solutions, advanced electronics manufacturing and solar-integrated energy storage. In the electric three-wheeler (E3W) battery segment, EAPL reported a volume share of more than 50 per cent as of FY2025, supplying batteries to over 400 E3W original equipment manufacturers (OEMs) across India. Its distribution and service network includes more than 2,500 service partners and 1,200 distributors nationwide.

EAPL operates eight manufacturing facilities across India, including three plants dedicated to power electronics. Together, these facilities have a combined production capacity of about two million units annually. The output includes E3W chargers, solar inverters in off-grid, grid-tied and hybrid configurations, online uninterruptible power supply (UPS) systems and home inverters. The company’s research and development (R&D) division comprises more than 200 professionals and international specialists, supported by five patents and 47 design registrations. The company also maintains backward integration and domestic sourcing in line with the Atmanirbhar Bharat initiative.

In the solar segment, EAPL has commissioned an 800 MW solar panel manufacturing facility in Sonipat, Haryana. Its energy storage portfolio includes lithium-based systems, solar batteries and inverters. The company reports total battery manufacturing capacity of 11.47 GWh, producing around six million energy storage units annually across E3W batteries, solar batteries and home inverter batteries, along with two million units of solar inverters, home inverters and E3W chargers.

EAPL also exports solar storage batteries to customers in more than 50 countries. For FY25, the company reported revenue of Rs 4,228 crore, reflecting a compound annual growth rate (CAGR) of 28 per cent between FY23 and FY25.

The company operates within a rapidly expanding clean energy market. India’s electric vehicle (EV) market is projected to grow from US$2.36 billion in 2024 to US$164.42 billion by 2033. The EV battery segment alone is expected to reach US$13.89 billion by 2033. In the solar sector, India’s installed capacity is projected to reach 303 GW by 2030, while rooftop solar capacity is expected to increase from 4.4 GW in 2019 to around 17 GW by 2025.

The featured photograph is for representation only.