Eastman Auto and Power Ltd (EAPL), a prominent name in India’s power-electronics and clean-energy landscape, has taken a key step toward entering the capital markets by confidentially filing its draft IPO papers with the Securities and Exchange Board of India (SEBI). The proposed initial public offering is estimated to be in the range of ₹1,800–2,000 crore, marking a significant milestone for the company as it prepares for a main-board listing.
According to reports, the public issue is expected to include a fresh share issuance alongside an Offer for Sale by existing stakeholders. In an official communication on Thursday, the company confirmed that it has submitted the pre-filed draft red herring prospectus to both SEBI and the stock exchanges. Axis Capital, JM Financial, and Motilal Oswal have been selected to lead the transaction as the book-running managers.
Company Background and Evolution
Established in 2000 under the umbrella of the JRS Eastman Group, EAPL has grown into a major player within the country’s energy-transition ecosystem. Over the years, it has developed capabilities across battery storage solutions, solar technology, and power-electronics manufacturing, positioning itself as a multi-segment energy enterprise.
The company’s operations are structured around three primary segments: last-mile electric-mobility products, manufacturing of power-electronics systems, and solar-based solutions integrated with energy-storage capabilities. These divisions support a wide customer base and cater to evolving demand for clean-energy applications.
In the Electric 3-Wheeler (E3W) segment, EAPL holds a notable market position, accounting for more than half of the battery market share in FY25. The company supplies components and batteries to over 400 original equipment manufacturers across India. Its service and distribution network spans the country through nearly 2,500 service partners and 1,200 distributors, enabling widespread reach.
EAPL’s product offerings cover a broad spectrum, including chargers for E3Ws, UPS systems, and inverters that support both mobility and domestic energy requirements. Manufacturing operations extend across eight facilities nationwide, three of which specialize in power-electronics production. Combined, these units produce close to two million products each year.
Expansion in Solar and Energy-Storage Manufacturing
The company recently advanced its solar-manufacturing footprint with the launch of an 800 MW solar-panel facility in Sonipat. This addition reinforces its position in the integrated-solar space. EAPL also manufactures lithium-based storage units, solar batteries, and inverters for residential, commercial, and grid-linked applications.
International Presence and Production Scale
Beyond its domestic operations, EAPL exports its storage-battery portfolio to more than 50 global markets. Its total manufacturing scale includes 11.47 GWh of battery-storage capacity, six million energy-storage units across mobility and solar categories, and two million inverters and E3W chargers annually.
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