Eastman Auto and Power Gets SEBI Nod for IPO

Eastman Auto and Power Limited (EAPL), an energy transition and power electronics company, has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).

Founded in 2000 as part of the JRS Eastman Group, the company has evolved into a diversified energy solutions provider with capabilities spanning battery storage, power electronics and solar technologies. Led by Managing Director (MD) Shekhar Singal, the company focuses on innovation-led manufacturing under the philosophy of “Made in India, for the World”.

Three Segments

Eastman operates across three strategic segments—last-mile e-mobility solutions, advanced electronics manufacturing, and solar with integrated energy storage.

The company is a market leader in electric three-wheeler (E3W) batteries, with over 50% volume share in FY2025. It serves more than 400 E3W OEMs across India, supported by a service network of over 2,500 partners and 1,200 distributors. Its power electronics portfolio includes E3W chargers, inverters and UPS systems, supporting the rapid growth of electric last-mile mobility in the country.

Eight Manufacturing Facilities 

EAPL currently operates eight manufacturing facilities across India, including three dedicated power electronics plants, with a combined production capacity of around two million units annually. Its product portfolio includes E3W chargers, solar inverters (off-grid, grid-tie and hybrid), online UPS systems and home inverters.

The company’s R&D ecosystem comprises more than 200 professionals and international experts, supported by five patents and 47 design registrations. With strong backward integration and domestic component sourcing, the company aims to strengthen the power electronics manufacturing value chain in line with the “Atmanirbhar Bharat” initiative.

EAPL has also commissioned an 800 MW solar panel manufacturing plant in Sonipat, further expanding its presence as an integrated solar solutions provider. The company offers lithium-based energy storage systems, solar batteries and inverters, positioning itself to benefit from the growing adoption of solar power and energy storage solutions in India.

Exporter of Storage Batteries 

Eastman is also a major exporter of storage batteries for solar applications, serving customers in over 50 countries. The company reported revenue of ₹4,228 crore in FY25, registering a CAGR of 28% between FY23 and FY25.

Its manufacturing capacity includes 11.47 GWh of battery storage and an annual output of six million energy storage units across categories such as E3W batteries, solar batteries and home inverter batteries, along with two million units of solar inverters, home inverters and E3W chargers.

India’s clean energy ecosystem is expanding rapidly. The electric vehicle market is projected to grow from US$2.36 billion in 2024 to US$164.42 billion by 2033, while the EV battery market is expected to reach US$13.89 billion by 2033. Meanwhile, India’s installed solar capacity is projected to reach 303 GW by 2030, with rooftop solar expected to grow from 4.4 GW in 2019 to around 17 GW by 2025.

These trends—EV last-mile adoption, domestic electronics manufacturing, and solar-plus-storage deployment—are expected to drive the next phase of growth for companies operating in the clean energy ecosystem, including Eastman Auto and Power.