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Avana Electrosystems IPO
Avana Electrosystems Ltd
₹2,24,000 /2000 sharesMinimum Investment
Avana Electrosystems IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 12 Jan ‘26 - 14 Jan ‘26 | ₹2,24,000 | 2,000 | ₹56 - ₹59 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 35.22 Cr | RHP PDF | 15 Jan ‘26 | 19 Jan ‘26 |
| Face value |
|---|
| 10 |
About Avana Electrosystems
Founded in
2010
MD/CEO
Mr Anantharamaiah Panish
Parent organisation
Avana Electrosystems Ltd
Strengths & Risks of Avana Electrosystems
Strengths
Risks
The company claims to have built long-standing relationships with state-owned electricity distribution companies and private power distribution firms. It catered to 367 customers in FY25, up from 307 in FY24 and 275 in FY23, indicating a broad and expanding customer base.
Avana Electrosystems claims to offer customised control and relay panels ranging from 11 kV to 220 kV, along with a range of protection and electromechanical relays. These products are used across power generation, transmission, and distribution applications, including renewable energy installations and substations.
The company claims to follow multiple stages of quality checks, including material inspection, in-process testing, and pre-dispatch testing. It also states that it has an in-house testing laboratory and that its products are tested as per IEC standards at NABL-accredited laboratories. Its Peenya manufacturing facility is ISO 9001:2015 certified for quality management systems.
Avana Electrosystems claims to serve customers across multiple regions in India, across power utilities and industrial groups. The diversity of its customer base across geographies and industries is stated to provide visibility into sustained demand across market cycles.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 28.41 crore in FY23 to Rs 52.99 crore in FY24 and Rs 61.48 crore in FY25. PAT increased from Rs 0.92 crore in FY23 to Rs 4.02 crore in FY24 and Rs 8.31 crore in FY25.
The company is involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could hurt the company’s business prospects.
The top five customers accounted for Rs 13.79 crore (22.42 percent) of the company’s revenue in FY25; Rs 12.06 crore (22.76 percent) in FY24, and Rs 10.23 crore (36.01 percent) in FY23. Any adverse change in the business relationship with one or more of these key customers, such as reduced order volumes, changes in contract terms, delayed payments, or termination, could adversely affect the company’s revenue, cash flows, and overall financial performance.
The top five suppliers accounted for Rs 14.86 crore (42.62 percent) of the company’s total purchase of raw materials and consumables in FY25; Rs 15.03 crore (41.00 percent) in FY24, and Rs 8.21 crore (44.29 percent) in FY23. Any adverse changes in the relationship with one or more key suppliers, such as reduced supply, changes in supply or payment terms, or termination, could disrupt procurement, affect production schedules, and adversely impact the company’s revenue, cash flows, and overall financial performance.
Avana Electrosystems’ sales of relays and control and relay panels are closely linked to activity in power generation, transmission, and distribution infrastructure. The company states that its products are primarily used in the power sector, which increases exposure to sector-specific slowdowns. Any adverse development or downturn in the power sector could lead to reduced orders, delays, or rescheduling of deliveries, which may adversely affect the company’s business, revenue, results of operations, and financial condition.
As of FY25, the company had trade receivables of Rs 21.19 crore, up from Rs 14.84 crore in FY24 and Rs 11.15 crore in FY23. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
The company reported negative cash flow from operating activities amounting to Rs 0.32 crore in FY23. This was largely driven by working capital, especially increases in inventories and trade receivables (along with taxes paid). Additionally, negative cash flow from investing activities amounted to Rs 0.74 crore in FY25; Rs 1.09 crore in FY24, and Rs 1.19 crore in FY23. Furthermore, the company reported negative cash flow from financing activities amounting to Rs 4.50 crore in FY25. Continuation of operating cash absorption or higher financing outflows could strain liquidity and adversely affect financial flexibility.
As of FY25, the company had contingent liabilities of Rs 10.30 crore, up from Rs 4.27 crore in FY24. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
As of FY25, the company had outstanding financial indebtedness of Rs 5.68 crore. Failure to service or repay these loans could harm the company’s operations and financial position.
Avana Electrosystems Financials
*All values are in Rs. Cr
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Application Details of Avana Electrosystems IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹56 - 59 | ₹2 - 5 Lakh | 2000 |
For Avana Electrosystems IPO, eligible investors can apply as Individual investor.