Avaada Electro Ltd.

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About the Company

We are among the top 10 vertically integrated solar photovoltaic (“PV”) manufacturers (cell and equivalent modules) in India based on operational solar cell and module capacity as of July 31, 2026. (Source: CRISIL Report) We operate in the renewable energy sector and specialize in production of the solar cells and solar modules. We have 8.50 GW of operational solar module manufacturing capacity as of the date of this Updated Draft Red Herring Prospectus-I. Further, we have 3.00 GW of operational tunnel oxide passivated contact (“TOPCon”) solar cell manufacturing capacity and 3.00 GW of solar cell manufacturing capacity that is in advanced stage of commissioning and is proposed to be operational within quarter ended September 30, 2026. Among the top 10 largest solar PV manufacturers in India in terms of installed capacity as of March 31, 2026, we are the only solar PV module manufacturer to entirely adopt TOPCon technology for all our existing solar module manufacturing lines. (Source: CRISIL Report) Our 23.61% efficiency bifacial glass-to-glass N-type TOPCon solar modules represent one of the highest commercially listed solar module efficiencies in India as of March 31, 2026, aligned with global benchmarks. (Source: CRISIL Report) Globally, solar developers are increasingly adopting TOPCon technology in solar cells due to its higher efficiency, lower cost and improved performance compared with older technologies such as monocrystalline passivated emitter and rear cell (“PERC”) technology and TOPCon is expected to become the dominant solar cell technology in the medium to long term. (Source: CRISIL Report) Furthermore, our upcoming solar cell manufacturing lines will also be entirely based on advanced N-type TOPCon technology to deliver higher power density and improved reliability.