Eastman Auto and Power IPO

Eastman Auto and Power makes storage batteries and power electronics in India. Its largest line is lead-acid batteries for electric three-wheelers — e-rickshaws and e-autos — sold to vehicle makers and, more heavily, into the replacement market through dealers. Alongside that it sells inverter and solar batteries, home and solar inverters, online UPS units and E3W chargers under the Addo and Eastman brands, and since November 2025 solar panels from a new plant at Sonipat. Batteries are built at three plants in Himachal Pradesh, at Nalagarh and Baddi; power electronics, lithium packs and solar panels sit in separate subsidiaries. Company material claims more than 400 E3W customers, 1,200 distributors and exports to over 50 countries.

Revenue is almost entirely own-brand product sales: Acuité puts branded batteries at roughly 99% of standalone revenue and contract manufacturing at about 1%. The economics are lead-acid economics — high volume, thin margins that move with raw-material prices. Consolidated group operating income was Rs 4,221.91 Cr in FY25 against Rs 3,539.09 Cr in FY24, yet EBITDA margin fell from 6.37% to 5.83% and PAT to Rs 80.21 Cr from Rs 91.55 Cr. The binding constraint is working capital and the borrowing that funds it: gross current assets stretched to 141 days in FY25 from 109, total debt rose to Rs 1,186.48 Cr and gearing to 3.11x. The fresh issue is intended to pay that down.