Eastman Auto and Power has received approval from the Securities and Exchange Board of India to proceed with its proposed initial public offering (IPO), marking an important step in the company’s plans to access the public capital markets.
The energy-solutions company had earlier filed its draft IPO papers with the market regulator through the confidential pre-filing route in December 2025. With SEBI now issuing its observations, the company can move forward with the next stages of the listing process.
Founded in 2000 as part of the JRS Eastman Group, Eastman Auto and Power has grown into a diversified provider of energy and power-electronics solutions. Its business portfolio spans battery storage, power electronics, and solar technologies, supporting multiple applications across mobility and energy sectors.
The company’s operations are organized across three core segments: last-mile e-mobility solutions, electronics manufacturing, and solar systems integrated with energy storage. Eastman also maintains a strong presence in the electric three-wheeler battery market, supplying batteries to more than 400 electric three-wheeler OEMs in India through an extensive distribution and service network.
Eastman Auto and Power operates eight manufacturing facilities in India, including three dedicated to power electronics, with an annual production capacity of nearly two million units. The company also exports storage batteries to over 50 countries, reflecting its growing global footprint.
As part of its expansion in solar manufacturing, the company has commissioned an 800 MW solar module manufacturing facility in Sonipat, while also producing lithium-based energy storage systems, solar batteries, and inverters to support the increasing adoption of solar power.
In the financial year FY25, Eastman Auto and Power reported revenue of ₹4,228 crore, achieving a 28% compound annual growth rate between FY23 and FY25.
The proposed IPO is expected to support the company’s growth strategy and strengthen its position in the rapidly expanding clean energy and power-electronics ecosystem.
