Emmvee Photovoltaic Power IPO will open for subscription on November 11, 2025, and close on November 13, 2025. Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.
As of June 2025, the company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW. Its product portfolio includes bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules. The company operates four manufacturing units across two locations in Karnataka, spanning 22.44 acres.
In this blog, you’ll find all the details about the Emmvee Photovoltaic Power IPO, including offer size, operational numbers, financials, peer performance, and risk factors.
Emmvee Photovoltaic Power IPO Date
The key pointers for the Emmvee Photovoltaic Power IPO dates are:
- Bidding Opening Date: November 11, 2025
- Bidding Closing Date: November 13, 2025
- Allotment Date: November 14, 2025
- Initiation of Refunds (in case of less or no allotment): November 17, 2025
- Shares Credited to Your Demat Account: November 17, 2025
- IPO Listing Date: November 18, 2025
- Listing on Exchange: BSE and NSE
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- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
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Emmvee Photovoltaic Power IPO Issue Size
Emmvee Photovoltaic Power IPO valuation, as denoted by the market capitalisation, is targeted at ₹15,023.89 crores. Here are the essential details:
- Emmvee Photovoltaic Power IPO Price Band: ₹206 to ₹217 per share
- Lot Size: 69 Shares
- Face Value: ₹2 per share
- Total Issue Size and Amount: 13.36 crore shares (aggregating up to ₹2,900 crores)
- Fresh Issue Size and Amount: 9.87 crore shares (aggregating up to ₹2,143.86 crores)
- Offer for Sale and Amount: 3.48 crore shares of ₹2 (aggregating up to ₹756.14 crores)
Emmvee Photovoltaic Power IPO Proceeds Usage
The company plans to deploy the net issue proceeds towards the following objectives:
- The offer for sale component of ₹756 crores will be received by the selling shareholders. They are Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi.
- Out of the total fresh issue size, ₹1,621 crores will be used for repayment or pre-payment of loans. The remaining amount will be directed to general corporate purposes.
Emmvee Photovoltaic Power IPO Reservations
Emmvee Photovoltaic Power IPO reservations to different investors are:
- For QIBs: Not less than 75% of the Net Issue
- For NIIs: Not more than 15% of the Net Issue
- For Retail Investors: Not more than 10% of the Net Issue
Emmvee Photovoltaic Power IPO Lot Size
The Emmvee Photovoltaic Power IPO lot size is 69 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 69 | ₹14,973 |
| S-HNI (Min) | 14 | 966 | ₹2,09,622 |
| B-HNI (Min) | 67 | 4,623 | ₹10,03,191 |
Emmvee Photovoltaic Power IPO Details: Promoter Holding
The promoters of the company are Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi.
Emmvee Photovoltaic Power Ltd: Company Overview
Emmvee Photovoltaic Power Limited, incorporated in March 2007, is a top solar module manufacturer and the second-largest dedicated solar PV module and solar cell producer in India based on production capacity as on March 2025.
As of June 30, 2025, the company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW. Its product range includes bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules.
It is also listed on the ALMM (Approved List of Models and Manufacturers of Solar Photovoltaic Modules) and operates four manufacturing units in two locations within Karnataka. The company focuses mainly on business-to-government (B2G) and business-to-business (B2B) segments, while also expanding into the business-to-consumer (B2C) segment.
Its clients include independent power producers (IPPs), commercial and industrial (C&I) companies, and engineering, procurement, and construction (EPC) service providers from both the public and private sectors.
Some of its key customers are Clean Max Enviro Energy, Hero Rooftop Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, Zodiac Energy, etc.
Emmvee Photovoltaic Power Ltd: Operational Performance
- Annual Installed Capacity (Module): The company’s annual installed module capacity increased from 1,585 MW in FY23 to 7,803 MW by June 2025. This is nearly a fivefold rise and shows how the company expanded operations to meet rising solar demand.
- Annual Installed Capacity (Cells): The company had no cell manufacturing capacity till FY24. By June 2025, it expanded into this segment with an impressive 2,943 MW of installed capacity.
- Better utilization levels: Module capacity utilization significantly improved from 21.75% in FY23 to 42.36% by June 2025. Also, the cell capacity utilization increased from 42.83% in March 2025 to 66.95% in June 2025. This indicates better productivity from assets and higher demand execution.
- Strong order momentum: The order book grew from just 538.71 MW in FY23 to 5,360 MW by June 2025. This highlights strong market interest and visibility for future revenue growth.
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- 20 Lac+ unique clients
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Emmvee Photovoltaic Power Limited: Financial Performance
Emmvee Photovoltaic Power Ltd’s key financials for different periods are as follows:
| Particulars (in ₹ Cr) | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 2,336 | 952 | 145% |
| EBITDA | 722 | 120 | 499% |
| EBITDA Margin | 30.9% | 12.7% | 18.3% |
| PAT | 369 | 29 | 1177% |
| PAT Margin | 15.8% | 3.0% | 12.8% |
| Debt to Equity (x) | 3.6 | 8.5 | -4.9 |
| Net Working Capital | 335 | 287 | 17% |
| Current Ratio | 1.3 | 1.4 | -0.2 |
- Emmvee Photovoltaic Power’s revenue from operations increased sharply by 145%, rising from ₹952 crores in FY24 to ₹2,336 crores in FY25.
- EBITDA jumped nearly six times to ₹722 crores in FY25. EBITDA margins improved to 30.9%. This change reflects better operating leverage and cost efficiencies.
- Net profit saw an impressive increase of over 11 times, going from ₹29 crores in FY24 to ₹369 crores in FY25.
PAT margin grew significantly by 12.8 percentage points, reaching 15.8% in FY25. - The leverage position improved, with the debt-to-equity ratio decreasing from 8.5x to 3.6x.
- Net working capital rose by 17% year-over-year to ₹335 crores in FY25, supporting higher operational activity.
- The current ratio stayed stable at 1.3x in FY25, showing adequate short-term liquidity.
Emmvee Photovoltaic Power IPO Peer Comparison
Here is the peer comparison table for Emmvee Photovoltaic Power Limited with its listed peers:
| Company Name (FY25) | EPS (Basic ₹) | P/E | ROE (%) | ROCE (%) |
|---|---|---|---|---|
| Emmvee Photovoltaic Power Limited | 6.22 | 34.9 | 104.60% | 23.33% |
| Waaree Energies Limited | 68.24 | 50.47 | 28.06% | 25.08% |
| Premier Energies Limited | 21.35 | 51.3 | 54.03% | 42.04% |
| Vikram Solar Limited | 4.61 | 70.97 | 16.57% | 24.49% |
| Saatvik Green Energy Limited | 19.09 | 27.49 | 63.41% | 60.45% |
| Websol Energy Systems Limited | 36.66 | 33.83 | 80.20% | 63.10% |
- Earnings per Share: Emmvee has an EPS of ₹6.22 in FY25, and this is much lower than its peers, like Waaree at ₹68.24 and Websol at ₹36.66.
- P/E Ratio: Emmvee is coming at a P/E valuation of 34.9, which is a moderate valuation. It is cheaper than Waaree at 50.47 and Premier at 51.3, but slightly higher than Saatvik at 27.49.
- Return on Equity: Emmvee delivered a ROE of 104.6% which is the best in the industry.
- Return on Capital Employed: Its ROCE is 23.33%, which is lower than peers like Websol Energy System at 63.10% and Saatvik Green Energy at 60.45%.
Emmvee Photovoltaic Power IPO Risk Factors
Emmvee Photovoltaic Power IPO GMP is ₹20 as of November 10, 2025 (at 16:32). It is expected to list at a 9.22% gain at a price of ₹237. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
Emmvee Photovoltaic Power IPO is exposed to various risk factors that can eventually affect its business and investors’ perception:
- Customer Concentration Risk: The company’s top 10 customers account for over 90% of the revenue. Losing any major client could hurt revenue and cash flow.
- Product Concentration Risk: Emmvee’s business depends on a small range of solar products. A drop in demand for these products may harm sales and profits.
- Supply Chain Dependency: The company relies on both domestic and international suppliers for key raw materials. Any interruptions in supply or changes in prices could affect operations and profit margins.
- Import Duty Exposure: Some raw materials are imported and face import duties and trade restrictions. Changes in policy or new restrictions could impact costs and profitability.
- Geographic Concentration Risk: All manufacturing facilities are located in Karnataka, which exposes the company to potential risks specific to this region.
For all the insights on Emmvee Photovoltaic Power IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Emmvee Photovoltaic Power IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
1. When will the Emmvee Photovoltaic Power IPO open and when will it list?
Emmvee Photovoltaic Power IPO will open on November 11, 2025 and closes on November 13, 2025. The allotment is scheduled for November 14, 2025. Refunds and Demat credit are expected on November 17, 2025, and the shares are tentatively set to list on November 18, 2025, on the BSE and NSE.
2. What is the Emmvee Photovoltaic Power IPO price band and lot size?
Emmvee Photovoltaic Power IPO price band is ₹206 to ₹217 per share, and the lot size is 69 shares. At the cap price, the minimum retail investment works out to ₹14,973.
3. How big is the Emmvee Photovoltaic Power IPO issue size, and what is the split?
Emmvee Photovoltaic Power IPO total issue size is ₹2,900 crores (13.36 crore shares), comprising a fresh issue of ₹2,143.86 crores (9.87 shares) and an offer for sale of ₹756.14 crores (3.48 crore shares).
4. How will the Emmvee use the IPO proceeds?
The company intends to use the fresh issue proceeds mainly to repay or prepay outstanding borrowings of the company and its material subsidiary, amounting to ₹1,621.29 crores.
5. Which is the best broker to apply for Emmvee Photovoltaic Power IPO?
SMC Global Securities is one of the best brokers to apply for Emmvee Photovoltaic Power IPO. You can easily check all the details on the SMC ACE App and bid for this IPO in a few clicks. Just open or log in to your demat account, visit the IPO section, select the lot size, and bid by locking the required amount.
Author: All Content is verified by SMC Global Securities.
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