IPO Details
Bidding Dates
11 Nov 25 - 13 Nov 25
Price Range ₹
206 - 217
Total Equity
₹ 0.00 Cr
Lot Size
69
Exchange Status
NSE,BSE
IPO Doc
Subscription Rate
Non-Institutional Investor
1.10×
Qualified Institutional Buyers
1.26×
Employees
0.00×
Retail Investors
1.10×
Total subscription Rate
0.97×
IPO Timeline
Offer start
11 Nov 2025
Offer end
13 Nov 2025
Allotment
14 Nov 2025
Refund initiation
17 Nov 2025
Demat transfer
17 Nov 2025
Listing
18 Nov 2025
Offer start
11 Nov 2025
Offer end
13 Nov 2025
Allotment
14 Nov 2025
Refund initiation
17 Nov 2025
Demat transfer
17 Nov 2025
Listing
18 Nov 2025
About Company
Incorporated in March 2007, Emmvee Photovoltaic Power Ltd. is a leading integrated solar PV module and cell manufacturer in India, with a strong presence across the renewable energy value chain. As of May 31, 2025, the company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW, making it one of India’s largest integrated solar cell and module manufacturers.The company’s product portfolio includes bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules technologies known for high efficiency and durability. With four advanced manufacturing units in Karnataka spread across 22.44 acres, Emmvee combines technological strength with large-scale capacity.It serves a diverse client base including independent power producers (IPPs), commercial and industrial (C&I) entities, and EPC contractors — with marquee customers such as Hero Rooftop Energy, Ayana Renewable Power, Clean Max Enviro Energy, Aditya Birla Renewables, and KPI Green Energy, among others.
Year Founded
21-03-2007
Promotor Details
Manjunatha Donthi Venkatarathnaiah
Project Details
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interes - 16212.94cr
- General corporate purposes - 4387.11cr
Objectives
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by our Company and our Material Subsidiary
- andGeneral corporate purposes.
Highlights
- End-to-end manufacturing from solar cells to modules gives Emmvee strong cost control and efficiency benefits.
- One of India’s largest pure-play integrated solar PV players with a growing domestic and export presence.
- Early adoption of TOPCon technology (next-gen high-efficiency solar cells) provides a significant competitive edge.
- FY25 results show sharp revenue and profit expansion, validating scale-up execution.
- Long-standing relationships with top IPPs and EPCs ensure steady order inflows and visibility.
Challenges
- Debt-to-equity ratio of 3.63x indicates elevated leverage, though IPO proceeds aim to reduce it.
- Solar manufacturing margins depend heavily on silicon prices, global demand, and government policies.
- Rapid capacity expansion and technology transition (TOPCon) could strain operations.
- Dependence on select large clients may expose it to revenue concentration risk.
- High P/B (24.25x) suggests the stock may already be pricing in aggressive growth expectations.
Financials
| Years | Total Assets | Share Capital | Profit After Tax | Consolidated Net Profit | Adjusted EPS |
|---|---|---|---|---|---|
| 2025 | 39,686.20 | 107.92 | 89.71 | 89.39 | 0.1506 |
| 2023 | 8,388.86 | 107.92 | 89.71 | 89.39 | 0.1506 |
| 2024 | 21,935.02 | 107.92 | 3,690.14 | 3,690.14 | 6.217 |
