Emmvee Photovoltaic Power Ltd.

EMMVEE

Equity

BSE,NSE

Min. Investment

₹ 2,06,000.00

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IPO Details

Bidding Dates

11 Nov 25 - 13 Nov 25

Price Range ₹

206 - 217

Total Equity

₹ 1680.17Cr

Lot Size

69

Exchange Status

BSE,NSE

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

  1. Offer start

    11 Nov 2025

  2. Offer end

    13 Nov 2025

  3. Allotment

    14 Nov 2025

  4. Refund initiation

    17 Nov 2025

  5. Demat transfer

    17 Nov 2025

  6. 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

Promoter Holdings Details

ParticularPre-IPOPost-IPO
Percentage10080.03
Share Capital593549548554096185

Offer to Public

7,74,27,183.00 Cr

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

YearsTotal AssetsShare CapitalProfit After TaxConsolidated Net ProfitAdjusted EPS
202539,686.20107.9289.7189.390.1506
20238,388.86107.923,690.143,690.146.217
202421,935.02107.92288.99288.990.4869