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Emmvee Photovoltaic IPO
Price Band
₹206.0–217.0
Issue Size
₹2900.0 Cr
Lot Size
69 shares
Min Investment
₹14,973
GMP
—
Issue Price
₹217.0
Emmvee Photovoltaic IPO AI Summary
- Emmvee Photovoltaic IPO is listed on BSE, NSE in the Other Electrical Equipment sector.
- Price band: ₹206.0–₹217.0 per share, lot size 69 shares (min. investment ₹14,973).
- Subscription window: 11 Nov–13 Nov 2025, listing on 18 Nov 2025.
Emmvee Photovoltaic Power Limited is a key player in the solar PV manufacturing sector in India. With significant production capacity and a diverse customer base, the company is positioned for growth. Investors should carefully consider the company's financials and market conditions when evaluating this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Emmvee Photovoltaic IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 13 Nov 2025 — not a current signal.
Reviewers are split — see individual calls below.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Emmvee Photovoltaic IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer. 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. The company's product portfolio includes bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules. The company has four manufacturing units across two Karnataka locations on 22.44 acres. As of May 31, 2025, the company's Solar cell manufacturing unit at Dobbaspet, Bengaluru, Karnataka, is one of India's largest TOPCon solar cell facilities by capacity. The company's customers include independent power producers (“IPPs”), entities in the commercial and industrial (“C&I”) sector, and engineering, procurement, and construction (“EPC”) service providers in both public and private sectors. Key customers include Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, BN Peak Power-I, KMV Projects, Powertrack Packaging, SILRES Energy, Kintch Synergy, Zodiac Energy, E Ramamurthy Minerals and Metals, InSolare Energy, Universal Transformers, and Mars Energy Group. In 2023- 2023, we served 525 customers. As of March 31, 2025, the company had 611 full-time employees. Competitive Strength: Second largest pure-play integrated solar PV module and cell manufacturers in India. One of the largest solar PV module manufacturers in India with a track record of delivering quality products. Early mover advantage in leveraging higher efficiency TOPCon cell technology. Advanced manufacturing units are driving efficient and sustainable operations. Valued relationships with a diverse customer base backed by a substantial order book. Experienced Promoter-led senior management team.
Company Financials (₹ Cr)
As of 2025-06-30
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 4,347.72 | 3,913.94 | 2,189.99 | 840.79 |
| Total Income | 1,042.22 | 2,360.33 | 954.44 | 644.37 |
| Profit After Tax | 187.68 | 369.01 | 28.90 | 8.97 |
| EBITDA | 347.38 | 721.94 | 120.44 | 56.27 |
| NET Worth | 718.79 | 531.41 | 162.77 | 133.97 |
| Reserves and Surplus | 608.83 | 529.37 | 160.73 | 131.93 |
| Total Borrowing | 2,032.11 | 1,949.69 | 1,441.30 | 519.62 |
Key Ratios
EPS
₹6.22
NAV
₹8.95
ROE
104.60%
ROCE
23.33%
RoNW
69.44%
P/B Value
24.25
P/E Ratio
34.9
Market Cap
₹15023.89 Cr
PAT Margin
15.80%
Debt/Equity
3.63
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Saatvik Green Energy Limited | 30.14 | 63.41% | 27.49 | 19.09 | 19.07 |
| Vikram Solar Limited | 39.24 | 11.26% | 70.97 | 4.61 | 4.6 |
| R S premier energies limited | 62.61 | 55.65% | 51.3 | 21.35 | 21.35 |
| Waaree energies limited | 329.96 | 20.34% | 50.47 | 68.24 | 67.96 |
| Websol Energy System Ltd. | 65.88 | 55.65% | 33.83 | 36.66 | 36.17 |
| Emmvee Photovoltaic Power Limited This IPO | 8.95 | 69.44% | — | 6.22 | 6.22 |
Promoters
Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha and Sumanth Manjunatha Donthi
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and the Material Subsidiary 1,621.29 2 General Corporate Purposes 438.71 3 Issue Expenses 110.47 Total 2,170.48
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹644.37 Cr in the year ending 31 Mar 2023, rising to ₹954.44 Cr by 31 Mar 2024, and further increasing to ₹2,360.33 Cr by 31 Mar 2025. However, as of 30 Jun 2025, total income decreased to ₹1,042.22 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹8.97 Cr in the year ending 31 Mar 2023, increasing to ₹28.90 Cr by 31 Mar 2024, and further rising to ₹369.01 Cr by 31 Mar 2025. As of 30 Jun 2025, profit after tax was ₹187.68 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Emmvee Photovoltaic is priced at a P/E ratio of 34.9 at the issue price, compared to peers trading at a P/E range of approximately 27.49 to 70.97.
Grey Market Premium, Explained
The grey market refers to the unofficial trading of shares before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of an IPO compared to its issue price. A positive GMP suggests that the shares are likely to list at a premium, while a negative GMP indicates potential losses.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential, market position, and financial health. It's essential to consider the company's performance and the overall market conditions before making an investment decision.
Who May Want to Wait
Investors who are risk-averse or those seeking stable returns may want to avoid this IPO. It's important for such investors to consider the inherent risks associated with investing in new public offerings, especially in a competitive sector like solar energy.
IPO Timeline, Explained
The IPO opens for subscription on November 11, 2025, and closes on November 13, 2025. The allotment of shares will be finalized by November 14, 2025, and the shares are expected to be listed on the stock exchange on November 18, 2025.
Listing Gains — The Risk
Listing-day gains can be unpredictable and depend on various factors, including market sentiment and the company's performance. Investors should be aware that while some IPOs may experience significant gains on their listing day, others may not perform as expected, leading to potential losses.
This evaluation is generated from Emmvee Photovoltaic's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is the price band of Emmvee Photovoltaic IPO?
The price band of Emmvee Photovoltaic IPO is ₹206.0–₹217.0 per share.
When does Emmvee Photovoltaic IPO open and close?
Emmvee Photovoltaic IPO opens on 11 November 2025 and closes on 13 November 2025.
When does Emmvee Photovoltaic IPO list on the stock exchange?
Emmvee Photovoltaic IPO listed on 18 November 2025 at ₹217.0.
What is the lot size for Emmvee Photovoltaic IPO?
The lot size for Emmvee Photovoltaic IPO is 69 shares, requiring a minimum investment of ₹14,973.
What is the issue price of Emmvee Photovoltaic's IPO?
The issue price of Emmvee Photovoltaic's IPO is ₹217.0.
What is the lot size for the IPO?
The lot size for the IPO is 69 shares.
What is the minimum investment required?
The minimum investment required is ₹14,973.0.
When does the IPO open and close for subscription?
The IPO opens on November 11, 2025, and closes on November 13, 2025.
When is the listing date for the IPO?
The listing date for the IPO is November 18, 2025.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
11 Nov 2025
Close
13 Nov 2025
Allotment
14 Nov 2025
Listing
18 Nov 2025
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