Emmvee Photovoltaic Power Limited is an integrated solar photovoltaic (PV) module and solar cell manufacturer. The company focuses on producing high-efficiency TOPCon and Mono PERC modules in both bifacial and mono-facial formats, catering to utility-scale and commercial rooftop installations.
As of May 31, 2025, the company has an installed manufacturing capacity of 7.80 GW for solar PV modules and 2.94 GW for solar cells. Its manufacturing operations are spread across four units located at two sites in Karnataka, covering 22.44 acres of land. The company’s solar cell facility at Dobbaspet, Bengaluru, is also recognized as one of India’s largest TOPCon cell manufacturing plants by capacity.
The company serves:
- Independent Power Producers (IPPs)
- Commercial & Industrial (C&I) solar developers
- EPC (Engineering, Procurement & Construction) companies in both public and private sectors.
The company’s 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, KMV Projects, Zodiac Energy, and InSolare Energy, among others. During 2023–2025, the company supplied products to over 525 customers, indicating a diversified and scalable client base.
As of March 31, 2025, Emmvee Photovoltaic Power Limited employed 611 full-time employees across operations, engineering, sales, and corporate management.
Emmvee Photovoltaic IPO – Details
| IPO Opening Date | 11 November 2025 |
| IPO Closing Date | 13 November 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 13,36,40,552 Shares Worth ₹2,900.00 Crore Fresh Issue: 9,87,95,483 Shares Worth ₹2,143.86 Crore Offer For Sale: 3,48,45,069 Shares Worth ₹756.14 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹206 – ₹217 per share |
| Market Lot | 69 Shares |
| Min Order | 69 Shares [ 1 Lot ] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Emmvee Photovoltaic IPO – Date Schedule
| IPO Open Date | 11 November 2025 |
| IPO Close Date | 13 November 2025 |
| Basis of Allotment | 14 November 2025 |
| Initiation of Refund | 17 November 2025 |
| Credit of Shares to Demat Account | 17 November 2025 |
| IPO Listing Date | 18 November 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 13, 2025 |
Emmvee Photovoltaic IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 69 | ₹14,973 |
| Retail (Max) | 13 | 897 | ₹1,94,649 |
| S-HNI (Min) | 14 | 966 | ₹2,09,622 |
| S-HNI (Max) | 66 | 4,554 | ₹9,88,218 |
| B-HNI (Min) | 67 | 4,623 | ₹10,03,191 |
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 Promoters
- Manjunatha Donthi Venkatarathnaiah
- Shubha Manjunatha Donthi
- Suhas Donthi Manjunatha
- Sumanth Manjunatha Donthi
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹644.37 Cr | ₹632.70 Cr | ₹8.97 Cr | ₹519.62 Cr |
| 31 March 2024 | ₹954.44 Cr | ₹906.82 Cr | ₹28.90 Cr | ₹1,441.30 Cr |
| 31 March 2025 | ₹2,360.33 Cr | ₹1,877.51 Cr | ₹369.01 Cr | ₹1,949.69 Cr |
| 30 June 2025 | ₹1,042.22 Cr | ₹802.03 Cr | ₹187.68 Cr | ₹2,032.11 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 104.60% |
| ROCE | 23.33% |
| Debt/Equity | 3.63 |
| RoNW | 69.44% |
| PAT Margin | 15.80% |
| EBITDA Margin | 30.91% |
| Price to Book Value | 24.25 |
| Market Capitalization | 15023.89 |
| Pre IPO | Post IPO | |
| EPS (₹) | 6.22 | 10.84 |
| P/E (x) | 34.90 | 20.01 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| 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 |
| General corporate purposes. |
Emmvee Photovoltaic IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Waaree Energies Limited | 50.47 |
| 2 | 1 | Premier Energies Limited | 51.30 |
| 3 | 10 | Vikram Solar Limited | 70.97 |
| 4 | 2 | Saatvik Green Energy Limited | 27.49 |
| 5 | 10 | Websol Energy Systems Limited | 33.83 |
✅Strengths
- Integrated Cell-to-Module Manufacturing reduces dependency and improves cost control.
- Among India’s largest solar module producers with 7.80 GW installed capacity.
- Early adoption of TOPCon technology enhances efficiency and module performance.
- Access to government-backed solar demand due to ALMM listing.
- Strong growth momentum supported by aggressive capacity expansion plans.
⚠️Risks
- High dependency on imported raw materials like silicon wafers.
- Solar module pricing is highly competitive and linked to global cycles.
- Execution risk in achieving planned capacity scale-up.
- Dependence on government policy support & ALMM regime.
Emmvee Photovoltaic IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | 80.70% |
Emmvee Photovoltaic IPO Prospectus
Company Contact Information
| Emmvee Photovoltaic Power Ltd. 13/1, International Airport Road Bettahalasur Post Bengaluru, Karnataka, 562157 Phone: +91 80 2217 4524 Email: investorrelations@emmvee.in Website: https://www.emmveepv.com/ |
Emmvee Photovoltaic IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: Emmvee.ipo@kotak.com Website: https://ipostatus.kfintech.com/ |
Emmvee Photovoltaic IPO Lead Manager(s)
| 1. JM Financial Limited 2. IIFL Capital Services Limited 3. Jefferies India Private Limited 4. Kotak Mahindra Capital Company Limited |
Emmvee Photovoltaic IPO FAQs
| What is Emmvee Photovoltaic IPO? Emmvee Photovoltaic IPO is a main-board IPO. The issue is priced at ₹206 to ₹217 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Emmvee Photovoltaic IPO open? The IPO is to open on 11 November 2025 for QIB, NII, and Retail Investors. |
| What is Emmvee Photovoltaic IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is Emmvee Photovoltaic IPO Size? Emmvee Photovoltaic IPO size is ₹2,900.00 Crore. |
| What is the Emmvee Photovoltaic IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 69 Shares with ₹14,973, while the maximum bid is 897 Shares with ₹1,94,649. |
| What is the Emmvee Photovoltaic IPO Allotment Date? Emmvee Photovoltaic IPO allotment date is 14 November 2025. |
| What is the Emmvee Photovoltaic IPO Listing Date? Emmvee Photovoltaic IPO listing date is 18 November 2025. The IPO is to be listed on BSE and NSE. |
