Emmvee Photovoltaic Power IPO is a book-built issue with a total size of ₹2,900 crore. The entire issue consists of a fresh issue of 9.88 crore shares and offer for sale of 3.48 crore shares, aiming to raise funds for the company’s business needs. The IPO opens for subscription on November 11, 2025, and will close on November 13, 2025.
The basis of allotment is expected to be finalised on November 14, 2025, and the shares are likely to be listed on NSE BSE on November 18, 2025. The price band for the issue is set between ₹206 and ₹217 per share, offering investors an entry at different levels.
The minimum application size is 69 shares, making the minimum investment for retail investors ₹1,94,649 at the upper band. For HNI investors, the minimum lot size is 14 lots, equivalent to 966 shares, amounting to ₹2,09,622.
JM Financial Limited, IIFL Capital Services Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited are acting as the book running lead managers, while KFin Technologies Limited has been appointed as the registrar to the issue.
Emmvee Photovoltaic Power IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funds will be utilised for the repayment or prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereof availed by the Company and its material subsidiary, EEPL.
- Remaining funds will be used for general corporate purposes.
About Emmvee Photovoltaic Power Limited
Emmvee Photovoltaic Power Limited is an integrated solar photovoltaic (PV) module and solar cell manufacturing company incorporated in March 2007. As of June 30, 2025, the company has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW, supported by a track record of over 18 years in the solar industry.
Emmvee manufactures bifacial and mono-facial formats of tunnel oxide passivated contact (TOPCon) modules and cells, as well as mono passivated emitter and rear contact (Mono PERC) modules.
The company is in the process of expanding its manufacturing capacity by adding a 2.50 GW solar PV module production line and developing an integrated 6.00 GW solar cell and solar PV module production facility.
Following this expansion, Emmvee’s total solar PV module production capacity is expected to reach 16.30 GW and its solar cell capacity 8.94 GW by the first half of Fiscal 2028.
Emmvee is listed under List I (Manufacturers and Models of Solar PV Modules) and List II (Models and Manufacturers for Solar PV Cells) of the Approved List of Models and Manufacturers (ALMM) issued by the Ministry of New and Renewable Energy (MNRE), Government of India.
This allows the company to supply its modules and cells for government and government-assisted renewable energy projects that require sourcing from ALMM-certified domestic manufacturers.
As of May 2025, Emmvee held a 5.1% market share in terms of ALMM-listed module manufacturing capacity. The company also participates in India’s Domestic Content Requirement (DCR) market, which mandates the use of domestically manufactured solar components in certain government schemes, including the CPSU scheme, PM-KUSUM, PM Surya Ghar Yojana, and rooftop solar programs.
Emmvee’s manufacturing operations are located in Karnataka, India, comprising four units across two sites covering 22.44 acres. Its solar cell manufacturing unit at Dobbaspet, Bengaluru, is among India’s larger TOPCon solar cell facilities by installed capacity.
The company follows sustainable practices, including a zero liquid discharge system that achieved a 96.80% water recovery rate as of June 30, 2025.
In 2022, Emmvee entered into a research and development partnership with the Fraunhofer Institute for Solar Energy Systems ISE to strengthen its expertise in TOPCon technology and implement advanced production techniques.
This collaboration has supported technical and operational development for the company’s 2.94 GW TOPCon cell production line.
Industry Outlook
- The Make in India initiative has strengthened India’s position as a manufacturing destination by encouraging domestic production, improving infrastructure, simplifying regulations, and attracting foreign direct investment.
- The Production Linked Incentive (PLI) scheme, launched in March 2020, is expected to stimulate industrial capital expenditure of ₹2.6–2.8 trillion and contribute around 5% to overall capex in key sectors.
- The scheme’s incentives, amounting to ₹1.8–1.9 trillion, are projected to generate incremental revenue of about ₹30 trillion over the implementation period.
- As of August 2024, investments of ₹1.46 trillion had been committed under the PLI scheme, indicating strong progress across targeted sectors such as electronics, energy, textiles, and automobiles.
- These government initiatives are helping reduce import dependence, boost exports, and enhance competitiveness in capital-intensive manufacturing segments.
- Technological advancements in energy efficiency, renewable integration, and storage solutions are supporting India’s transition toward cleaner industrial growth, aided by programs such as the Green Energy Corridor.
- India’s standing in global manufacturing competitiveness has been improving, reflecting gains in business efficiency, infrastructure development, and government support for industrial expansion.
How To Apply for the Emmvee Photovoltaic Power IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Emmvee Photovoltaic Power IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Emmvee Photovoltaic Power IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Emmvee Photovoltaic Power Limited
Registered office: 13/1, International Airport Road, Bettahalasur Post, Bengaluru, Karnataka, 562157.
Phone:+91 80 2217 4524
E-mail: investorrelations@emmvee.in
Website: https://www.emmveepv.com/
Emmvee Photovoltaic Power IPO Reservation
| Investor Category | Shares Offered |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII Shares Offered | Not more than 15% of the Net Issue |
| QIB Shares Offered | Not less than 75% of the Net Issue |
Emmvee Photovoltaic Power IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 1 | 69 | ₹14,973 |
| Individual investors (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 |
Emmvee Photovoltaic Power IPO Promoter Holding
The promoters of the company include Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha and Sumanth Manjunatha Donthi.
| Share Holding Pre-Issue | 100% |
| Share Holding Post Issue | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Emmvee Photovoltaic Power IPO
| KPI | Value |
| ROE (%) | 104.60% |
| RoCE (%) | 23.33% |
| Debt/Equity | 3.63 |
| RoNW (%) | 69.44% |
| EBITDA Margin (%) | 30.91% |
Emmvee Photovoltaic Power IPO Prospectus
Emmvee Photovoltaic Power IPO Registrar and Lead Managers
Emmvee Photovoltaic Power IPO Lead Managers
- JM Financial Limited, IIFL Capital Services Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited,
Registrar for Emmvee Photovoltaic Power IPO
KFin Technologies Limited
- Contact Number: 04067162222
- Email Address: Emmvee.ipo@kotak.com
- Emmvee Photovoltaic Power IPO Registrar: https://ipostatus.kfintech.com/
Financial Performance of Emmvee Photovoltaic Power Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
| Revenue from Operations (in ₹ million) | 23,356.13 | 9,519.35 | 6,181.26 |
| EBITDA (in ₹ million) | 7,219.38 | 1,204.39 | 562.72 |
| EBITDA Margin (%) | 30.91 | 12.65 | 9.10 |
| Profit After Tax (in ₹ million) | 3,690.14 | 288.99 | 89.71 |
| PAT Margin (%) | 15.80 | 3.04 | 1.45 |
| Debt to Equity (Times) | 2.65 | 5.84 | 3.70 |
| Net Debt to Equity (Times) | 1.56 | 4.06 | 3.10 |
| Return on Equity (%) | 38.33 | 6.94 | 4.96 |
| Return on Capital Employed (RoCE) (%) | 23.94 | 6.03 | 5.90 |
| Net Working Capital (in ₹ million) | 3,351.88 | 2,867.94 | 1,346.16 |
| Current Ratio (Times) | 1.25 | 1.41 | 1.04 |
Emmvee Photovoltaic Power Limited Peer Comparison
| Company Name | Revenue FY 2024-25 (₹ lakh) | EBITDA Margin (%) | ROCE (%) | PAT FY 2024-25 (₹ lakh) |
| Emmvee Photovoltaic Power Limited | 23,356.13 | 30.91 | 23.94 | 3,690.14 |
| Waaree Energies Limited | 144,445.00 | 20.34 | 20.34 | 3,429.65 |
| Premier Energies Limited | 65,187.45 | 33.21 | 33.21 | 1,095.15 |
| Vikram Solar Limited | 34,234.53 | 11.26 | 11.26 | 326.45 |
| Saatvik Green Energy Limited | 21,583.94 | 63.41 | 63.41 | 524.15 |
| Websol Energy Systems Limited | 5,754.60 | 55.65 | 55.65 | 1,223.80 |
Strengths and Opportunities of Emmvee Photovoltaic Power Limited
- Second largest pure-play integrated solar PV module and cell manufacturer in India.
- Among the leading solar PV module manufacturers with a consistent track record of quality and reliability.
- Early adoption of higher-efficiency TOPCon cell technology, enabling technological differentiation.
- Integrated operations across solar cell and module manufacturing, providing better control over cost and quality.
- Advanced manufacturing units with sustainable practices, including high water recovery and zero liquid discharge systems.
Risks and Threats of Emmvee Photovoltaic Power Limited
- The domestic solar manufacturing industry remains dependent on government policies such as ALMM, safeguard duty, basic customs duty and the PLI scheme, and frequent policy changes create uncertainty for manufacturers.
- Heavy reliance on imported upstream components like polysilicon, wafers and specialised equipment exposes the industry to global supply chain disruptions and cost fluctuations.
- Export concentration in the United States, which accounts for over 90 percent of India’s module exports, increases vulnerability to tariff changes and trade policy shifts.
- Expansion of domestic solar manufacturing capacity in the United States under the Inflation Reduction Act may limit export opportunities for Indian manufacturers.
- Indian solar module makers have limited access to other major importing countries such as the Netherlands, Germany, Spain and Brazil, reducing diversification of export markets.
