In November 2025, India’s primary markets are again seeing large-cap, manufacturing-led IPOs, especially from sectors aligned with the country’s clean energy ambitions. Riding on the government’s focus on renewables, PLI schemes, and domestic manufacturing of solar equipment, Emmvee Photovoltaic Power Limited is coming out on November 11, 2025, with a sizeable public issue of ₹2,900 crore. The company is an integrated solar module and cell manufacturer with large, modern facilities in Karnataka and a diversified B2B customer base across IPPs, EPCs, and C&I players.
Here is a structured look at Emmvee Photovoltaic IPO –
About Emmvee Photovoltaic Power Ltd.
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer. As of May 31, 2025:
- Solar PV module capacity: 7.80 GW
- Solar cell capacity: 2.94 GW
- One of India’s largest TOPCon solar cell facilities at Dobbaspet, Bengaluru
- Product portfolio includes bifacial and mono-facial TOPCon modules, TOPCon cells, and Mono PERC modules
- Four manufacturing units across two locations in Karnataka spread over 22.44 acres
The company supplies to:
- IPPs (independent power producers)
- Commercial & Industrial (C&I) players
- EPC contractors in both public and private sectors
Key customers (as per RHP data shared): Ayana Renewable Power, Clean Max, Hero Rooftop Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, KMV Projects, Zodiac Energy, InSolare Energy, among others. In FY23–25, it served 525 customers.
As of March 31, 2025, Emmvee Photovoltaic had 611 employees.
Competitive strengths:
- Second-largest pure-play integrated PV module & cell maker in India
- Early mover in high-efficiency TOPCon technology
- Large, advanced, and scalable manufacturing base
- Strong, diversified B2B customer relationships
- Promoter-led experienced management team
Emmvee Photovoltaic IPO Details
| Particulars | Details |
| IPO Date | November 11, 2025, to November 13, 2025 |
| Face Value | ₹2 per share |
| Issue Price Band | ₹206 to ₹217 per share |
| Lot Size | 69 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 13,36,40,552 shares (aggregating up to ₹2,900.00 Cr) |
| Fresh Issue | 9,87,95,483 shares (aggregating up to ₹2,143.86 Cr) |
| Offer for Sale | 3,48,45,069 shares of ₹2 (aggregating up to ₹756.14 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 59,35,49,550 shares |
| Share Holding Post Issue | 69,23,45,033 shares |
| Lead Manager | JM Financial Ltd. |
| Registrar | Kfin Technologies Ltd. |
Important IPO Timeline
| Event | Date |
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Allotment (Tentative) | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Listing Date (Tentative) | Tue, Nov 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Nov 13, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not less than 75% of Net Issue |
| NII | Not more than 15% of Net Issue |
| Retail | Not more than 10% of Net Issue |
Emmvee Photovoltaic IPO Lot Size
| 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 |
Emmvee Photovoltaic Ltd. Financials
Restated Consolidated Financials (₹ in Crore):
| 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 & Surplus | 608.83 | 529.37 | 160.73 | 131.93 |
| Total Borrowing | 2,032.11 | 1,949.69 | 1,441.30 | 519.62 |
Key Performance Indicators (KPI)
| KPI (as of Mar 31, 2025) | Value |
| 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 Capitalisation | ₹15,023.89 Cr |
Pre- and Post-IPO Earnings Multiples:
| Pre IPO | Post IPO | |
| EPS (₹) | 6.22 | 10.84 |
| P/E (x) | 34.90 | 20.01 |
Objects of the Issue
| Sr.No. | Objects of the Issue | Amount (₹ in Crore) |
| 1 | Repayment/prepayment, in full or part, of certain outstanding borrowings and accrued interest of the Company and Material Subsidiary | 1,621.29 |
| 2 | General corporate purposes | Balance from the fresh issue |
Emmvee Photovoltaic Ltd.: Industry Outlook
- Solar is a core India theme — 500 GW non-fossil fuel capacity target, rooftop solar push, and utility-scale projects support sustained module demand.
- Policy thrust on domestic manufacturing (ALMM, customs duties, PLI) is favourable for integrated players like Emmvee.
- Shift to higher-efficiency technologies (TOPCon, bifacial) means buyers prefer established, tech-upgraded producers.
- Large EPCs, IPPs, and C&I customers prefer scale + timelines + quality certifications, all of which Emmvee highlights in its RHP.
This combination of policy tailwinds + rising capacity + customer diversification places Emmvee in a good spot, though competition from other PLI-backed or China-price-linked imports will remain a monitoring point.
Emmvee Photovoltaic IPO: Peer Comparison
Emmvee Photovoltaic IPO can be compared with peers like Waaree Energies Ltd, Adani Green Energy Ltd, Tata Power Ltd, Renew Energy Global Plc, and Websol Energy System Ltd. Reviewing these companies helps investors gauge Emmvee Photovoltaic’s competitive position within India’s rapidly expanding solar and renewable energy sector, enabling them to make more informed investment decisions.
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Conclusion
Emmvee Photovoltaic IPO is a sizeable mainboard-style issue from a fast-scaling solar module and cell manufacturer. The company has:
- Shown very strong growth in FY25
- Built large, modern capacity in Karnataka
- Has diversified B2B customers across Indian renewables
- Plans to reduce debt materially from IPO proceeds
However, investors should keep in mind:
- High pre-IPO leverage (hence the big repayment object)
- Solar manufacturing is capital intensive and cyclical with panel pricing
- Retail allocation is small (≤10%) — so actual allotment to retail may be tight
- Valuation (P/B 24x as per RHP data) looks rich but is linked to strong growth math
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
