Emmvee Photovoltaic IPO will open for subscription on November 11, 2025, and close on November 13, 2025. It is a Book Built Issue aiming to raise approximately ₹2,900 crores, including a fresh issue of ₹2,143.86 crores and an offer for sale of up to 3,48,45,069 equity shares with a face value of ₹2 per share.
The Emmvee Photovoltaic IPO price band is set between ₹206 to ₹217 per share, with a retail investor quota of 10%, QIB at 75%, and HNI at 15%. The IPO allotment date is November 14, 2025, and the listing is expected on November 18, 2025, on both BSE and NSE.
Financially, the company showcased strong growth, reporting revenue of ₹2,360.33 crores in FY 2025, a significant rise from ₹954.44 crores in FY 2024. Its profit surged to ₹369.01 crores in 2025 compared to ₹28.90 crores in 2024, reflecting solid business expansion and profitability. Based on these robust financials, the Emmvee Photovoltaic IPO appears to be a promising long-term investment opportunity for investors.
Table of contents
- Emmvee Photovoltaic IPO Date & Price Band Details
- Emmvee Photovoltaic IPO Market Lot
- Emmvee Photovoltaic IPO Reservation
- Emmvee Photovoltaic IPO Anchor Investors
- Emmvee Photovoltaic IPO Allotment & Listing Dates
- Emmvee Photovoltaic IPO: Promoters and Holding Pattern
- Objects of the Issue & Utilisation of proceeds – Emmvee Photovoltaic IPO
- Emmvee Photovoltaic IPO Company Financial Report
- Emmvee Photovoltaic IPO Valuation – FY2025
- Emmvee Photovoltaic IPO Peer Group Comparison
- Emmvee Photovoltaic Company Overview, Key Points, Strengths, and Risks
- IPO Lead Managers aka Merchant Bankers
- Emmvee Photovoltaic IPO Registrar
- Emmvee Photovoltaic Company Address
- FAQs about Emmvee Photovoltaic IPO
Emmvee Photovoltaic IPO Date & Price Band Details
Emmvee Photovoltaic IPO is a Book Built Issue opening on November 11, 2025, and closing on November 13, 2025. The IPO price band is ₹206–₹217 per share with a face value of ₹2. The company plans to raise ₹2,900 crores, listing on BSE and NSE.
| IPO Details | Details |
|---|---|
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Face Value | ₹2 Per Equity Share |
| IPO Price Band | ₹206 to ₹217 Per Share |
| Issue Size | Approx ₹2,900 Crores |
| Fresh Issue | Approx ₹2,143.86 Crores |
| Offer for Sale: | Approx 3,48,45,069 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus | Click Here |
Emmvee Photovoltaic IPO Market Lot
Emmvee Photovoltaic IPO lot size starts with a minimum retail application of 1 lot (69 shares) for ₹14,973, while the maximum retail limit is 13 lots (897 shares) for ₹1,94,649. For S-HNI, the minimum is 14 lots, and B-HNI starts from 67 lots worth ₹10,03,191.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 69 | ₹14,973 |
| Retail Maximum | 13 | 897 | ₹1,94,649 |
| S-HNI Minimum | 14 | 966 | ₹2,09,622 |
| S-HNI Maximum | 66 | 4,554 | ₹9,88,218 |
| B-HNI Minimum | 67 | 4,623 | ₹10,03,191 |
The Emmvee Photovoltaic IPO Subscription Status will be updated after the bidding process begins on Nov 11, 2025.
Emmvee Photovoltaic IPO Reservation
In Emmvee Photovoltaic IPO, the QIB quota is the largest with 75% share allocation, followed by NII investors getting 15%, and the retail investor portion fixed at 10%. The anchor investor details are yet to be disclosed, ensuring a strong institutional participation structure.
| Investor Category | Share Offered | Shares |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
Emmvee Photovoltaic IPO Anchor Investors
The Emmvee Photovoltaic IPO Anchor Bidding Date is set for November 10, 2025. The anchor portion size and shares offered are yet to be announced. The lock-in period for 50% shares ends on December 14, 2025, and the remaining 50% on February 12, 2026.
| Anchor Event | Date |
|---|---|
| Anchor Bidding Date | November 10, 2025 |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | December 14, 2025 |
| lock-in period end date 50% shares (90 Days) | February 12, 2026 |
Emmvee Photovoltaic IPO Allotment & Listing Dates
Emmvee Photovoltaic IPO will open on November 11, 2025, and close on November 13, 2025, with a cut-off time of 5 PM. The basis of allotment is on November 14, refunds and credit to Demat accounts on November 17, and the IPO listing date is November 18, 2025.
| Event | Date |
|---|---|
| IPO Open Date: | November 11, 2025 |
| IPO Close Date: | November 13, 2025 |
| Basis of Allotment: | November 14, 2025 |
| Refunds: | November 17, 2025 |
| Credit to Demat Account: | November 17, 2025 |
| IPO Listing Date: | November 18, 2025 |
| IPO Bidding Cut-off Time: | November 13, 2025 – 5 PM |
Emmvee Photovoltaic IPO: Promoters and Holding Pattern
The promoters of Emmvee Photovoltaic are Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi. The company’s promoter holding pre-issue stands at 59,35,49,550 shares (100%), while the post-issue shareholding will be 69,23,45,033 shares, reflecting promoter participation and continued confidence in the business.
| Particular | Shares | Share |
|---|---|---|
| Promoter Holding Pre Issue | 59,35,49,550 | 100% |
| Promoter Holding Post Issue | 69,23,45,033 | -% |
Objects of the Issue & Utilisation of proceeds – Emmvee Photovoltaic IPO
The Emmvee Photovoltaic IPO proceeds will primarily be used for repayment and prepayment of borrowings amounting to ₹1,621.29 crores, including accrued interest for the company and its subsidiaries. The remaining funds will be allocated for general corporate purposes, supporting future expansion and strengthening the company’s financial position.
| Purpose | 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 Purpose | ₹- |
Emmvee Photovoltaic IPO Company Financial Report
Emmvee Photovoltaic has shown impressive financial growth with revenue rising from ₹644.37 crores in 2023 to ₹2,360.33 crores in 2025. The PAT surged to ₹369.01 crores, and assets increased to ₹3,913.94 crores. As of June 2025, the company reported ₹1,042.22 crores revenue and ₹187.68 crores profit, reflecting strong performance.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹644.37 | ₹632.70 | ₹8.97 | ₹840.79 |
| 2024 | ₹954.44 | ₹906.82 | ₹28.90 | ₹2,189.99 |
| 2025 | ₹2,360.33 | ₹1,877.51 | ₹369.01 | ₹3,913.94 |
| June 2025 | ₹1,042.22 | ₹802.03 | ₹187.68 | ₹4,347.72 |
Emmvee Photovoltaic IPO Valuation – FY2025
Emmvee Photovoltaic IPO key performance indicators (KPI) highlight strong financial efficiency with ROE of 104.60%, ROCE of 23.33%, and EBITDA margin at 30.91%. The company reported a PAT margin of 15.80%, EPS of ₹6.22, and RoNW of 69.44%, showing solid profitability and strong financial fundamentals.
| KPI | Values |
|---|---|
| ROE: | 104.60% |
| ROCE: | 23.33% |
| EBITDA Margin: | 30.91% |
| PAT Margin: | 15.80% |
| Debt to equity ratio: | 3.63 |
| Earning Per Share (EPS): | ₹6.22 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 69.44% |
| Net Asset Value (NAV): | ₹8.95 |
Emmvee Photovoltaic IPO Peer Group Comparison
In the peer comparison, Waaree Energies leads with an EPS of 68.24 and income of ₹14,444.50 Cr, followed by Premier Energies with RoNW of 33.21%. Vikram Solar, Saatvik Green Energy, and Websol Energy Systems also show strong financials, reflecting healthy growth in the renewable energy sector.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Waaree Energies Limited | 68.24 | 50.47 | 20.34% | 329.96 | 14,444.50 Cr. |
| Premier Energies Limited | 21.35 | 51.30 | 33.21% | 62.61 | 6,518.75 Cr. |
| Vikram Solar Limited | 4.61 | 70.97 | 11.26% | 39.24 | 3,423.45 Cr. |
| Saatvik Green Energy Limited | 19.09 | 27.49 | 63.41% | 30.14 | 2,158.39 Cr. |
| Websol Energy Systems Limited | 36.66 | 33.83 | 55.65% | 65.88 | 575.46 Cr. |
Emmvee Photovoltaic Company Overview, Key Points, Strengths, and Risks
The Emmvee Photovoltaic Group is a prominent Indian renewable energy company with a focus on solar power.
Company Overview
Emmvee Group, established in 1992 and headquartered in Bengaluru, Karnataka, is a renewable energy company primarily engaged in:
- Manufacturing solar photovoltaic (PV) modules and solar cells.
- Manufacturing solar water heating systems (under the brand ‘Solarizer’).
- Providing Engineering, Procurement, and Construction (EPC) services for utility-scale and rooftop solar projects.
The company has an integrated manufacturing approach, which includes both cell and module production, and is an early adopter of high-efficiency technologies.
Key Points (As of late 2025 data)
- Integrated Manufacturer: It is one of India’s largest pure-play integrated solar PV module and solar cell manufacturing companies.
- Capacity: Has a significant manufacturing base with an installed PV module capacity of 7.8 GW and a solar cell capacity of 2.94 GW (as of May/June 2025).
- Technology Focus: It is an early mover in high-efficiency TOPCon (Tunnel Oxide Passivated Contact) solar cell technology.
- Certifications: It is the only Indian company and one of four globally to pass all tests in the Kiwa PVEL 2024 Product Reliability Scorecard, indicating superior quality.
- Customer Base: Serves a strong B2B clientele, including Independent Power Producers (IPPs), Commercial & Industrial (C&I) entities, and EPC companies.
- Financial Growth: Reported a robust financial performance with revenue and profit experiencing significant growth in the financial years leading up to 2025.
Strengths
- Integrated Business Model and Scale: The combined cell and module manufacturing capability allows for better cost control, improved process efficiency, and reduced dependency on external solar cell suppliers. Its large, modern, and scalable capacity positions it to benefit from domestic manufacturing incentives.
- Technological Leadership: Early adoption and large-scale manufacturing of high-efficiency technologies like TOPCon cells give it a competitive advantage in a market increasingly moving beyond older Mono PERC technology.
- Quality and Reliability: Passing all seven tests in the Kiwa PVEL 2024 Reliability Scorecard demonstrates world-class product quality and durability.
- Strong Order Book and Clientele: Possesses a strong order book and a diversified customer base of reputed names in the Indian and international solar energy sectors.
- Policy Tailwinds: Well-positioned to benefit from government initiatives (like PLI schemes, PM-KUSUM, and Domestic Content Requirement – DCR) aimed at boosting the domestic solar manufacturing ecosystem.
Risks
- High Customer Concentration: A significant portion of its revenue (e.g., over 75% from the top five customers) makes the company highly dependent on a few key clients. Loss of a major customer could severely impact financial performance.
- Reliance on Imported Raw Materials: The company heavily relies on imported raw materials like wafers, aluminum frames, and glass (especially from China), exposing it to foreign currency fluctuations and supply chain volatility or disruptions from import restrictions.
- High Debt Levels: The company has historically carried a high debt-to-equity ratio, though a significant portion of planned IPO proceeds is often earmarked for debt reduction, which aims to improve the balance sheet.
- Low Capacity Utilization: Despite having large installed capacity, the operational capacity utilization of both module and cell manufacturing has historically been at relatively lower levels.
- Intense Competition: The Indian solar manufacturing sector is becoming increasingly crowded, with both domestic (including other PLI-backed players) and international competitors increasing capacity.
IPO Lead Managers aka Merchant Bankers
- JM Financial Ltd.
- IIFL Capital Services Ltd.
- Jefferies India Pvt.Ltd.
- Kotak Mahindra Capital Co.Ltd.
Emmvee Photovoltaic IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: Emmvee.ipo@kotak.com
Website: https://ipostatus.kfintech.com/
Emmvee Photovoltaic Company Address
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/
FAQs about Emmvee Photovoltaic IPO
The Emmvee Photovoltaic IPO opens for subscription on November 11, 2025, and closes on November 13, 2025. The allotment date is November 14, 2025, and the expected listing date on BSE and NSE is November 18, 2025.
The Emmvee IPO Price Band is set between ₹206 and ₹217 per equity share, with a face value of ₹2 per share.
The minimum retail application is 1 lot (69 shares) for ₹14,973 (at the upper price band). The maximum retail application is 13 lots (897 shares) for ₹1,94,649.
The total IPO issue size is approximately ₹2,900 crores. This includes a fresh issue of approximately ₹2,143.86 crores and an Offer for Sale (OFS) of up to 3,48,45,069 equity shares.
The IPO reservation structure is:
QIB (Qualified Institutional Buyers): 75%
NII/HNI (Non-Institutional/High Net Worth Individuals): 15%
Retail Investors: 10%
The primary use of the fresh issue proceeds is for the repayment and prepayment of all or certain outstanding borrowings and accrued interest for the company and its material subsidiary, amounting to ₹1,621.29 crores. The remaining funds are allocated for general corporate purposes.
The company reported a significant surge in financials, with revenue growing from ₹954.44 crores in FY 2024 to ₹2,360.33 crores in FY 2025. Profit (PAT) increased sharply from ₹28.90 crores to ₹369.01 crores in the same period.
The promoters of Emmvee Photovoltaic are Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi.
The shares are expected to be listed on both the BSE (Bombay Stock Exchange) and the NSE (National Stock Exchange).
Emmvee Photovoltaic is an early mover in the manufacturing of high-efficiency TOPCon (Tunnel Oxide Passivated Contact) solar cell technology, indicating a focus on advanced solar products.
Disclaimer: This content is provided strictly for educational and informational purposes only. The securities or investments mentioned are based on publicly available information and should not be construed as investment advice or recommendations. Investors are advised to consult with their financial advisor before making any investment decisions.
