Emmvee Photovoltaic IPO Will Open On ( Date ) And Close On ( Date ) .The ₹30,000.00 million Cr Share . IPO Is A Book Build Issue, Consisting Entirely of A Fresh Issue 21,438.62 and offer for Sale ₹8,561.38 million . Emmvee Photovoltaic IPO Price Band Is Set At ₹- To ₹- Per Share.
The Allotment will Be Finalized On( Date ) and Listing date is Expected on The NSE BSE By ( Date ). Investor Quota like 50% QIB, 35% Retail, and 15% HNI Category.
Financial Year 2025 Company Posted a Revenue of ₹2,360.33 Cr. and A Net Profit of ₹369.01 Cr. Showing Strong Growth From The Previous Year. Based On Financial, The IPO Looks Promising For Long-term Investors.
About Emmvee Photovoltaic Ltd
Our Company was originally incorporated on March 21, 2007 as “Emmvee Photovoltaic Power Limited” We are the second largest pure-play integrated solar photovoltaic (“PV”) module and solar cell manufacturing company and one of the largest solar PV module manufacturers in India.
we have a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW, with a track record of over 18 years. In addition, we are one of the first companies in India to adopt higher efficiency tunnel oxide passivated contact (“TOPCon”) technology to manufacture solar cells, and are among a limited number of solar cell manufacturers in India.
We are currently in the process of adding a 2.50 GW solar PV module production capacity line, and we intend to add a 6.00 GW integrated solar cell and solar PV module production capacity, pursuant to which we aim to increase our solar PV module production capacity to 16.30 GW and solar cell production capacity to 8.94 GW.
Our product portfolio comprises bifacial and mono-facial formats of TOPCon modules and cells, and bifacial and mono-facial formats of mono passivated emitter and rear contact (“Mono PERC”) modules. We believe that our ability to leverage TOPCon technology enhances the quality, efficiency, and performance of our solar PV modules.
We have been included under List I (Manufacturers and Models of Solar PV Modules) of the ‘Approved List of Models and Manufacturers of Solar Photovoltaic Modules’ (“ALMM”) issued by the Ministry of New and Renewable Energy, Government of India (“MNRE”) from time to time, which allows us to supply our solar PV modules for government and governmentassisted grid-connected utility projects as well as renewable energy projects and projects under government schemes that are
mandated to source solar modules from ALMM certified manufacturers.
India for renewable energy projects, particularly for projects under government schemes such as the Central Public Sector Undertaking (“CPSU”) scheme, Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan (“PM-KUSUM”) scheme, PM Surya Ghar Yojana and grid-connected rooftop solar programmes.
Emmvee Photovoltaic IPO Dates & Price Band Details
| IPO Open Date | [.] |
|---|---|
| IPO Close Date | [.] |
| IPO Price Band | [.] to [.] per share |
| Face Value | ₹2 per equity share |
| Lot Size | - Shares |
| Minimum Investment | ₹- Thousand (for 1 lot at ₹-) |
| IPO Issue Type | Book Built Issue |
| IPO Issue Size | 30,000.00 shares (Approx ₹-Cr) |
| Fresh Issue | 21,438.62 shares (Approx ₹-Cr) |
| Offer For Sale | 8,561.38 shares (Approx ₹-Cr) |
| Employees Discount | ₹- per equity share |
| Retail Investor Quota | 35% |
| QIB Quota | 50% |
| NII (HNI) Quota | 15% |
| Listing Exchange | NSE BSE |
| Anchor Investor List | Click Here |
| DRHP (Draft Prospectus) | Click Here |
| RHP (Final Prospectus) | Click Here |
Objects Of The Issue
1. Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by our Company and our Material Subsidiary.
2. General corporate purposes.
Emmvee Photovoltaic IPO Financial Report (FY 2025)
Emmvee Photovoltaic Reported a total Revenue of ₹2,360.33 Cr. in FY 2025, Slightly up From ₹954.44 Cr. in FY 2024. The Company Net Profit Also Rose to ₹369.01 Cr. From ₹28.90 Cr. in the Previous Year Showing Consistent Financial Growth Ahead of its IPO. (More information below table).
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 3,913.94 | 2,189.99 | 840.79 |
| Revenue | 2,360.33 | 954.44 | 644.37 |
| Profit After Tax | 369.01 | 28.90 | 8.97 |
| EBITDA | 721.94 | 120.44 | 56.27 |
| Net Worth | 531.41 | 162.77 | 133.97 |
| Reserves and Surplus | 529.37 | 160.73 | 131.93 |
| Total Borrowing | 519.62 | 1,441.30 | 1,949.69 |
| Amount in ₹ Crore |
Emmvee Photovoltaic IPO Valuation Report – FY 2025 (KPI)
Check Detailed Emmvee Photovoltaic IPO Valuation Metrics for FY 2025, including EPS, P/E Ratio, RoNW, NAV, ROCE, and other key financial indicators. These Ratios help Investors Assess the Company financial Health & Valuation Before applying for The IPO. (More information below table).
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 104.60% |
| Return on Capital Employed (ROCE) | 23.33% |
| EBITDA Margin | 30.91% |
| PAT Margin | 15.80% |
| Debt-to-Equity Ratio | 3.63 |
| Earnings Per Share (EPS) | 6.22 |
| Price to Earnings Ratio (P/E) | N/A |
| Return on Net Worth (RoNW) | 69.44% |
| Net Asset Value (NAV) | 8.95 |
Qualitative Factors
- We are a solar photovoltaic (“PV”) module and solar cell manufacturing company in India.
- We commenced commercial production of solar PV modules in 2007.
- We are currently in the process of adding a 2.50 GW module production capacity line, which is expected to be operational in – Fiscal 2026.
- We are one of the first companies in India to adopt higher efficiency tunnel oxide passivated contact (“TOPCon”)technology to manufacture solar cells, and are among a limited number of solar cell manufacturers in India.
- We have been included under List I (Manufacturers and Models of Solar PV Modules) of the ‘Approved List of Models and Manufacturers of Solar Photovoltaic Modules’ (“ALMM”).
- Our diversified customer base has translated into a substantial order book, which was 4.89 GW.
Our Company Promoters
- Manjunatha Donthi Venkatarathnaiah.
- Shubha Manjunatha Donthi.
- Suhas Donthi Manjunatha.
- Sumanth Manjunatha Donthi.
Comparison of Accounting Ratios With listed Industry Peers
| Name of the Company | Face Value (Per share) | CMP JJuly 3, 2025 | EPS (Rs) | P/E Ratio | RONW (%) | NAV (Rs. Per share) | Revenue from operations (₹ in million) |
|---|---|---|---|---|---|---|---|
| Emmvee Photovoltaic Power Limited | 2.00 | NA | 6.22 | [●] | 69.44 | 8.95 | 23,356.13 |
| Websol Energy Systems Limited | 10.00 | 2,992.10 | 36.66 | 36.45 | 55.65 | 65.88 | 23,356.13 |
| Waaree Energies Limited | 10.00 | 1,052.70 | 68.24 | 44.03 | 20.34 | 329.96 | 144,445.00 |
| Premier Energies Limited | 1.00 | 1,318.40 | 21.35 | 49.31 | 33.21 | 62.61 | 65,187.45 |
Emmvee Photovoltaic Company Contact Details
Registered and Corporate Office: 13/1,
International Airport Road,
Bettahalasur Post, Bengaluru,
Karnataka, 562 157, India
Tel: +91 80 2217 4524
E-mail: investorrelations@emmvee.in
Website: www.emmveepv.com
Emmvee Photovoltaic Lead Manager
- JM Financial Limited
- IIFL Capital Services Limited
- Jefferies India Private Limited
- Kotak Mahindra Capital Company Limited
Emmvee Photovoltaic IPO Registrar
KFIN TECHNOLOGIES LIMITED
301, The Centrium, 3rd Floor
57, Lal Bahadur Shastri Road
Nav Pada, Kurla West
Mumbai 400 070 Maharashtra, India
Telephone: + 91-40-6716 2222/ 1800 309 4001
Email: icicipruamc.ipo@kfintech.com
Website: www.kfintech.com
Emmvee Photovoltaic IPO FAQs
Question 1: What is the Emmvee Photovoltaic IPO?
Answer 1: Emmvee Photovoltaic IPO is a Mainboard IPO of 30,000.00 million equity shares of the face value of ₹2 approximately up to ₹ – Cr. The issue is price at ₹- to ₹- per share.
The Emmvee Photovoltaic IPO opens on ( Date ) and closes on ( Date ).
MUFG Intime India Private Limited is the registrar for the IPO. The shares to be listed on NSE BSE.
Question 2: How to apply in Emmvee Photovoltaic IPO through Groww?
Answer 2: Groww customers can apply online in Emmvee Photovoltaic IPO using UPI as a payment gateway. Groww customers can apply in Emmvee Photovoltaic IPO by login into Groww (back office) and submitting an IPO application form.
Steps to apply in Emmvee Photovoltaic IPO through Groww –
- Visit the Groww website and login to Groww.
- Go to Main Page and click the Products & tools and click IPO tab.
- New page Open and Show ‘Emmvee Photovoltaic IPO’ click the ‘Apply’ button.
- Show IPO detail Shares lot Size and Bid Price & click here to Cutoff Price check Box and Continue.
- Inter Your UPI id like . 95****299@kotak accept terms and condition click Box and Apply For IPO
- groww share payment link Your UPI Mobile Number Pay Payment for IPO Bid to approve the e-mandate successfully submit application .
Question 3: When Emmvee Photovoltaic IPO will open?
Answer 3: The Emmvee Photovoltaic IPO opens on ( Date ) and closes on ( Date ).
Question 4: What is the lot size of Emmvee Photovoltaic IPO?
Answer 4: Emmvee Photovoltaic IPO lot size and the minimum order quantity is – Shares.
Question 5: How to apply for Emmvee Photovoltaic IPO?
Answer 5: You can apply in Emmvee Photovoltaic IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Groww, Zerodha, Upstox, 5Paisa, Phonepe Share Market, HDFC Bank, and Angel one.
Question 6: When is Emmvee Photovoltaic IPO allotment date?
Answer 6: The Basis of Allotment for Emmvee Photovoltaic IPO will be on ( Date ), and the allotted shares will be credited to your demat account by , ( Date ). For Check the Emmvee Photovoltaic IPO allotment status.
Question 7: When is Emmvee Photovoltaic IPO listing date?
Answer 7: The Emmvee Photovoltaic IPO listing date is ( Date ). The date ofEmmvee Photovoltaic IPO listing on ( Date ).
