Emmvee Photovoltaic IPO Will Open On Nov 11, 2025 and Close On Nov 13, 2025.The ₹2,900.00 Cr. IPO Is A Book Build Issue, Consisting Entirely of Fresh Issue and Offer for Sale. Pine Labs IPO Price Band Is Set At ₹206 to ₹217 Per Share.
The Allotment will Be Finalized On Nov 14, 2025 and Listing date is Expected on The NSE BSE By Nov 18, 2025. Investor Quota like 75% QIB, 10% Retail, and 15% HNI Category.
Financial Year 2025 Company Posted a Total income 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.
Emmvee Photovoltaic IPO Dates & Price Band Details
IPO Open Date
Nov 11
IPO Close Date
Nov 13
IPO Price Band
206 to 217 per share
Face Value
₹2 per equity share
Lot Size
69 Shares
Minimum Investment
₹14,973 Thousand (for 1 lot at ₹217)
IPO Issue Type
Book Built Issue
IPO Issue Size
13,36,40,552 shares (Approx ₹2,900.00 Cr)
Fresh Issue
9,87,95,483 shares (Approx ₹2,143.86 Cr)
Offer For Sale
3,48,45,069 shares (Approx ₹756.14 Cr)
Retail Investor Quota
10%
QIB Quota
75%
NII (HNI) Quota
15%
Listing Exchange
NSE BSE
Anchor Investor List
Click Here
DRHP (Draft Prospectus)
Click Here
RHP (Final Prospectus)
Click Here
Emmvee Photovoltaic IPO Market Lot Size
The Minimum Lot Size For The Emmvee Photovoltaic IPO is 137 Shares, Requiring An Application Amount of ₹14,933 For Retail Investors. Investors Must Apply in Multiples of The Lot Size.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 137 | ₹14,933 |
| Retail Maximum | 13 | 1,781 | ₹1,94,129 |
| S-HNI Minimum | 14 | 1,918 | ₹2,09,062 |
| S-HNI Maxmum | 66 | 9,042 | ₹9,85,578 |
| B-HNI Minimum | 67 | 9,179 | ₹10,00,511 |
Objects Of The Issue
Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by our Company and our Material Subsidiary.
General corporate purposes.
Emmvee Photovoltaic IPO Allotment & Listing Dates
Emmvee Photovoltaic IPO Will Open on Nov 11, and Close on Nov 13, 2025. The allotment is Expected on Nov 14, With the Listing Scheduled on NSE BSE For Nov 18, 2025 (More information below table).
| IPO Open | Tue, Nov 11, 2025 |
|---|---|
| IPO Close | Thu, Nov 13, 2025 |
| Allotment Finalisation | Fri, Nov 14, 2025 |
| Refunds / Unblocking | Mon, Nov 17, 2025 |
| Shares Credited to Demat | Mon, Nov 17, 2025 |
| Listing Date | Tue, Nov 18, 2025 |
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
1,949.69
1,441.30
519.62
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)
34.90
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
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.
Also Read: Emmvee Photovoltaic IPO GMP, Grey Market Premium Today
Also Read: Tenneco Clean Air IPO: Listing Price, GMP, Date, Review & Details
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 13,36,40,552 equity shares of the face value of ₹2 approximately up to ₹ 2,900.00 Cr. The issue is price at ₹- to ₹- per share.
The Emmvee Photovoltaic IPO opens on Nov 11 and closes on Nov 13 2025.
KFIN TECHNOLOGIES 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 Nov 11 and closes on Nov 13 2025.
Question 4: What is the lot size of Emmvee Photovoltaic IPO?
Answer 4: Emmvee Photovoltaic IPO lot size and the minimum order quantity is 69 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 Nov 14, and the allotted shares will be credited to your demat account by , Nov 17. 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 Nov 18. The date ofEmmvee Photovoltaic IPO listing on Nov 18.
