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Emmvee Photovoltaic Power IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
Emmvee Photovoltaic Power Limited, established in 2007 and headquartered in Bengaluru, manufactures and sells solar cells, photovoltaic (PV) modules, and turnkey solar systems. It operates in solar manufacturing and EPC projects, generating revenue through the sale of PV modules and execution of grid/off-grid power projects. Its services span industrial, commercial, and residential renewable power solutions.
Emmvee Photovoltaic Power,an Book Built Issue, amounting to ₹ 2900.00 Crore, consisting an fresh issue of 9.88 crore shares aggregating to ₹ 2143.86 crores and offer for sale of 3.48crore shares aggregating to ₹756.14 crores. The subscription period for the Emmvee Photovoltaic Power IPO opens on November 11, 2025, and closes on November 13, 2025. The allotment is expected to be finalized on or about Friday, November 14, 2025, and the shares will be listed on the BSE & NSE with a tentative listing date set on or about Tuesday, November 18 2025.
The Share Price Band of Emmvee Photovoltaic Power IPO is set at ₹ 206 to ₹217 per equity share. The Market Capitalisation of the Emmvee Photovoltaic Power at IPO price of ₹ 217 per equity share will be ₹
15023.89 Crores. The lot size of the IPO is 69 shares. Retail investors are required to invest a minimum of ₹
14,973 (
69 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
66 lots (
966 shares), amounting to ₹
209,622.
JM Financial Limited,IIFL Capital Services Limited,Jefferies India Private Limited and Kotak Mahindra Capital Company Limited,are the book running lead manager of the Emmvee Photovoltaic Power while KFin Technologies Limited is the registrar for the issue. The Market Maker of the company is Giriraj Stock Broking Pvt.Ltd.
Emmvee Photovoltaic Power Limited IPO GMP Today
The Grey Market Premium of Emmvee Photovoltaic Power IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Emmvee Photovoltaic Power Limited IPO Live Subscription Status Today: Real-Time Update
As of 06:30 PM on 13 November, 2025, the PhysicsWallah IPO live subscription status shows that the IPO subscribed 0.38 times on its Final Day of subscription period. Check the Emmvee Photovoltaic Power IPO Live Subscription Status Today at BSE & NSE
Emmvee Photovoltaic Power Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Emmvee Photovoltaic Power IPO allotment date is 14 November, 2025, Friday. Emmvee Photovoltaic Power IPO Allotment will be out on 14 November, 2025, Friday and will be live on Registrar Website from the allotment date.
Check KFin Technologies Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Emmvee Photovoltaic Power IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Emmvee Photovoltaic Power Limited IPO
Emmvee Photovoltaic Power to utilise the Net Proceeds towards the following objects:
1. ₹ 16212.94 Million is required for Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by our Company and our Material Subsidiary, EEPL
2. General corporate purposes
Refer to Emmvee Photovoltaic Power Limited RHP for more details about the Company.
Emmvee Photovoltaic Power Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| November 11, 2025 | N/A | N/A | ₹0(0.0%) | 13 November 2025; 11:40 AM |
Emmvee Photovoltaic Power IPO Details
| Market Capitalization | ₹15,023.89 Cr. |
| IPO Date | November 11, 2025 to November 13, 2025 |
| Listing Date | November 18, 2025 |
| Face Value | ₹ 2 Per Share |
| Price Band | ₹206 to ₹217 per share |
| Issue Price | ₹217 per share |
| Employee Discount | NA |
| Lot Size | 69 Equity Shares |
| Total Issue Size | 13,36,40,553 Equity Shares (aggregating to ₹ 2900.00 Cr) |
| Fresh Issue | 9,87,95,484 Equity Shares (aggregating to ₹2143.86 Cr) |
| Offer for Sale | 3,48,45,069 Equity Shares (aggregating to ₹756.14Cr) |
| Issue Type | Book Built Issue |
| Listing At | BSE & NSE |
| Share holding pre issue | 59,35,49,550 |
| Share holding post issue | 69,23,45,034 |
| Rating | Avoid |
Emmvee Photovoltaic Power IPO Anchor Investors Details
| Bid Date | November 10, 2025 |
| Shares Offered | 6,01,38,249 |
| Anchor Portion Size (In Cr.) | 1,305.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | December 14, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | February 12, 2026 |
Emmvee Photovoltaic Power IPO Timeline (Tentative Schedule)
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Basis of Allotment | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Listing Date | Tue, Nov 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Nov 13, 2025 |
Emmvee Photovoltaic Power IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 100,230,415 | Not less than 75% of the Net Offer |
| Non-Institutional Investor Portion | 20,046,083 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 13,364,055 | Not more than 10% of the Net Offer |
Emmvee Photovoltaic Power IPO Promoter Holding
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | 80.70% |
Emmvee Photovoltaic Power IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 69 | ₹14,973 |
| Retail (Max) | 13 | 897 | ₹194,649 |
| S-HNI (Min) | 14 | 966 | ₹209,622 |
| S-HNI (Max) | 66 | 4,554 | ₹988,218 |
| B-HNI (Min) | 67 | 4,623 | ₹1,003,191 |
Emmvee Photovoltaic Power IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 4,22,33,010 | 2,97,62,805 | 0.70x | 19 November 2025; 10:55 AM |
| Non Institutional Investors(NIIS) | 2,11,16,504 | 44,56,158 | 0.21x | 19 November 2025; 10:55 AM |
| Retail Individual Investors (RIIs) | 1,40,77,669 | 1,10,47,866 | 0.78x | 19 November 2025; 10:55 AM |
| Total | 7,74,27,183 | 4,52,66,829 | 0.58x | 19 November 2025; 10:55 AM |
About Emmvee Photovoltaic Power Limited
Emmvee Photovoltaic Power Limited, established in 2007 and headquartered in Bengaluru, manufactures and sells solar cells, photovoltaic (PV) modules, and turnkey solar systems. It operates in solar manufacturing and EPC projects, generating revenue through the sale of PV modules and execution of grid/off-grid power projects. Its services span industrial, commercial, and residential renewable power solutions.
Key Clients & Facilities:
Major clients include government solar projects, commercial EPC developers, and export customers in Europe and Asia. Manufacturing facilities include a 1,500 MWp solar cell and module facility at Dabaspet and a 4,000 MWp advanced TopCon module unit at Hoskote, Bengaluru. These units are equipped with automated production lines and R&D support for high-efficiency modules.
Product Portfolio & Order Book:
The company’s portfolio covers mono-PERC and TopCon PV modules, solar power systems, EPC projects, and solar pumps. Its products form critical components in customers’ energy life cycles. The PV module segment contributed over ₹23,030 million in FY2025, with EPC adding ₹1,771 million. Order book execution remains strong, supported by expansion capacity for 5.5 GW modules..
Capex, Merger & Expansion:
EPPL’s capex plan includes ₹13,000 million from IREDA for integrated 1,500 MWp solar cell and module facilities and ₹4,350 million for a 4,000 MWp TopCon module line. Mergers with Emmvee Energy and ES subsidiaries consolidate operations and technology. Future expansion targets domestic and export markets under Make-in-India and PLI-linked solar incentives.
Employees, Exports & Bankers:
EPPL employs over 700 professionals and exports to Germany and other EU markets through Emmvee Energy GmbH. It has a presence in India, Germany, and the U.S. Key bankers include Axis Bank and IREDA, financing its capex and working capital.
Management & Vision
The company is led by Mr. Manjunatha Donthi Venkatarathnaiah (Managing Director) and Mr. Suhas Donthi (Whole-time Director). Management aims to position Emmvee as a global solar manufacturing leader with integrated cell-to-module capacity of over 5.5 GW by FY2027. Their vision focuses on sustainable growth, R&D innovation, and export expansion. Funding for capex will be met through IPO proceeds, term loans from IREDA, and internal accruals, maintaining a balanced leverage profile.
Industry Overview
India’s solar industry is among the fastest-growing globally, with a current installed capacity exceeding 85 GW and a target of 280 GW by 2030. The domestic PV module manufacturing market stood at ~30 GW in FY2025, growing at a CAGR of 20–25%. Globally, the solar PV market was valued at USD 170 billion in 2024, expected to reach USD 360 billion by 2030, growing at 10–12% CAGR. China remains the global leader, while India is emerging as a competitive export hub under the PLI scheme.
Key Risk Factors
-
High Dependence on Raw Materials: Fluctuations in prices or supply of silicon wafers and solar glass could affect margins and production schedules.
-
Execution Risks in Capex: Ongoing projects worth over ₹18,000 million could face delays or cost overruns affecting returns.
-
Policy and Regulatory Risks: Solar manufacturing relies on government incentives and customs duties; changes may impact competitiveness.
-
Technological Obsolescence: Rapid evolution in solar technology (e.g., shift to HJT or perovskite) may outdate current capacities.
-
Export Dependency: A significant portion of revenue comes from exports; currency volatility or trade restrictions could hurt profitability.
-
Client Concentration Risk: A few large EPC and government clients contribute major revenue share; loss of any could impact growth.
-
Environmental & Compliance Risks: Manufacturing solar cells involves hazardous materials requiring strict EHS compliance.
Key Strengths & Opportunities
-
Integrated Solar Manufacturing Capability: End-to-end production of cells, modules, and EPC execution gives cost and quality control advantage.
-
Strong Financial Growth: Revenue grew from ₹6,181 million in FY2023 to ₹23,356 million in FY2025, reflecting robust scalability.
-
Global Presence & Export Network: Established subsidiaries in Germany and the U.S. open direct access to international customers.
-
Strategic Capex Expansion: The new 5.5 GW TopCon and cell lines will significantly expand output and improve technology efficiency.
-
Government Policy Tailwinds: Benefits from India’s PLI scheme, import duties on Chinese modules, and renewable targets support long-term demand.
-
Experienced Management Team: Decades of technical and operational expertise in solar power project execution ensure reliable growth momentum.
Emmvee Photovoltaic Power Limited Financial Information (Restated Consolidated)
Amount in (₹ in Million)
| Period Ended | June 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 6,017.54 | 5,260.05 | 1,579.69 | 1,297.03 |
| Total Assets | 43,477.22 | 39,139.35 | 21,899.88 | 8,407.89 |
| Total Borrowings | 20,321.07 | 19,496.86 | 14,413.02 | 5,196.21 |
| Fixed Assets | 20,310.51 | 19,241.24 | 2,785.37 | 3,123.78 |
| Cash | 853.51 | 2,186.37 | 1,823.49 | 534.62 |
| Cash flow from operating activities | -2,474.91 | 6,137.53 | 2,344.61 | 594.78 |
| Cash flows from investing activities | 895.44 | -9,856.66 | -10,000.46 | -1,306.75 |
| Cash flow from financing activities | 244.92 | 4,081.34 | 8,944.48 | 798.25 |
| Net Borrowing | 19,467.56 | 17,310.49 | 12,589.53 | 4,661.59 |
| Revenue | 10,422.24 | 23,603.25 | 9,544.44 | 6,443.70 |
| EBITDA | 3,473.82 | 7,219.38 | 1,204.39 | 562.72 |
| PAT | 1,836.68 | 3,680.36 | 282.66 | 69.21 |
| PAT Margin | 17.62% | 15.59% | 2.96% | 1.07% |
| EPS | 3.16 | 6.22 | 0.49 | 0.15 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 6.22 |
| EPS Post IPO (Rs.) | 5.32 |
| Adjusted 12M EPS Post IPO (Rs.) | 10.61 |
| P/E Pre IPO | 34.89 |
| P/E Post IPO | 40.82 |
| Adjusted 12M P/E Post IPO | 20.45 |
| ROE | 104.60% |
| ROCE | 23.33% |
| P/BV | 24.25 |
| Debt/Equity | 3.63 |
| RoNW | 69.44% |
| EBITDA Margin | 30.91% |
| PAT Margin | 15.59% |
Emmvee Photovoltaic Power Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Emmvee Photovoltaic Power Limited | 6.22 | 34.89 | 104.60% | 23.33% | 24.25 | 3.63 | 69.44% |
| Websol Energy System Limited | 36.66 | 33.83 | 80.2 % | 59.2 % | 18.37 | 0.41 | 55.65 |
| Waaree energies Limited | 68.24 | 50.47 | 27.4 % | 34.9 % | 7.31 | 0.26 | 20.34 |
| R S premier energies Limited | 21.35 | 51.30 | 53.6 % | 41.1 % | 15.11 | 0.47 | 55.65 |
| Vikram Solar Limited | 4.61 | 70.97 | 16.6 % | 26.4 % | 8.36 | 0.09 | 11.26 |
| Saatvik Green Energy Limited | 19.09 | 27.49 | 94.1 % | 52.3 % | 17.47 | 0.52 | 63.41 |
Emmvee Photovoltaic Power Limited Contact Details
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/
Emmvee Photovoltaic Power IPO Registrar and Lead Manager(s)
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: Emmvee.ipo@kotak.com
Website: https://ipostatus.kfintech.com/
JM Financial Limited
E-mail: emmveephotovoltaic.ipo@jmfl.com
Tel: +91 22 6630 3030
IIFL Capital Services Limited
E-mail: emmvee.ipo@iiflcap.com
Tel: +91 22 4646 4728
Jefferies India Private Limited
E-mail: Emmvee.IPO@jefferies.com
Tel: +91 22 4356 6000
Kotak Mahindra Capital Company Limited
E-mail: Emmvee.ipo@kotak,com
Tel: +91 22 4336 0000
Emmvee Photovoltaic Power IPO Review
Emmvee Photovoltaic Power Limited, established in 2007 and headquartered in Bengaluru, manufactures and sells solar cells, photovoltaic (PV) modules, and turnkey solar systems. It operates in solar manufacturing and EPC projects, generating revenue through the sale of PV modules and execution of grid/off-grid power projects. Its services span industrial, commercial, and residential renewable power solutions.
The Company is led by Promoter, i.e., MANJUNATHA DONTHI VENKATARATHNAIAH, SHUBHA MANJUNATHA DONTHI, SUHAS DONTHI MANJUNATHA AND SUMANTH MANJUNATHA DONTHI
The Revenues from operations for the Period ended on June 30 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹
10,422.24 Million, ₹
23,603.25 Million, ₹
9,544.44 Million, and ₹
6,443.70 Million, The EBITDA for the Period ended on June 30, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹
3,473.82 Million, ₹
7,219.38 Million, ₹
1,204.39 Million, and ₹
562.72 Million, The Profit after Tax for the Period ended on June 30, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹
1,836.68 Million, ₹
3,680.36 Million, ₹
282.66 Million, and ₹
69.21 Million, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹
6.22 and post-issue EPS of ₹
5.32 for FY25. The pre-issue P/E ratio is
34.89x, while the post-issue P/E ratio is 40.82x against the Industry P/E ratio is 46.81 The company's ROE for FY25 is 104.60% and RoNW is 69.44%. The Annualised EPS is ₹10.61x and P/E is 20.45x. These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of Emmvee Photovoltaic Power showing listing gains of 0 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Emmvee Photovoltaic Power Limited IPO for Listing gain or Long Term Purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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