Emmvee Photovoltaic IPO
ListedMainboardOpens 11 November 2025Closes 13 November 2025
Emmvee Photovoltaic Power is one of India’s largest solar module manufacturers and the second-largest pure-play integrated solar PV module and cell producer in the country (CRISIL Report). The company has a significant…
Emmvee Photovoltaic Power is one of India’s largest solar module manufacturers and the second-largest pure-play integrated solar PV module and cell producer in the country (CRISIL Report). The company has a significant operational capacity of 7.80 GW for solar modules and 2.94 GW for solar cells as of June 30, 2025. It is an early adopter of high-efficiency TOPCon technology and is actively expanding its capacity to a planned 16.30 GW for modules and 8.94 GW for cells by Fiscal 2028. Emmvee is listed under the MNRE's Approved List of Models and Manufacturers (ALMM), allowing it to supply modules for government-mandated solar projects.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
11 Nov 2025
IPO Closes
13 Nov 2025
Allotment
14 Nov 2025
Listing
18 Nov 2025
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 11 November 2025 |
| IPO Close Date | 13 November 2025 |
| Allotment Date | 14 November 2025 |
| Listing Date | 18 November 2025 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,973 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,649 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,09,622 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,88,218 |
BHNIAbove ₹10,00,000 | 67 | ₹10,03,191 |
IPO Objectives
- 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 Cr).
- General corporate purposes.
Strengths
- The company is the second largest pure-play integrated solar PV module and cell manufacturer in India, with large operational capacity (7.80 GW module/2.94 GW cell).
- It has an early mover advantage in leveraging higher efficiency TOPCon cell technology, positioning it for premium market segments.
- The company demonstrates robust quality and reliability, being the only Indian company in 2024 to pass all seven tests under the Kiwa PVEL qualification program.
- A massive planned capacity expansion to 16.30 GW for modules and 8.94 GW for cells by Fiscal 2028 is underway, supported by IPO funds.
- It shows significant financial growth, with revenue increasing by 147% and PAT surging by 1177% between FY24 and FY25.
Weaknesses
- The company has a high debt-to-equity ratio of 3.67 in FY25, indicating significant financial leverage.
- It is vulnerable to raw material price volatility (solar cells, wafers) and dependence on imports, despite plans for backward integration.
- The high capital expenditure risk from the aggressive expansion plan exposes the company to project execution and financing risks.
- The solar industry is highly dependent on government policies (ALMM, PLI, import duties) and global trade dynamics.
- The business faces high working capital requirements and historically negative cash flows from operating activities, which create liquidity challenges.
Financial Performance
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 4,347.72 | 3,913.94 | 2,189.99 | 840.79 |
| Revenue (₹ Cr.) | 1,042.22 | 2,360.33 | 954.44 | 644.37 |
| PAT (₹ Cr.) | 187.68 | 369.01 | 28.9 | 8.97 |
| Net Worth (₹ Cr.) | 718.79 | 531.41 | 162.77 | 133.97 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Emmvee Photovoltaic | 24.25 | 20.01 | 104.6% | 718.79 |
| Websol Energy System. | 14.45 | 27.9 | 51.95% | 278 |
| Waaree energies limited | 8.21 | 33.65 | 23.5% | 9,595 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.02x | 0.06x | 1.33x |
| NII | 0.06x | 0.12x | 0.32x |
| S-HNI | 0.09x | 0.18x | 0.54x |
| B-HNI | 0.05x | 0.09x | 0.2x |
| RII | 0.34x | 0.65x | 1.16x |
| Total | 0.09x | 0.18x | 1.02x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 4,00,92,166 | 5,31,96,792 | 1,154.37 |
| NII | 2,00,46,083 | 63,22,194 | 137.19 |
| Small NII | 66,82,028 | 36,16,497 | 78.48 |
| Big NII | 1,33,64,055 | 27,05,697 | 58.71 |
| RII | 1,33,64,055 | 1,55,25,483 | 336.9 |
| Total | 7,35,02,304 | 7,50,44,469 | 1,628.46 |
Company Details
- Emmvee Photovoltaic Power Ltd.
- 13/1, International Airport Road, Bettahalasur Post, Bengaluru, -562157
- +91 80 2217 4524
- investorrelations@emmvee.in
- https://www.emmveepv.com/
Registrar Details
- Kfin Technologies Ltd.
- 04067162222, 04079611000
- Emmvee.ipo@kotak.com
- https://ipostatus.kfintech.com/
Frequently Asked Questions
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Sources
We match Emmvee Photovoltaic IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Kfin Technologies Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.