Emmvee Photovoltaic IPO: Check IPO Date, Live Subscription and Key Details
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.
Price Range
₹206.0 - ₹217.0
Issue Size
₹3,000 Crore
Lot Size
69 shares
IPO Type
Mainboard
GMP
-
Est. Listing Price
₹217
Invisible
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Invisible
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Key Metrics
Check Live GMP
Face Value
₹2
EPS
10.84
P/E Ratio
20.01
RoNW
69.44%
ROE
104.6%
Debt to Equity
3.63
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Timeline
IPO Opens
11 Nov
IPO Closes
13 Nov
Allotment
14 Nov
Listing
18 Nov
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 11 November 2025 | Subscription starts |
| IPO Close Date | 13 November 2025 | Subscription ends |
| Allotment Date | 14 November 2025 | Allotment |
| Listing Date | 18 November 2025 | Listing |
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.
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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 |
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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/