Emmvee Photovoltaic Power IPO

About Emmvee Photovoltaic IPO

The Emmvee Photovoltaic IPO comprises a fresh issue and an offer for sale. The fresh issue aggregates up to ₹2143.862 crores and the offer for sale is up to ₹756.138 crores. The total offer size is ₹2900 crores. The price band is ₹206 to ₹217 per share and the lot size is 69.

Emmvee Photovoltaic IPO opens on November 11, 2025 and closes on November 13, 2025. The allotment of shares will take place on November 14, 2025. The credit of shares to the Demat account will take place on November 17, 2025. The initiation of refunds will take place on November 17, 2025. The listing of shares will take place on November 18, 2025.

Emmvee Photovoltaic Power is 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, each in terms of production capacity as of March 31, 2025. As of May 31, 2025, it had 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.

Objectives of Emmvee Photovoltaic IPO

The company proposes to utilise the proceeds for:

• Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the company and its material subsidiary
  
• General corporate purposes
  

Industry Outlook

India has significant solar power potential, with an estimated 5,000 trillion kWh per year, translating to 700 GW of potential electricity generation. For wind power, the potential is estimated at 1,164 GW at 150 metres above ground level and 695 GW at 120 meters.

Renewable energy, including solar and wind, has grown rapidly due to supportive policies. As of fiscal 2025, India had 105.6 GW of installed solar power capacity and 50 GW of onshore wind capacity. The growth is driven by environmental concerns, government policies and funding from investors. At the current pace, solar capacity is projected to surpass 200 GW by the decade’s end.

Solar energy has increased approximately 70 GW from fiscal 2020 to 2025, growing at 24% CAGR. Wind energy capacity, on the other hand, has grown approximately 12 GW, increasing at 5.8% CAGR. India’s RE capacity has grown consistently over the years. Solar energy capacity expanded at a CAGR of 24% between fiscals 2019 and 2025, while wind energy logged a CAGR of 5.8% during the same period. The share of solar and wind in total power installed capacity increased from 18% in fiscal 2019 to approximately 33% in fiscal 2025.

Emmvee Photovoltaic Power Company Information

Emmvee Photovoltaic Power is 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, each in terms of production capacity as of March 31, 2025.

As of May 31, 2025, it had 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, it’s 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 few solar cell manufacturers in India as of March 2025 to leverage this technology.

It’s currently in the process of adding a 2.50 GW solar PV module production capacity line, and it intends to add a 6.00 GW integrated solar cell and solar PV module production capacity, pursuant to which it aims to increase its solar PV module production capacity to 16.30 GW and solar cell production capacity to 8.94 GW by the first half of fiscal 2028.

Strengths of Emmvee Photovoltaic IPO

• Second largest pure-play integrated solar PV module and cell manufacturers in India
• One of the largest solar PV module manufacturers in India with a track record of delivering quality products
• Early mover advantage in leveraging higher efficiency TOPCon cell technology
• Advanced manufacturing units driving efficient and sustainable operations
• Valued relationships with a diverse customer base backed by a substantial order book
• Experienced promoter-led senior management team

Risks of Emmvee Photovoltaic IPO

• Dependence on key customers may adversely impact business
• Reliance on a small product portfolio may impact financial performance
• Disruptions in raw material supply or price fluctuations may adversely affect business
• Exposure to import duties and restrictions may disrupt raw material supply
• Delays, modifications or cancellations in order book may impact business and cash flows
• Geographic concentration of manufacturing facilities in Karnataka exposes it to regional risks
• Inability to fully utilise production capacities may impact operations
• Exposure to operational and sector-specific risks in solar cell and PV module manufacturing
• Substantial expenditure towards adapting to new technologies which could adversely affect business
• Implementing growth strategies and business operations will depend on the company’s ability to maintain access to multiple funding sources on acceptable terms

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on November 10, 2025.

IPO Registrar and Book Running Lead Managers

KFin Technologies is the registrar of the Emmvee Photovoltaic IPO. The book running lead managers of this IPO are:

• JM Financial
  
• IIFL Capital Services
  
• Jefferies India
  
• Kotak Mahindra Capital Company
  

Emmvee Photovoltaic Power Business Model

The product portfolio of Emmvee Photovoltaic Power comprises bifacial and mono-facial formats of TOPCon modules and cells, and bifacial and mono-facial formats of mono passivated emitter and rear contact. The company believes that its ability to leverage TOPC on technology enhances the quality, efficiency, and performance of its solar PV modules.

Emmvee Photovoltaic Power Growth Trajectory

The revenue from operations of Emmvee Photovoltaic Power grew from ₹618.126 crores in FY 23 to ₹2335.613 crores in FY 25, while its EBITDA margin has grown from 9.10% in FY 23 to 30.91% in FY 25. The company’s PAT margin has grown from 1.45% in FY 23 to 15.80% in FY 25.

Over the years, the company has expanded its solar PV module production capacity from 0.50 GW as of April 1, 2022 to 7.80 GW as of May 31, 2025, and has established a solar cell production capacity of 2.94 GW as of May 31, 2025. A track record of delivering quality products coupled with advanced manufacturing units has helped the company grow over the years.

Emmvee Photovoltaic Power Market Position

Emmvee Photovoltaic Power has a 5.1% market share in terms of ALMM enlisted module manufacturing capacity as of May 2025.

In addition, as an integrated domestic manufacturer, the company is also able to access the domestic content requirement (“DCR”) market in India, which mandates the use of solar cells and modules manufactured domestically in 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.

How to Apply for Emmvee Photovoltaic IPO?

To apply for Emmvee Photovoltaic Power IPO:

• Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
  

Check Emmvee Photovoltaic IPO Allotment Status