Emmvee Photovoltaic IPO
Open MainLineCurrent GMP
₹3 (+1.38%)
Price Band
₹ 206 – 217
Lot Size
69
Issue Size
₹2900 Cr
Minimum Investment
₹14973 (69 Shares)
Listing Date
18 November 2025
Subscription
0.97x
About the Company
Emmvee Photovoltaic Power Limited – Company Overview
Incorporation: March 2007
Headquarters: Bengaluru, Karnataka, India
Emmvee Photovoltaic Power Limited is an integrated solar photovoltaic (PV) module and cell manufacturer. The company specializes in the production of high-efficiency solar products and has established a strong presence across India’s renewable energy sector.
Manufacturing Capacity (as of May 31, 2025)
- Solar PV Module Capacity: 7.80 GW
- Solar Cell Capacity: 2.94 GW
Emmvee’s product portfolio includes bifacial and mono-facial TOPCon modules and cells, as well as Mono PERC modules, catering to diverse energy generation needs and applications.
Manufacturing Infrastructure
The company operates four state-of-the-art manufacturing facilities located across two sites in Karnataka, spanning a total area of 22.44 acres.
Notably, Emmvee’s solar cell manufacturing unit at Dobbaspet, Bengaluru is among India’s largest TOPCon solar cell facilities by capacity as of May 31, 2025.
Customer Base
Emmvee serves a broad range of clients, including Independent Power Producers (IPPs), Commercial and Industrial (C&I) entities, and Engineering, Procurement, and Construction (EPC) service providers in both the public and private sectors.
Key customers include:
Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, BN Peak Power-I, KMV Projects, Powertrack Packaging, SILRES Energy, Kintch Synergy, Zodiac Energy, E Ramamurthy Minerals and Metals, InSolare Energy, Universal Transformers, and Mars Energy Group.
In FY 2023–2024, the company served 525 customers across its business segments.
Human Resources
As of March 31, 2025, Emmvee Photovoltaic Power Limited employed 611 full-time employees, encompassing technical, engineering, operations, and management professionals.
Promoters
- Manjunatha Donthi Venkatarathnaiah
- Shubha Manjunatha Donthi
- Suhas Donthi Manjunatha
- Sumanth Manjunatha Donthi
Promoters Holding
Holding Pre Issue
100.00%
Holding Post Issue
0.00%
Objects of the Issue
The Company Emmvee Photovoltaic IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- 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
Address / Contact Info
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/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Tuesday, 11 November 2025
IPO Close Date
Thursday, 13 November 2025
Basis of Allotment
Friday, 14 November 2025
Initiation of Refunds
Monday, 17 November 2025
Credit of Shares to Demat
Monday, 17 November 2025
Listing Date
Tuesday, 18 November 2025 — NSE & BSE
Important Dates
Open Date
11 November 2025
Close Date
13 November 2025
Basis Of Allotment
14 November 2025
Listing Date
18 November 2025
Financial Performance (₹ in Crores)
| Particular | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 4347.72 | 3913.94 | 2189.99 | 840.79 |
| Revenue | 1042.22 | 2360.33 | 954.44 | 644.37 |
| Profit After Tax | 187.68 | 369.01 | 28.9 | 8.97 |
| Net Worth | 718.79 | 531.41 | 162.77 | 133.97 |
| Reserve & Surplus | 608.83 | 529.37 | 160.73 | 131.93 |
| Total Borrowings | 2032.11 | 1949.69 | 1441.3 | 519.62 |
EPS Pre
6.22%
EPS Post
10.84%
P/E Pre
34.90
P/E (Post Issue)
20.01x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
| ROE % | 104.6 | 18.69 | 6.41 |
| ROCE % | 23.33 | 5.03 | 5.9 |
| Debt / Equity | 3.63 | 8.54 | 3.7 |
| RoNW % | 69.44 | 17.75 | 6.7 |
| PbW | 0 | 0 | 0 |
| Pat Margin % | 15.8 | 3.04 | 1.45 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 42233010 | 42.34 | 0 |
| Non-Institutional | 21116504 | 21.17 | 0 |
| BNII | 14077670 | 14.11 | 0 |
| SNII | 7038834 | 7.06 | 0 |
| Retail Investors | 14077669 | 14.11 | 0 |
| Total | 77427183 | 100 | 0 |
Subscription Status ( Thu, 13 Nov 25 01:30 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 42233010 | 53196792 | 1.26x |
| Non-Institutional | 21116504 | 6322194 | 0.3x |
| BNII | 14077670 | 2705697 | 0.19x |
| SNII | 7038834 | 3616497 | 0.51x |
| Retail Investors | 14077669 | 15525552 | 1.1x |
| Total | 77427183 | 75044538 | 0.97x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Emmvee Photovoltai c Power Ltd | 2 | 0.00 | 6.22 | 6.22 | 69.44 | 5314.08 |
| Waaree Energies Ltd | 10 | 50.47 | 68.24 | 67.96 | 20.34 | 94792.00 |
| Premier Energies Ltd | 1 | 51.30 | 21.35 | 21.35 | 33.21 | 28221.06 |
| Vikram Solar Limited | 10 | 70.97 | 4.61 | 4.60 | 11.26 | 12419.89 |
| Saatvik Green Energy Ltd | 2 | 27.49 | 19.09 | 19.07 | 63.41 | 3376.59 |
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 69 | 14,973.00 |
| Retail (Max) | 13 | 897 | 194,649.00 |
| S-HNI (Min) | 14 | 966 | 209,622.00 |
| S-HNI (Max) | 66 | 4,554 | 988,218.00 |
| B-HNI (Min) | 67 | 4,623 | 1,003,191.00 |
Registrar
Kfin Technologies Limited
04067162222, 04079611000
reachus@kfintech.com
https://www.kfintech.com
Book Running Lead Managers
- IIFL Capital Services Limited
- Jefferies India Private Limited
- JM Financial Limited
- Kotak Mahindra Capital Company Limited
RHP Document
DRHP Document
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Emmvee Photovoltaic IPO is a Book-building IPO worth ₹2900 crores. The price band is ₹206 to 217 per share. The IPO opens on Tue, Nov 11, 2025 and closes on Thu, Nov 13, 2025. It will be listed on BSE and NSE. Kfin Technologies Limited is the registrar.
The Emmvee Photovoltaic IPO opens on Tue, Nov 11, 2025 and closes on Thu, Nov 13, 2025
Emmvee Photovoltaic IPO Price Band is ₹206 to 217.
Emmvee Photovoltaic IPO lot size is 69, and the minimum amount required for application is ₹14973.
The minimum investment for Emmvee Photovoltaic IPO is approximately ₹14973 based on the upper price band.
To apply for the Emmvee Photovoltaic IPO , investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Thu, Nov 13, 2025. After submission, funds are blocked until the basis of allotment of Emmvee Photovoltaic IPO is finalised.
Emmvee Photovoltaic IPO issue size is ₹2900 crores.
Emmvee Photovoltaic IPO allotment date is Sat, Jun 27, 2026.
The registrar for Emmvee Photovoltaic IPO is Kfin Technologies Limited. Investors can go to Kfin Technologies Limited website for IPO allotment status, refund processing, and other queries related to Emmvee Photovoltaic IPO through their official website or helpline.
The Emmvee Photovoltaic IPO GMP (Grey Market Premium) is ₹3 as of Thu, Nov 13, 2025. Based on the upper price band of ₹217 per share, the estimated Emmvee Photovoltaic IPO listing price is ₹220, indicating a potential listing gain of approximately 31% over the issue price.