Emmvee Photovoltaic Power IPO Details
| Detail | Description |
|---|---|
| IPO Date | November 11, 2025 to November 13, 2025 |
| Listing Date | [.] |
| Face Value | ₹ 2 per share |
| Issue Price Band | ₹ 206 to ₹ 217 per share |
| Lot Size | 69 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 13,36,40,552 shares (aggregating up to ₹ 2,900.00 Cr) |
| Reserved for Market Maker | 9,87,95,483 shares (aggregating up to ₹ 2,143.86 Cr) |
| Net Offered to Public | 3,48,45,069 shares of ₹2 (aggregating up to ₹ 756.14 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 59,35,49,550 shares |
| Share Holding Post Issue | 69,23,45,033 shares |
About Emmvee Photovoltaic Power IPO
The Emmvee Photovoltaic Power IPO will open for subscription from November 11, 2025 to November 13, 2025. The book-build issue includes an offer for sale of 3.48 crore shares aggregating to ₹756.14 crores and a fresh issue of 9.88 crore shares aggregating to ₹2,143.86 crores. The IPO has a face value of ₹2 per share and an issue price band of ₹206 to ₹217 per share.
To be listed on BSE and NSE, the Emmvee Photovoltaic Power IPO has a lot size of 69 shares. The lot size investment for sNII is 14 lots (966 shares) amounting to ₹2,09,622, and for bNII it is 67 lots (4,623 shares) amounting to ₹10,03,191. The minimum amount of investment required by a retail investor is ₹14,973 (69 shares) based on the upper price band. The IPO allotment is expected to be finalized on November 14, 2025.
The tentative listing date is fixed as November 18, 2025. Kfin Technologies Ltd. is the registrar of the issue, and JM Financial Ltd. is the book running lead manager.
Company Background
Founded in 2007, Emmvee Photovoltaic Power Ltd. is based in Bengaluru, Karnataka. The company is a leading Indian renewable energy enterprise specializing in the integrated manufacturing of high-performance solar PV modules and solar cells. It serves both the domestic market and international customers across Europe, Africa, and the Middle East.
Under the visionary leadership of founder D.V. Manjunatha, the company began with a manufacturing capacity of 15 MW for photovoltaic modules, which grew to 500 MW by 2017.
Today, the company operates multiple state-of-the-art manufacturing facilities in Karnataka. As of mid-2025, the solar PV module production capacity is approximately 7.80 gigawatts (GW), and the solar cell manufacturing capacity is around 2.94 GW, making it the second-largest pure-play integrated solar PV manufacturer in India.
Operations & Product Range
Emmvee Photovoltaic Power Ltd. operates four state-of-the-art manufacturing facilities across Karnataka, spanning an area of approximately 22.44 acres. It is one of India’s largest integrated solar photovoltaic (PV) module and cell manufacturers, with a production capacity of 7.80 GW for solar PV modules and 2.94 GW for solar cells.
The company’s product portfolio includes bifacial and monofacial TOPCon solar cells and modules, along with high-performance Mono PERC (Passivated Emitter and Rear Cell) modules. These products cater to various applications, from utility-scale solar power plants to commercial rooftop installations. Emmvee was among the first few Indian firms to adopt Tunnel Oxide Passivated Contact (TOPCon) solar cell technology, which enhances energy conversion efficiency and module durability.
Emmvee’s manufacturing operations comply with internationally recognized standards such as IEC 61215, IEC 61730, ISO 9001 for quality management, and ISO 14001 for environmental management.
Additionally, the company provides comprehensive engineering, procurement, and construction (EPC) services, managing turnkey solar projects, including rooftop PV systems and large ground-mounted solar farms.
Revenue Channels
Emmvee Photovoltaic Power Ltd. generates its primary revenue from the sale and manufacturing of solar PV modules and cells, supplemented by EPC services for solar power projects. The company’s core revenue stream comes from supplying high-efficiency solar modules and cells to customers including utility-scale solar developers, independent power producers, commercial and industrial clients, and government-backed renewable energy projects.
Stable revenue visibility is ensured through long-term supply contracts and framework agreements with domestic and international clients such as NTPC Renewable Energy Ltd., Ayana Renewable Power, and Aditya Birla Renewables.
The EPC business contributes a significant portion of total revenue by executing end-to-end solar installations involving design, procurement, and construction of solar power plants across India. This segment benefits from government-backed solar initiatives and rising commercial rooftop adoption.
Management and Shareholding
The founding team of Emmvee Photovoltaic Power Ltd. includes Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi.
Emmvee Photovoltaic Power IPO Objectives
The company proposes to utilize the IPO Net Proceeds of ₹1,621.29 crores towards the following objective:
- • Repayment/ prepayment, partially or fully, of certain or all outstanding borrowings and accrued interest thereon availed by the Company and the Material Subsidiary.
Conclusion
The Emmvee Photovoltaic Power Ltd. IPO represents a significant milestone in the company's evolution as one of the leading solar PV manufacturers in India. The tentative listing date on BSE and NSE exchanges is fixed as November 18, 2025. The Emmvee Photovoltaic Power Ltd. IPO aims to strengthen the capital structure of Emmvee while also supporting its ongoing growth and capacity expansion plans.
Emmvee Photovoltaic Power IPO Financial Information
Latest Revenue
1,042.22
₹ Crore
Profit After Tax
187.68
₹ Crore
Net Worth
718.79
₹ Crore
Total Borrowing
2,032.11
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Total Borrowing | ||||
|---|---|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 4,347.72 | 1,042.22 | 187.68 | 718.79 | 2,032.11 | ||||
| 31 Mar 2025 | 3,913.94 | 2,360.33 | 369.01 | 531.41 | 1,949.69 | ||||
| 31 Mar 2024 | 2,189.99 | 954.44 | 28.90 | 162.77 | 1,441.30 | ||||
| 31 Mar 2023 | 840.79 | 644.37 | 8.97 | 133.97 | 519.62 | ||||
| Amount in ₹ Crore | |||||||||
Emmvee Photovoltaic Power Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 104.60% |
| ROCE | 23.33% |
| Debt/Equity | 3.63 |
| RoNW | 69.44% |
| PAT Margin | 15.80% |
| EBITDA Margin | 30.91% |
| Price to Book Value | 24.25 |
| Market Capitalization | 15023.89 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 6.22 | 10.84 |
| P/E (x) | 34.9 | 20.01 |
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Competitive Strengths
India’s second-largest integrated solar Photovoltaic manufacturer
Robust production capacity of 7.80 GW for modules, along with 2.94 GW for cells
Early adoption and manufacturing competence in advanced TOPCon (Tunnel Oxide Passivated Contact) solar cell technology
Strong order book of over 5.36 GW, with long-term contracts from reputed renewable energy firms
Comprehensive manufacturing infrastructure in Karnataka
Download regulatory filings
Emmvee Photovoltaic Power IPO Timeline
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Tentative Allotment | November 14, 2025 |
| Initiation of Refunds | November 17, 2025 |
| Credit of Shares to Demat | November 17, 2025 |
| Tentative Listing Date | November 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, November 13, 2025 |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 69 | ₹14,973 |
| Individual investors (Retail) (Max) | 13 | 897 | ₹1,94,649 |
| S-HNI (Min) | 14 | 966 | ₹2,09,622 |
| S-HNI (Max) | 66 | 4,554 | ₹9,88,218 |
| B-HNI (Min) | 67 | 4,623 | ₹10,03,191 |