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Emmvee Photovoltaic Power Ltd IPO

We are primarily a solar module manufacturer and are the second largest pure-play integrated solar 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 June 30, 2025, we have a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW. Our product portfolio comprises bifacial and mono-facial formats of TOPCon modules and cells, and Mono PERC modules. We are an ALMM-enlisted module manufacturer and operate four manufacturing units across two locations in Karnataka.

Emmvee Photovoltaic Power Ltd IPO Details

Total Shares Offered

₹ 13,36,40,553

Offer to Public

3,48,45,069

Retail Max (Shares)

TBA

Pre Issue Promoters Holding

₹ 59,35,49,548

Exchange

BSE

Issue size

₹ 2900 Cr

IPO Open Date

Nov 11, 2025

Close Date

Nov 13, 2025

Lot Size

Min Investment

₹ 14,214

Issue Type

Book Building

Listing Date

Nov 18, 2025

Emmvee Photovoltaic Power Ltd IPO Dates

Nov 11, 2025

Opening date

Nov 13, 2025

Closing date

Nov 14, 2025

Basis of Allotment

Nov 17, 2025

Initiation of Refunds

Nov 17, 2025

Credit of Shares

Nov 18, 2025

Listing date

Details

Sector	Type
Sector	Electric Equipment
Sub Sector	NA
Issue Type	Book Building

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*
QIB	0x	0
NII	0x	0
Retail	0x	0
Employee	0x	0
Total	0x	133640553

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

133640553

Emmvee Photovoltaic Power Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	264.47	163.77	62.96
EBITDA	305.71	201.59	98.57
PAT	161.92	93.62	22.65
Total Assets	371.84	508.50	227.30
Share Capital	10.79	10.79	10.79
Total Borrowings	245.74	475.24	246.75
Operating Activities (Net Cash)	203.16	131.44	58.26
Investing Activities (Net Cash)	116.29	51.44	2.90
Financing Activities (Net Cash)	245.74	475.24	246.75
Net Cashflow	38.53	4.53	14.26

About Emmvee Photovoltaic Power Ltd

Our Company was originally incorporated as Emmvee Toughened Glass and Photovoltaics Private Limited as a private limited company under the provisions of the Companies Act, 1956, pursuant to a certificate of incorporation dated March 21, 2007, issued by the RoC. Pursuant to a change in the name of our Company to Emmvee Photovoltaic Power Private Limited, a fresh certificate of incorporation dated November 10, 2010, was issued by the RoC.The name change was undertaken to align with the current business growth and product portfolio of our Company and global renewable energy scenario. Subsequently, our Company was converted to a public limited company and the name of our Company changed to Emmvee Photovoltaic Power Limited pursuant to approval by our Board pursuant to resolution dated April 28, 2025 and Shareholders pursuant to an extra ordinary general meeting dated April 29, 2025 and a fresh certificate of incorporation dated May 7, 2025 was issued by the central processing centre, MCA, Haryana.

India's solar PV module and cell manufacturing capacities have surged from 21 GW and approximately 3.2 GW, respectively in March 2022 to 82 GW and 23 GW, respectively by March 2025, driven by government policies to reduce reliance on imports, market dynamics and a growing commitment to renewable energy. By the end of Fiscal 2030, domestic module and cell manufacturing industries' nameplate capacities are expected to reach 175 GW to 185 GW and 85 GW to 95 GW, respectively. In this landscape, integrated manufacturing capabilities offer advantages such as improved efficiency, cost reduction, quality control, flexibility and supply chain security.

Peer Comparison:

Emmvee Photovoltaic Power Limited
Websol Energy Systems Limited
Waaree Energies Limited
Premier Energies Limited
Vikram Solar Limited
Saatvik Green Energy Limited
Websol Energy Systems Limited

Emmvee Photovoltaic Power Ltd Key Points

Strengths

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.

Risk

Our business is dependent on certain key customers, with our top 10 customers contributing 93.96%, 89.52%, 84.98%, 85.82% and 80.53% of our revenue from operations in the three months ended June 30, 2025 and 2024 and in Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Our business is dependent on the success of a limited number of products. Any reduction in demand for these products may adversely affect our revenues, financial condition and cash flows.

Under-utilization of our manufacturing capabilities and an inability to effectively utilize our current and proposed production capacities could have an adverse effect on our business, results of operations and cash flows.

Strategy

Continued expansion of solar cell and module manufacturing capacity.

Strategic focus on further backward integration and diversification of supplier base.

Continue to focus on leveraging new technologies to improve efficiency.

Strengthen our presence across our diverse customer segments within India.

Expand sales in international markets.

How To Apply for Emmvee Photovoltaic Power Ltd IPO Online?

Step 1:

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From the list of open IPOs, select the IPO you want to invest.

Step 3:

Go through the IPO details like lot size, price band, about the company, etc.

Step 4:

Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

What is the issue size of the Emmvee Photovoltaic Power Ltd IPO?

Emmvee Photovoltaic Power Ltd's IPO offers shares for up to 2,143.86 It begins on Nov 11, 2025 and ends on Nov 13, 2025.

What is the price of the Emmvee Photovoltaic Power Ltd IPO?

The price of Emmvee Photovoltaic Power Ltd IPO ranges between ₹206 to ₹217 per share.

What are the open and close dates for the Emmvee Photovoltaic Power Ltd IPO?

The Emmvee Photovoltaic Power Ltd IPO opens on Nov 11, 2025 and closes on Nov 13, 2025.

When will the Emmvee Photovoltaic Power Ltd IPO be allotted?

The allotment for the Emmvee Photovoltaic Power Ltd IPO will be finalised on Nov 14, 2025. The shares will be listed on BSE and NSE on Nov 18, 2025.

What is the minimum lot size required for Emmvee Photovoltaic Power Ltd IPO?

The minimum lot size for Emmvee Photovoltaic Power Ltd IPO is 69 shares, priced between ₹206 to ₹217 per share.

What is the GMP of Emmvee Photovoltaic Power Ltd IPO?

The GMP (Grey Market Premium) of Emmvee Photovoltaic Power Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of Emmvee Photovoltaic Power Ltd IPO?

To check the allotment status of Emmvee Photovoltaic Power Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the Emmvee Photovoltaic Power Ltd IPO getting listed?

The Emmvee Photovoltaic Power Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Nov 11, 2025, and closes on Nov 13, 2025. The allotment is finalised on Nov 14, 2025.

How do you apply for the Emmvee Photovoltaic Power Ltd IPO?

To apply for the Emmvee Photovoltaic Power Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.