Emmvee Photovoltaic IPO: Price, Analysis, Allotment, And GMP

Emmvee Photovoltaic IPO - Company Analysis

Emmvee Photovoltaic IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 2900 Cr by Emmvee Photovoltaic Ltd., which was founded in 2007 and is one of the leading solar photovoltaic module manufacturers in India, with a strong presence in Europe and Asia.

The company is a major player in high-efficiency solar panels, integrated solar systems, and renewable energy solutions for commercial and utility-scale solar photovoltaic systems. Emmvee is fully integrated in solar manufacturing by providing solar cells, solar modules, solar water heaters, EPC, and solar heating systems in Emmvee’s integrated manufacturing facility.

The IPO is an important step for Emmvee in expanding its presence in TOPCon technology and in growing its domestic and international market capacity.

Emmvee Photovoltaic IPO Details

The Emmvee Photovoltaic Ltd IPO open date is from Nov 11 to Nov 13, with IPO allotment on Nov 14, refund initiation on Nov 17, 2025.

The Rs. 2900 Cr mainline IPO comprises a combination of fresh issue of 9.88 crore shares (Rs. 2,143.86 Cr) and an offer for sale of 3.48 crore shares (Rs. 756.14 Cr).

The Emmvee Photovoltaic IPO listing date might be on Tuesday, 18 November 2025, and it will be listed at the BSE and NSE. The Emmvee Photovoltaic IPO price band is Rs. 206 to Rs. 217 for each Share. 

Events	Date
IPO Opening Date	November 11, 2025
IPO Closing Date	November 13, 2025
IPO Allotment Date	November 14, 2025 (Tentative)
Refund Initiation	November 17, 2025 (Tentative)
Tentative IPO Listing Date	November 18, 2025

 

Industry Outlook

If you want to apply for the IPO, click to open a Demat Account.

 

Company Financial 

(Amount in Cr)

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	3,913.94	2,189.99	840.79
Total Income	2,360.33	954.44	644.37
PAT	369.01	28.90	8.97
EBITDA	721.94	120.44	56.27
Net Worth	531.41	162.77	133.97
Reserves and Surplus	529.37	160.7	131.93

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Net Cash Flow In Multiple Activities	FY25	FY24	FY23
Net Cash Flow Operating Activities	6,137.53	2,344.61	594.78
Net Cash Flow Investing Activities	(9,856.66)	(10,000.46)	(1,306.75)
Net Cash Flow Financing Activities	4,081.34	8,944.48	798.25

 

(Source RHP)

The Objective of The Issue

• Repayment or prepayment in whole or in part of all or any of the existing loans that the company and the material subsidiary have taken out, along with the interest that has accrued on them. ~ Rs. 1,621.29 Cr.

• General corporate purposes.
  
  

Click to check the IPO application status.

Listed Peers of Emmvee Photovoltaic  Ltd.

Company Name	Face Value (₹)	EPS (₹)	P/E Ratio (x)
Waaree Energies Limited	10.00	68.24	50.47
Premier Energies Limited	1.00	15.30	53.09
Vikram Solar Limited	10.00	4.61	70.97
Saatvik Green Energy Limited	2.00	19.09	27.49
Websol Energy Systems Limited	10.00	36.66	33.83

 

Valuation

KPI	Values
ROE	104.60%
ROCE	23.33%
Debt/Equity	3.63
RoNW	69.44%
PAT Margin	15.80%
EBITDA Margin	30.91%
PB Value	24.25

Explore the Pine Labs IPO.

IPO's Strengths

• Strategic position within emerging solar manufacturing ecosystem in India.

• Focus on TOPCon Technology which boosts efficiency and stronger export prospects.

• Cost advantages due to fully in-house manufacturing from glass to modules.

• ALMM inclusion and strong revenue growth.

• FY25 Positive margin and cash flow growth.

 

IPO Weaknesses

• High debt-equity ratio which may impede growth.

• Competition from large players such as Waaree and Vikram Solar.

• Earnings volatility due to government policies and global module pricing.

• Businesses with long gestation periods.

 

Emmvee Photovoltaic IPO GMP

Emmvee Photovoltaic IPO GMP today is Rs. 20 as of 07 Nov 2025, while writing this information.

Emmvee Photovoltaic Limited IPO Summary

IPO Opening & Closing Date	Nov 11, 2025 to Nov 13, 2025
Face Value	Rs. 2 per Share
Issue Price	Rs. 206 to Rs. 217
Lot Size	69 Shares
Issue Size	13,36,40,552 Shares (Rs. 2900 Cr)
Offer for Sale	3,48,45,069 Shares (Rs. 756.14 Cr)
Fresh Issue	9,87,95,483 Shares (Rs. 2,143.86 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Ltd.

 

 

Emmvee Photovoltaic IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (69 Shares) amounting to Rs. 14973 and 13 Lots (897 Shares) amounting to Rs. 194649, respectively, while for S-HNI investors, the minimum Lot is 14 (966 Shares) amounting to Rs. 209622.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	66 Lots
BHNI (Minimum)	67 Lots

 

Emmvee Photovoltaic IPO Reservation

Institutional Share Portion	75%
Retail Investors' Share Portion	10%
Non-Institutional Shares Portion	15%

 

Emmvee Photovoltaic IPO Allotment Status

To check the Emmvee Photovoltaic IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Emmvee Photovoltaic  Ltd.

• Manjunatha Donthi Venkatarathnaiah

• Shubha Manjunatha Donthi

• Suhas Donthi Manjunatha

• Sumanth Manjunatha Donthi.
  
  

Emmvee Photovoltaic IPO Lead Managers

• JM Financial Ltd.

• IIFL Capital Services Ltd.

• Jefferies India Pvt. Ltd.

• Kotak Mahindra Capital Co. Ltd. 

 

Dividend Policy

The company has not paid a dividend in the past three financial years.

Conclusion

The Emmvee Photovoltaic IPO is an opportunity in India’s expanding renewable energy manufacturing industry. Given the company’s projected strong financial performance for FY25, the adoption of new technology, and favourable government policies, Emmvee is an attractive prospect for long-term investment and growth. Investors must still be wary of the company's potential debt and the cyclical nature of the industry. All in all, it’s an excellent opportunity in the growth of solar manufacturing in India

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.