Synopsis: Emmvee Photovoltaic Power Limited has launched an Initial Public Offering to raise funds for repaying existing loans and to meet general corporate expenses. The IPO includes fresh issue of 9.88 crore new shares worth Rs.2,143.86 crore and an offer for sale of 3.48 crore existing shares worth Rs.756.14 crore, making the total issue size of Rs.2,900 crore.
Emmvee Photovoltaic Power Limited IPO will open on 11th November, 2025, and end on 13th November, 2025. The shares are expected to be listed on NSE and BSE on 18th November, 2025. Below is a full overview of the IPO:
Emmvee Photovoltaic Power Limited is priced between Rs.206 and Rs.217 per share with each lot size of 69 shares. For retail investors, the minimum investment is Rs. 14,973 (at the upper price for 69 shares). For S-HNI investors, the minimum is 14 lots (966 shares), totaling Rs.2,09,622, while B-HNI investors need to invest at least 67 lots (4,623 shares), amounting to Rs. 10,03,191.
GMP of Emmvee Photovoltaic Power Limited
As of 13th November 2025, Emmvee Photovoltaic Power Limited’s shares were trading in the grey market at a 1.38 percent premium. The grey market price is Rs.220 per share, which is Rs.3 higher than the issue price of Rs.217.
Overview of Emmvee Photovoltaic Power Limited
Emmvee Photovoltaic Power Limited, incorporated in March 2007, is a manufacturer of solar PV modules and cells. It operates four manufacturing units across two locations in Karnataka, covering 22.44 acres. Its solar cell plant in Dobbaspet, Bengaluru, is one of India’s largest TOPCon solar cell facilities by capacity.
Serves customers such as independent power producers, commercial and industrial clients, and engineering, procurement, and construction companies in both the public and private sectors.
The peers of Emmvee Photovoltaic Power Limited include Waaree, Premier Energies, and Vikram Solar.
Promoters of Emmvee Photovoltaic Power Limited
Promoters of Emmvee Photovoltaic Power Limited are Manjunatha Donathi Venkatarathnalah, Shubha Manjunatha Donathi, Suhas Donathi Manjunatha, and Sumanth Manjunatha Donathi
Emmvee Photovoltaic Power Limited Selling Shareholders
The IPO of Emmvee Photovoltaic Power Limited includes an offer for sale, where the promoters Manjunatha Donathi Venkatarathnaih and Shubha Manjunatha Donathi are offloading each Rs.3,780.69 million shares.
Lead Managers of Emmvee Photovoltaic Power Limited
JM Financials Limited, IIFL Capital Services Limited, Jefferies India Private Limited, and Kota Mahindra Capital Company Limited are serving as the book-running lead managers for the IPO, while K Fin Technologies Limited is acting as the registrar, managing the offer process.
Objectives of the IPO Offer
Emmvee Photovoltaic Power Limited plans to use the funds raised from its Initial Public Offering for two main purposes. The largest portion, Rs.1,621.29 crore, will go toward repaying existing loans and interest to reduce debt and strengthen the balance sheet. The remaining funds will be used for general corporate purposes
Financial analysis of Emmvee Photovoltaic Power Limited
The company has shown strong financial growth. Assets increased from 2,189.99 in FY24 to 3,913.94 in FY25, indicating expansion in scale. Total income more than doubled, rising sharply from 954.44 in FY24 to 2,360.33 in FY25. Profit after tax jumped from 28.90 to 369.01, reflecting a major improvement in profitability.
EBITDA also rose significantly from 120.44 to 721.94 in FY25. Net worth moved up from 162.77 in FY24 to 531.41 in FY25, supported by an increase in reserves and surplus from 160.73 to 529.37. Total borrowing also grew from 1,441.30 in FY24 to 1,949.69 in FY25, likely to support expansion activities.
Strengths of Emmvee Photovoltaic Power Limited
- One of the 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 are driving efficient and sustainable operations.
- Valued relationships with a diverse customer base backed by a substantial order book.
- Experienced Promoter-led senior management team.
Weaknesses of Emmvee Photovoltaic Power Limited
- The business relies on a few key products, and any drop in their demand could negatively impact our revenue, financial health, and cash flow.
- Inefficient use of the current or planned production capacity could negatively impact the business, operations, and cash flow.
- Reliance on domestic and international suppliers for key raw materials means supply disruptions or price fluctuations could negatively affect.
- Import duties, restrictions, or supply issues on imported raw materials may affect our operations.
Conclusion
Emmvee Photovoltaic Power Limited is a strong player in India’s solar PV industry, with advanced manufacturing capabilities, a diverse customer base, and a track record of quality products. Its early adoption of high-efficiency TOPCon technology and experienced management add to its competitive edge.
However, the company faces risks from dependence on a few key products, potential under-utilization of capacity, reliance on raw material suppliers, and exposure to import duties and supply disruptions, which could impact revenue, operations, and cash flow.
Written by: Jhanavi Sivakumar
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