Emmvee Photovoltaic Power
November 11, 2025 – November 13, 2025
| Price | ₹0 - ₹0 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 0 |
| Issue size | ₹2900.00 cr |
| Allotment | Nov 14, 2025 |
| Listing | Nov 18, 2025 |
Emmvee Photovoltaic Power About
Emmvee Photovoltaic IPO Details
| Total Issue Size | [.] shares (aggregating up to 2,900.00 Cr) |
| Fresh Issue | [.] shares (aggregating up to 2,143.86 Cr) |
| Offer for Sale | [.] shares of (aggregating up to 756.14 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 59,35,49,550 shares |
IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII Shares Offered | Not more than 15% of the Net Issue |
Key Performance Indicator
| KPI | Jun-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 29.85% | 104.60% | 18.69% |
| ROCE | 10.30% | 23.33% | 5.03% |
| RONW | 26.11% | 69.44% | 17.75% |
| EPS (basic) | 3.16 | 6.22 | 0.49 |
Financial Details In Crores
| Period Ended | Jun-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 4,347.7 | 3,913.9 | 2,190.0 | 840.8 |
| Total Income | 1,042.2 | 2,360.3 | 954.4 | 644.4 |
| Profit After Tax | 187.7 | 369.0 | 28.9 | 9.0 |
| EBITDA | 347.4 | 721.9 | 120.4 | 56.3 |
| NET Worth | 718.8 | 531.4 | 162.8 | 134.0 |
| Reserves and Surplus | 608.8 | 529.4 | 160.7 | 131.9 |
| Total Borrowing | 2,032.1 | 1,949.7 | 1,441.3 | 519.6 |
Company Overview
Incorporated: March 2007
Business: Integrated solar PV module and cell manufacturer
Manufacturing Capacity (as of May 31, 2025):
Solar PV Modules: 7.80 GW
Solar Cells: 2.94 GW
Products: Bifacial & Mono-facial TOPCon modules and cells, and Mono PERC modules
Facilities: 4 manufacturing units across 2 locations in Karnataka, spread over 22.44 acres
Major Facility: Solar cell unit at Dobbaspet, Bengaluru, one of India’s largest TOPCon solar cell plants by capacity
Customers: IPPs, C&I sector entities, EPC players (public & private)
Key Clients: Ayana Renewable Power, Clean Max, Hero Rooftop, KPI Green, Aditya Birla Renewables, Blupine Energy, Zodiac Energy, and others
Customer Base: Served 525 customers in FY 2023–2024
Employees (as of Mar 31, 2025): 611 full-time employees
Strength
Integrated and large-scale operations: One of India’s second largest pure-play integrated solar PV module and cell manufacturers, offering end-to-end production from cells to modules.
Strong manufacturing and quality track record: Established brand reputation backed by consistent product quality, reliability, and timely delivery, serving leading renewable energy players across India.
Technological edge in advanced solar cells: Early adopter of high-efficiency TOPCon technology, enabling improved power output, long-term durability, and competitive positioning in the evolving solar market.
Weakness
High customer concentration: Revenue is significantly dependent on a few major clients, with top 10 customers contributing over 80–90% of total revenue; loss of any could materially impact business.
Limited product diversification: Heavy reliance on a narrow product portfolio (TOPCon and Mono PERC modules) exposes the company to shifts in solar technology trends and demand patterns.
Capacity utilization challenges: Any under-utilization or delay in ramping up manufacturing capacity could adversely affect operational efficiency, profitability, and cash flows.
Emmvee Photovoltaic Power Lead Manager(s)
Emmvee Photovoltaic Power Address
13/1, International Airport Road
Bettahalasur Post
Bengaluru, Karnataka, 562157
Phone: +91 80 2217 4524
Email: investorrelations@emmvee.in
Website: https://www.emmveepv.com/
Emmvee Photovoltaic Power Registrar
Emmvee Photovoltaic Power Reviewers
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