It can be challenging for investors to decide if the Emmvee Photovoltaic IPO is a good investment. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. This article presents the top key factors and a detailed review of the Emmvee Photovoltaic IPO. This will help you analyze the strengths, risks, and financial details of the company, improving your investment decision.
About Company
Incorporated in 2007, Emmvee Photovoltaic is a growing company involved in the manufacturing of integrated solar PV modules and cells. In fact, as of March 31, 2025, Emmvee Photovoltaic is one of the substantial solar PV module manufacturers in India in terms of production capacity.
The company’s portfolio consists of bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules. The company has skilled and experienced promoters, who are a key factor in the company’s growth. Moreover, their strength is the second-largest company in India that manufactures both solar panels and solar cells. Moreover, the company has four factories on 22.44 acres in two locations in Karnataka. Their solar PV modules have received various international quality accreditations that demonstrate their reliability and durability.
Strengths
- Emmvee Photovoltaic is the 2nd largest pure-play integrated solar PV module and cell manufacturer in India.
- They are one of India’s largest solar module makers, known to offer high-quality products.
- Its modern factories allow them to work efficiently in an eco-friendly way.
- The firm consists of experienced Promoters, as well as a professional and experienced senior management team.
- Over the last 3 years, the company has had a good ROE of 104.60%.
Weaknesses
- The business is mainly dependent on a limited number of products. Meaning any reduction in the demand for these products can badly impact the business and its condition.
- The company pays the import duties and faces limits on some raw materials from other countries. Any delay or shortage in the raw material can negatively impact the business and cash flow.
- Emmvee buys some of its manufacturing equipment from other countries. If any problem occurs in getting equipment can affect the company and disturb the production.
- Three months ending June 30, 2025, the company had negative cash flow from operations, and it can happen again in the future, which can affect the business and cash flow.
Emmvee Photovoltaic IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Kunvarji Finstock Pvt Ltd | Apply |
| Bajaj Financial Securities Limited | Not Rated |
| BP Equities (BP Wealth) | Apply |
| Canara Bank Securities Ltd | Apply |
| Capital Market | May Apply |
| Choice Equity Broking Pvt Ltd | Apply |
| GEPL Capital Ltd | Apply |
| IDBI Capital | Apply |
| Nirmal Bang | Apply |
| Reliance Securities | Apply |
| SBICAP Securities Limited | Apply |
| SMC Global | Neutral |
| SMIFS Limited | Apply |
| Sushil Finance Ltd | Apply |
| Swastika Investmart Ltd | Apply |
Emmvee Photovoltaic IPO Details
| IPO Open Date: | November 11, 2025 |
| IPO Close Date: | November 13, 2025 |
| Face Value: | ₹2 Per Equity Share |
| IPO Price Band: | ₹206 to ₹217 Per Share |
| Issue Size: | Approx ₹2,900 Crores |
| Fresh Issue: | ₹2,143.86 crores |
| Offer-for-Sale: | up to 3,48,45,069 equity shares |
| Registrar | KFin Technologies Limited |
| IPO Lead Managers | JM Financial Ltd. IIFL Capital Services Ltd. Jefferies India Pvt. Ltd. Kotak Mahindra Capital Co. Ltd. |
| Basis of Allotment | November 14, 2025 |
| IPO Listing Date: | November 18, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Total income | ₹1,042.22 Crores | ₹2,360.33 Crores | ₹954.44 Crores |
| EBITDA | ₹347.38 Crores | ₹721.94 Crores | ₹120.44 Crores |
| Profit After Tax (PAT) | ₹187.68 Crores | ₹369.01 Crores | ₹28.90 Crores |
| Net Worth | ₹718.79 Crore | ₹531.41 Crore | ₹162.77 Crore |
| Total Borrowings | ₹2,032.11 Crores | ₹1,949.69 Crores | ₹1,441.30 Crores |
Key Indicators
| KPI | Values |
| ROE | 104.60% |
| ROCE | 23.33% |
| Debt/Equity | 3.63 |
| Price to Book Value | 24.25 |
| Market Capitalization | ₹15,023.89 Cr. |
| RoNW | -4.15% |
| EBITDA Margin | 15.68% |
Promoters & Track Records, if any
- Manjunatha Donthi Venkatarathnaiah, born on August 8, 1967, aged 58 years, is one of the Promoters and is also the Chairman and Managing Director of the Company. He holds 285,988,995 equity shares, representing 48.18% of the paid-up Equity Share capital in the company.
- Shubha Manjunatha Donthi, born on March 23, 1972, aged 53 years, is one of the Promoters and is also a non-executive director of the Company. She holds 285,989,000 equity shares, representing 48.18% of the paid-up Equity Share capital in the company.
- Suhas Donthi Manjunatha, born on June 2, 1995, aged 30 years, is one of the Promoters and is also a whole-time director, President, and Chief Executive Officer of the Company. He holds 10,774,776 equity shares, representing 1.82% of the paid-up Equity Share capital in the company.
- Sumanth Manjunatha Donthi, born on December 24, 2000, aged 24 years, is one of the Promoters and is also the Chief Strategy and Business Development Officer of the Company. He holds 10,774,776 equity shares, representing 1.82% of the paid-up Equity Share capital in the company.
Peer Comparison With the Company
| Name of the Company | Face Value (₹) | Basic EPS (₹) | Diluted EPS(₹) | RONW (%) | P/E Ratio | NAV(₹) |
| Emmvee Photovoltaic Limited | 2 | 6.22 | 6.22 | 69.44 | [●] | 8.95 |
| Listed Peers | ||||||
| Waaree Energies Limited | 10 | 68.24 | 67.96 | 20.34 | 50.47 | 329.9 6 |
| Premier Energies Limited | 1 | 21.35 | 21.35 | 33.21 | 51.30 | 62.61 |
| Vikram Solar Limited | 10 | 4.61 | 4.60 | 11.26 | 70.97 | 39.24 |
| Saatvik Green Energy Limited | 2 | 19.09 | 19.07 | 63.41 | 27.49 | 30.14 |
| Websol Energy Systems Limited | 10 | 36.66 | 36.17 | 55.65 | 33.83 | 65.88 |
Industry Peer Group P/E ratio
The Solar Energy industry peer group has a P/E ratio ranging from 27.49 to 70.97, with an average of 46.81.
Expansion
- The proceeds raised from the fresh issue will be utilized towards the repayment/prepayment of existing borrowings taken by the company and its subsidiary’s along with the interest.
- Lastly, the remaining funds will be used for the company’s general corporate purposes.
Emmvee Photovoltaic IPO – Should You Apply or Not?
Emmvee Photovoltaic offers strong industry growth due to the rising demand for solar energy, rapid financial growth, capacity expansion plans, and debt reduction to strengthen its balance sheet. But, high capital needs, global competition, negative cash flow, and dependence on policy support are key concerns.
As of November 8, the GMP of Emmvee Photovoltaic is ₹20, showcasing a potential listing of around 8%-11%. Short-term investors may consider applying for the listing gains due to the attractive GMP and strong brand recognition. And cautious investors must carefully analyze the company’s financial background, risks, strengths, and valuation concerns before subscribing.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
