| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹206 to ₹217 | 69 | 11th Nov, 2025 –13th Nov, 2025 | ₹2,900.00 Cr |
Emmvee Photovoltaic Power Ltd
Emmvee Photovoltaic Power Ltd. is primarily engaged in solar module manufacturing and ranks as the second-largest pure-play integrated solar photovoltaic (PV) module and cell manufacturer in India, and one of the largest solar PV module producers in the country by production capacity as of March 31, 2025. The company’s product portfolio includes bifacial and mono-facial formats of TOPCon modules and cells, as well as mono passivated emitter and rear contact (Mono PERC) modules in both bifacial and mono-facial formats. Emmvee is among the first companies in India to adopt advanced tunnel oxide passivated contact (TOPCon) technology for solar cell manufacturing and is one of the few domestic solar cell manufacturers. Leveraging this technology enhances the efficiency, performance, and reliability of its PV modules. As of June 30, 2025, the company had a solar PV module production capacity of 7.80 GW and a solar cell capacity of 2.94 GW. It is in the process of adding an additional 2.50 GW solar PV module line and plans to establish a 6.00 GW integrated solar cell and module manufacturing facility. Emmvee’s modules have undergone a technology review and bankability assessment by a reputed third-party agency in 2023, with its Mono PERC modules being certified as having “leading durability” under thermal cycle and damp heat tests and being “PID resistant” under potential-induced degradation tests. The company operates four manufacturing units across two locations in Karnataka, spread over 22.44 acres. Their proximity enables significant advantages, including streamlined logistics, lower transportation costs, and improved operational efficiency. The solar cell manufacturing unit at Dobbaspet, Bengaluru, is among the largest TOPCon cell manufacturing facilities in India by installed capacity. Over the years, Emmvee has built strong relationships with a diverse customer base, including independent power producers (IPPs), commercial and industrial (C&I) entities, and engineering, procurement, and construction (EPC) service providers across public and private sectors. These enduring relationships have supported a substantial order book of 5.36 GW of solar PV modules as of June 30, 2025.
Objective of the Emmvee Photovoltaic Power Ltd IPO
The company proposes to utilize the net proceeds towards funding the following objects:
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the company and our material subsidiary, EEPL; and
- General corporate purposes.
Rationale To Emmvee Photovoltaic Power Ltd IPO
Leveraging integrated operations and advanced technologies to strengthen market leadership
Emmvee is the second-largest pure-play integrated solar PV module and solar cell manufacturer in India in terms of production capacity. The company’s integrated manufacturing approach serves as a key strength of its business model, reducing dependence on external vendors for solar cell supplies, optimizing manufacturing costs, and enhancing overall production efficiency. Emmvee’s integrated operations cover the entire solar PV module production cycle, from solar cell production to module assembly, offering significant control over its supply chain. This integration also facilitates traceability of components, which is particularly valuable for customers with stringent quality and compliance standards. The integrated setup delivers multiple benefits, including improved efficiency, reduced transportation costs, economies of scale, optimized production flow, enhanced quality control, and stronger supply chain security. It also allows greater flexibility to adapt to changing demand and access to advanced technologies, creating a competitive edge in both quality and pricing. In contrast, manufacturers lacking backward integration are more vulnerable to global price fluctuations, lose cost-control levers during technological transitions, and may face constraints in process optimization between cell and module stages, potentially affecting module yield. An integrated manufacturing structure also acts as a barrier to entry for new players, given the advantages it offers in scale, expertise, technology, and control of the value chain. Emmvee maintains high standards of quality and reliability, supported by a range of certifications. As an integrated domestic manufacturer, the company also benefits from access to the DCR market, which mandates the use of India-made solar cells and modules in government-backed projects. With its integrated capabilities, advanced technologies, and extensive industry experience, Emmvee is well-positioned to capitalize on favorable industry dynamics to maintain its position in the solar sector and sustain long-term growth.
Strengthening operational efficiency through advanced manufacturing infrastructure
Emmvee operates four manufacturing units across two strategic locations in Karnataka, ensuring strong connectivity with key suppliers for essential materials such as junction boxes and sealants, as well as with the inland container depot in Bengaluru for the procuring raw materials and equipment. This proximity helps reduce transit time, improve logistics efficiency, and enhance overall operational productivity. All the units are located within a 100 kilometer radius of each other in Bengaluru, enabling eased logistics and effective inventory management. The company’s manufacturing facilities reflect its commitment to quality and consistency. Each unit is equipped with fully automated Jinchen machinery, housed in dust-proof and air-conditioned environments to ensure optimal production conditions for solar PV modules. Every stage of the production process is closely monitored using multi-stage electroluminescence testing supported by artificial intelligence, ensuring adherence to global quality standards. Emmvee has also collaborated with renowned institutions and equipment providers to improve and enhance its manufacturing processes. The company employs advanced quality control measures tools from leading German OEMs, including electroluminescence imaging systems that monitor product quality throughout the production lifecycle. Additionally, its solar PV modules undergo reliability testing, which includes electroluminescence inspection, power flash testing, high-voltage and insulation resistance testing, mechanical load testing, and wet leakage testing. These quality control measures enable Emmvee to assess product performance under various conditions and ensure the delivery of reliable, high-quality products to its customers.
Valuation of Emmvee Photovoltaic Power Ltd IPO
Emmvee Photovoltaic Power Ltd., a primary manufacturer of solar modules, is 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, having a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW. With a diversified product portfolio that covers solar photovoltaic modules, cells, and integrated renewable solutions, Emmvee stands to benefit from rising global and domestic demand for solar energy infrastructure. The company is expected to benefit from government-led programs such as PM Surya Ghar Yojana, CPSU, and PM KUSUM, while its growing presence in the US and Europe offers significant export potential amid trade shifts away from China. The company’s strong growth visibility is underpinned by aggressive capacity expansion, backward integration, and increasing global reach. With its solar PV module capacity set to rise to 16.3 GW and cell capacity to 8.94 GW by H1FY28, driven by new facilities in Bengaluru, it is well positioned to capture increasing domestic and export demand. On the financial front, the company has recorded a strong revenue CAGR of 94.4% between FY23 and FY25, positioning it as a high-growth player within the renewable energy manufacturing sector. Overall, Emmvee is expected to sustain its growth momentum, led by strong profitability, an expanding order book, improving margins, increased operational capacity, continued investments in R&D, expansion into new geographies through its subsidiaries in Germany and the US, and long-term sustainability initiatives that provide visibility for long-term growth. At the upper price band, the company is valued at a P/E multiple of 34.9x FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.
What is the Emmvee Photovoltaic Power Ltd IPO?
The initial public offer (IPO) of Emmvee Photovoltaic Power Ltd offers an early investment opportunity in Emmvee Photovoltaic Power Ltd . A stock market investor can buy Pine Labs Ltd IPO shares by applying in IPO before All Emmvee Photovoltaic Power Ltd shares get listed at the stock exchanges. An investor could invest in Emmvee Photovoltaic Power Ltd IPO for short term listing gain or a long term.
How to apply for the Emmvee Photovoltaic Power Ltd IPO through StoxBox?
To apply for the Emmvee Photovoltaic Power Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Emmvee Photovoltaic Power Ltd IPO open?
Emmvee Photovoltaic Power Ltd IPO is opening on 11th Nov 2025. Apply Now
What is the lot size of the Emmvee Photovoltaic Power Ltd IPO?
The Lot Size of Emmvee Photovoltaic Power Ltd IPO is 69 equity shares. Login to your account now.
When is the Emmvee Photovoltaic Power Ltd allotment date?
The allotment Date for Emmvee Photovoltaic Power Ltd IPO is 14th Nov 2025. Login to your account now.
When is the Emmvee Photovoltaic Power Ltd IPO listing date?
The listing Date for Emmvee Photovoltaic Power Ltd IPO is 18th Nov 2025. Login to your account now
What is the minimum investment required for the Emmvee Photovoltaic Power Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,973. Login to your account now
What is the maximum investment allowed for the Emmvee Photovoltaic Power Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,94,649. Login to your account now
What are the risks associated with investing in the Emmvee Photovoltaic Power Ltd IPO?
Uninterrupted access to the company’s technology platform is critical to its operations. Any system failures or interruptions could impact its business, financial condition, and results of operations. Additionally, any actual or perceived cybersecurity, data, or privacy breach could disrupt operations and harm the company’s reputation and brand.
The company’s solar module and cell manufacturing facilities have operated at less than 50% capacity utilization in recent financial years. Under-utilization of its manufacturing capabilities or an inability to effectively utilize the current and proposed production capacities could negatively affect the company’s business, results of operations and cash flows.
Changes in technologies employed by the company in the manufacturing of solar cells and solar PV modules may render its current technologies obsolete. The company may also be required to incur substantial expenditure to adopt or upgrade to newer technologies, which could adversely affect its business, results of operations and financial condition.
When will the Emmvee Photovoltaic Power Ltd IPO shares be credited to my Demat account?
The Emmvee Photovoltaic Power Ltd IPO be credited to the account on allotment date which is 14th Nov 2025. Login to your account now
Where can I find the Emmvee Photovoltaic Power Ltd IPO prospectus?
The prospectus of Emmvee Photovoltaic Power Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
