The Emmvee Photovoltaic IPO will open on November 11, 2025 and close on November 13, 2025. The allotment will be finalised on November 14, and the shares will list on the BSE and NSE on November 18, 2025.
The company plans to raise around ₹2,900 crores through a Book Built Issue, which includes a fresh issue of ₹2,143.86 crores and an offer for sale of up to 3,48,45,069 equity shares. The IPO price band is ₹206 to ₹217 per share.
With the company reporting strong revenue and profit growth in FY2025, many investors are looking at this IPO from a long-term perspective.
Contents
Emmvee Photovoltaic IPO Key Details
| Detail | Information |
|---|---|
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Price Band | ₹206 to ₹217 |
| Face Value | ₹2 per share |
| Issue Size | ₹2,900 crores (approx) |
| Fresh Issue | ₹2,143.86 crores |
| Offer for Sale | 3,48,45,069 shares |
| Issue Type | Book Built Issue |
| Listing | BSE, NSE |
| Allotment Date | November 14, 2025 |
| Listing Date | November 18, 2025 |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Emmvee Photovoltaic IPO Review
The overall review for the Emmvee Photovoltaic IPO suggests a May Apply stance for investors, mainly due to the company’s strong growth in FY2025 and its position in the expanding solar manufacturing sector.
As per Capital Market, the IPO has received a rating of 45, while analysts have assigned it a 3-star rating. This indicates moderate confidence, signalling that the IPO may be suitable for investors who are looking at long-term potential rather than short-term listing gains.
Emmvee Photovoltaic IPO Market Lot
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 69 | ₹14,973 |
| Retail Maximum | 13 | 897 | ₹1,94,649 |
| S-HNI | 14–66 | 966–4,554 | ₹2,09,622 to ₹9,88,218 |
| B-HNI | 67+ | 4,623+ | ₹10,03,191+ |
- Also Read:
- Capillary Technologies IPO
IPO Reservation
| Investor Category | Shares Offered | Percentage |
|---|---|---|
| QIB | 4,00,92,166 | 75% |
| NII | 2,00,46,083 | 15% |
| Retail | 1,33,64,055 | 10% |
Emmvee Photovoltaic IPO
Open: 11-13 Nov 2025
Issue Size: ₹2900 Cr.
Objective: Pay back their debt and let some original investors sell their shares.
Exchange: BSE NSE
Anchor Investor Details
| Particular | Information |
|---|---|
| Anchor Bidding Date | November 10, 2025 |
| Shares Allotted | 6,01,38,249 |
| Anchor Size | ₹1,305 crores |
| Anchor Investors List | View PDF |
| Lock-in 50% | December 14, 2025 |
| Lock-in 50% | February 12, 2026 |
Emmvee Photovoltaic IPO Timelines
| Event | Date |
|---|---|
| IPO Opens | November 11, 2025 |
| IPO Closes | November 13, 2025 |
| Basis of Allotment | November 14, 2025 |
| Refunds | November 17, 2025 |
| Credit to Demat | November 17, 2025 |
| Listing Date | November 18, 2025 |
| Bidding Cut-off Time | 5 PM on November 13 |
Promoters and Shareholding Pattern
| Particular | Shares | Percentage |
|---|---|---|
| Promoter Holding Pre-Issue | 59,35,49,550 | 100% |
| Promoter Holding Post-Issue | 69,23,45,033 | Updated % (not specified) |
Promoters include Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi.
Objects of the Issue
| Purpose | Amount (₹ crores) |
|---|---|
| Repayment/Prepayment of borrowings | 1,621.29 |
| General Corporate Purpose | Not specified |
About Emmvee Photovoltaic
Emmvee Photovoltaic was founded in 2007 and has become one of the leading solar PV module manufacturers in India. The company manufactures both solar panels and solar cells and has multiple international quality accreditations.
Its manufacturing footprint includes four factories spread across 22.44 acres in Karnataka. Strong promoter experience and growing capacity have supported the company’s rapid expansion in the solar manufacturing sector.
Emmvee Photovoltaic Financials
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹644.37 cr | ₹632.70 cr | ₹8.97 cr | ₹840.79 cr |
| 2024 | ₹954.44 cr | ₹906.82 cr | ₹28.90 cr | ₹2,189.99 cr |
| 2025 | ₹2,360.33 cr | ₹1,877.51 cr | ₹369.01 cr | ₹3,913.94 cr |
| June 2025 | ₹1,042.22 cr | ₹802.03 cr | ₹187.68 cr | ₹4,347.72 cr |
The company has shown a sharp rise in revenue and profit in FY2025, supported by growing demand and enhanced capacity.
Emmvee Photovoltaic Valuation Metrics (FY2025)
| KPI | Value |
|---|---|
| ROE | 104.60% |
| ROCE | 23.33% |
| EBITDA Margin | 30.91% |
| PAT Margin | 15.80% |
| Debt-to-Equity | 3.63 |
| EPS (Basic) | ₹6.22 |
| RoNW | 69.44% |
| NAV | ₹8.95 |
Peer Comparison
| Company | EPS | P/E | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Waaree Energies | 68.24 | 50.47 | 20.34% | 329.96 | ₹14,444.50 cr |
| Premier Energies | 21.35 | 51.30 | 33.21% | 62.61 | ₹6,518.75 cr |
| Vikram Solar | 4.61 | 70.97 | 11.26% | 39.24 | ₹3,423.45 cr |
| Saatvik Green Energy | 19.09 | 27.49 | 63.41% | 30.14 | ₹2,158.39 cr |
| Websol Energy | 36.66 | 33.83 | 55.65% | 65.88 | ₹575.46 cr |
Lead Managers
JM Financial
IIFL Capital
Jefferies India
Kotak Mahindra Capital
Company Contact
Emmvee Photovoltaic Power Ltd.,
13/1, International Airport Road,
Bettahalasur Post, Bengaluru, Karnataka 562157
Phone: +91 80 2217 4524
Email: investorrelations@emmvee.in
Website: emmveepv.com
Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: Emmvee.ipo@kotak.com
Website: ipostatus.kfintech.com
Emmvee Photovoltaic IPO FAQs
What is the Emmvee Photovoltaic IPO?
It is a mainboard IPO worth ₹2,900 crores with a price band of ₹206 to ₹217.
When will the IPO open?
The IPO opens on November 11 and closes on November 13, 2025.
What is the lot size?
The minimum lot contains 69 shares.
What is the investors’ allocation?
QIB 75 percent, NII 15 percent, Retail 10 percent.
When will the shares list?
On November 18, 2025.
When will the allotment be announced?
On November 14, 2025.
Expert Comment
Emmvee Photovoltaic comes at a time when India’s solar manufacturing sector is expanding rapidly, and the company’s financial jump in FY2025 is a strong indicator of rising demand and scale benefits. While the debt-to-equity ratio remains on the higher side, the margins and return ratios show meaningful improvement.
Investors who believe in long-term growth in domestic solar manufacturing may consider this IPO with a multi-year horizon, rather than expecting short-term listing gains.
