Business Profile of Emmvee Photovoltaic Power Limited
Emmvee Photovoltaic Power Limited was incorporated in March 2007 and currently one of India’s largest solar PV manufacturers. The company operates as an integrated solar PV module and cell manufacturer. Under the company product portfolio includes, Mono PERC modules and bifacial and mono-facial TOPCon modules and cells. The current operating capacity of company is 7.80 GW of solar PV module and 2.94GW of solar cell capacity. As on the date of May 31, 2025, company has 22.44 acres locations across Karantaka and manufacturing unit largest in term of TOPCon solar cell facilities by capacity at Dobbaspet, Bengaluru, in Karnataka. The company’s customers include engineering, procurement, and construction (“EPC”) service providers in both public and private sectors and independent power producers (“IPPs”), entities in the commercial and industrial (“C&I”) sector.
Objective of Emmvee Photovoltaic Power IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨ 2.00 each aggregating up to ₹ 2,143.86 Cr and OFS consists XXXX shares at face value of ₨ 2.00 each aggregating up to ₨ 856.14 Cr. There are fresh shares issues and OFS by company and main objective of company is repayment of outstanding borrowing of company& general expenses.
Details of Emmvee Photovoltaic Power IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹2.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX shares |
| Aggregating up to ₨ 3,000.00 Cr. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 2,143.86 Cr. | |
| Offer For Sale | Up to XXXX Equity Shares |
| Aggregating up to ₨ 856.14 Cr. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Emmvee Photovoltaic Power IPO: Issue Price & Size
The issue price of EMMVEE PHOTOVOLTAIC POWER LIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ 30,000.00 million at the price of ₨ XXXX million.
Launch Date of Emmvee Photovoltaic Power IPO
The IPO opening date of EMMVEE PHOTOVOLTAIC POWER LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Emmvee Photovoltaic Power Limited
| Particulars | 31 March 2025 | 31 March 2024 | 31 March 2023 |
| Income | |||
| Revenue from operations | 23,356.13 | 9,519.35 | 6,181.26 |
| Other income | 247.12 | 25.09 | 262.44 |
| Total income | 23,603.25 | 9,544.44 | 6,443.70 |
| Expenses | |||
| Cost of Materials Consumed | 15,180.01 | 7,710.42 | 5,063.21 |
| Changes in inventories of finished goods | ( 1,156.84 ) | ( 164.62 ) | ( 40.95 ) |
| Employee benefits expense | 777.67 | 240.04 | 200.83 |
| Finance costs | 1,078.77 | 335.07 | 281.60 |
| Depreciation and amortisation expense | 1,559.53 | 418.21 | 426.89 |
| Other expenses | 1,335.91 | 529.12 | 395.45 |
| Total expenses | 18,775.05 | 9,068.24 | 6,327.03 |
| Profit before tax for the year | 4,828.20 | 476.20 | 116.67 |
| Tax expenses | |||
| Current tax | 713.77 | 303.77 | 11.88 |
| Tax pertaining to earlier years | 1 | 3.38 | |
| Deferred tax | 424.29 | ( 116.56 ) | 11.70 |
| Total tax expense | 1,138.06 | 187.21 | 26.96 |
| Profit after tax for the year | 3,690.14 | 288.99 | 89.71 |
Key financial ratios of Emmvee Photovoltaic Power Limited
| Particular | Units | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Revenue from operations | million | 23,356.13 | 9,519.35 | 6,181.26 |
| EBITDA | million | 7,219.38 | 1,204.39 | 562.72 |
| EBITDA margin | % | 30.91 % | 12.65 % | 9.10 % |
| PAT | million | 3,690.14 | 288.99 | 89.71 |
| PAT Margin | % | 15.80 % | 3.04 % | 1.45 % |
| Debt to Equity | Times | 3.63 | 8.54 | 3.70 |
| Net Debt to Equity | Times | 2.55 | 5.46 | 3.26 |
| Return on equity | % | 104.60 % | 18.69 % | 6.41 % |
| Return on capital employed | % | 23.33 % | 5.03 % | 5.90 % |
| Net Working Capital | million | 3,351.88 | 2,867.94 | 134.16 |
| Current Ratio | Times | 1.25 | 1.41 | 1.04 |
Promoters & Shareholding Emmvee Photovoltaic Power IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 100.00% shareholding in company.
| Name | Number of Equity Shares | % Equity Shares |
| Promoters | ||
| Manjunatha Donthi Venkatarathnaiah | 285,988,995 | 48.18% |
| Shubha Manjunatha Donthi | 285,989,000 | 48.18% |
| Suhas Donthi Manjunatha | 10,774,776 | 1.82% |
| Sumanth Manjunatha Donthi | 10,774,776 | 1.82% |
| Members of Promoter Group | ||
| Shreiya Suhas Donthi | 1 | Negligible |
| Manjunatha Donthi Family Trust | 11,000 | Negligible |
| Shubha Donthi Family Trust | 11,000 | Negligible |
| Total | 593,549,548 | 100.00 |
Should You Subscribe To Emmvee Photovoltaic Power IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Emmvee Photovoltaic Power IPO
Second largest solar PV module and cell manufacturers
The company is second largest in pure-play integrated solar PV module and solar cell manufacturing company in India in terms of production capacity as of March 31, 2025. Current solar PV module production capacity of company is 7.80 GW and a solar cell production capacity of 2.94 GW as of May 31, 2025. The integrated operations span the production cycle for solar PV modules from solar cell production to the assembly of solar PV modules which help in manage control in supply chain.
Early mover in TOPCon cell technology
Emmvee Photovoltaic is first company in India to adopt higher efficiency TOPCon solar cell manufacturing, and is among a limited number of solar cell manufacturers in India as of March 2025 to leverage this technology. One of India’s largest TOPCon solar cell manufacturing facilities of 2.94 GW solar cell is situated in Dobbaspet, Bengaluru, Karnataka. The research and development contract with Fraunhofer ISE in 2022, support company in manufacturing operations of TOPCon technology.
Diverse customer base
The company has diversified customer base which translated into a substantial order book, which was 4.89 GW as of March 31, 2025 and 5.26 GW as of May 31, 2025. A broad and varied customer base reduces dependence on limited customers and helps stabilize revenue, thereby ensuring business continuity and sustainable growth. The position of company as a large and high efficiency TOPCon cell manufacturer enables to bid for a number of high-value tenders floated by public sector undertakings in Indias.
Expansion in international markets
The company focused on establishing a presence in international markets with untapped potential. They continuously evaluating opportunities to expand operations in the United States, with a focus on increasing sales of solar PV modules manufactured by company. The presence of company through its track record of exporting solar PV modules to customers in the United States and further backward integration will also enable company to meet compliance with evolving regulations in the United States.
Risk Factors of Emmvee Photovoltaic Power IPO
Limited products range
The business of company is dependent on the success of a limited number of products and the demand of solar products is mainly affected by availability of resources to install and promote solar projects including land and suitable storage solutions, price volatility in raw materials, availability of alternative sources of renewable energy and the availability of government incentive of solar products. Any reduction in demand for these products may adversely affect revenues, financial condition and cash flows.
Dependency for raw materials
The company is dependent on third party suppliers for certain raw materials required for its manufacturing operations and typically source them on a purchase order basis from suppliers. Any disruptions in the supply or availability of such raw materials or any fluctuation in their prices may have an adverse impact on business operations, cash flows and financial performance. The company may expose of risk such as price volatility because they do not enter into formal long-term agreements with suppliers.
Import restriction risk
The company import a major part of materials used in the manufacturing of solar cells and solar PV modules from foreign countries, particularly China and other countries, namely Vietnam, Thailand and Malaysia. There are import duties and restrictions on certain raw materials imported by company from other countries and any disruptions in the supply of these imported raw materials may adversely affect business operations.
Operational and sector-specific risks
The company is exposed to a variety of operational, manufacturing and sector-specific risks in the solar cell and solar PV module manufacturing industry in India. In regulatory changes includes such as reductions in subsidies, alterations in tariffs, import duties and tax benefits, or exclusion from the ALMM list issued by the MNRE. Additionally, delays in obtaining necessary government approvals and permits could impact project timelines and costs.
Emmvee Photovoltaic Power IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the Emmvee Photovoltaic Power Limited is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
