IPO ChampIPO Insights
IPO Champ LogoIPO Champ Logo

IPOs

IPO Calendar
GMP Tracker
Subscription Status
Allotment Status
Stock Broker
  • Follow us on Instagram
  • Follow us on Facebook
  • Follow us on Threads
  • Follow us on YouTube
  • Follow us on Telegram
  • Follow us on WhatsApp
HomeIPOEmmvee Photovoltaic Power

About Emmvee Photovoltaic Power

Incorporated on March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturing company. The company has, as of May 31, 2025, a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW. The product range of the company consists of bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules. The company operates four production facilities in two locations in Karnataka spanning 22.44 acres.As of May 31, 2025, the Solar cell manufacturing unit of the company at Dobbaspet, Bengaluru, Karnataka is India's largest TOPCon solar cell facility by capacity.The customers of the company are independent power producers (IPPs), organizations in the commercial and industrial (C&I) sector, and engineering, procurement, and construction (EPC) service providers in public and private sectors. The key customers are Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, BN Peak Power-I, KMV Projects, Powertrack Packaging, SILRES Energy, Kintch Synergy, Zodiac Energy, E Ramamurthy Minerals and Metals, InSolare Energy, Universal Transformers, and Mars Energy Group. During 2023- 2023, we had served 525 customers.As of March 31, 2025, the company employed 611 full-time people.

Checklist Quality Analysis

Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
See All Live IPOs
IPO Champ LogoIPO Champ Logo

IPO Champ helps investors track upcoming, live and past IPOs in one place with GMP, subscription, allotment status and listing performance insights.

Tools

IPO CalendarGMP TrackerSubscription StatusAllotment Status

IPOs

All IPOsLive IPOsUpcoming IPOsClosed IPOsListed IPOs

Resources

NewseBooks

Company

HomeAbout UsPrivacy PolicyTerms of Service

About IPO Champ

IPO Champ is built for investors who want a clear view of every IPO opportunity in one place. From upcoming issues to live subscription data, allotment updates and listing performance, we bring together the key details you need to track the primary market.

Our tools are designed to be simple, fast and investor-friendly so you can focus on evaluating businesses instead of opening multiple tabs and websites for basic information.

Details of client bank account
For any query / feedback / clarifications, email at
help@ipochamp.com.

Please read all offer documents and risk disclosures carefully before investing. IPO Champ does not provide investment advice and information on this site should not be treated as a recommendation to apply for any IPO.

© 2026 IPO Champ. All rights reserved.

Want to stay updated?Subscribe to our newsletter

Emmvee Photovoltaic Power

Emmvee Photovoltaic Power

Open Date

11 Nov 2025

Close Date

13 Nov 2025

listed

Min Investment

₹14973

Lot Size

69 Shares

Issue Size

₹2900 Cr

Price Range

₹206 - ₹217

Listing Date

Nov 18, 2025

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

Grey Market Premium (GMP) Trend

Emmvee Photovoltaic Power IPO - Issue Objectives

₹1,621.29 crore will be used for debt repayment/prepayment. IPO funds will cover general corporate use and unidentified acquisitions.

Repayment of loans

75.62%

General corporate purposes

24.3%

1

Repayment of loans

₹1,621.29 crore will be used for debt repayment/prepayment.

75.62%
2

General corporate purposes

IPO funds will cover general corporate use and unidentified acquisitions.

24.30%

IPO Subscription Status

QIB
1.33x
NII
0.32x
Individual
1.16x
Total
1.02x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Emmvee Photovoltaic Power

In Cr.

Key Performance Indicator30-Jun-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue1,042.222,360.33954.44644.37
EBITDA347.38721.94120.4456.27
Expenses
Profit After Tax187.68369.0128.908.97
Assets4,347.723,913.942,189.99840.79
Net Worth718.79531.41162.77133.97
Reserves608.83529.37160.73131.93
Borrowing2,032.111,949.691,441.30519.62

Emmvee Photovoltaic Power - Promoter(s)

Manjunatha Donthi Venkatarathnaiah

Shubha Manjunatha Donthi

Suhas Donthi Manjunatha

Sumanth Manjunatha Donthi

Pre Issue Share Holding

100%

Post Issue Share Holding

80.70%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Second largest pure-play integrated manufacturer

The company is India’s second largest pure-play integrated solar PV module and cell manufacturer as of March 31, 2025, with 7.80 GW solar module and 2.94 GW solar cell capacities. It has end-to-end integration, which also allows participation in the DCR (Domestic Content Requirement) market and ALMM-listed government projects.

02

Track record of delivering quality products

The company is an ALMM-enlisted solar PV module manufacturer, with a 5.1% market share in terms of ALMM-enlisted module manufacturing capacity as of May 2025. It offers a product warranty of 12 years on its Mono PERC and TOPCon solar PV modules and has had very few warranty claims. Further, it is the only Indian company among four global players to have passed all 7 tests through a single product type under the Kiwa PVEL prod

03

Early mover advantage

The company is among the first Indian players to manufacture high-efficiency TOPCon solar cells and operates one of India’s largest TOPCon facilities (2.94 GW) at Dobbaspet, Bengaluru. Further, its collaboration with Fraunhofer ISE (Germany) has accelerated technology transfer, production optimisation, and workforce upskilling.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Revenue concentration among top clients

The company’s top 10 customers contributed 93.96% of revenue in Q1FY26 and 84.98% in FY25, highlighting significant client concentration risk. The largest customer alone accounted for 36.57% of revenue in Q1FY26. Any loss, delay, or renegotiation by these clients can materially affect revenue stability. Additionally, government and PSU contracts involve strict timelines and performance penalties.

02

Limited product portfolio

The company derives over 99% of revenue from two products -TOPCon and Mono PERC modules, with TOPCon alone contributing 68.96% of FY25 revenue and 79.09% as of June 2025. As technology in the solar industry evolves, any reduction in demand for these products may adversely affect revenue. The company reduced production of polycrystalline modules in FY25 due to obsolescence, underscoring its exposure to technology transition risks.

Contact Details

Emmvee Photovoltaic Power

13/1, International Airport Road, Bettahalasur Post, Bengaluru, Karnataka, 562157

+918022174524
investorrelations@emmvee.in
https://www.emmveepv.com/

Registrar Contact Details

Kfin Technologies Ltd

04067162222
emmvee.ipo@kfintech.com
https://ipostatus.kfintech.com/

Emmvee Photovoltaic Power IPO - FAQs

Emmvee Photovoltaic Power IPO is a Mainboard IPO. The issue is priced at ₹206-217 per equity share. The minimum order quantity is 69 Shares. The IPO opens on 11 Nov, and closes on 13 Nov. Kfin Technologies Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.









IPO Timeline

  • Pre Apply2025-11-07
  • Bidding Starts2025-11-11
  • Bidding Ends2025-11-13
  • Allotment Finalisation2025-11-14
  • Release of Funds2025-11-17
  • Demat Transfer2025-11-17
  • Listing2025-11-18
04

Automated manufacturing infrastructure

The company operates four units across Karnataka, all equipped with fully automated Jinchen machines, AI-based electroluminescence testing, and 90,000 sq ft of ISO Class 6 and 30,000 sq ft of Class 8 cleanrooms. Sustainability initiatives include a zero liquid discharge system with 96.80% water recovery, renewable energy sourcing meeting 63.40% of power needs, and the use of lead-free frames and recycled packaging.

05

Diverse customer base

The company serves over 543 unique customers across IPP, C&I, and EPC segments, and has established relationships with leading renewable developers like Ayana Renewable Power, CleanMax, KPI Green Energy, and Aditya Birla Renewables. Order book stood at 5.36 GW as of June 30, 2025, including 515.93 MW of DCR-linked orders. The repeat customer rate of 61.67% as of June 2025 and increasing average order size (7.63 MW in FY25) underscore strong customer stickiness and demand visibility.

03

Under-utilisation of manufacturing facilities

Despite its expanding footprint, the company’s capacity utilisation remains uneven across units, ranging from 19% to 67% as of Q1FY26. Inability to effectively utilise its current and proposed production capacities could hurt the business operations and cash flows.

04

Dependence on imported raw material

The company sources 94.65% of its raw materials from international suppliers, with 54.7% of total imports from China in Q1FY26. The top 10 suppliers accounted for 68.88% of total purchases, increasing procurement risk. The lack of long-term contracts with these suppliers exposes the company to supply chain disruptions, currency fluctuations, and pricing volatility.

05

Execution risk from large order book

As of June 30, 2025, the company had an outstanding order book of 5.36 GW, valued at approximately ₹7811.73 crore. However, 87.13% of prior-period orders were carried forward, indicating potential fulfilment delays. Any modification, cancellation, or delayed execution of large-scale or DCR-linked orders could defer revenue recognition and strain cash flows.