EP
Emmvee Photovoltaic
Mainboard₹2,900 Cr issue
0.00%
Listing gain over issue price
Issue size
₹2,900 Cr
1 lot at cut-off
₹14,973
Lot size
69shares
Allotment
14 Nov 2025
Listing
18 Nov 2025
Listing performance
Issue price
₹217
Listed at
₹217
Listing-day close
₹219.40
Latest price
₹362.25
Listing gain
0.00%
Return since listing
+66.94%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 18 Nov 2025 | ₹0 | 0.00% | ₹0 | ₹217 | ₹0 |
| 17 Nov 2025 | ₹0 | 0.00% | ₹0 | ₹217 | ₹0 |
| 16 Nov 2025 | ₹0 | 0.00% | ₹0 | ₹217 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 18 Nov 2025
- Face value
- ₹2 per share
- Issue price
- ₹217 per share
- Lot size
- 69 shares
- Total issue size
- ₹2,900 Cr
- Market cap at offer price
- ₹15,024 Cr
- Promoter holding
- 99.22% → 80.03% pre-issue → post-issue
- ISIN
- INE1C6T01020
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- 13/1, International Airport Road, Bettahalasur Post, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 6,01,38,249 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 69 shares per lot, in multiples, at ₹217
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 69 | ₹14,973 |
| Retail (max) | 13 | 897 | ₹1,94,649 |
| S-HNI (min) | 14 | 966 | ₹2,09,622 |
| S-HNI (max) | 66 | 4,554 | ₹9,88,218 |
| B-HNI (min) | 67 | 4,623 | ₹10,03,191 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
6,01,38,249
Anchor portion
₹1,305 Cr
at ₹217 per share
Valuation and performance
Valuation at offer price
₹217 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.22 | 10.84 |
| P/E (×) | 34.89 | 20.02 |
| Price to book (×) | 24.25 | — |
| Market cap | — | ₹15,024 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 69.44%
- ROCE
- 23.33%
- Debt / equity
- 3.63
- PAT margin
- 15.80%
- EBITDA margin
- 30.91%
- NAV per share
- ₹8.95
- Price to book
- 24.25
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Emmvee Photovoltaic
Emmvee Photovoltaic Power Limited, incorporated in 2007, is a solar module and cell manufacturer based in Bengaluru, Karnataka. The company operates four manufacturing units across two locations in Karnataka with a total solar PV module production capacity of 7.80 GW and solar cell production capacity of 2.94 GW as of June 30, 2025. The company undertakes operations primarily as business-to-government (B2G) and business-to-business (B2B), with 97.69% of Fiscal 2025 revenues from B2B operations. It manufactures bifacial and mono-facial formats of TOPCon modules and cells, and Mono PERC modules. The company is ALMM-enlisted and was originally incorporated as 'Emmvee Toughened Glass and Photovoltaics Private Limited' in 2007 before transitioning to solar photovoltaic focus.
Company Analysis
from RHPEmmvee Photovoltaic Power Limited is India's second-largest pure-play integrated solar PV module and solar cell manufacturing company, producing bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules.
Emmvee Photovoltaic Power Limited, incorporated in 2007, is a solar module and cell manufacturer based in Bengaluru, Karnataka. The company operates four manufacturing units across two locations in Karnataka with a total solar PV module production capacity of 7.80 GW and solar cell production capacity of 2.94 GW as of June 30, 2025. The company undertakes operations primarily as business-to-government (B2G) and business-to-business (B2B), with 97.69% of Fiscal 2025 revenues from B2B operations. It manufactures bifacial and mono-facial formats of TOPCon modules and cells, and Mono PERC modules. The company is ALMM-enlisted and was originally incorporated as 'Emmvee Toughened Glass and Photovoltaics Private Limited' in 2007 before transitioning to solar photovoltaic focus.
renewable energysolar photovoltaic (PV) manufacturingsolar cell manufacturingsolar module manufacturing
Objects of the Issue
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by our Company and our Material Subsidiary, EEPL 16,212.94 million p.21
- General corporate purposes [●] p.21
- Repayment or prepayment of certain outstanding borrowings and accrued interest thereon ₹16,212.94 million (estimated) p.77
- General corporate purposes p.74
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by our Company and our Material Subsidiary, EEPL ₹16,212.94 million p.117
- General corporate purposes [●] p.117
- Funding capex for expansion at Unit VI in Sulibele for 2.50 GW module production capacity ₹33,060.00 million p.214
- Funding capex for expansion at ITIR Phase-II for 6.00 GW integrated solar cell and module production capacity ₹33,060.00 million p.214
Issue Structure
- Total Issue
- Up to [●] equity shares of face value of ₹2 each aggregating up to ₹29,000.00 million
- Fresh Issue
- Up to [●] equity shares of face value of ₹2 each aggregating up to ₹21,438.62 million
- Offer for Sale
- Up to [●] equity shares of face value of ₹2 each aggregating up to ₹7,561.38 million
- Price Band
- [●]
- Lot Size
- [●]
- Face Value
- ₹2 each
Business Model
The company generates revenue primarily through business-to-business (B2B) sales, contributing 97.69% of revenue in Fiscal 2025, supplemented by business-to-government (B2G) sales at 2.30% and minimal business-to-consumer (B2C) activities at 0.01%. The company manufactures solar PV modules and solar cells which are sold to customers under supply agreements with flexible delivery schedules, letters of credit payment terms, and product warranties.
Business Segments
Manufacturing and sale of bifacial and mono-facial TOPCon modules
Manufacturing and sale of bifacial and mono-facial Mono PERC modules
Manufacturing of TOPCon solar cells at Unit III, commenced commercial production in 2024
Supply of solar PV modules to government entities and public sector undertakings
Minimal consumer-facing solar activities
Manufacture and sale of solar PV modules
Manufacture and sale of solar cells
Material Subsidiary contributing to consolidated revenue from operations
Manufacturing of solar photovoltaic modules
Manufacturing of solar cells using TOPCon technology
Manufacturing of bifacial and monofacial TOPCon modules and Mono PERC modules with power output ranging from 390 Wp to 605 Wp, offered with 12 year product warranty and 25-30 year performance warranty
Manufacturing of N-Type TOPCon solar cells with high conversion efficiency over 25% and bifacial rate of 80%, produced in ISO Class 6 and Class 8 cleanroom facilities
Manufacturing of solar photovoltaic modules and cells
Generation and sale of electricity from solar and photovoltaic systems through foreign subsidiaries and grid-connected rooftop solar projects
Trading of solar products and power trading through energy exchanges
Manufacturing of solar cells
Manufacturing of photovoltaic modules
Executes grid and off-grid photovoltaic power projects on a turnkey basis
Operates solar power plants
Manufactures and sells photovoltaic modules, cells and photovoltaic systems
Specialises in the execution of Engineering, Procurement, and Construction (EPC) Projects within the solar sector
Supply and installation of solar photovoltaic water pumping systems; sells power generated from independent power producing plants
Manufacture and sale of solar photovoltaic modules
Scrap sales and income from power generation
SWOT Analysis
Strengths
- • Strong subsidiary contribution to consolidated revenue(p.45)
- • Significant asset base through subsidiary(p.45)
- • Strong historical revenue and profit growth(p.47)
- • Strong EBITDA margins(p.47)
- • Government policy support for solar manufacturing(p.52)
- • Capital subsidies from state government schemes(p.53)
- • Rapidly expanding solar PV manufacturing capacity with significant backward integration progress(p.195)
- • Strong government policy support and incentive schemes driving domestic manufacturing(p.195)
- • Favorable technology adoption with industry shift toward higher-efficiency TopCon cells(p.190)
- • India positioned as major solar module exporter with 97% share destined to US market(p.200)
- • Growing domestic solar demand driven by multiple policy initiatives and favorable economics(p.191)
- • Second largest pure-play integrated solar PV module and cell manufacturer in India with significant production capacity(p.216)
- • Early mover advantage in TOPCon technology adoption(p.219)
- • Only Indian company to pass all seven Kiwa PVEL tests through single module type(p.218)
- • Exceptional module reliability with minimal warranty claims(p.214)
- • Substantial order book growth and strong customer relationships(p.215)
- • Rapid capacity expansion over recent years(p.217)
- • Advanced manufacturing facilities with ISO certifications and cleanroom infrastructure(p.220)
- • ALMM and DCR market access enabling government project participation(p.213)
- • Strong government support through multiple renewable energy schemes and incentives(p.255)
- • Access to state-level manufacturing incentives through Karnataka ESDM scheme(p.256)
- • Access to production-linked incentive scheme for solar module manufacturing(p.255)
- • Award recognition for module reliability and manufacturing excellence(p.263)
- • Integrated manufacturing across solar cell and module production(p.308)
- • Diversified revenue streams from manufacturing and project execution(p.308)
- • Long warranty commitment demonstrating product confidence(p.314)
- • Government support through EPCG scheme reducing capital costs(p.329)
- • Secured government backing for equipment financing(p.329)
- • Defined benefit gratuity plan with structured governance and annual funding reviews(p.354)
- • Massive capacity expansion with 4x growth in installed capacity(p.402)
- • Strong revenue growth driven by increased production and sales volume(p.402)
- • Significant profit growth with PAT increasing 12x year-over-year(p.401)
- • Rapid production capacity addition with new manufacturing lines(p.402)
Weaknesses
- • Heavy dependence on Material Subsidiary EEPL(p.45)
- • Risk of losing EEPL as subsidiary through lender action(p.45)
- • Related party transaction exposure(p.45)
- • Corporate record filing errors and regulatory penalties risk(p.45)
- • Technology obsolescence and asset impairment(p.46)
- • Negative operating cash flows in recent quarter(p.55)
- • High contingent liabilities(p.55)
- • High employee attrition(p.66)
- • Lease agreements may not be registered or adequately stamped(p.70)
- • Delays in statutory dues payments(p.54)
- • Heavy import dependence on upstream components (wafers and polysilicon) creating forex exposure(p.197)
- • Significant cost disadvantage versus vertically integrated Chinese manufacturers(p.197)
- • Limited domestic capacity in upstream components relative to downstream module manufacturing(p.197)
- • High capital intensity and long ramp-up periods for new manufacturing facilities(p.195)
- • Domestic modules still priced significantly higher than imported alternatives(p.194)
- • High import dependence on critical raw materials creating currency and supply risks(p.224)
- • Significant reliance on imports from China and Southeast Asia(p.238)
- • High concentration of exports in single market creating revenue concentration risk(p.211)
- • Debt to equity ratio indicating moderate financial leverage(p.216)
- • High dependence on foreign subsidiaries with negative net worth(p.266)
- • Promoters' personal guarantees on company debt obligations(p.270)
- • Significant regulatory compliance burden on material handling and waste management(p.255)
- • High financial leverage with debt exceeding equity(p.344)
- • Obsolete manufacturing technology requiring asset impairment(p.330)
- • Customer concentration with one large payment guarantee exposure(p.340)
- • High capital work-in-progress indicating execution risk(p.331)
- • Dependence on key promoter guarantees for major borrowings(p.347)
- • Significant exposure to defined benefit obligation risks including investment, interest rate, longevity and salary risks(p.354)
- • Growing gratuity liability exceeded by plan assets, increasing unfunded portion(p.354)
- • High proportion of compensation expenses not yet paid, creating cash outflow obligations(p.357)
- • High debt burden with debt-to-equity ratio of 2.82(p.407)
- • Significant increase in finance costs proportional to borrowing expansion(p.402)
- • Heavy working capital requirements and negative operating cash flow in recent quarter(p.405)
- • Impairment of plant and machinery due to Unit I closure(p.403)
Opportunities
- • Expansion of manufacturing capacity(p.47)
- • Growing domestic solar demand(p.52)
- • Government incentive schemes(p.53)
- • Backward integration and technology upgrade(p.64)
- • Alternative export markets(p.63)
- • Massive projected solar capacity additions creating strong domestic demand for modules(p.175)
- • Export opportunity to US market following tariff restrictions on ASEAN competitors(p.196)
- • ALMM-II implementation driving demand for domestically manufactured cells across all segments(p.194)
- • Significant opportunity for backward integration into cell manufacturing with strong margins(p.195)
- • PLI scheme supporting capacity expansion across the entire value chain(p.194)
- • Expected substantial global demand for solar modules driven by net-zero targets(p.184)
- • US market expansion due to UFLPA sanctions on Xinjiang and resulting tariffs on Southeast Asian competitors(p.200)
- • Growing domestic solar demand with 250 GW capacity additions planned by 2030(p.203)
- • Expansion through backward integration into wafer and component manufacturing(p.224)
- • Large PLI scheme allocation and government support for manufacturing capacity(p.203)
- • Government schemes driving domestic market growth for DCR modules(p.204)
- • Technological advancement opportunity in next-generation TOPCon variants and tandem cells(p.224)
- • International expansion potential in emerging markets with rising solar adoption(p.225)
- • Expansion of rooftop solar capacity through government incentives(p.256)
- • R&D support and innovation funding for renewable energy technologies(p.257)
- • Export promotion through capital goods duty exemption scheme(p.257)
- • Tariff benefits available in Karnataka for industrial power consumption(p.257)
- • Expansion of integrated high-capacity manufacturing facilities(p.348)
- • Large additional sanctioned financing for further manufacturing expansion(p.345)
- • Multi-location manufacturing strategy for scale and distribution(p.345)
- • Adoption of next-generation TOPCon technology(p.345)
- • Renewable energy procurement through captive consumption model(p.339)
- • Substantial growth in solar module demand from key customers(p.411)
- • Expansion into international markets and subsidiary operations(p.411)
- • Capacity to scale production with commissioned manufacturing lines(p.402)
Threats
- • Regulatory changes in solar subsidies and tariffs(p.46)
- • Intense competition in solar manufacturing(p.46)
- • Economic fluctuations affecting solar demand(p.46)
- • Supply chain disruptions and rare earth element risks(p.46)
- • Product warranty and recall risks(p.46)
- • Operational and environmental compliance risks(p.46)
- • Rapid technological obsolescence(p.47)
- • Growth sustainability challenges(p.47)
- • US trade tariffs on solar imports(p.63)
- • Counterparty credit risk from customers(p.56)
- • Foreign exchange exposure(p.56)
- • Restrictive financing covenants(p.58)
- • Utilities supply dependency(p.71)
- • Insurance coverage limitations(p.71)
- • Inventory management risks(p.59)
- • Working capital requirements and cash flow constraints(p.60)
- • Government subsidy dependency and uncertainty(p.52)
- • Outstanding litigation and regulatory proceedings(p.53)
- • Geopolitical tensions and trade protectionism(p.63)
- • Monsoon and climate dependent agricultural sector impacts(p.78)
- • Dominance of China in global PV supply chain creates competitive pressure(p.187)
- • Global oversupply of solar modules impacting tariff levels and profitability(p.185)
- • Rapid technological obsolescence risk in solar cell manufacturing(p.183)
- • US tariff policies creating uncertainty for Indian exporters(p.146)
- • Falling global solar module prices eroding margins across the value chain(p.186)
- • Supply chain disruptions and commodity price volatility affecting capital costs(p.178)
- • US tariffs on Indian solar products reducing export competitiveness(p.200)
- • Policy uncertainty and frequent changes impacting industry planning(p.210)
- • Intensifying competition from Southeast Asian manufacturers despite tariffs(p.211)
- • Risk of overcapacity and consolidation in solar module manufacturing(p.211)
- • Continued reliance on imports of upstream components like polysilicon and wafers(p.211)
- • Rapid technological obsolescence risk in solar manufacturing(p.211)
- • Import duties and tariff changes on raw materials affecting operations(p.37)
- • Environmental and health risks from manufacturing hazardous materials(p.211)
- • Import duty imposed on solar equipment increases input costs(p.254)
- • RoDTEP export scheme benefits were temporarily withdrawn and restored with restrictions(p.255)
- • Complex regulatory compliance framework for environmental protection and waste handling(p.254)
- • Stringent consumer protection regulations with criminal penalties for non-compliance(p.254)
- • Exposure to forex fluctuations on foreign borrowings(p.346)
- • EPCG scheme export obligation compliance risk(p.330)
- • Technology obsolescence risk in fast-evolving solar sector(p.330)
- • Regulatory uncertainty on social security code affecting employment costs(p.353)
- • Credit risk from customer payment delays and disputes(p.340)
- • Extreme dependence on few key customers with top 10 accounting for 85% of revenue(p.411)
- • Foreign exchange risk from raw material and plant imports(p.401)
- • Power and fuel cost volatility significantly impacting production economics(p.401)
- • Operational litigation including pending IBC case with major customer(p.415)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Manjunatha Donthi Venkatarathnaiah | Promoter Selling Shareholder | 48.18% | — |
| Shubha Manjunatha Donthi | Promoter Selling Shareholder | 48.18% | — |
| Suhas Donthi Manjunatha | Promoter | 1.82% | — |
| Sumanth Manjunatha Donthi | Promoter | 1.82% | — |
| Manjunatha Donthi Venkatarathnaiah | Promoter | — | — |
| Shubha Manjunatha Donthi | Promoter | — | — |
| Donthi Venkatarathnaiah Manjunatha – HUF | Promoter | — | — |
| Manjunatha Donthi Venkatarathnaiah | Promoter | 48.18% | [●] |
| Shubha Manjunatha Donthi | Promoter | 48.18% | [●] |
| Suhas Donthi Manjunatha | Promoter | 1.82% | [●] |
| Sumanth Manjunatha Donthi | Promoter | 1.82% | [●] |
| Manjunatha Donthi Venkatarathnaiah | Promoter/Chairman and Managing Director | — | — |
| Suhas Donthi Manjunatha | Promoter/Whole-Time Director, President and CEO | — | — |
| Shubha Manjunatha Donthi | Promoter/Non-Executive Director | — | — |
| Sumanth Manjunatha Donthi | Chief Strategy and Business Development Officer | — | — |
| Manjunatha Donthi Venkatarathnaiah | Promoter | 48.18% | — |
| Shubha Manjunatha Donthi | Promoter | 48.18% | — |
| Suhas Donthi Manjunatha | Promoter | 1.82% | — |
| Sumanth Manjunatha Donthi | Promoter | 1.82% | — |
| Mr. Manjunatha Donthi Venkatarathnaiah | Promoter | 48.18% | — |
| Mrs. Shubha Manjunatha | Promoter | 48.18% | — |
| Manjunatha Donthi Venkatarathnaiah | Promoter | — | — |
| Shubha Manjunatha | Promoter | — | — |
| Manjunatha Donthi Venkatarathnaiah | Promoter Selling Shareholder | — | — |
| Shubha Manjunatha Donthi | Promoter Selling Shareholder | — | — |
| Manjunatha Donthi Venkatarathnaiah | Promoter Selling Shareholder | — | — |
| Shubha Manjunatha Donthi | Promoter Selling Shareholder | — | — |
Leadership
Manjunatha Donthi Venkatarathnaiah · Chairman and Managing Director
Suhas Donthi Manjunatha · Whole Time Director, President and Chief Executive Officer
Pawan Kumar Jain · Chief Financial Officer
Shailesha Barve · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.