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Emmvee Photovoltaic Power Listing Price
| Exchange | Listing Price | Gain/Loss | % |
|---|---|---|---|
| NSE | ₹217.00 | ₹0.00 | 0.00% |
| BSE | ₹217.00 | ₹0.00 | 0.00% |
Emmvee Photovoltaic Power Subscription
Last updated on 13-Nov-2025 18:43:04
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIBs | 40092166 | 53196792 | 1.33 |
| HNIs | 20046083 | 6322194 | 0.32 |
| HNIs 10+ | 13364055 | 2705697 | 0.2 |
| HNIs 2+ | 6682028 | 3616497 | 0.54 |
| Retail | 13364055 | 15525552 | 1.16 |
| Total | 73502304 | 75044538 | 1.02 |
Application-Wise Breakup (Approx. no. of Apps) | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (10L+) | 13834 | 401 | 0.03 |
| HNIs (2-10L) | 6917 | 3360 | 0.49 |
| Retail | 193682 | 171994 | 0.89 |
| Total Applications: 175755 | |||
| © IPO Premium | |||
| Subscription Demand (in ₹ crore) | |||
|---|---|---|---|
| Category | Offered | Demand | Times |
| QIBs | 870 | 1154.37 | 1.33 |
| FIIs | - | 597.55 | - |
| DIIs | - | 169.19 | - |
| Mutual funds | - | 353.99 | - |
| Others | - | 33.64 | - |
| HNIs | 435 | 137.19 | 0.32 |
| HNIs 10+ | 290 | 58.71 | 0.2 |
| HNIs 2+ | 145 | 78.48 | 0.54 |
| Retail | 290 | 336.9 | 1.16 |
| Total | 1595 | 1628.47 | 1.02 |
| QIB Interest Cost per share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹0.4 | @8% ₹0.4 | @9% ₹0.5 | @10% ₹0.6 | @11% ₹0.6 | @12% ₹0.7 |
Emmvee Photovoltaic Power Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 69 | 14973 | 193682 |
| sHNI | 14 | 966 | 209622 | 6917 |
| bHNI | 67 | 4623 | 1003191 | 13834 |
Emmvee Photovoltaic Power Reservation
| Category | Shares Offered | % |
|---|---|---|
| Anchor | 60138249 | 45% |
| QIB | 40092166 | 30% |
| HNI | 20046083 | 15% |
| Retail | 13364055 | 10% |
| Total | 133640553 | 100% |
Emmvee Photovoltaic Power About
Emmvee Photovoltaic IPO Details
| Total Issue Size | 13,36,40,553 shares (aggregating up to 2,900.00 Cr) |
| Fresh Issue | 98,795,484 shares (aggregating up to 2,143.86 Cr) |
| Offer for Sale | 34,845,069 shares of (aggregating up to 756.14 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 59,35,49,550 shares |
IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII Shares Offered | Not more than 15% of the Net Issue |
Key Performance Indicator
| KPI | Jun-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 29.85% | 104.60% | 18.69% |
| ROCE | 10.30% | 23.33% | 5.03% |
| RONW | 26.11% | 69.44% | 17.75% |
| EPS (basic) | 3.16 | 6.22 | 0.49 |
| P/E Pre IPO | 34.9 | ||
| P/E Post IPO | 20.01 |
Financial Details In Crores
| Period Ended | Jun-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 4,347.7 | 3,913.9 | 2,190.0 | 840.8 |
| Total Income | 1,042.2 | 2,360.3 | 954.4 | 644.4 |
| Profit After Tax | 187.7 | 369.0 | 28.9 | 9.0 |
| EBITDA | 347.4 | 721.9 | 120.4 | 56.3 |
| NET Worth | 718.8 | 531.4 | 162.8 | 134.0 |
| Reserves and Surplus | 608.8 | 529.4 | 160.7 | 131.9 |
| Total Borrowing | 2,032.1 | 1,949.7 | 1,441.3 | 519.6 |
Peer Comparision (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Emmvee Photovoltaic Power Limited | 34.9 | 2.00 | |
| Waaree Energies Limited | 50.47 | 3,429.65 | 10.00 |
| Premier Energies Limited | 51.3 | 1095.15 | 1.00 |
| Vikram Solar Limited | 70.97 | 326.45 | 10.00 |
| Saatvik Green Energy Limited | 27.49 | 524.15 | 2.00 |
| Websol Energy Systems Limited | 33.83 | 1223.8 | 10.00 |
Peer Comparision (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Emmvee Photovoltaic Power Limited | 8.95 | 69.44 | 6.22 |
| Waaree Energies Limited | 329.96 | 20.34 | 68.24 |
| Premier Energies Limited | 62.61 | 33.21 | 21.35 |
| Vikram Solar Limited | 39.24 | 11.26 | 4.61 |
| Saatvik Green Energy Limited | 30.14 | 63.41 | 19.09 |
| Websol Energy Systems Limited | 65.88 | 55.65 | 36.66 |
Company Overview
Incorporated: March 2007
Business: Integrated solar PV module and cell manufacturer
Manufacturing Capacity (as of May 31, 2025):
Solar PV Modules: 7.80 GW
Solar Cells: 2.94 GW
Products: Bifacial & Mono-facial TOPCon modules and cells, and Mono PERC modules
Facilities: 4 manufacturing units across 2 locations in Karnataka, spread over 22.44 acres
Major Facility: Solar cell unit at Dobbaspet, Bengaluru, one of India’s largest TOPCon solar cell plants by capacity
Customers: IPPs, C&I sector entities, EPC players (public & private)
Key Clients: Ayana Renewable Power, Clean Max, Hero Rooftop, KPI Green, Aditya Birla Renewables, Blupine Energy, Zodiac Energy, and others
Customer Base: Served 525 customers in FY 2023–2024
Employees (as of Mar 31, 2025): 611 full-time employees
Strength
Integrated and large-scale operations: One of India’s second largest pure-play integrated solar PV module and cell manufacturers, offering end-to-end production from cells to modules.
Strong manufacturing and quality track record: Established brand reputation backed by consistent product quality, reliability, and timely delivery, serving leading renewable energy players across India.
Technological edge in advanced solar cells: Early adopter of high-efficiency TOPCon technology, enabling improved power output, long-term durability, and competitive positioning in the evolving solar market.
Weakness
High customer concentration: Revenue is significantly dependent on a few major clients, with top 10 customers contributing over 80–90% of total revenue; loss of any could materially impact business.
Limited product diversification: Heavy reliance on a narrow product portfolio (TOPCon and Mono PERC modules) exposes the company to shifts in solar technology trends and demand patterns.
Capacity utilization challenges: Any under-utilization or delay in ramping up manufacturing capacity could adversely affect operational efficiency, profitability, and cash flows.
Emmvee Photovoltaic Power Latest Announcements
| Date | Subject | Attachment Text |
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Emmvee Photovoltaic Power Financial Results
Emmvee Photovoltaic Power Lead Manager(s)
Emmvee Photovoltaic Power Address
13/1, International Airport Road
Bettahalasur Post
Bengaluru, Karnataka, 562157
Phone: +91 80 2217 4524
Email: investorrelations@emmvee.in
Website: https://www.emmveepv.com/
Emmvee Photovoltaic Power Registrar
Emmvee Photovoltaic Power Reviewers
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