EMMVEE PHOTOVOLTAIC POWER LIMITED

11 Nov 2025 - 13 Nov 2025 Individual Category Main Board BSE NSE

Min Investment

₹14973

Price Band

₹206-₹217

Issue Size

774.27 lakhs
Equity Shares

Lot Size

69 (per lot)

IPO Dates
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11 Nov 2025

Open Date

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13 Nov 2025

Close Date

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TBI

Allotment Date

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TBI

Listing Date

Know Before Investing

Strengths icon

  • Strong 7.8 GW module and 2.94 GW cell capacity
  • Rapid FY25 revenue growth from ₹952 crores to ₹2,336 crores
  • PAT surged from ₹29 crores to ₹369 crores (13×)
  • Order book increased to 5.26 GW as of May 2025
  • Adoption of high-efficiency TOPCon technology and DCR eligibility

Weaknesses icon

  • Heavy reliance on IPO proceeds for debt reduction
  • Manufacturing and expansion linked to successful fundraising
  • Intense competition from larger solar manufacturers globally
  • Exposure to policy changes impacting solar subsidies/stimulus
  • Execution risk in scaling to 16.30 GW module capacity by FY28

About Emmvee Photovoltaic Power Limited

We are the second largest pure-play integrated solar photovoltaic (“PV”) module and solar cell manufacturing company andone of the largest solar PV module manufacturers in India, each in terms of production capacity as of March 31, 2025. (Source:Crisil Report) As of May 31, 2025, we have a solar PV module production capacity of 7.80 GW and a solar cell productioncapacity of 2.94 GW, with a track record of over 18 years. In addition, we are one of the first companies in India to adopt higherefficiency tunnel oxide passivated contact (“TOPCon”) technology to manufacture solar cells, and are among a limited numberof solar cell manufacturers in India as of March 2025 to leverage this technology. (Source: Crisil Report) We are currently inthe process of adding a 2.50 GW solar PV module production capacity line, and we intend to add a 6.00 GW integrated solarcell and solar PV module production capacity, pursuant to which we aim to increase our solar PV module production capacityto 16.30 GW and solar cell production capacity to 8.94 GW by the first half of Fiscal 2028.

IPO Objectives

1. Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by our Company and our Material Subsidiary; and2. General corporate purposes.

Company Promoters

Manjunatha Donthi Venkatarathnaiah

Shubha Manjunatha Donthi

Suhas Donthi Manjunatha

Sumanth Manjunatha Donthi

How to Apply for IPO

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