Emmvee Photovoltaic Power IPO opens: Should you subscribe to this solar PV issue?

The initial public offering (IPO) of Emmvee Photovoltaic opens for bidding on Tuesday, November 11. The solar PV module player shall be offering its shares in the range of Rs 206-217 apeice. Investors can apply for a minimum of 69 equity shares and its multiples thereafter. The issue closes for bidding on Thursday, November 13.

Emmvee Photovoltaic Power is raising a total of Rs 2,900 crore via IPO, which includes a fresh share sale of Rs 2,143.86 crore and an offer-for-sale (OFS) of up to 3,48,45,069 equity shared worth Rs 756.14 crore. The net proceeds from the issue shall be utilized towards repayment of debt of the company and its material subsidiaries; and general corporate purposes.

Incorporated in March 2007, Bengaluru-based Emmvee Photovoltaic Power is an integrated solar PV module and cell manufacturer. It has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW as of May 31, 2025. Its product portfolio includes bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules.

Emmvee Photovoltaic Power raised Rs 1,305 crore from anchor investors as it allocated over 6.01 crore equity shares at Rs 217 apiece. Anchor book including marquee names like Abu Dhabi Investment Authority, Ashoka WhiteOak, Prudential Hong Kong, Amundi Funds, BNP Paribas Funds, Eastspring Investments, Societe Generale, Morgan Stanley, Goldman Sachs, Nomura Singapore, and Citigroup.

Emmvee Photovoltaic reported a net profit of Rs 187.68 crore with a revenue of Rs 1,042.22 crore for the three-months ended on June 30, 2025. Its net loss came in at 369.01 crore with a revenue Rs 2,360.33 crore for the financial year ended March 2025. At the current valuations, the company is commanding a market capitalization of more than Rs 15,000 crore.

Emmvee Photovoltaic Power has reserved 75 per cent of the net offer qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent shares. Retail investors have an allocation of only 10 per cent in the IPO. Last heard, the company was commanding a grey market premium of Rs 20 per share, suggesting more than 9 per cent gains for the investors.

JM Financial, IIFL Capital Services, Jefferies India and Kotak Mahindra Capital are the book running lead managers of Emmvee Photovoltaic Power IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on November 18, Tuesday. Here's what a dozen brokerage firms say about the IPO of Emmvee Photovoltaic Power:  

IDBI Capital

Rating: Subscribe

Emmvee ranks as the second-largest pure-play integrated solar PV module and cell manufacturer in India as of March 31, 2025, with an installed capacity of 7.80 GW for modules and 2.94 GW for solar cells. Emmvee is also listed on the Approved List of Models and Manufacturers (ALMM), enabling participation in government-backed initiatives such as PMKUSUM, said IDBI Capital.

"While the current utilisable capacity is relatively lower due to plant ramp-up phases and ongoing efficiency optimization, its management has outlined a clear roadmap to enhance utilization levels over the next few quarters. We believe Emmvee is well-placed to capture structural growth in the renewable energy value chain. We recommend 'subscribe' for the long term," it added.  

Angel One

Rating: Subscribe for long-term

"The issue is valued at a P/E of 20 times, if we annualize FY26 earnings, while on FY25 earnings, it stands at 40.7 times, indicating that the IPO is trading at marginal discount to larger peers," said Angel One. It is backed by a robust order book, strong revenue growth, and ongoing capacity expansion, the company is well-placed to capture opportunities in India’s fast-growing solar manufacturing sector, it said.

Angel One has assigned a 'subscribe for long-term' rating for investors but has cited high customer concentration, dependence on imported raw materials and exposure to regulatory and policy changes in the renewable sector could impact margins, operations, and overall profitability as key risks.  

Reliance Securities

Rating: Subscribe

Emmvee Photovoltaic Power enters the public market at a defining moment for India’s clean-energy and solar manufacturing ecosystem. The company combines strong execution visibility, a 5 GW active order book, robust customer base, and adoption of advanced technologies like TOPCon—with a clear expansion roadmap toward over 16 GW module and 8 GW cell capacity by FY28, said Reliance Securities.

"Its fully integrated manufacturing chain, from cells to modules, positions it to capture margin across the value chain and participate directly in India’s localisation and import-substitution push. Owing to strong developments, we recommend 'subscribe' to the issue," it added.  

Arihant Capital Markets

Rating: Subscribe for long-term

Emmvee stands out as a technologically advanced, integrated solar manufacturer positioned to capitalize on India’s domestic solar value chain expansion. It has plans for backward integration, proven execution, and with strong industry tailwinds provide a sustainable competitive advantage, said Arihant Capital Markets.

Its expansion to over 16 GW of module capacity by FY28 is expected to consolidate its leadership among India’s top solar manufacturers. With a focus on scaling operations, diversifying its technology base, and maintaining prudent financial discipline, the company is well-placed to benefit from India’s renewable manufacturing growth trajectory and global supply diversification," it added with 'subscribe for long-term' rating.  

Swastika Investmart

Rating: Subscribe for long-term

Revenue jumped from Rs 644 crore in FY23 to Rs 2,335 crore FY25, driven by rising solar demand. At P/E 34.9 times, pricing looks fair to slightly expensive versus peers like Websol and Saatvik, said Swastika Investmart.

"Given its consistent growth, improving margins, and strong industry tailwinds from India’s solar expansion, Emmvee has good long-term potential. This company appears to be a compelling opportunity in the renewable energy sector, making it suitable for medium-to -long term investment," it added.  

SBI Securities

Rating: Subscribe for long-term

The IPO is valued at a P/E multiple of 40.7 times based on its FY25 earnings on post-issue capital and 20 times considering the annualized earnings for 1QFY26. Emmvee has shown strong financial performance over the past two years, supported by a solid order book of 5.4 GW as of June 2025, said SBI Securities.

"The issue seems fairly priced compared to its peers. We expect that profitability will continue to improve following the repayment of debt from the issue proceeds. We recommend investors to 'subscribe' to the IPO at the cut-off price for a long-term investment horizon," it added.

BP Equities

Rating: Subscribe

Emmvee is expected to sustain its growth momentum, led by strong profitability, an expanding order book, improving margins, increased operational capacity, continued investments in R&D, expansion into new geographies through its subsidiaries in Germany and the US, and long-term sustainability initiatives that provide visibility for long-term growth, said BP Equities with a 'subscribe' rating.  

SMIFS

Rating: Subscribe

"We recommend subscribing to the Emmvee IPO as a compelling long-term investment, backed by second-largest integrated solar manufacturer positioning, aggressive capacity expansion to 16.30 GW modules by H1FY28, leadership in TOPCon technology adoption, robust order book providing multi-year visibility, and structural policy tailwinds from India's 500 GW renewable energy target, said SMIFS.  

Ventura Securities

Rating: Subscribe

Emmvee Photovoltaic delivered strong financial growth in Q1 FY26, with revenue rising to Rs 10,27.8 crore and PAT increasing to Rs 1,87.7 crore Ebitda margin improved to 33.8 per cent, while PAT margin reached 18.3 per cent. Over the past two years, the company posted a remarkable CAGR of 94.4% in revenue, 258.2 per cent in EBITDA, and 541.4 per cent in PAT, said Ventura.

"Its revenue is expected to grow at a strong pace, driven by robust domestic demand and international expansion, positioning it as a key player in both the Indian and global solar markets. However, execution risks, raw material cost fluctuations, and competitive pressures on pricing could impact margins. It is well-placed to capture market share and benefit from India's solar boom in the coming years," it added with 'subscribe' rating.

Sushil Finance

Rating: Subscribe for long-term

Emmvee Photovoltaic is all set to expand its capacity, its initiative to achieve domestic backward integration, support by the government policies for the sector, and favorable industry headwind positions as a high growth company. Looking at all the factors, risks, opportunities and valuation, investors may invest with a medium to long term horizon , said Sushil Finance.  

Kunvarji Wealth Solutions

Rating: Subscribe for long-term

"We recommend subscribing to this IPO with medium to long-term view. It is a leading manufacturer of solar PV modules in India, offering a diverse product portfolio that includes TOPCon, Mono PERC, and bifacial modules. Its robust growth in key financial metrics is underpinned by an expanding order book," said Kunvarji Wealth Solutions.