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₹217 - 217
Emmvee Photovoltaic Power Ltd
Capital Goods - Electrical EquipmentIPO
₹217 - 217
We are primarily a solar module manufacturer and are the second largest pure-play integrated solar PV module and solar cell manufacturing company and one of the largest solar PV module manufacturers in India, each in terms of production capacity as of March 31, 2025. As of June 30, 2025, we have a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW. Our product portfolio comprises bifacial and mono-facial formats of TOPCon modules and cells, and Mono PERC modules. We are an ALMM-enlisted module manufacturer and operate four manufacturing units across two locations in Karnataka.
Lot69Min Invest₹14,973Face Value₹2Issue Size₹2,900 CrFresh Issue₹2,144 CrOffer for Sale₹756 CrListing Price₹217CMP₹236
Timeline
11 Nov
Bidding opens
13 Nov
Bidding closes
14 Nov
Allotment
17 Nov
Refund & demat credit
18 Nov
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹2,900 Cr13.36 Cr shares
Fresh Issue₹2,144 Cr
Offer for Sale₹756 Cr
Face Value₹2
Lot Size69 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,9731-13 lots
sNII₹2,09,622from 14 lots
bNII₹10,03,191from 67 lots
Managers & Registrar
Lead ManagerJM Financial Limited
Co-ManagerIIFL Capital Services Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrManjunatha Donthi VenkatarathnaiahPRMTR1,74,22,535378.07Shubha Manjunatha DonthiPRMTR1,74,22,535378.07Total3,48,45,070756.14
Shareholding
CategoryPre IPOPost IPOPromoter Group100%80.68%Public0%19.32%
Objects of the Issue
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and its Material Subsidiary, EEPL
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 618 | 952 | 2,336 | 5,050 | 6,023 |
| Operating ProfitCr | 56 | 120 | 722 | 1,734 | 2,089 |
| OPM% | 9.1 | 12.7 | 30.9 | 34.3 | 34.7 |
| PBTCr | 12 | 48 | 483 | 1,338 | 1,741 |
| PATCr | 9 | 29 | 369 | 1,082 | 1,418 |
| EPS | 0 | 0 | 6 | 17 | 21 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 11 | 11 | 11 | 138 | 138 |
| ReservesCr | 130 | 158 | 526 | 3,556 | 4,252 |
| BorrowingsCr | 524 | 1,447 | 2,065 | 360 | 911 |
| Fixed AssetsCr | - | - | 2,046 | 2,634 | 2,638 |
| Total AssetsCr | 841 | 2,190 | 3,914 | 5,772 | 6,841 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 59 | 234 | 625 | 200 | - |
| Investing Cash FlowCr | -131 | -1,000 | -986 | -304 | - |
| Financing Cash FlowCr | 80 | 894 | 397 | 130 | - |
| Net Cash FlowCr | 9 | 129 | 36 | 26 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Second largest pure-play integrated solar PV module and cell manufacturers in India.
- One of the largest solar PV module manufacturers in India with a track record of delivering quality products.
- Early mover advantage in leveraging higher efficiency TOPCon cell technology.
- Advanced manufacturing units driving efficient and sustainable operations.
- Valued relationships with a diverse customer base backed by a substantial order book.
- Experienced Promoter-led senior management team.
Strategies · as stated in the DRHP
- Continued expansion of solar cell and module manufacturing capacity.
- Strategic focus on further backward integration and diversification of supplier base.
- Continue to focus on leveraging new technologies to improve efficiency.
- Strengthen our presence across our diverse customer segments within India.
- Expand sales in international markets.
Risks · as stated in the DRHP
- The company's business is dependent on certain key customers, with the companies top 10 customers contributing 93.96%, 89.52%, 84.98%, 85.82% and 80.53% of its revenue from operations in the three months ended June 30, 2025 and 2024 and in Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers could have a material adverse effect on the company business, financial condition, results of operations and cash flows.
- The company's business is dependent on the success of a limited number of products. Any reduction in demand for these products may adversely affect the company revenues, financial condition and cash flows.
- Under-utilization of its manufacturing capabilities and an inability to effectively utilize the company current and proposed production capacities could have an adverse effect on its business, results of operations and cash flows.
- The company is dependent on Indian and foreign third party suppliers for certain raw materials required for its manufacturing operations. Any disruptions in the supply or availability of such raw materials or any fluctuation in their prices may have an adverse impact on its business operations, cash flows and financial performance.
- The company is subject to import duties and restrictions on certain raw materials imported by it for the company manufacturing operations from other countries. Any disruptions in the supply of these imported raw materials may adversely affect its operations.
- The outstanding orders in its order book may be subject to delays, modifications or cancellations, which may have adversely affect the company business, cash flows and results of operations.