About
Emmvee Photovoltaic Power is a leading solar module manufacturer in India, ranked as the second largest pure-play integrated solar PV module and cell producer by capacity as of March 2025. With over 18 years of experience, they operate 7.80 GW of module and 2.94 GW of cell capacity, including advanced TOPCon technology for higher-efficiency solar cells. By FY 2028, they aim to expand this to 16.30 GW of module and 8.94 GW of cell capacity through new production lines.
Their portfolio includes bifacial and mono-facial TOPCon and Mono PERC modules designed for superior performance and efficiency and are certified under MNRE’s ALMM List I and hold a 5.1% share of ALMM-enlisted module capacity, enabling them to supply to government projects and DCR-mandated schemes like CPSU, PM-KUSUM, and PM Surya Ghar. Their inclusion in ALMM List II for solar cells also positions them favorably for growth in the domestic solar content market.
With upcoming ALMM rules mandating both modules and cells be sourced from domestic producers from June 2026, their integrated model strengthens their competitive advantage in India’s rapidly growing solar energy ecosystem.
IPO schedule
| Issue open date | 2025-11-11 |
|---|---|
| Issue close date | 2025-11-13 |
| UPI mandate deadline | 2025-11-13 (5 PM) |
| Allotment finalization | 2025-11-14 |
| Refund initiation | 2025-11-17 |
| Share credit | 2025-11-17 |
| Listing date | 2025-11-18 |
| Mandate end date | 2025-11-28 |
| Lock-in end date for anchor investors (50%) | 2025-12-14 |
| Lock-in end date for anchor investors (remaining) | 2026-02-12 |
Financials
| Financial Year Ended | March 2024 | March 2025 | June 2025 |
|---|---|---|---|
| Total Assets | 2189.9 | 3913.9 | 4347.72 |
| Revenue | 954.4 | 2360.3 | 1042.22 |
| Profit After Tax | 28.8 | 369 | 187.68 |
Issue size
| Funds Raised in the IPO | Amount |
|---|---|
| Total issue size | 2900 |
| Fresh Issue - Proceeds go to the company | 2143.86 |
| Offer for sale - Proceeds go to the existing investors | 756.14 |
Utilisation of proceeds
| Purpose | INR crores |
|---|---|
| Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest | 1621.29 |
Strengths
- 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
Risks
- 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
Allotment Status for Emmvee Photovoltaic Power
To check your IPO allotment status:
- Visit the Kfin Technologies IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.