Emmvee Photovoltaic Heads to A Public Listing

Bengaluru-based Emmvee Photovoltaic Power Limited, one of the older solar manufacturing firms in the country, joins the list of players going for a public issue  this coming week. The firm proposes to open an initial public offering of its equity shares of face value of ₹2 each on Tuesday, November 11, 2025.The Bid/ Offer Closing Date is Thursday, November 13, 2025.

Issue Price and Proceeds 

With a price band of Rs 206 to Rs 217, at the higher end of the price band, investors will need to look ahead to growth driven by its ongoing cell and module expansion to deliver growth that justifies the valuations.  

It is this expansion that the issue will fund to an extent, although there is a significant offer for sale component where the promoters are offering their own shares as well.  A fresh issue of equity shares aggregating up to ₹2,143.86 Crore goes to the firm, while an offer for sale of up to ₹756.14 Crore by existing shareholders, Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi.

Emmvee remains primarily a solar module manufacturer and is the second largest pure-play integrated solar photovoltaic (“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, the company had a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW, with a track record of over 18 years. With a high share of TOPCon cells, the firm is well placed to service future demand as well for these. 

Other Recent Solar Listings

Emvee's IPO comes at a time when issues by two other leading manufacturers, Vikram Solar and Saatvik Solar are trading below or close to their IPO prices. However, what should provide some confidence to investors is Emmvee's strong track record and ratings on global quality rankings, where it has performed well over the past few years. That, and the impending completion of key phases of its capacity expansion will ensure the firm continues to grow strongly. The stabdout Solar IPO till date remains Waaree Energies, which has delivered strong returns to investors till date, though even Waaree has struggled in the volatile market conditions these past few months. 
For the record, Emmvee  grew revenues almost 150% to Rs 2,360 crores in Fy25 over FY 24, while profits, reflecting other top manufacturers, spiked over 12X to Rs 368 crores during the same period.  While these numbers will moderate eventually on a larger base, H1 this year has gone well for all solar manufacturers, and Emmvee will be no exception.

The worries, if at all will come in Fy27-28, when some fears have been expressed about overcapacity and a moderation of margins. While we donlt completely agree with such views, Emmvee, with its quality client base and quality credentials, will be better placed than most to weather such a situation, should it arise.     

A key area of difference so far has been the firm's focus on cells and modules, unlike many peers that have expanded into transformers, inverters, storage and more.