Company Overview
Emmvee Photovoltaic Power Ltd (EPPL), incorporated in 1992, is a Bengaluru-based solar module manufacturer with over three decades of experience in the renewable energy industry. The company has evolved from manufacturing solar water heating systems to becoming one of India’s leading integrated solar photovoltaic (PV) module manufacturers and solar EPC solution providers.
EPPL operates through two key business verticals:
- Manufacturing Division – engaged in the production of high-efficiency mono PERC and TOPCon solar PV modules with capacities ranging from 40 Wp to 700 Wp.
- Engineering, Procurement, and Construction (EPC) Division – offers turnkey solar power solutions for utility-scale, rooftop, and distributed generation projects.
As of June 30, 2024, the company operates a 2 GW solar module manufacturing facility at Dabaspet, Karnataka, with an additional 1.2 GW cell manufacturing facility under development (expected to be operational by FY26).
Over the years, Emmvee has supplied modules across 19 countries, catering to marquee domestic EPC players, PSUs, and international clients in Europe and Africa. Its EPC portfolio includes projects for NTPC, BHEL, and the Solar Energy Corporation of India (SECI), as well as private developers.
Promoters & Shareholding
| Shareholding | Pre-Issue | Post-Issue |
| Promoters (D.V. Manjunatha & Family) | 100.00% | 73.44% |
| Public | 0.00% | 26.56% |
| Total | 100.00% | 100.00% |
Public Issue Details
- Offer Type: Fresh Issue + Offer for Sale (OFS)
- Issue Size: ₹2,900 crore (Fresh Issue ₹2,143.86 crore; OFS ₹756.14 crore)
- Price Band: ₹206 – ₹217 per share
- Face Value: ₹1 per share
- Post-Issue Market Capitalisation: ₹14,371 – ₹15,024 crore
- Offer Period: November 11 – November 13, 2025
- Listing Date: November 20, 2025
- Issue Allocation: QIB 75%, NII 15%, Retail 10%
- Lot Size: 68 shares and multiples thereof
Objects of the Offer
Emmvee Photovoltaic Power Ltd plans to utilise the IPO proceeds primarily for balance sheet strengthening and debt repayment, while supporting incremental capacity expansion and strategic growth initiatives.
Detailed Allocation
- Debt Repayment and Prepayment: ₹1,621.29 crore (approximately 75.5% of fresh issue proceeds)
- The proceeds will be used to repay and prepay outstanding borrowings of the company and its subsidiaries.
- As of June 2025, total consolidated borrowings stood at ₹2,032.11 crore, a large part of which comprises loans from the Indian Renewable Energy Development Agency (IREDA) for the company’s large-scale TOPCon solar PV manufacturing projects.
- This deleveraging is expected to reduce the company’s debt-to-equity ratio from 2.65x and materially improve financial flexibility and interest coverage metrics.
- General Corporate Purposes: ₹522.57 crore (approximately 24.5% of fresh issue proceeds)
- Working capital requirements for ongoing operations and EPC projects.
- Capacity expansion and technology upgrades in solar PV modules and upcoming cell manufacturing facilities.
- R&D investment in high-efficiency modules and new-generation PV cell technology.
- Brand building and export market expansion, particularly targeting the US and European markets.
- Backward integration initiatives to meet international compliance and quality benchmarks.
Capex and Strategic Context
- The IPO proceeds will primarily address balance sheet deleveraging; however, the company continues to pursue large-scale expansion plans of ₹5,510 crore for a 6 GW integrated solar PV cell-cum-module facility.
- This capex will be funded through a combination of ₹3,306 crore of sanctioned debt, internal accruals, and retained earnings.
- The company is adding capacity in two phases:
- Phase 1 (by FY26): 2.5 GW new solar module capacity.
- Phase 2 (by H1 FY28): 6 GW integrated solar cell and module facility.
- Once completed, total installed capacity will reach 16.3 GW modules and 8.94 GW cells by H1 FY28.
Pros
- Integrated solar manufacturing model with 7.8 GW module and 2.94 GW cell capacity.
- Strong industry positioning backed by 30+ years of operational experience.
- Robust order book of 5.36 GW as of June 2025, ensuring revenue visibility.
- Export presence across 19 countries with a growing share of overseas revenues.
- Improving profitability due to economies of scale and technology transition to TOPCon modules.
- Sectoral tailwinds from PLI scheme, BCD on imports, and ALMM norms supporting domestic manufacturing.
Risks
- High industry competition with pricing pressure from larger, more integrated players.
- Execution risk related to upcoming cell manufacturing expansion and timely project completion.
- Working capital intensive business model with significant reliance on project-based cash flows.
- Dependence on government policy and solar tender pipelines for order flow.
- Volatility in raw material prices (especially polysilicon and wafers) affecting margins.
Industry Outlook
India’s renewable energy capacity is expected to reach 500 GW by 2030, with solar contributing ~300 GW. Solar module demand is projected to grow at a CAGR of 18–20% over FY25–FY30, driven by domestic manufacturing incentives and increased project pipeline under the National Solar Mission.
The government’s Production Linked Incentive (PLI) scheme and imposition of Basic Customs Duty (BCD) on imported modules have created strong incentives for domestic manufacturers. Module capacity in India is expected to exceed 100 GW by FY28, up from ~48 GW in FY24.
While competition is intensifying, integrated manufacturers with backward linkages (cells + modules) and EPC capabilities are well-positioned to benefit from higher localisation and reduced import dependence.
Financial Snapshot (₹ Crores)
| Particulars | FY23 | FY24 | FY25 |
| Revenue | 1,095 | 1,987 | 2,336 |
| EBITDA | 144 | 564 | 722 |
| EBITDA Margin (%) | 13.2% | 28.4% | 30.9% |
| PAT | 27 | 273 | 369 |
| PAT Margin (%) | 2.5% | 13.7% | 15.8% |
| Net Worth | 318 | 612 | 979 |
| ROE (%) | 8.5% | 44.6% | 68.7% |
| ROCE (%) | 10.9% | 22.0% | 23.8% |
| EPS (₹) | 2.2 | 12.9 | 14.7 |
Valuation
At the upper price band of ₹217, the issue is valued at ~40.7x FY25 EPS of ₹5.33 (post-dilution). On an EV/EBITDA basis, it trades at ~18.2x FY25, at a discount to larger listed peers.
The valuation reflects optimism on deleveraging benefits and structural demand growth, though near-term execution and margin sustainability remain key variables. Emmvee’s positioning as a high-growth, integrated solar manufacturer provides a differentiated investment proposition within India’s renewables manufacturing universe.
Peer Comparison (FY25)
| Metric | Emmvee Photovoltaic Power Ltd | Waaree Energies Ltd | Vikram Solar Ltd | Websol Energy System Ltd |
| Revenue (₹ Cr) | 2,336 | 8,112 | 2,982 | 440 |
| EBITDA Margin (%) | 30.9% | 27.0% | 14.0% | 9.0% |
| PAT Margin (%) | 15.8% | 14.2% | 6.5% | 5.0% |
| ROE (%) | 68.7% | 26.3% | 20.4% | 15.9% |
| ROCE (%) | 23.8% | 28.5% | 21.2% | 16.8% |
| P/E (x) | 40.7 | 57.2 | 35.4 | 27.0 |
Our View
Emmvee Photovoltaic Power Ltd provides investors with measured exposure to India’s fast-growing solar manufacturing and EPC ecosystem, supported by a credible operating track record, improving profitability, and progressive backward integration into cell manufacturing.
While valuations are on the higher side, they are partly justified by Emmvee’s strong earnings momentum, deleveraging-led balance sheet improvement, and robust order visibility. The company’s future performance, however, will hinge on timely project execution, prudent working capital management, and sustained policy support for the solar value chain.
Given its sectoral potential, leadership in integrated solar manufacturing, and improved leverage profile post-IPO, the issue appears suitable for investors with a higher risk appetite and long-term horizon seeking exposure to India’s renewable manufacturing growth story. Investors are advised to consult their financial advisors before making any investment decisions. This view does not constitute investment advice.
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