Emmvee Photovoltaic IPO Opens for Subscription: Check Review and GMP Update

Emmvee Photovoltaic Power is one of India’s biggest solar panel makers. The company makes advanced solar modules (the panels you see on rooftops and solar farms) and the special cells inside them that turn sunlight into electricity.

Its ₹2,900 crore IPO opens on November 11 and closes on November 13, 2025, with shares priced between ₹206 and ₹217. The current GMP is around ₹20, showing about a 9% gain over the issue price, though remember, GMP is just an unofficial guess, not an official indicator.

In this story, we’ll walk you through what Emmvee does, how it makes money, how strong it is financially, who runs it, what the risks look like, and where this solar company fits in the fast-growing renewable energy landscape.

IPO Overview

• IPO Date: Nov 11-13, 2025
• Total Issue Size: ₹2,900 crore
• Price Band: ₹206 to ₹217 per share
• Minimum Investment: ₹14,973
• Lot Size: 69 Shares
• Tentative Allotment Date: Nov 14, 2025
• Listing Date: Nov 18, 2025 (Tentative)
• GMP: The GMP for the Emmvee Photovoltaic IPO is ₹20, reflecting a 9.22% gain over the issue price, according to Chittorgarh.com.

Disclaimer: GMP is an unofficial indicator and is subject to market volatility.

How Emmvee Photovoltaic Really Makes Its Money

Emmvee’s job is to turn sunlight into usable energy hardware. It makes solar PV modules, those large glass panels that catch sunlight, and the smaller solar cells inside them that generate power.

Think of it as a three-step process:

Getting the Ingredients: The company starts with raw materials like silicon (which captures sunlight), glass, metal frames, and wires. Many of these materials come from other countries, mostly China, which means Emmvee still depends heavily on imports.

Building the Product: In its factories in Karnataka, Emmvee creates the solar cells, the tiny power-generating chips, and then assembles them into giant, finished solar modules. You can imagine it like baking: first, you make the dough (the cells), then you put the pieces together into a loaf (the panels).

Selling the Panels: Most customers are businesses or companies that build large solar farms, factories, or sell power to others. Some projects come from government orders, too. As of June 2025, Emmvee had a confirmed order book of 5.36 GW, meaning they already have contracts booked for modules worth about ₹7,812 crore.

The company plans to take more control of the entire supply chain soon by making its own wafers (thin silicon slices used in cells). This shift, called backward integration, will reduce its import costs and make the business more secure.

Objectives of the IPO

The company is raising ₹2,900 crore, which includes ₹2,143.86 crore fresh issue (will be used by the company) and ₹756.14 crore offer for sale (will go to the existing shareholders, who are selling shares in the offer for sale). The funds received from the fresh issue will be used for the following purposes:

Repaying Loans (₹1,621.29 crore): About 65% of the fresh issue money will go to paying back existing borrowings of ₹2,496 crore. This move will help the company reduce interest costs, clean up its balance sheet, and maintain a healthier debt-to-equity ratio (which shows how much the company owes for every rupee it owns). Lower debt gives more breathing room for growth and new investments.

General Corporate Use: The rest of the money will be used for daily operations, business expansion, marketing, and other needs that help it grow steadily.

Strengths:

• Strong Growth Track Record: Revenue jumped from ₹644 crore in FY23 to ₹2,360 crore in FY25, growing at a pace of 91% per year. Profit after tax exploded from just ₹9 crore to ₹369 crore, proving that scale and efficiency are working hand-in-hand.
• High Profit Margins and Returns: The company made ₹15.8 profit for every ₹100 it earned (a 15.8% net margin) and delivered a whopping 104.6% Return on Equity (ROE) in FY25. That simply means the company generated over ₹100 in profit for every ₹100 its shareholders put in, which is exceptional.
• Large Order Book: With an order book of ₹7,812 crore (5.36 GW), Emmvee has steady visibility for future revenue.
• Efficient Technology (TOPCon): Emmvee was among the first in India to use TOPCon cells, which can convert up to 26% of sunlight into electricity, making them among the most efficient available.
• Low Warranty Claims: Warranty claims were near zero, just 0.0002% of total revenue. That indicates a very reliable product and low after-sales costs.

Risks:

• High Borrowings: Total debt stood at ₹2,032 crore in June 2025. That’s 2.8 times its total equity, meaning for every ₹100 in its own funds, it owes ₹282. High debt brings higher interest and refinancing risk.
• Customer Concentration: The biggest customer gave 36.6% of total sales, and the top ten customers together contributed 94%. Losing even one key client could hit revenue hard.
• Import Dependence: Around 55% of material purchases came from China. Any disruption in trade or spike in foreign exchange rates could hurt costs and supply timelines.
• Underused Capacity: Some factory units ran below full capacity; one cell unit was only 43% utilized in FY25. Lower utilization increases cost per panel and reduces profit margins.
• Cash Flow Pressure: The company saw a negative operating cash flow of ₹247 crore in the June 2025 quarter. This means its incoming cash from regular operations wasn’t enough to cover outgoings, which could strain liquidity if it continues.

For complete information, visit Emmvee Photovoltaic’s official IPO page.

Peer Comparison: Where Emmvee Stands

The company's listed peers include Waaree Energies, Premier Energies, Vikram Solar, and Saatvik Green, among others.

Source: RHP, internal calculation

• Scale: Emmvee made ₹2,336 crore in revenue for FY25, smaller than leader Waaree Energies (₹14,444 crore) but ahead of peers like Saatvik Green Energy (₹2,158 crore).
• EBITDA margin: Emmvee’s 30.91% margin outperforms all the mentioned peers.
• Debt: Its debt is far higher than peers. Other solar firms like Waaree and Vikram Solar have lower debt levels (below 0.2x versus Emmvee’s 3.6x).

This shows Emmvee is efficient and profitable but carries heavier debt compared to rivals.

Emmvee Photovoltaic IPO Valuation: Is It Fairly Priced?

At the IPO price of ₹217, Emmvee’s market cap will be about ₹15,024 crore. Based on FY25 earnings, its P/E ratio (price-to-earnings) is around 40 times. In simple words, investors will pay ₹40 for every ₹1 of profit the company made last year.

If we annualize Q1 FY26 earnings, the P/E drops to roughly 20 times, cheaper than many peers whose average stands near 47. This suggests the IPO price isn’t excessive when compared to its strong profit growth and industry average.

People Behind Emmvee Photovoltaic

The company is run by the Donthi family, known for building Emmvee from scratch since the 1990s.

• Manjunatha Donthi Venkatarathnaiah, Chairman and MD, entered the solar business in 1992 and co-founded Emmvee in 2007. He earned ₹7.8 crore in FY25 and holds the company’s strategic direction.
• Suhas Donthi Manjunatha, CEO, is 30 years old and educated at Drexel University in the US. He looks after both domestic and overseas operations. His FY25 pay was ₹2.4 crore.
• Shubha Manjunatha Donthi, Non-Executive Director, brings nearly 30 years of experience. She has played a key role since inception, and while she sold part of her holdings, she remains a promoter with influence.

This is a strongly family-led company, run by people deeply involved in every part of its solar journey.

The Money Makers from the IPO

The offer for sale totals ₹756 crore. The two promoters, Manjunatha Donthi and Shubha Donthi, are selling equal shares of ₹378 crore each. They first acquired these shares for almost nothing decades ago (average cost per share: ₹0.21), which means they’re now unlocking large gains but still keeping majority control after the listing.

Industry Outlook

India’s solar industry is growing faster than ever. Module-making capacity has risen from 21 GW in 2022 to 82 GW by 2025 and is expected to reach 175-185 GW by FY30.

Three major drivers are powering this surge:

• Strong government support and policy targets.
• Move to new technologies like TOPCon, which improve power output.
• Rapidly rising electricity demand as India urbanizes and industrializes.

Still, there are roadblocks. India’s heavy reliance on imported materials, quick technology changes, and global trade tensions (like US tariff hikes on Indian solar exports) can hurt margins and supply chains.

Analyst View

Emmvee is growing fast with impressive profitability and solid technology, but its large debt load, reliance on imports, and high customer concentration mean investors should watch cash flow and debt reduction closely.

The IPO seems sensibly priced compared with peers, and the payoff from its upcoming debt trimming could unlock better cash generation. Those following renewable energy plays will find Emmvee’s story worth tracking as India pushes for self-reliant green manufacturing.

For a seamless application process, visit the INDmoney IPO page.

Disclaimer

Source: Emmvee Photovoltaic's RHP. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Please be informed that merely opening a trading and demat account will not guarantee investment in securities in the IPO. Investors are requested to do their own independent research and due diligence before investing in an IPO. Please read the SEBI-prescribed Combined Risk Disclosure Document prior to investing. This post is for general information and awareness purposes only and is nowhere to be considered as advice, recommendation, or solicitation of an offer to buy or sell, or subscribe for securities. INDstocks is acting as a distributor for non-broking products/services such as IPO, Mutual Fund, and Mutual Fund SIP. These are not exchange-traded products. All disputes with respect to the distribution activity would not have access to the Exchange investor redressal forum or the Arbitration mechanism. INDstocks Private Limited (formerly known as INDmoney Private Limited) does not provide any portfolio management services, nor is it an investment adviser. Logos above are the property of respective trademark owners, and by displaying them, INDstocks has no right, title, or interest in them. SEBI Stock Broking Registration No: INZ000305337, Trading and Clearing Member of NSE (90267, M70042) and BSE, BSE StarMF (6779), SEBI Depository Participant Reg. No. IN-DP-690-2022, Depository Participant ID: CDSL 12095500, Research Analyst Registration No. INH000018948 BSE RA Enlistment No. 6428.