Emmvee Photovoltaic Power Ltd IPO
Capital Goods - Electrical Equipment
Price Band
₹206 – ₹217
Lot Size
69
Minimum Bid Quantity
69
Minimum Investment
₹14973
Issue Size
₹2900Cr
Opens
2025-11-11
Closes
2025-11-13
Listing
18-11-2025
Subscription Status
Qualified Institutional Buyers
1.26 x
Non-Institutional Investor
0.3 x
Retail Individual Investor
1.06 x
Total
0.96 x
IPO Details
Issue Type
EQUITY
Face Value
₹2
Tick Size
1
ISIN
INE1C6T01020
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Emmvee Photovoltaic Power is a solar module manufacturer engaged in the production of solar photovoltaic (PV) modules and solar cells. Its product range includes bifacial and mono-facial variants of Tunnel Oxide Passivated Contac (TOPCon) modules and cells, as well as bifacial and mono-facial Mono Passivated Emitter & Rear Cell (PERC) modules. The company operates four manufacturing units located across two sites in Karnataka.
Pros
- • The company claims to be listed under List I of the Approved List of Models and Manufacturers of Solar Photovoltaic Modules (ALMM) issued by the Ministry of New and Renewable Energy (MNRE), Government of India. This certification allows Emmvee to supply its solar PV modules for government and government-supported renewable energy projects, as well as for other initiatives that require ALMM-approved manufacturers.
- • The company states that its solar PV modules have earned multiple global quality certifications that reflect their reliability and performance. In 2024, the company further claimed that it became the only Indian manufacturer (among four companies globally) to pass all seven tests for a single product type under the Kiwa PVEL product qualification program.
- • The company states that its Mono PERC modules were rated for leading durability in thermal cycle and damp heat tests and certified in potential-induced degradation resistant (PID) assessments.
Cons
- • The company’s top 5 customers accounted for Rs 885.10 crore (86.11 percent) of the company’s total revenue in the three months ended June 30, 2025, and Rs 1,754.10 crore (75.10 percent) in FY25, Rs 645.50 crore (67.81 percent) in FY24, and Rs 387.11 crore (62.63 percent) in FY23. The top 1 customer alone accounted for Rs 375.87 crore (36.57 percent) of the company’s total revenue in the three months ended June 30, 2025 and Rs 838.53 crore (35.90 percent) in FY25, Rs 204.06 crore (21.44 percent) in FY24 and Rs 129.03 crore (20.87 percent) in FY23. Under the company’s supply agreements, customers have the right to terminate contracts with notice if the company defaults on its obligations. Loss of any of these top customers could adversely affect the company’s operations and finances.
- • The company derives a major portion of its revenue from the sale of TopCon modules and Mono PERC modules. TopCon modules accounted for Rs 812.95 crore (79.09 percent) of the company’s total revenue in the three months ended June 30, 2025, and Rs 1,610.55 crore (68.96 percent) in FY25. There were no sales from this product in FY24 and FY23; however, it should be noted that, currently, they account for more than half of the company’s total revenue. This rise in sales of TopCon modules was mainly due to technological advancements in the solar industry. Meanwhile, Mono PERC modules accounted for Rs 208.98 crore (20.33 percent) of the company’s total revenue in the three months ended June 30, 2025, and Rs 702.26 crore (30.07 percent) in FY25, Rs 816.76 crore (85.80 percent) in FY24, and Rs 339.78 crore (54.96 percent) in FY23. Any decline in the sales of these products could negatively affect the company’s financial health.
- • The company’s top 5 suppliers accounted for Rs 368.21 crore (43.29 percent) of its total purchases in the three months ended June 30, 2025, and Rs 591.45 crore (32.11 percent) in FY25, Rs 348.61 crore (37.95 percent) in FY24, and Rs 220.11 crore (42.23 percent) in FY23. These suppliers consist of Indian suppliers and foreign providers. Any disruption in supplies from one or more of these suppliers could hurt the company’s business and finances.
Get real-time IPO alerts on WhatsApp
Opening reminders • Subscription updates • GMP alerts • Allotment results
Start WhatsApp Alerts