IPO Trending
EMMVEEEQ / NSE, BSEListed
Emmvee Photovoltaic Power

Founded in March 2007, Emmvee Photovoltaic Power Limited is an integrated manufacturer of solar PV modules and cells. As of May 31, 2025, the company has a production capacity of 7.80 GW for modules and 2.94 GW for solar cells. Its product range includes bifacial and mono-facial TOPCon modules and cells, as well as Mono PERC modules. Emmvee operates four manufacturing units across two locations in Karnataka, covering 22.44 acres. Its solar cell unit at Dobbaspet, Bengaluru, is among the largest TOPCon solar cell facilities in India by capacity. The company serves a wide range of customers, including independent power producers, commercial and industrial clients, and EPC service providers from both public and private sectors. Key clients include Ayana Renewable Power, Hero Rooftop Energy, Aditya Birla Renewables, KPI Green Energy, and Clean Max Enviro Energy, among others, serving a total of 525 customers in 2023. As of March 31, 2025, Emmvee employed 611 full-time staff members.

₹206 - ₹2171.02x sub
Listed Price₹217.00
Listing Gain+0.00%

IPO Schedule & Timeline

Bookbuilding IPO
Open11 Nov 2025
Close13 Nov 2025
Allotment14 Nov 2025
Listing18 Nov 2025

Quota Reservation & Application Lots

Quota Reservation (% Shares)

Anchor6,01,38,249 shares
45%
QIB4,00,92,166 shares
30%
HNI2,00,46,083 shares
15%
Retail1,33,64,055 shares
10%

Minimum Application Lots

Retail1 Lot (69 shares)
₹14,973
sHNI14 Lots (966 shares)
₹2,09,622
bHNI67 Lots (4,623 shares)
₹10,03,191

Company Promoters

Manjunatha Donthi VenkatarathnaiahShubha Manjunatha DonthiSuhas Donthi ManjunathaSumanth Manjunatha Donthi

Company Background

Founded in March 2007, Emmvee Photovoltaic Power Limited is an integrated manufacturer of solar PV modules and cells. As of May 31, 2025, the company has a production capacity of 7.80 GW for modules and 2.94 GW for solar cells. Its product range includes bifacial and mono-facial TOPCon modules and cells, as well as Mono PERC modules. Emmvee operates four man...

Financial Performance

Figures in ₹ Crores
Metric Breakdown

Revenue

Latest (Jun-25)₹1042.2 Cr
Growth+61.7%
Revenue Trend (₹ in Crores)
0.0904.81.8k2.7kMar-23Mar-24Mar-25Jun-25
PeriodRev (Cr)PAT (Cr)AssetsDebt
Jun-251,042.2187.74,347.72,032.1
Mar-252,360.3369.03,913.91,949.7
Mar-24954.428.92,190.01,441.3
Mar-23644.49.0840.8519.6

Key Performance Indicators (KPIs)

PeriodEPSROEROCEP/E (Pre)P/E (Post)
Jun-253.1629.85%10.30%00
Mar-256.22104.60%23.33%00
Mar-240.4918.69%5.03%00

Peer Comparison & Valuation

Financial Performance

Emmvee Photovoltaic Power Limited

NAV/Share (₹)8.95
RONW(%)69.44
EPS (Basic) (₹)6.22

Websol Energy System Ltd

NAV/Share (₹)65.88
RONW(%)55.65
EPS (Basic) (₹)36.66

Waaree energies limited

NAV/Share (₹)329.96
RONW(%)20.34
EPS (Basic) (₹)68.24

R S premier energies limited

NAV/Share (₹)62.61
RONW(%)55.65
EPS (Basic) (₹)21.35

Vikram Solar Limited

NAV/Share (₹)39.24
RONW(%)11.26
EPS (Basic) (₹)4.61

Saatvik Green Energy Limited

NAV/Share (₹)30.14
RONW(%)63.41
EPS (Basic) (₹)19.09

Valuation

Emmvee Photovoltaic Power Limited

P/E(X)0
CMP* (₹)0
Face value (₹)0

Websol Energy System Ltd

P/E(X)33.83
CMP* (₹)0
Face value (₹)0

Waaree energies limited

P/E(X)50.47
CMP* (₹)0
Face value (₹)0

R S premier energies limited

P/E(X)51.30
CMP* (₹)0
Face value (₹)0

Vikram Solar Limited

P/E(X)70.97
CMP* (₹)0
Face value (₹)0

Saatvik Green Energy Limited

P/E(X)27.49
CMP* (₹)0
Face value (₹)0

Broker & Analyst Reviews

Review Not Available

Institutional broker reviews and analyst reports have not been released for this issue yet. Reviews are typically published 2 to 3 days prior to the issue opening date.

IPO Allotment & Registrar Status

Official Registrar: Kfin Technologies Limited

Allotment Finalized
Allotment Date
14 Nov 2025
Official Status
Out / Finalized
Registrar
Kfin Technologies Limited
Listing Date
18 Nov 2025

Official Allotment Verification Links

Official Registrar Portal
Kfin Technologies Limited

Direct allotment verification on the official registrar portal appointed for Emmvee Photovoltaic Power. Check with PAN or Application No.

Check on Registrar Portal
Stock Exchange Portal
BSE India Investor Portal

Official Bombay Stock Exchange investor verification channel using Issue Name and PAN Number.

Check on BSE India

Allotment Schedule & Milestones

IST
1. Allotment Finalization14 Nov 2025Basis of allotment declared
2. Refund Initiation1 day post allotmentUPI / ASBA mandate unblocked
3. Demat CreditPrior to listingShares credited to CDSL/NSDL
4. Listing Date18 Nov 2025Trading commences on exchange

How to Check Emmvee Photovoltaic Power Allotment Online

1Open Portal

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2Select Company

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3Enter Details

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4View Allocation

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Prospectus & Official Filings

Allotment FAQs & Help

About Emmvee Photovoltaic Power IPO

Complete issue overview for Emmvee Photovoltaic Power (EMMVEE) IPO. The issue features an equity share price band of ₹206 – ₹217 per share with a minimum retail lot size of 69 Shares (minimum application amount of ₹14,973). Explore live market tracking on our GMP Tracker, compare against All IPO GMP Today, or view category bidding on the Subscription Page. Verify official allotment via IPO Registrars or review participating investment bankers in our Lead Managers Directory.

Frequently Asked Questions