About Emmvee Photovoltaic
Emmvee Photovoltaic Power Limited, formerly known as Emmvee Photovoltaic Power Private Limited, is a leading company engaged in the manufacturing and sale of solar cells, photovoltaic modules, and photovoltaic systems. The company leverages its advanced manufacturing facilities for solar cells and modules, catering to both grid and off-grid photovoltaic power projects on a turnkey basis. Apart from manufacturing, Emmvee also operates solar power plants, further strengthening its foothold in the renewable energy sector. Founded in 2007 and headquartered in Bengaluru, Karnataka, Emmvee has firmly positioned itself as a key contributor to India’s solar energy infrastructure.
Emmvee Photovoltaic IPO Details
| Attribute | Information |
|---|---|
| IPO Issue Size | INR 480 crore (approximate) |
| Price Band | INR 85 – 90 per share |
| IPO Open Date | November 15, 2025 |
| IPO Close Date | November 19, 2025 |
| Allotment Date | November 26, 2025 |
| Listing Date | December 2, 2025 |
| Registrar | Link Intime India Pvt Ltd |
| Grey Market Premium (GMP) | INR 5 – 7 per share (approximate) |
Note: The IPO issue size and other related dates are indicative from the prospectus and market sources.
Financial Highlights of Emmvee Photovoltaic (All figures in INR Million unless stated)
| Particulars | FY 2022-23 (March 31, 2023) | FY 2023-24 (March 31, 2024) | FY 2024-25 (March 31, 2025) | Q1 FY 2025-26 (June 30, 2025) |
|---|---|---|---|---|
| Revenue from Operations | 6181.26 | 9519.35 | 23356.13 | 10278.23 |
| Other Income | 262.44 | 25.09 | 247.12 | 144.01 |
| Total Income | 6443.70 | 9544.44 | 23603.25 | 10422.24 |
| Cost of Materials Consumed | 5063.21 | 7710.42 | 15180.01 | 6705.27 |
| Employee Benefits Expense | 200.83 | 240.04 | 777.67 | 350.42 |
| Finance Costs | 281.60 | 335.07 | 1078.77 | 499.98 |
| Depreciation & Amortisation | 426.89 | 418.21 | 1559.53 | 715.91 |
| Profit Before Tax | 116.67 | 476.20 | 4828.20 | 2401.94 |
| Profit After Tax | 89.71 | 288.99 | 3690.14 | 1876.75 |
| Earnings Per Share (Basic) | ₹0.15 (Face value ₹2) | ₹0.49 | ₹6.22 | ₹3.16 |
Broker Recommendations Snapshot
| Broker | Recommendation | Target Price | Rating |
|---|---|---|---|
| Motilal Oswal | Buy | INR 110 | Positive |
| ICICI Securities | Accumulate | INR 105 | Neutral |
| Angel Broking | Subscribe | INR 112 | Positive |
| Axis Capital | Hold | INR 100 | Neutral |
Brokers generally view Emmvee Photovoltaic as a promising player in the growing solar energy industry in India, highlighting its strong financial growth and robust order book. The positive outlook is coupled with some cautious views due to overall sector challenges, but most recommend subscribing or buying the stock during the IPO.
Emmvee Photovoltaic – Key IPO Dates & Details (Mobile Optimized Table)
| Detail | Information |
|---|---|
| IPO Issue Size | INR 480 crore |
| Price Band | ₹85 – ₹90 per share |
| IPO Open Date | 15 Nov 2025 |
| IPO Close Date | 19 Nov 2025 |
| Allotment Date | 26 Nov 2025 |
| Listing Date | 2 Dec 2025 |
| Registrar | Link Intime India Pvt Ltd |
| GMP | ₹5 – ₹7 per share |
Emmvee Photovoltaic Financials (Mobile Optimized Table)
| Year/Quarter | Revenue (INR Cr.) | Profit After Tax (INR Cr.) | EPS (₹) (Face Value ₹2) |
|---|---|---|---|
| FY 2022-23 | 618.13 | 8.97 | 0.15 |
| FY 2023-24 | 951.93 | 28.90 | 0.49 |
| FY 2024-25 | 2335.61 | 369.01 | 6.22 |
| Q1 FY 2025-26 | 1027.82 | 187.68 | 3.16 |
Emmvee’s consistent revenue growth from INR 618 crore in FY 2022-23 to INR 2335 crore in FY 2024-25 clearly showcases the company’s expanding business and operational efficiency. The profit after tax and Earnings Per Share (EPS) have also soared, reflecting improved profitability and shareholder value.
This IPO represents a golden opportunity for investors looking to enter the booming renewable energy space backed by a company with a solid financial track record and promising future prospects.
