Emmvee Photovoltaic Power IPO
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About Emmvee Photovoltaic Power
Emmvee Photovoltaic Power, incorporated in 2007, is a Bengaluru-based solar photovoltaic module manufacturer and EPC solutions provider, part of the Emmvee Group founded by D. V. Manjunatha. The company manufactures monocrystalline, polycrystalline, PERC, bifacial, and TOPCon modules, with a capacity of 6.6 GW for modules and 2.5 GW for cells, and serves markets across India, Europe, Africa, and North America.
Financials of Emmvee Photovoltaic Power
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹3000 crores |
| Fresh Issue | ₹2143.8 crores |
| Offer for sale | ₹856.1 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest | 1607.8 (75%) |
| General corporate purposes | 536 (25%) |
Strengths
- Strong 7.8 GW module and 2.94 GW cell capacity
- Rapid FY25 revenue growth from ₹952 crores to ₹2,336 crores
- PAT surged from ₹29 crores to ₹369 crores (13×)
- Order book increased to 5.26 GW as of May 2025
- Adoption of high-efficiency TOPCon technology and DCR eligibility
Risks
- Heavy reliance on IPO proceeds for debt reduction
- Manufacturing and expansion linked to successful fundraising
- Intense competition from larger solar manufacturers globally
- Exposure to policy changes impacting solar subsidies/stimulus
- Execution risk in scaling to 16.30 GW module capacity by FY28