Emmvee Photovoltaic IPO — Should You Subscribe? Read Angel One's Report For Key Issue Details

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Angel One Report

The Emmvee Photovoltaic IPO launched its initial public offering today, November 11 and will conclude on Nov. 13. A manufacturer of solar cells and modules has fixed the price band between Rs 206 and Rs 217 per equity share. The lot size comprises 69 shares, requiring a minimum investment of Rs 14,973 for retail investors.  

The Emmvee Photovoltaic Power IPO is a Rs 2,900 crore issue, primarily using Rs 1,621 crore from the fresh issue component to repay outstanding debt and fund general corporate purposes.

At the upper price band of Rs 217 per share, if we annualize FY26 earnings, the issue is valued at a P/E of ~20.0x, while on FY25 earnings, it stands at ~40.7x, indicating that the IPO is trading at marginal discount to larger peers.

The company is backed by a robust order book,strong revenue growth, and ongoing capacity expansion, the company is well-placed to capture opportunities in India’s fast-growing solar manufacturing sector.

We assign a “Subscribe” rating for investors with long-term outlook.

Emmvee Photovoltaic’s shares are tentatively scheduled to be listed on the BSE and NSE on Tuesday, Nov. 18.

Key Risks

Key risks include high customer concentration, with the top 10 customers contributing ~93.96% of revenue in a recent quarter, exposing the company to client loss risk.

Dependence on imported raw materials and exposure to regulatory and policy changes in the renewable sector could impact margins, operations, and overall profitability.

Company outlook

Emmvee reported strong financial performance with revenue rising from Rs 951 crore in FY24 to Rs 2,336 crore in FY25, driven by robust demand for solar modules and cells. Ebitda stood at Rs 721 crore (30.9% margin) and PAT at Rs 369 crore (15.8% margin), reflecting improved scale and operational efficiency.

The company delivered a healthy ROE of 104.6% and ROCE of 23.33%, supported by strong cash flows and a growing order book in the renewable energy sector.

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