Emmvee Photovoltaic IPO: Check IPO Date, Lot Size, Price & Details

Introduction:

The company is primarily a solar module manufacturer and is the second largest pure-play integrated solar photovoltaic (“PV”) module and solar cell manufacturing company and one of the largest solar PV module manufacturers in India, each in terms of production capacity as of March 31, 2025. As of June 30, 2025, it has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW, with a track record of over 18 years. In addition, it is one of the first companies in India to adopt higher efficiency tunnel oxide passivated contact (“TOPCon”) technology to manufacture solar cells, and are among a limited number of solar cell manufacturers in India as of March 2025 to leverage this technology. It is currently in the process of adding a 2.50 GW solar PV module production capacity line, and it intend to add a 6.00 GW integrated solar cell and solar PV module production capacity, pursuant to which it aims to increase its solar PV module production capacity to 16.30 GW and solar cell production capacity to 8.94 GW by the first half of Fiscal 2028.

Its product portfolio comprises bifacial and mono-facial formats of TOPCon modules and cells, and bifacial and mono-facial formats of mono passivated emitter and rear contact (“Mono PERC”) modules. It has been included under List I (Manufacturers and Models of Solar PV Modules) of the ‘Approved List of Models and Manufacturers of Solar Photovoltaic Modules’ (“ALMM”) issued by the Ministry of New and Renewable Energy, Government of India (“MNRE”) from time to time, which allows it to supply its solar PV modules for government and government assisted grid-connected utility projects as well as renewable energy projects and projects under government schemes that are mandated to source solar modules from ALMM certified manufacturers. It has a 5.1% market share in terms of ALMM enlisted module manufacturing capacity as of May 2025.

Its customers include independent power producers (“IPPs”), entities operating in the commercial and industrial (“C&I”) sector and engineering, procurement and construction (“EPC”) service providers in both public and private sectors. Its key customers include Ayana Renewable Power Private Limited, Clean Max Enviro Energy Solutions Private Limited, Hero Rooftop Energy Private Limited, Prozeal Green Energy Limited, KPI Green Energy Limited, Aditya Birla Renewables Solar Limited, Blupine Energy Private Limited, Lineage Power Private Limited, BN Peak Power-I Private Limited, KMV Projects Limited, Powertrack Packaging Private Limited, SILRES Energy Solutions Private Limited, Kintch Synergy Private Limited, Zodiac Energy Limited, E Ramamurthy Minerals and Metals Private Limited, InSolare Energy Limited, Universal Transformers and Mars Energy Group, Inc.

IPO Details:

Objectives of Issue:

• Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and the Material Subsidiary
• General corporate purposes

Key Strengths:

• Integrated Solar PV Module and Cell Manufacturer- It is the the second largest pure-play integrated solar PV module and solar cell manufacturing company in India in terms of production capacity as of March 31, 2025. Its integrated manufacturing approach is a key strength of its business model, as it reduces dependency on external vendors for the supply of solar cells, optimizing its manufacturing costs and increasing the efficiency of its production process. Its integrated operations span the production cycle for solar PV modules from solar cell production to the assembly of solar PV modules, which offers it significant control over its supply chain. Its integrated capabilities also facilitate the traceability of components used in manufacturing of solar PV modules, particularly for customers with stringent quality and compliance requirements. Without backward integration, manufacturers are more susceptible to global price volatility and lose cost-control levers during technological transitions, and cell sourcing from external suppliers can constrain process tuning between cell and module stages and impact module yield in some cases.
• Strong Future Prospects - Emmvee Photovoltaic Power Limited (EPPL) has outlined significant future plans centered on aggressive capacity augmentation and strategic integration. The company intends to add a 50 GW solar PV module production line at its upcoming Unit VI (Sulibele, Bengaluru), expected to be operational in Fiscal 2026. A larger project involves adding a 6.00 GW integrated solar cell and solar PV module capacity at ITIR Phase – II (Bengaluru) by the first half of Fiscal 2028, a venture supported by a ₹33,060.00 million sanctioned loan from IREDA. These expansions are designed to increase EPPL’s total solar PV module capacity to 16.30 GW and solar cell capacity to 8.94 GW, exclusively utilizing advanced TOPCon technology. Furthermore, EPPL plans backward integration by establishing manufacturing units for wafers and ancillary components (like aluminum frames) to enhance control over the supply chain and reduce cost

Risks:

• Significant Dependence on Top Customers- The company derive a significant portion of its revenue from its top five customers and top ten customers. As of Fiscal 2025, 75.10% and 84.98% of its revenue from operations is derived from its top five customers and top ten customers, respectively, and thus its revenue from operations is highly dependent upon a limited number of customers. Any adverse changes affecting its customers or its relationship with such customers could have an adverse effect on its financial performance and result of operations.
• Import Restrictions - As of Fiscal 2025, Fiscal 2024 and Fiscal 2023, 71.53%, 66.44%, and 68.17%, respectively of its total raw materials were sourced from international suppliers and, 70.12%, 55.73%, 63.25% and 52.51% of its total imported raw materials were sourced from China, respectively.Any restrictions, either from the central or state/provincial governments or from any other authorized bilateral or multilateral organizations, including any export duties or export restriction by the exporting country, on imports of solar raw materials may adversely affect its business, results of operations, cash flows and prospects.
• Concentrated Manufacturing Facility- As of the date of this Red Herring Prospectus, it operate four manufacturing units across two locations in Karnataka. It is also in the process of adding a 2.50 GW module production capacity line at its upcoming manufacturing Unit VI in Sulibele, Bengaluru, Karnataka, which is expected to be operational in Fiscal 2026. It also intend to add a 6.00 GW integrated solar cell and solar PV module production capacity at ITIR Phase – II, Bengaluru, Karnataka, which is expected to be operational in the first half of Fiscal 2028. ITs operations are susceptible to disruptions which may be caused by certain local and regional factors, including but not limited to economic and weather conditions, natural disasters, demographic factors, local, political, economic and social events and other unforeseen events and circumstances

Financial Snapshot:

KPI comparison with Industry Peers

Conclusion

The company operates in the solar energy segment, a highly promising sector supported by the government’s ambitious target of achieving 500 GW of renewable capacity by 2030. At present, the company is engaged in the manufacturing of solar cells and modules, while peers have already moved towards forward integration into areas such as Battery Energy Storage Systems (BESS), inverters, and EPC projects. However, the company’s planned backward integration into wafer manufacturing presents a significant long-term growth opportunity.

On the financial front, the company’s revenue growth and EBITDA margins are above the industry average, reflecting strong operational performance. However, its PAT margins are impacted by higher interest expenses, resulting in lower ROCE, though ROE remains above the industry average. The company’s debt-to-equity ratio is also higher than peers. Valuation-wise, the stock appears reasonably priced, trading at around 35x earnings compared to the sector average of about 50x.

Considering its sound financial performance, strategic growth initiatives, and attractive valuation, the issue merits a “Subscribe for Long-Term” recommendation.

IPO Allotment

Find out the allotment status for the Emmvee Photovoltaic IPO by checking the Kfin Technologies IPO Application Status page.