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Emmvee Photovoltaic Power Limited is a prominent Indian solar photovoltaic (PV) module and cell manufacturer with over 18 years of experience. The company operates as the second-largest pure-play integrated solar module and cell producer in India by capacity, boasting a solar PV module production capacity of 7.80 GW and a solar cell capacity of 2.94 GW as of June 2025. Emmvee is an early adopter of the high-efficiency TOPCon (Tunnel Oxide Passivated Contact) technology for its cells and modules. The company serves a diverse customer base, including Independent Power Producers (IPPs) and Commercial & Industrial (C&I) clients, and its products are listed on the government's ALMM, making them eligible for key domestic projects.
Nov 11, 2025
Nov 13, 2025
Nov 18, 2025
Mainboard
Closed
2900 Cr
2143.86 Cr
756.14 Cr
₹206 - ₹217
69
The main objectives of the issue are to utilize the net proceeds from the fresh issue for the following purposes:
Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company and its material subsidiary, Emmvee Energy Private Limited (EEPL), amounting to an estimated ₹1621.29 crores. This will help reduce indebtedness and interest costs.
Funding general corporate purposes, which may include strategic initiatives, brand building, meeting operational expenses, and other purposes approved by the board. The amount for this objective will not exceed 25% of the gross proceeds.
24.25
24.25
104.6%
23.33%
69.44%
—
15.8%
30.91%
24.25
Second largest pure-play integrated solar PV module and cell manufacturer in India by production capacity.
Early adopter and one of India's largest manufacturers of high-efficiency TOPCon solar cell technology.
Advanced, automated manufacturing facilities with a strong focus on quality, backed by international certifications like Kiwa PVEL.
Established relationships with a diverse customer base and a substantial order book of 5.36 GW as of June 2025.
High customer concentration, with top 10 customers accounting for 93.96% of revenue in Q1 FY26.
Significant dependence on imported raw materials, particularly wafers from China, exposing the company to supply chain and geopolitical risks.
All manufacturing facilities are geographically concentrated in the state of Karnataka, posing risks from local or regional disruptions.
The business is capital intensive with significant working capital requirements and has generated negative cash flows from operations in recent periods.
Strong government support through policies like ALMM and DCR, creating a protected market for domestic manufacturers.
Growing global demand for solar energy, especially in markets like the U.S., which are imposing tariffs on Chinese products.
Expansion into further backward integration, such as wafer manufacturing, to reduce costs and import dependency.
Increasing demand from emerging sectors like electric vehicles (EVs), green hydrogen production, and data centers.
Intense competition from domestic and international players, which could lead to pricing pressures and reduced market share.
Policy uncertainty and frequent changes in government regulations, such as import duties and incentive schemes.
Rapid technological advancements in the solar industry could render existing manufacturing technologies obsolete.
Geopolitical tensions and trade protectionism, including the imposition of tariffs by the U.S. on Indian solar imports.