Emmvee Photovoltaic Power IPO: Should you apply?

Summary: Emmvee Photovoltaic Power, the second-largest manufacturer of solar modules in India, is set to go public on November 11, 2025. Here, we analyse its pros, cons and past track record to help you decide whether its IPO is worth subscribing to. Emmvee Photovoltaic Power, a solar module manufacturer, will open its IPO (initial public offering) on November 11, 2025 and close on November 13, 2025. Of the total issue size of Rs 2,900 crore, the company aims to raise nearly Rs 2,144 crore via a fresh issue, while the remaining Rs 756 crore will be raised through an offer for sale (OFS). Below is a breakdown of Emmvee Photovoltaic Power’s business, financials, strengths, risks and valuation to help you make an informed investment decision. What the company does Emmvee Photovoltaic Power is one of India’s largest solar module makers, ranked second among pure-play integrated solar PV and cell manufacturers by capacity. As of June 2025, it operates with 7.8 GW of modules and 2.94 GW of cell capacity, backed by over 18 years of experience. The company is among the early adopters of high-efficiency TOPCon technology in India, enabling superior performance and reliability in its modules. Emmvee produces both bifacial and mono-facial TOPCon and Mono PERC modules and is expanding aggressively, targeting 16.3 GW of module and 8.94 GW of cell capacity by FY28. Track record and valuation Past financials prove that Emmvee Photovoltaic Power has been on a strong footing. Between FY23 and FY25, the company’s revenue grew at a rate of 94 per cent annually, while earnings before interest and tax (EBIT) and profit after tax (PAT) saw triple-digit growth, surging by 546 per cent and 541 per cent, respectively, during the same period. At the upper end of the price band (Rs 217), Emmvee Photovoltaic Power’s stock is expected to be valued at 28.4 times its TTM (trailing twelve months) earnings and 5.2 times its book value. By contrast, its peers trade at a median P/E of over 35 times and an average P/B of 9 times. Emmvee Photovoltaic Power IPO details Total IPO size (Rs cr) 2,900 Offer for sale (Rs cr) 756 Fresh issue (Rs cr) 2,144 Price band (Rs) 206-217 Subscription dates November 11-13, 2025 Purpose of issue Repayment of debt and general corporate purposes Post-IPO M-cap (Rs cr) 15,024 Net worth (Rs cr) 2,865 Promoter holding (%) 8