Emmvee Photovoltaic IPO Day 1 Highlights: Issue booked 9% so far — GMP holds steady, hints at 9% listing pop

Emmvee Photovoltaic IPO was booked 6% so far on the first day of bidding. The issue was subscribed as follows in the various categories:

QIB: 0.02x

NII: 0.06x

Retail: 0.32x

Overall: 0.09x

At the upper price band of ₹217, the IPO is valued at a P/E multiple of 40.7x based on its FY25 earnings on post-issue capital, and 20.0x considering the annualized earnings for 1QFY26. The company has demonstrated strong financial performance over the past two years, supported by a robust order book of 5.4 GW as of June 2025.

The issue appears fairly priced compared to its peers, and profitability is expected to improve following the repayment of debt from the issue proceeds. We recommend investors to SUBSCRIBE to the IPO at the cut-off price with a long-term investment horizon.

• Second-largest pure-play integrated solar PV module and cell manufacturer in India.
• One of the largest solar PV module producers in the country, with a strong track record of delivering high-quality products.
• Early-mover advantage in adopting higher-efficiency TOPCon cell technology.
• Advanced manufacturing units enabling efficient and sustainable operations.
• Strong relationships with a diverse customer base, supported by a substantial order book.
• Experienced, promoter-led senior management team.

The company’s strong customer relationships have translated into a substantial order book. As of June 30, 2025, Emmvee Photovoltaic Power Ltd had an outstanding order book of 5.36 GW of solar PV modules. This comprised 2.32 GW of outstanding orders from utility-scale IPPs, 0.20 GW from public sector undertakings, and 2.07 GW from commercial and industrial (C&I) customers.

Between April 1, 2025 and June 30, 2025, the company received additional orders totaling 1.35 GW for the supply of solar PV modules. Overall, Emmvee’s order book has grown at a CAGR of 209.05% between Fiscal 2023 and Fiscal 2025, reflecting its expanding market presence and strong demand momentum.

The issue is priced at a P/BV of 17.92 based on its NAV of Rs. 12.11 as of June 30, 2025, and the asking price is at a P/E of ~20x if we attribute FY26 annualized earnings. The industry average P/E is ~47x. The issue is attractively priced. Its net debt-to-equity is markedly higher than listed peers.

Emmvee Photovoltaic is all set to expand its capacity. Its initiative to achieve domestic backward integration, support from government policies for the sector, and favorable industry headwinds position it as a high-growth company. Considering all factors—risks, opportunities, and valuation—investors may consider investing with a medium- to long-term horizon.

Emmvee Photovoltaic IPO was booked 6% so far on the first day of bidding. The issue was subscribed as follows in the various categories:

QIB: 0.02x

NII: 0.03x

Retail: 0.23x

Overall: 0.06x

Emmvee Photovoltaic Power Ltd commenced commercial production of solar PV modules at Unit I in 2007 and commercial production of solar cells at Unit III in 2024. Over the years, the company has expanded its solar PV module production capacity from 0.50 GW as of April 1, 2022 to 7.80 GW as of June 30, 2025, and has established a solar cell production capacity of 2.94 GW as of June 30, 2025.

The company is 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 plans to add a 6.00 GW integrated solar cell and solar PV module production capacity at ITIR Phase II, Bengaluru, Karnataka, expected to be operational in the first half of Fiscal 2028.

Emmvee Photovoltaic Power Ltd is strategically positioned to benefit from the accelerating growth of India’s solar energy sector. As the second-largest pure-play integrated solar photovoltaic (PV) module and solar cell manufacturer in the country, the company combines advanced technology, integrated operations, and proven execution capabilities.

The company plans to expand its current solar PV module manufacturing capacity to meet the increasing demand for products from customers and is currently in the process of adding a 2.50 GW module production capacity line at the upcoming Manufacturing Unit VI in Sulibele, Bengaluru, Karnataka, which is expected to be operational in Fiscal 2026.

The company also intends to expand its distribution network and strengthen its presence in India, while establishing a presence in international markets with untapped potential.

Overall, the company is well-placed to meet India’s surging solar demand, and investors may consider the IPO as a potential long-term investment opportunity.

— Mater Capital Services

As of June 30, 2025, the company has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW, backed by a track record of over 18 years. In addition, it is one of the first companies in India to adopt high-efficiency tunnel oxide passivated contact (TOPCon) technology for manufacturing solar cells and is among a limited number of Indian solar cell manufacturers leveraging this technology as of March 2025 (Source: Crisil Report).

The company is currently in the process of adding a 2.50 GW solar PV module production capacity line and intends to add a 6.00 GW integrated solar cell and module production capacity, which will increase its solar PV module capacity to 16.30 GW and solar cell capacity to 8.94 GW by the first half of Fiscal 2028.

Company said its business is dependent on a few key customers, with the top 10 customers contributing 93.96%, 89.52%, 84.98%, 85.82%, and 80.53% of the revenue from operations in the three months ended June 30, 2025 and 2024, and in Fiscals 2025, 2024, and 2023, respectively.

The loss of any of these customers could have a material adverse effect on the business, financial condition, results of operations, and cash flows.

At a P/E of 34.9x, the pricing appears fair to slightly expensive compared to peers such as Websol and Saatvik. Given its consistent growth, improving margins, and strong industry tailwinds from India’s solar expansion, Emmvee demonstrates solid long-term potential.

Overall, the company presents a compelling opportunity in the renewable energy sector, making it suitable for medium- to long-term investment.

— Swastika Investmart

The IPO comprises fresh issue of shares worth ₹2,143.86 crore and an offer for sale (OFS) of shares valued at ₹756.14 crore by promoters, aggregating the issue size to ₹2,900 crore.

Proceeds from the fresh issue worth a little over ₹1,621 crore be utilised for repayment or prepayment of loans and interest taken by the company and its key subsidiary and a general corporate purposes.

Emmvee Photovoltaic Power Limited stands as the second-largest pure-play, fully integrated solar PV module and cell manufacturer in India. The company is recognized as one of the country’s foremost solar PV module producers, known for consistently delivering high-quality and reliable products.

Leveraging its early-mover advantage in adopting advanced, high-efficiency TOPCon cell technology, Emmvee continues to strengthen its technological edge. Its modern and sophisticated manufacturing facilities are designed to ensure high productivity, operational excellence, and sustainable practices.

Furthermore, the company has built enduring partnerships with a wide and diversified customer base, supported by a strong and expanding order book that reflects its credibility and market leadership.

At the upper price band, the company is valued at a P/E of 40.7x based on its FY25 earnings and a market capitalization of ₹1,50,238 million post-issue of equity shares.

We believe that the IPO is fully priced and recommend a “Subscribe – Long Term” rating for the issue.

Emmvee Photovoltaic's IPO kicked off for bidding for the first day today. Investors can place their bids till 5 pm.

As of November 11, 2025, the grey market premium (GMP) for Emmvee Photovoltaic Power Ltd’s IPO stands at ₹20. With the price band capped at ₹217 per share, the IPO’s estimated listing price is expected to be around ₹237 per share ( ₹217 + ₹20 GMP). This suggests an anticipated listing gain of approximately 9.22% per share over the upper price band.