Emmvee Photovoltaic IPO Day 3 Highlights: Issue booked 97%. GMP sees sharp drop. Check review, key dates.

Emmvee IPO Day 3 Highlights: Emmvee IPO subscription status was 97% on day 3. The retail portion was subscribed 1.10x, and NII portion has been booked 30%, Qualified Institutional Buyers (QIBs) portion has received 1.26x bids.

The company has received bids for 7,50,44,538 shares against 7,74,27,183 shares on offer, at 19:00 IST, according to data on BSE.

Emmvee IPO subscription status was 96% on day 3. The retail portion was subscribed 1.06x, and NII portion has been booked 30%, Qualified Institutional Buyers (QIBs) portion has received 1.26x bids.

The company has received bids for 7,43,00,373 shares against 7,74,27,183 shares on offer, at 15:57 IST, according to data on BSE.

Emmvee IPO Day 3 LIVE:
1. Second largest pure-play integrated solar PV module and cell manufacturer in India

2. One of the largest solar PV module manufacturers in India with a strong track record of quality delivery

3. Early mover advantage in adopting higher-efficiency TOPCon cell technology

4. Advanced manufacturing units driving efficient and sustainable operations

Emmvee IPO Day 3 LIVE:

1. Capacity Expansion & Operational Leverage: With current utilisation below installed capacity, Emmvee offers significant scalability potential as operations ramp up, supported by management’s clear growth roadmap.
2. Policy Tailwinds in Solar Manufacturing: Strong government focus through initiatives like PM Surya Ghar, CPSU Scheme, and PM-KUSUM is expected to drive sustained demand for domestic solar modules and cells.

Emmvee IPO Day 3 LIVE: Emmvee has a diversified and expanding client base across India and international markets. Its order book stood at 5.36 GW as of June 2025, supported by marquee orders such as 795 MW from NTPC Renewable Energy for Khavda Solar Park. The company serves both private and public sector customers, reducing concentration risk. Its longstanding relationships with EPC contractors and solar developers strengthen repeat business. This strong order visibility provides steady revenue assurance and growth momentum.

Emmvee IPO Day 3 LIVE: “At the upper end of its price band, EPPL is valued at a P/E of 28.4x (TTM EPS of Rs. 7.6), which stands at a discount to peers. With its integrated operations, strong capacity expansion, order visibility and strategic growth roadmap, the company is well placed to benefit from India’s renewable energy transition. Thus, we recommend a “SUBSCRIBE” rating,” said Choice Equity Broking.

Emmvee IPO Day 3 LIVE: Emmvee Photovoltaic Power Ltd has built strong and enduring relationships with a diverse customer base across India, encompassing independent power producers (IPPs), commercial and industrial (C&I) players, as well as EPC service providers in both the public and private sectors. Its key clients include Ayana Renewable Power Pvt. Ltd., Clean Max Enviro Energy Solutions Pvt. Ltd., Hero Rooftop Energy Pvt. Ltd., Prozeal Green Energy Ltd., KPI Green Energy Ltd., Aditya Birla Renewables Solar Ltd., Blupine Energy Pvt. Ltd., Lineage Power Pvt. Ltd., BN Peak Power-I Pvt. Ltd., KMV Projects Ltd., and others.

1. Continued expansion of solar cell and module manufacturing capacity.
2. Strategic focus on further backward integration and diversification of supplier base.
3. Continue to focus on leveraging new technologies to improve efficiency.
4. Strengthen our presence across our diverse customer segments within India.
5. Expand sales in international markets.

Emmvee IPO Day 3 LIVE: Emmvee accounts for 5.1% of India’s module manufacturing capacity under the ALMM list as of May 2025 and continues to expand its integrated capacity to meet India’s growing renewable energy demand. The company operates through subsidiaries such as Emmvee Energy Pvt. Ltd., focusing on large-scale integrated manufacturing, and maintains an export presence through Emmvee Energy GmbH in Germany.

Emmvee IPO Day 3 LIVE: The company operates four manufacturing units across two locations in Karnataka, spanning 22.44 acres, with strategic proximity enhancing operational efficiency. Solar PV module capacity has expanded from 0.50 GW (FY2022) to 7.80 GW (June 2025), with 2.94 GW solar cell capacity operational. As of June 30, 2025, the company’s effective installed capacity stood at 1.50 GW for modules and 537 MW for cells, with actual production of 636 MW and 360 MW, respectively, reflecting a capacity utilization rate of 42.36% for modules and 66.95% for cells.

Emmvee IPO Day 3 LIVE: Its upcoming expansion plan includes a 2.50GW module line (by FY26) and a 6.00GW integrated solar cell & module facility (operational by H1FY28). As of June 30, 2025, EPPL had an outstanding order book of 5.36 GW, comprising 2.32 GW from IPPs, 0.20 GW from PSUs, and 2.07 GW from C&I clients.

1. Continued expansion of solar cell and module manufacturing capacity
2. Strategic focus on further backward integration and diversification of supplier base

Emmvee IPO Day 3 LIVE:

1. Second largest pure-play integrated solar PV module and cell manufacturers in India
2. One of the largest solar PV module manufacturers in India with a track record of delivering quality products
3. Early mover advantage in leveraging high-efficiency TOPCon cell technology
4. Advanced manufacturing units driving efficient and sustainable operations
5. Valued relationships with a diverse customer base backed by a substantial order book
6. Experienced Promoter-led senior management team

Emmvee IPO Day 3 LIVE: According to Nirmal Bang, though the debt-to-equity ratio of 3.8x is higher than peers, it will improve after the planned ₹1,621.3 crore debt repayment from IPO proceeds. On valuation, Emmvee trades at lower EV/EBITDA (23.2x) and P/E (40.7x) multiples versus peers, indicating attractive pricing.

“Backed by strong order visibility, capacity expansion, and robust profitability, we recommend a “Subscribe” rating to this IPO,” said the brokerage.

1. Exposure to policy and regulatory changes
2. Technological obsolescence and high capex needs
3. Intense competition and pricing pressure
4. Geopolitical and supply chain vulnerabilities

Emmvee IPO Day 3 LIVE: Swastika Investmart noted that at a P/E of 34.9x, the valuation seems fair to somewhat on the expensive side compared to competitors like Websol and Saatvik. Considering its steady growth, enhancing profit margins, and favorable industry trends due to India’s solar expansion, Emmvee holds strong long-term prospects. According to the brokerage, this company presents an attractive opportunity in the renewable energy sector, making it appropriate for medium- to long-term investment.

Emmvee IPO Day 3 LIVE: As per SBICAP Securities, the offering appears to be reasonably valued in comparison to its competitors. The brokerage anticipates that profitability will keep enhancing due to the debt repayment funded by the proceeds from the issue. SBICAP Securities advises investors to SUBSCRIBE to the IPO at the cut-off price for a long-term investment perspective.

Emmvee IPO Day 3 LIVE: As stated by the company, 75% of the total issue size is allocated for qualified institutional buyers, 15% for non-institutional investors, and the last 10% for retail investors.

Emmvee IPO Day 3 LIVE: Emmvee IPO GMP today is ₹3. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Emmvee Photovoltaic share price was indicated at ₹220 apiece, which is 1.38% higher than the IPO price of ₹217.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.