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EMMVEE IPO

EMMVEE PHOTOVOLTAIC POWER LIMITED

IPO Doc

Start Date11-11-2025

Application Timing10am-5pm

Price Range₹206 - ₹217

Min Qty69

Min. Investment₹14214

Listing Date18-11-2025

Close Date13-11-2025

About EMMVEE PHOTOVOLTAIC POWER LIMITED

Incorporated in March 2007, Emmvee Photovoltaic Power Ltd. is an integrated solar photovoltaic (PV) module and cell manufacturer with a strong presence in India’s renewable energy industry. The company operates four manufacturing facilities across two locations in Karnataka, spanning over 22.44 acres. As of May 31, 2025, Emmvee has a solar PV module manufacturing capacity of 7.80 GW and a solar cell capacity of 2.94 GW, making it one of India’s largest pure-play integrated solar companies. The company specializes in bifacial and mono-facial TOPCon as well as Mono PERC modules and cells. Emmvee’s customer base includes independent power producers (IPPs), commercial and industrial clients, and EPC service providers from both public and private sectors. Some notable clients include Ayana Renewable Power, Aditya Birla Renewables, Hero Rooftop Energy, KPI Green Energy, and Clean Max Enviro Energy. As of March 31, 2025, the company employed 611 full-time employees, and its Bengaluru-based solar cell unit ranks among the largest TOPCon facilities in India.

Why To Invest in EMMVEE PHOTOVOLTAIC POWER LIMITED

Strong Market Position : Emmvee is the second-largest integrated solar PV module and cell manufacturer in India with a robust track record in quality and reliability.

Rising Demand for Solar Energy : With India’s focus on renewable energy expansion, Emmvee stands to benefit from the growing domestic and global demand for solar modules.

Early Mover in TOPCon Technology : The company’s investment in high-efficiency TOPCon solar cells gives it a technological edge in the evolving solar industry.

Solid Financial Growth : Between FY24 and FY25, revenue increased by 147%, and profit after tax surged 1177%, showing exceptional business scalability.

Diversified and Loyal Client Base : With over 525 customers in FY23-24, Emmvee has built long-term relationships across the solar ecosystem, ensuring stable order inflows.

Experienced Leadership : The business is led by its promoters Manjunatha Donthi Venkatarathnaiah and family with deep experience in solar manufacturing and strategy.

Financial Table

Period Ended	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	4,347.72	3,913.94	2,189.99	840.79
Total Income	1,042.22	2,360.33	954.44	644.37
Profit After Tax	187.68	369.01	28.90	8.97
EBITDA	347.38	721.94	120.44	56.27
NET Worth	718.79	531.41	162.77	133.97
Reserves and Surplus	608.83	529.37	160.73	131.93
Total Borrowing	2,032.11	1,949.69	1,441.30	519.62

Strengths And Risks

Strong Industry Position: Emmvee is the second-largest integrated solar PV module and cell manufacturer in India, giving it a significant competitive advantage in the fast-growing renewable energy sector.

Advanced Manufacturing Capabilities: The company operates large-scale, technologically advanced production units equipped with efficient and sustainable processes that ensure consistent quality output.

Diverse Customer Portfolio: Emmvee serves a wide range of clients, including leading IPPs, EPC contractors, and C&I players across both public and private sectors ensuring stable and recurring business.

Early Adoption of TOPCon Technology: By investing early in high-efficiency TOPCon solar cell technology, the company has positioned itself ahead of competitors in innovation and performance efficiency.

Experienced Promoter and Management Team: The leadership team, led by the Donthi family, brings deep experience in solar manufacturing, ensuring strategic direction and long-term stability for the company.

High Leverage Levels: With a debt-to-equity ratio of 3.63, Emmvee carries a relatively high debt load, which could impact profitability and cash flow in case of market fluctuations.

Raw Material Price Volatility: The company’s margins are exposed to variations in the global prices of key raw materials like polysilicon and wafers used in solar cell production.

Intense Industry Competition: India’s solar manufacturing sector is highly competitive, with multiple domestic and international players striving for market share, which may pressure pricing and margins.

Regulatory Dependency: Emmvee’s growth is closely tied to government policies, renewable energy subsidies, and solar adoption incentives. Any unfavorable changes could affect future performance.

Export and Trade Uncertainties: Global trade policies and import-export regulations could influence demand and supply chains, potentially affecting Emmvee’s international business operations.

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Company

Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

Membership ID:

NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

CIN:

U65929MP2003PTC016241

SEBI Depository Participant Reg No:

IN-DP-611-2021

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Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

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EMMVEE IPO

About EMMVEE PHOTOVOLTAIC POWER LIMITED

Why To Invest in EMMVEE PHOTOVOLTAIC POWER LIMITED