Emmvee Photovoltaic IPO opens: Brokerages positive on strong growth prospects, valuation comfort

As Emmvee Photovoltaic Power IPO opens, analysts recommend ‘subscribe’, noting rapid capacity expansion, technological prowess, and a growing order book. Some analysts also flag customer concentration and import dependence as key risks.

Shaleen Agrawal

November 11, 2025 / 12:33 IST

Emmvee Photovoltaic Power Ltd IPO

Brokerages have expressed a broadly positive view on the Rs 2,900-crore initial public offering (IPO) of Emmvee Photovoltaic Power Ltd, citing the company’s strong growth trajectory, integrated manufacturing base, and expansion plans aligning with India’s accelerating renewable energy goals.

Analysts recommend ‘subscribing’ to the public issue, noting Emmvee’s rapid scale-up in production capacity, early adoption of high-efficiency solar cell technology, and a growing order book that underpins revenue visibility. Some analysts also flag customer concentration and import dependence as key risks.

Anchor book signals strong institutional demand

Ahead of the IPO opening, Emmvee Photovoltaic raised Rs 1,305 crore from 55 anchor investors on November 10. Global institutions including Abu Dhabi Investment Authority, Amundi Funds, BNP Paribas Funds, Societe Generale, Goldman Sachs, Nomura Singapore, and Citigroup participated in the anchor round. Ten domestic mutual funds -- among them ICICI Prudential MF, Kotak Mahindra AMC, HDFC AMC, Aditya Birla Sun Life AMC, and WhiteOak Capital -- accounted for nearly half of the anchor allotment, reflecting strong institutional appetite.

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Emmvee Photovoltaic IPO details

Emmvee IPO, which opened for subscription today and closes on November 13, comprises a fresh issue of shares worth Rs 2,143.9 crore and an offer for sale of Rs 756.1 crore by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha. The price band has been set at Rs 206-217 per share. Proceeds from the fresh issue will primarily go towards repayment or prepayment of borrowings amounting to Rs 1,621 crore, with the remainder earmarked for general corporate purposes. Post listing, Emmvee will join peers such as Waaree Energies, Premier Energies, Vikram Solar, and Saatvik Green Energy on the exchanges.

Brokerages view: Should you subscribe to Emmvee Photovoltaic IPO?

Angel One cited the company’s strong financial performance -- revenues rising from Rs 951 crore in FY24 to Rs 2,336 crore in FY25, with EBITDA margins at 30.9 percent and return on equity exceeding 100 percent. It valued the issue at 20x FY26 annualised earnings and about 41x FY25 earnings, noting that the valuation is at a marginal discount to larger peers. Emmvee’s growth prospects justify a ‘Subscribe’ rating for long-term investors. However, the brokerage cautioned that customer concentration (top 10 clients contributing nearly 94 percent of revenue) and dependence on imported raw materials remain key risks.

Anand Rathi values Emmvee Photovoltaic Power as India’s second-largest pure-play integrated solar PV module and cell manufacturer, known for reliable products and advanced technology. It highlighted the company’s early lead in adopting high-efficiency TOPCon cells, integrated operations supporting productivity and sustainability, and strong client relationships that underpin a growing order book. At the upper price band, the issue is valued at a P/E of 40.7x on FY25 earnings, with a post-issue market cap of Rs 15,024 crore. The brokerage recommends a “Subscribe - Long Term” rating.

HDFC Securities cited Emmvee’s position as India’s second-largest pure-play integrated manufacturer of solar photovoltaic modules and cells, with current installed capacities of 7.8 GW (modules) and 2.94 GW (cells). The brokerage noted that the company’s early adoption of high-efficiency tunnel oxide passivated contact (TOPCon) technology, partnership with Germany’s Fraunhofer ISE for R&D, and rapid scale-up from 0.5 GW in 2022 to current levels give it a technological edge. It also pointed to a substantial order book of 5.36 GW as of June 2025 and plans to expand total capacity to 16.3 GW by FY28, positioning it well to capture domestic and export opportunities amid India’s renewable energy transition.

Emmvee Photovoltaic business outlook

Emmvee’s combination of integrated manufacturing, advanced technology adoption, and order book visibility makes it a significant player in India’s fast-expanding solar manufacturing space. While short-term risks such as overcapacity in the domestic PV segment and high raw material dependency persist, brokerages believe the company’s strategic expansion and operational scale provide a robust foundation for sustained growth.