Subscribe for Emmvee Photovoltaic Power Ltd IPO; Choice Equity Broking

Choice Equity Broking, has come out with its report on Emmvee Photovoltaic Power Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on November 08, 2025.

Broker Research

November 12, 2025 / 10:39 IST

IPO

Choice Equity Broking, Emmvee Photovoltaic Power Ltd

Emmvee Photovoltaic Power Ltd. (EPPL) is primarily a solar module manufacturer and are the second largest pure-play integrated solar photovoltaic (“PV”) module and solar cell manufacturing company and one of the largest solar PV module manufacturers in India, each in terms of production capacity as of March 31, 2025. As of June 30, 2025, it has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW, with a track record of over 18 years. It is one of the first companies in India to adopt higher efficiency tunnel oxide passivated contact (“TOPCon”) technology to manufacture solar cells. This issue is a combination of fresh issue (Rs. 2,143.86cr) and OFS (Rs. 756.14cr). The company will not receive any proceeds of the OFS. From the fresh issue net proceeds, the company will be utilizing Rs. 1,607.90cr for repayment of all or certain outstanding borrowings and accrued interest thereon availed by the company and its material subsidiary. Residual proceeds will be used for general corporate purposes.

Valuation and Outlook

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.

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