Master Capital Services is of the view that liquidity could build up in the company gradually and therefore Emmvee Photovoltaic Power fits into growth-oriented portfolios seeking solar exposure. The brokerage recommends investors keep an eye on its Q3FY26 earnings to assess its performance on the margins front amid competitive pressures on pricing.
“Emmvee Photovoltaic Power is India’s second-biggest pure-play integrated solar PV module and cell maker, renowned for reliable products with advanced technology. The company has an early mover advantage in high-efficiency TOPCon cells, with integrated operations across the value chain supportive of productivity and sustainability, and strong client relationships underpin a growing order book. Near term, keep an eye on Q3FY26 results for sustained margins amid competitive pressures on pricing,” Master Capital said.
Emmvee Photovoltaic Power IPO was subscribed 97%, receiving nearly 7.50 crore share bids against an offer size of 7.74 crore shares. The retail portion was fully subscribed at 1.1 times, while the Non-Institutional Investors (NII) quota was subscribed just 30%. As for the Qualified Institutional Buyers (QIB) segment, the portion was fully booked at 1.30 times.
The Rs 2,900 crore IPO comprised a fresh issue of Rs 2,143.86 crore and an offer for sale of Rs 756.14 crore. The issue was open for subscription between November 11 and November 13, with allotments finalised on November 14.
Notably, the company raised Rs 1,305 crore from anchor investors on November 10, with 6.01 crore shares allocated to the anchor book. The mandatory lock-in for half of this portion ends on December 14.
Company overview
Emmvee Photovoltaic Power is one of India’s largest integrated solar PV module and cell manufacturers. As of 31 May 2025, it had a 7.80 GW module capacity and 2.94 GW cell capacity, with four manufacturing units spread across two Karnataka locations.Its Dobbaspet, Bengaluru facility is one of India’s largest TOPCon solar cell plants. The company’s product mix includes bifacial and monofacial TOPCon modules and Mono PERC modules.
In FY25, Emmvee posted a robust performance, with revenue rising 147% to Rs 2,360.33 crore and PAT surging 1,177% to Rs 369.01 crore. EBITDA jumped nearly sixfold to Rs 721.94 crore, driven by higher utilisation, improved pricing and operating leverage.
Proceeds from the fresh issue will be used primarily for repayment or prepayment of borrowings amounting to Rs 1,621.29 crore, and for general corporate purposes. The clean-up of debt could materially strengthen the balance sheet in the coming years.
While analysts acknowledge the strong industry backdrop and Emmvee’s early-mover advantage in TOPCon technology, they note that the IPO valuation appears fully priced. With the GMP at 0%, the listing is expected to be flat unless market sentiment turns sharply positive ahead of debut.
The company’s long-term prospects, however, remain tied to the pace of solar installations and the success of government-led renewable schemes.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)