Emmvee Photovoltaic IPO worth ₹2,900 will open for subscription from 11 Nov to 13 Nov 2025. Emmvee Photovoltaic IPO allotment is expected on 14 Nov, and shares are likely to be listed on BSE & NSE on 18 Nov. Price band for the IPO is set between ₹206 to ₹217 per share and Emmvee Photovoltaic IPO GMP today stands at 9.22%.
Emmvee Photovoltaic IPO GMP Live Rates Day by Day
Emmvee Photovoltaic GMP today (7th Nov 2025) stands at 9.22%. GMP values change daily, and we’ll keep you updated with the latest figures.
Remember, Grey Market Premium is an unofficial price at which an IPO trades before listing, offering an early hint of its performance. A positive GMP indicates potential gains, while a negative GMP signals a discount. Since GMP is highly volatile, investors should not rely on it alone and must consider other factors before investing in Emmvee Photovoltaic IPO.
GMP figures are for news purposes only. We neither trade nor recommend trading in the grey market.
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Profit |
|---|---|---|---|---|
| 07-11-2025 | ₹ 217 | ₹ 20 | ₹237 (9.22%) | ₹ 1,380 |
Emmvee Photovoltaic IPO Details
- Emmvee Photovoltaic’s IPO is worth ₹2,900, which is a combination of fresh issue of ₹2,143.86 Cr and OFS of ₹756.14 Cr.
- Emmvee Photovoltaic’s IPO will open for subscription on 11 Nov 2025 and close on 13 Nov 2025.
- Emmvee Photovoltaic’s IPO allotment is likely to take place on 14 Nov 2025 and the shares are expected to be listed on BSE and NSE on 18 Nov 2025.
- The promoters currently hold 100 percent, which will come down after the IPO.
- The company will use the funds for repaying or prepaying, fully or partly, the outstanding loans and the interest owed: ₹1,621.29 Cr.
- Kfin Technologies will be the registrar for Emmvee Photovoltaic's IPO.
Emmvee Photovoltaic IPO Dates
Here are some important dates for Emmvee Photovoltaic IPO.
| IPO Open Date | 11-Nov-25 |
| IPO Close Date | 13-Nov-25 |
| IPO Allotment Date | 14-Nov-25 |
| Initiation of Refunds | 17-Nov-25 |
| Demat Credits | 17-Nov-25 |
| Listing Date | 18-Nov-25 |
| Listing on | BSE, NSE |
Emmvee Photovoltaic IPO Reservation
For Emmvee Photovoltaic IPO, 10% has been reserved for retail investors.
| Investor Category | Shares Offered |
|---|---|
| QIB Investors | 75% |
| Retail Investors | 10% |
| NII (HNI) Investors | 15% |
Emmvee Photovoltaic IPO Lot Size
Retail investors can apply for a minimum of 1 lot, which includes 69 shares costing ₹14,973. Maximum investment allowed for retail investors is 13 lots, which totals 897 shares and costs ₹1,94,649.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 69 | ₹ 14,973 |
| Retail (Max) | 13 | 897 | ₹ 1,94,649 |
| S-HNI (Min) | 14 | 966 | ₹ 2,09,622 |
| S-HNI (Max) | 66 | 4,554 | ₹ 9,88,218 |
| B-HNI (Min) | 67 | 4,623 | ₹ 10,03,191 |
About Emmvee Photovoltaic IPO
Emmvee Photovoltaic Power is one of India’s leading solar module manufacturers. As of March 2025, it is the second-largest pure-play integrated solar PV module and cell producer in the country. With more than 18 years of experience, the company operates 7.80 GW of module capacity and 2.94 GW of solar cell capacity, including advanced TOPCon technology for high-efficiency cells. By FY 2028, Emmvee plans to expand its total capacity to 16.30 GW for modules and 8.94 GW for cells through new production lines.
The company manufactures bifacial and mono-facial TOPCon modules, as well as Mono PERC modules, designed for better performance and efficiency. Its products are listed under MNRE’s ALMM List I, giving it approval to supply modules for government projects and DCR-based schemes such as CPSU, PM-KUSUM, and PM Surya Ghar. It also appears in ALMM List II for solar cells, strengthening its position in the domestic market.
With ALMM rules requiring both modules and cells to be sourced from Indian manufacturers from June 2026, Emmvee’s integrated model gives it a clear competitive advantage as the solar sector expands.
Emmvee’s some key clients are Ayana Renewable Power, Clean Max, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power.
Emmvee Photovoltaic IPO Financial Performance
Emmvee Photovoltaic reported a PAT of ₹369.01 Cr on 31 March 2025 and in FY24 reported ₹28 Cr. Over the past 3 years, the company’s PAT has been continuously growing. All financial details are provided in the table below.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹Cr) | 3,913.94 | 2,189.99 | 840.79 |
| Total income (₹Cr) | 2,360.33 | 954.44 | 644.37 |
| PAT (₹Cr) | 369.01 | 28.9 | 8.97 |
| EBITDA (₹Cr) | 721.94 | 120.44 | 56.27 |
| Net Worth | 531.41 | 162.77 | 133.97 |
| Reserves and Surplus | 529.37 | 160.73 | 131.93 |
| Total Borrowing (₹Cr) | 1,949.69 | 1,441.30 | 519.62 |
| PAT Margin (%) | 15.8 | 3.04 | 1.45 |
| ROE | 104.6 | 18.69 | 6.41 |
| ROCE | 23.33 | 5.03 | 5.9 |
| Debt/Equity | 2.55 | 5.46 | 3.26 |
Source: Pine Labs RHP
Emmvee Photovoltaic IPO Peer Comparison from RHP
Emmvee Photovoltaic IPO has the lowest EPS compared to its peers. Higher EPS is always considered better. Below is a quick comparison of Emmvee Photovoltaic vs Waaree Energies vs Premier Energies.
The table below shows peer comparison from RHP data.
| Company | EPS Diluted (₹) | P/E (x) |
|---|---|---|
| Emmvee Photovoltaic | 6.22 | 40.71 |
| Websol Energy System | 36.17 | 33.83 |
| Waaree energies | 67.96 | 50.47 |
| Premier energies | 21.35 | 51.3 |
| Vikram Solar | 4.6 | 70.97 |
| Saatvik Green Energy | 19.07 | 27.49 |
Emmvee Photovoltaic IPO Strengths and Weaknesses
Knowing about the strengths and weaknesses of Emmvee Photovoltaic IPO helps you make an informed decision.
- Large manufacturing scale with 7.8 GW module and 2.94 GW cell capacity.
- Strong financial growth in FY25, with revenue rising from ₹954 cr to ₹2,360 cr.
- Profit after tax jumped from ₹29 crore to ₹369 crore, showing sharp improvement.
- A solid order book of 5.26 GW as of May 2025.
- Uses high-efficiency TOPCon technology and is eligible for DCR-based government projects
- The company depends heavily on IPO funds to reduce debt.
- Future expansion plans rely on successful fundraising.
- Faces strong competition from larger global solar manufacturers.
- Sensitive to government policies related to solar subsidies and incentives.
- Execution challenges in expanding to 16.30 GW module capacity by FY28.
Emmvee Photovoltaic IPO GMP FAQs
What is Emmvee Photovoltaic IPO GMP Today?
Emmvee Photovoltaic IPO GMP today is ₹20.
What are Emmvee Photovoltaic IPO Expected Returns?
Emmvee Photovoltaic IPO Expected Returns are 9.22%, as of 7th November, this may change in the coming days.
When will Emmvee Photovoltaic IPO open and close?
Emmvee Photovoltaic’s IPO will open for subscription on 11 Oct 2025 and close on 13 Nov 2025.
What is the lot size for Emmvee Photovoltaic IPO?
Retail Investors can bid for a minimum of 1 lot, which includes 69 shares. And one lot will cost you ₹14,973.
What is the share allotment date for Emmvee Photovoltaic IPO?
The allotment of shares is expected to be completed by 14 Nov 2025.
Who is the registrar of Emmvee Photovoltaic IPO?
Kfin Technologies is the registrar for Emmvee Photovoltaic’s IPO.
Is Emmvee Photovoltaic IPO good to buy?
Emmvee Photovoltaic IPO may attract investors due to its growing PAT. And improving ROE & ROCE
Happy investing and thank you for reading!
Disclaimer:
This website content is only for educational purposes, not investment advice. Before making any investment, it’s important to do your own research and be fully informed. Investing in the stock market includes risks, and you should carefully read the Risk Disclosure documents before proceeding. Please remember that past performance doesn’t guarantee future results, and due to market fluctuations, your investment goals may not always be achieved.
