Emmvee Photovoltaic Power

• Emmvee Photovoltaic Power is coming out with a 100% book building; initial public offering (IPO) of 14,07,76,698 shares of Rs 2 each in a price band Rs 206-217 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on November 11, 2025 and will close on November 13, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 103.00 times of its face value on the lower side and 108.50 times on the higher side.
• Book running lead managers to the issue are JM Financial, IIFL Capital Services, Jefferies India and Kotak Mahindra Capital Company.
• Compliance Officer for the issue is Shailesha Barve.

Profile of the company

The company is primarily a solar module manufacturer and is 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, the company 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. In addition, it is one of the first companies in India to adopt higher efficiency tunnel oxide passivated contact (TOPCon) technology to manufacture solar cells, and is among a limited number of solar cell manufacturers in India as of March 2025 to leverage this technology. It is currently in the process of adding a 2.50 GW solar PV module production capacity line, and it intends to add a 6.00 GW integrated solar cell and solar PV module production capacity, pursuant to which it aims to increase its solar PV module production capacity to 16.30 GW and solar cell production capacity to 8.94 GW by the first half of Fiscal 2028.

The company’s product portfolio comprises bifacial and mono-facial formats of TOPCon modules and cells, and bifacial and mono-facial formats of mono passivated emitter and rear contact (Mono PERC) modules. Its ability to leverage TOPCon technology enhances the quality, efficiency, and performance of its solar PV modules.

The company has been included under List I (Manufacturers and Models of Solar PV Modules) of the ‘Approved List of Models and Manufacturers of Solar Photovoltaic Modules’ (ALMM) issued by the Ministry of New and Renewable Energy, Government of India (MNRE) from time to time, which allows it to supply its solar PV modules for government and government assisted grid-connected utility projects as well as renewable energy projects and projects under government schemes that are mandated to source solar modules from ALMM certified manufacturers. It has a 5.1% market share in terms of ALMM enlisted module manufacturing capacity as of May 2025.

Proceed is being used for:

• Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the company and its material subsidiary, EEPL
• General corporate purposes

Industry Overview

India’s electricity consumption has grown at a steady pace of 4.9% CAGR to 1,694 TWh between Fiscals 2014 and 2025, driven by economic growth, population growth, urbanisation and improved transmission and distribution infrastructure. In Fiscal 2025, power demand rose 4.2% on-year to 1,694 TWh on the back of a 6.5% GDP growth and seasonal factors. This followed growth of 7.4% in Fiscal 2024 and 9.7% in fiscal 2023. Power demand is expected to increase approximately 1.3x by 2030 from 1,694 TWh in Fiscal 2025. In Fiscal 2026, power demand is expected to increase by 2.5-3.5% on year to 1,745-1,755 BU. Meanwhile, the solar PV module manufacturing value chain encompasses five critical processes for transforming raw materials i.e., polysilicon into finished solar modules ready for electricity generation. It is a complex and globalised network, with each step contributing to the final product’s cost, performance and sustainability.

The evolution of cell technology in India has mirrored the global market. According to the module batch enlistment in the ALMMs over Fiscals 2022 to 2025, the share of Mono PERC has risen sharply from 16% in March 2022 to 63% in March 2025, with TopCon also making notable gains to reach 14% by the end of the period. Consequently, lower efficiency cells, such as Multi C-Si, have been largely phased out, with their market share dwindling to negligible levels by March 2025, down from a dominant 73% in March 2022. The shift in the technology is on account of the shift in the preference of the end-user demand. Developers are increasingly adopting the TopCon technology in solar cells due to its higher efficiency, lower cost and improved performance compared with older technologies. Thus, a shift is also witnessed in the overall industry scale, with India's solar cell manufacturing shifting significantly to TopCon between Fiscal 2020 to 2025. While mono PERC dominated cell manufacturing in the past Fiscals, the share of cell manufacturing capacities, which is either configured for TopCon or is fungible between TopCon and mono PERC, had reached an estimated 60% to 65% in Fiscal 2025.

By the end of Fiscal 2030, the domestic module and cell manufacturing industries’ nameplate capacities (rated capacity or maximum manufacturing capability) are expected to increase approximately 2 times and 4 times, respectively, from Fiscal 2025 levels. Overall, the module manufacturing space has seen announcements of over 100 GW owing to rising demand. However, with the implementation of ALMM-II from June 2026, the usable domestic manufacturing capacity for domestic consumption in applicable solar segments will be limited to the manufacturers listed in the cell list. On the other hand, large-scale wafer and polysilicon facilities are expected to be established in the country, with capacities of 35 GW to 45 GW and 15 GW to 25 GW, respectively, by Fiscal 2030. 

Pros and strengths

Second largest pure-play integrated solar PV module and cell manufacturers in India: The company is second largest pure-play integrated solar PV module and solar cell manufacturing company in India in terms of production capacity as of March 31, 2025, with a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW as of June 30, 2025. Its integrated manufacturing approach is a key strength of its business model, as it reduces dependency on external vendors for the supply of solar cells, optimizing its manufacturing costs and increasing the efficiency of its production process. Its integrated operations span the production cycle for solar PV modules from solar cell production to the assembly of solar PV modules, which offers it significant control over its supply chain. Its integrated capabilities also facilitate the traceability of components used in manufacturing of solar PV modules, particularly for customers with stringent quality and compliance requirements.

One of the largest solar PV module manufacturers in India: The company is one of the largest solar PV module manufacturers in India in terms of production capacity as of March 31, 2025, with a solar module production capacity of 7.80 GW as of June 30, 2025. It is an ALMM-enlisted solar PV module manufacturer, with a 5.1% market share in terms of ALMM-enlisted module manufacturing capacity as of May 2025. It commenced commercial production of solar PV modules at its manufacturing unit in Bengaluru, Karnataka in 2007, namely Unit I and has rapidly expanded its production capacity in recent years. It has added three new lines for solar module production and one new line for solar cell production since Fiscal 2023, and in Fiscal 2025, it commissioned two new lines for solar module production and one new line for solar cell production, with a manufacturing capacity of 4.43 GW and 2.94 GW, respectively, at Unit III and Unit IV.

Early mover advantage in leveraging higher efficiency TOPCon cell technology: The company is one of the first companies in India to adopt higher efficiency TOPCon solar cell manufacturing, and is among a limited number of solar cell manufacturers in India as of March 2025 to leverage this technology. Its 2.94 GW solar cell manufacturing unit in Dobbaspet, Bengaluru, Karnataka is one of India’s largest TOPCon solar cell manufacturing facilities in terms of installed capacity as of May 31, 2025. The company’s early adoption of TOPCon technology in India in 2024 has provided it with an early mover advantage compared to its competitors, and has supported it in establishing a strong foothold in the market. It highlights its ability to leverage advanced manufacturing techniques to improve the efficiency and performance of its solar PV modules.

Advanced manufacturing units driving efficient and sustainable operations: Currently, the company operates four manufacturing units across two locations in Karnataka. These units are strategically located to ensure connectivity to its key suppliers for procurement of materials such as junction boxes and sealants, as well as to the inland container depot in Bengaluru, Karnataka for procurement of other raw materials and equipment, each of which it helps to reduce transit time and increases operational efficiency. These units are also located within 100 kilometres of each other in Bengaluru, Karnataka, which aids in easing logistics and inventory management.

Risks and concerns

Maximum revenue comes from limited customers: The company’s business is dependent on certain key customers, with its top 10 customers contributing 93.96%, 89.52%, 84.98%, 85.82% and 80.53% of its revenue from operations in the three months ended June 30, 2025 and 2024 and in Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Dependent on Indian and foreign third party suppliers for certain raw materials: The company is dependent on external third party suppliers for certain raw materials required for its manufacturing operations, and it typically sources them on a purchase order basis from such suppliers. It does not enter into formal long-term agreements with its suppliers. Consequently, its business is dependent on maintaining good relationships with its suppliers, as the absence of long term agreements may expose it to risks such as price volatility caused by various factors such as market fluctuations, currency fluctuations, climatic and environmental conditions, production and transportation cost, changes in domestic as well as international government policies, and regulatory and trade sanctions. It also remains susceptible to the risks arising out of unforeseen or unexpected price fluctuations as well as the imposition of import duties, which could result in a decline in its operating margins.

Geographical constrain: All of the company’s manufacturing units are located in the state of Karnataka. The company operates four manufacturing units across two locations in Karnataka, spread across a total land area of 22.44 acres. Given the geographic concentration of its current and proposed manufacturing operations in one state, its operations are susceptible to disruptions which may be caused by certain local and regional factors, including but not limited to economic and weather conditions, natural disasters, demographic factors, local, political, economic and social events and other unforeseen events and circumstances. While it has not faced any such instances of disruptions in the three months ended June 30, 2025 and in last three Fiscals, it cannot assure that such instances will not occur in the future. If any such disruptions occur, its operations may be affected, which could adversely affect its business, financial condition and results of operations.

High working capital requirement: The company requires working capital for its day-to-day operations, including for the procurement of raw materials and equipment from external suppliers. In addition, since a considerable period of time may pass between the purchase of raw materials and the sale of its products, it is required to maintain an adequate stock of raw materials at all times to meet its manufacturing requirements, which could increase its storage and working capital requirements. It typically relies on internal accruals and external borrowings from banks and financial institutions to meet its working capital requirements.

Outlook

Emmvee Photovoltaic Power is an integrated solar PV module and cell manufacturer. As of May 31, 2025, the company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW. The company has early mover advantage in leveraging higher efficiency TOPCon cell technology. Also, the company has advanced manufacturing units which are driving efficient and sustainable operations. On the concern side, maximum revenue comes from limited customers and the loss of any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows. Moreover, its business is dependent on the success of a limited number of products. Any reduction in demand for these products may adversely affect its revenues, financial condition and cash flows. 

The issue has been offering 14,07,76,698 shares in a price band of Rs 206-217 per equity share. The aggregate size of the offer is around Rs 2900.00 crore to Rs 3054.85  crore based on lower and upper price band respectively. Minimum application is to be made for 69 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 145.35% to Rs 23,356.13 million for the Financial Year 2025 from Rs 9,519.35 million for the Financial Year 2024. Moreover, the company reported around 13-fold jump in profit for the year of Rs 3,690.14 million for the Financial Year 2025 as compared to Rs 288.99 million for the Financial Year 2024.

The company is committed for expanding its current solar PV module manufacturing capacity to meet the increasing demand for its products from its customers. It has significantly expanded its production capacity over the years and is currently in the process of adding a 2.50 GW module production capacity line at its upcoming manufacturing Unit VI in Sulibele, Bengaluru, Karnataka, which is expected to be operational in Fiscal 2026. It also intends to add a 6.00 GW solar cell and solar PV module production capacity at a manufacturing unit in ITIR Phase - II, Bengaluru, Karnataka, which is expected to be operational in the first half of Fiscal 2028. These expansion plans are expected to increase its solar PV module production capacity to 16.30 GW and its solar cell production capacity to 8.94 GW using only TOPCon technology by the first half of Fiscal 2028. This strategy is in line with its aim to continually enhance and scale up its integrated production capabilities and maintain its competitive position among the integrated players in the solar industry in India.