Emmvee Photovoltaic IPO opens: Analysts bet on long term prospects; apply?

Emmvee Photovoltaic plans to raise ₹2,900 crore through the public issue, which includes a fresh issue of 98.8 million equity shares and an OFS of 34.8 million shares

Emmvee Photovoltaic IPO: The initial public offering (IPO) of Emmvee Photovoltaic, an integrated solar PV module and cell manufacturer, opens for public subscription on Tuesday, November 11, 2025. The company plans to raise ₹2,900 crore through the public issue, which includes a fresh issue of 98.8 million equity shares worth ₹2,143.86 crore and an offer for sale (OFS) of 34.8 million shares amounting to ₹756.14 crore.

 

As part of the OFS, promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi will sell part of their holdings in the company.

 

According to the Red Herring Prospectus (RHP), at least 75 per cent of the issue has been reserved for Qualified Institutional Buyers (QIBs), not more than 15 per cent for Non-Institutional Investors (NIIs), and up to 35 per cent for retail investors.

 

Emmvee Photovoltaic IPO GMP

On Tuesday, November 11, 2025, the unlisted shares of Emmvee Photovoltaic were trading at ₹237, up ₹20 or 9.2 per cent compared to the upper end of the price band of ₹206 to ₹217 per share, according to sources tracking unofficial markets.  ALSO READ | PhysicsWallah IPO opens: From price band to GMP, here's all you should know

Emmvee Photovoltaic IPO: Here's what the brokerages suggest

SBI Securities - Subscribe

Analysts noted the company has shown strong financial performance over the past two years, supported by a solid order book of 5.4 GW as of June 2025. 

 

"At the upper price band of ₹217, the IPO is valued at a P/E multiple of 40.7x based on its FY25 earnings on post-issue capital and 20.0x considering the annualised earnings for Q1FY26," the brokerage said in a note. "The issue seems fairly priced compared to its peers," it added. 

 

SBI Securities expects profitability to continue improving following the repayment of debt from the issue proceeds. It recommends investors to 'Subscribe' to the IPO at the cut-off price for a long-term investment horizon.

Angel One - Subscribe

According to Angel One, the company is backed by a robust order book, strong revenue growth, and ongoing capacity expansion. The company is well-placed to capture opportunities in India's fast-growing solar manufacturing sector. 

 

"At the upper price band of ₹217 per share, if we annualise FY26 earnings, the issue is valued at a P/E of 20.0x, while on FY25 earnings, it stands at 40.7x, indicating that the IPO is trading at a marginal discount to larger peers," the brokerage said in its note. 

 

Angel One has assigned a 'Subscribe' rating to the issue for investors with a long-term outlook. 

 

Additionally, the brokerage mentioned that high customer concentration, dependence on imported raw materials, and exposure to regulatory and policy changes in the renewable sector could impact margins, operations, and overall profitability. 

Arihant Capital - Subscribe for long term

Analysts at Arihant Capital believe that Emmvee Photovoltaic stands out as a technologically advanced, integrated solar manufacturer positioned to capitalise on India's domestic solar value chain expansion. The company's expansion to over 16 GW of module capacity by FY28 is expected to consolidate its leadership among India's top solar manufacturers. 

 

Emmvee Photovoltaic is well-positioned to benefit from India's renewable manufacturing growth trajectory and global supply diversification with a focus on scaling operations, diversifying its technology base, and maintaining prudent financial discipline. 

 

At the upper band of ₹217, the issue is valued at a PE ratio of 40.7x, based on FY25 EPS of ₹5.3. The brokerage has assigned a 'Subscribe for long term' rating to the issue. 

Here are the key details of the Emmvee Photovoltaic IPO:

The three-day bidding window for the Emmvee Photovoltaic IPO opens for subscription on Tuesday, November 11, 2025, and closes on Thursday, November 13, 2025. The basis of allotment is expected to be finalised on Friday, November 14, 2025, and the allotted shares are likely to be credited to investors’ demat accounts on Monday, November 17, 2025.

 

Emmvee Photovoltaic shares are expected to list on the NSE and BSE on Tuesday, November 18, 2025.

 

The company has set the IPO price band between ₹206 and ₹217 per share, with a lot size of 69 shares. Retail investors can apply for a minimum of one lot, requiring an investment of ₹14,973, and in multiples thereafter.

 

Kfin Technologies has been appointed as the registrar for the issue. JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are acting as the book-running lead managers.

 

According to the red herring prospectus (RHP), the company plans to utilise ₹1,621.3 crore from the net fresh issue proceeds for prepayment or repayment of certain outstanding borrowings availed by the company and material subsidiary, EEPL. The remaining funds will be used for general corporate purposes.