PhysicsWallah vs Emmvee vs Tenneco Clean IPO: Which one should you bet on?

Analysts maintain a largely positive stance on Tenneco Clean Air IPO and Emmvee Photovoltaic IPO, while views on PhysicsWallah remain cautious due to concerns around profitability

Amid a buzzing week in the primary market, three mainboard IPOs, including Tenneco Clean Air, Emmvee Photovoltaic, and PhysicsWallah, have hit the Street, drawing strong investor attention. Collectively, the three companies aim to raise nearly ₹10,000 crore through their public issues. 

 

According to the offer documents, PhysicsWallah plans to raise ₹3,480 crore, Emmvee Photovoltaic ₹2,900 crore, and Tenneco Clean Air eyes ₹3,600 crore.

 

PhysicsWallah IPO, which opened on Tuesday, November 11, entered its third and last day of bidding today. The issue has been subscribed to by only 13 per cent as of 05:00 PM on November 12, receiving bids for 23.82 million equity shares against 186.2 million on offer. The issue will close on Thursday, November 13.

 

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Likewise, Emmvee Photovoltaic IPO, which opened on November 11, was booked only 17 per cent on Day 2. The issue received bids for 13.37 million shares against 77.72 million shares on offer. 

 

However, Tenneco Clean Air India IPO received a decent response from investors on its first day of bidding on November 12. The issue has been subscribed around 42 per cent so far, receiving bids for 27.76 million shares against 66.66 million shares on offer. The issue will close for subscription on Friday, November 14.

 

PhysicsWallah vs Emmvee Photovoltaic vs Tenneco Clean Air IPO: Where to invest?

 

GMP shows strong interest in Tenneco Clean Air IPO

Tenneco Clean Air is witnessing the strongest demand in the grey market, with its unlisted shares trading at ₹482, commanding a premium of ₹85 or 21.5 per cent over the upper end of the price band of ₹397. However, Emmvee Photovoltaic and PhysicsWallah are commanding modest premiums of ₹3 or 1.4 per cent and ₹1.25 or 1.15 per cent, respectively, reflecting a relatively subdued investor sentiment.  ALSO READ | Fujiyama Power Systems IPO opens today: Check GMP, price band, key dates 

Street view on the IPOs

Analysts maintain a largely positive stance on Tenneco Clean Air IPO and Emmvee Photovoltaic IPO, citing strong fundamentals and sectoral tailwinds, while views on PhysicsWallah remain cautious due to concerns around profitability, rising costs and intense competition.

 

Tenneco Clean Air has emerged as a preferred pick among brokerages, driven by its strong positioning in automotive emission control systems and backing from its global parent Tenneco Inc. Analysts at Reliance Securities noted that the company is well placed to benefit from India’s tightening emission norms, industrial clean air demands, and the global shift toward regulatory-compliant vehicular systems. Citing the strong developments, the brokerage has assigned a ‘Subscribe’ rating to the issue. 

 

On a similar note, SBI Securities stated that Tenneco India effectively leverages the parent’s 5,000 patents and 7,500 trademarks to design and develop products suited for Indian OEMs and is poised to capitalise on the rising trend of premiumization in the Indian Auto industry.  "At the upper price band of ₹397, the issue is valued at FY25 P/E and EV/Ebitda multiple of 29.0x and 19.3x, respectively," the brokerage said. SBI Securities also recommends investors to 'Subscribe' to the issue.

 

Brokerages are also upbeat on Emmvee Photovoltaic, highlighting its rapid growth, integrated operations, and strong outlook in India’s solar manufacturing ecosystem. According to Arihant Capital, the company described it as a technologically advanced and integrated solar manufacturer poised to benefit from 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. 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 said. Arihant Capital assigned a “Subscribe for long term” rating to the issue.

 

Analysts at Angel One noted Emmvee’s robust financial performance, with FY25 revenue rising to ₹2,336 crore and PAT at ₹369 crore, supported by strong order visibility and ongoing capacity expansion. The company delivered a healthy ROE of 104.6 per cent and ROCE of 23.33 per cent, supported by strong cash flows and a growing order book in the renewable energy sector. The brokerage believes the IPO is attractively priced at a P/E of 20x on FY26 annualised earnings, calling it a solid long-term bet. 

 

SBI Securities also recommends a ‘Subscribe’ for a long-term investment horizon, citing improving profitability and a growing 5.4 GW order book.

 

Meanwhile, views are cautious on PhysicsWallah, with analysts flagging profitability risks despite impressive top-line growth. 

 

According to SBI Securities, while the edtech major has achieved a revenue CAGR of nearly 97 per cent over the last three years, its net losses have widened to ₹216 crore in FY25. At an EV/Sales multiple of 9.7x, the issue appears fairly valued, and the brokerage has maintained a ‘Neutral’ stance on the issue. 

 

Likewise, analysts at Angel One highlighted that PhysicsWallah’s revenue surged from ₹744 crore in FY23 to ₹2,887 crore in FY25, but cautioned that rising competition and high scaling costs continue to weigh on margins. It also assigned a ‘Neutral’ rating, advising investors to wait for clearer profitability visibility before taking a long-term position.