logo
PricingOpen Demat Account at ₹0 AMCBecome a PartnerCustomer ServiceDhan SupportDhan Blog
fuzz
Logo
MadeForTrade CommunityIndicator by Dhan
Home
InvestmentsIPOEmmvee Photovoltaic Power IPO

Emmvee Photovoltaic Power IPO

Mainboard

Open Date

11 Nov 2025

Close Date

13 Nov 2025

Min Investment

₹ 14,973

Lot Size

69

Issue Size

₹ 2900.00 Cr

Price Range

₹ 206 - ₹ 217

Subscribed

0.96 x
status

This IPO is now Live.

Click here for live price
IPO Timeline
check
IPO Offer Start
11 Nov 2025
check
IPO Offer Ends
13 Nov 2025
check
Allotment Finalisation
14 Nov 2025
check
Refund Initialisation
17 Nov 2025
check
Non-Institutional Buyers (sHNI)
17 Nov 2025
check
Listing of Shares
18 Nov 2025
IPO Subscription Details as on 4 Apr 2026, 10:57 PM
Qualified Instituational Buyers (QiB)
1.26 x
Retail
1.07 x
Total
0.96 x
Non-Institutional Buyer (bHNI)
0.19 x
Non-Institutional Buyer (sHNI)
0.51 x
Note: This information is provided for general guidance only. Dates may be subject to change.
border
About the Company
Emmvee Photovoltaic Power Limited is the 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. The company operates 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, with over 18 years of track record. The company is among the first in India to adopt higher efficiency TOPCon technology for manufacturing solar cells and 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.
rocket

Founded In

2007

rocket

CEO

Suhas Donthi Manjunatha

Financials of Emmvee Photovoltaic Power IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue618.13951.942,335.61
Other Income26.242.5124.71
Total Income
644.37954.442,360.33
Total Expenses
632.70906.821,877.51
Profit Before Tax11.6747.62482.82
Total Profit
8.9728.90369.01

All figures are in crores (₹)

border

Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company proposes to utilize the net proceeds 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. This will help reduce outstanding indebtedness, maintain favorable debt-equity ratio, reduce interest outflow and enable utilization of additional amount from internal accruals for business growth.1,621
The company proposes to deploy the balance net proceeds towards general corporate purposes, subject to such amount not exceeding 25% of the gross proceeds. This includes strategic initiatives, business development, customer acquisition, funding growth opportunities, meeting exigencies, and general corporate expenses as decided by the Board.-
border
  • Second largest pure-play integrated solar PV module and cell manufacturers in India: The company is the 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.
  • One of the largest solar PV module manufacturers in India with a track record of delivering quality products: 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 and a 5.1% market share in terms of ALMM-enlisted module manufacturing capacity as of May 2025.
  • 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 are among a limited number of solar cell manufacturers in India as of March 2025 to leverage this technology. The company's 2.94 GW solar cell manufacturing unit is one of India's largest TOPCon solar cell manufacturing facilities in terms of installed capacity as of May 31, 2025.
  • Advanced manufacturing units driving efficient and sustainable operations: The company operates four manufacturing units across two locations in Karnataka, strategically located within 100 kilometres of each other. The company operates a zero liquid discharge system achieving a 96.80% water recovery rate as of June 30, 2025, and meets 63.40% of energy requirements from renewable energy sources as of June 30, 2025.
  • Valued relationships with a diverse customer base backed by a substantial order book: The company has established valued relationships with a diverse set of customers and had an outstanding order book of 5.36 GW as of June 30, 2025. The company served an aggregate of 543 unique customers in the three months ended June 30, 2025 and Fiscals 2025, 2024 and 2023.
  • Experienced Promoter-led senior management team: The company is led by experienced Promoters with strong domain expertise. The Chairman and Managing Director has been in the solar industry since 1992, and the Whole-Time Director has over six years of experience in the renewable energy industry.

Open IPOs for Subscription

No Open IPOs

Stay tuned, there will be more IPOs listing soon!


fuzz

Listed IPOs

No Listed IPOs

Stay tuned, there will be more IPOs listing soon!


Invest & Trade with a Trading
Platform That's #MadeForTrade

Open your Dhan Account in minutes!
border

Explore  |  Sitemap

*All securities mentioned on this website are exemplary and not recommendatory.

*Current prices on the website are delayed by 15 mins, login to check live prices.

We are bullish on India, we are bullish on India's prospects to be one of the largest economies in the world. We believe that the stock market provides a unique opportunity for all of India's traders and investors to participate in the growth story of the country.

Yet, most investing & trading platforms in India have remained more or less the same over the past decade. Times have changed and retail traders and investors have become smarter about managing their trades and money. Modern traders & investors require an online trading platform that helps them keep up with the technological advancements of our time.

That's why we're building Dhan - to help you trade, to help you invest, and to help you participate in India's growth stock via the stock market with awesome features and an incredible experience.

©2021-2026 Raise Securities Private Limited (formerly Moneylicious Securities Private Limited). All rights reserved. CIN: U74999MH2012PTC433549 Raise Securities is part of Raise Financial Services.

SEBI Stock Broker Registration No: INZ000006031 | Depository Participant (CDSL) ID: IN-DP-289-2016 | SEBI Research Analyst Registration No: INH000023357
Exchange Membership No. : NSE: 90133 | BSE: 6593 | MCX: 56320
Registered & Corporate Office: Unit No. 2201, 22nd Floor, Gold Medal Avenue, S.V. Road, Beside Patel Petrol Pump, Piramal Nagar, Goregaon West, Mumbai – 400104, Customer Care: 9987761000.


For any query / feedback / clarifications, email at help@dhan.co.

In case of grievances for any of the services rendered by Raise Securities Private Limited, please write to grievance@dhan.co (for NSE, BSE and MCX) or grievancedp@dhan.co (for Depository Participant). Please ensure that you carefully read the Risk Disclosure Document as prescribed by SEBI, our Terms of Use and Privacy Policy. Compliance Officer: Mr. Manish Garg and Mobile: 8655740961 Email: complianceofficer@dhan.co To lodge your complaints using SEBI SCORES, click here.


Disclaimer: All communications with the client via chat, phone, or email are for support purposes only. Any commitments or statements made by the agent (human or virtual) shall not be binding on the company.


DHAN is a brand owned by Raise Securities Private Limited. All DHAN clients are registered under Raise Securities Private Limited. Clients are advised to refer to our company as Raise Securities Private Limited when communicating with regulatory authorities.


Procedure to file a complaint on SEBI SCORES: Register on SCORES portal. Mandatory details for filing complaints on SCORES: Name, PAN, Address, Mobile Number, E-mail ID. Benefits: Effective Communication, Speedy redressal of the grievances. You may refer the website https://scores.sebi.gov.in/ for more information. You may also download the SEBI Scores app to log a complaint Android: https://play.google.com store apps sebiscores iOS: https://apps.apple.com app sebiscores.


Disclaimer: Investment in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit


Attention investors:

  1. Stock brokers can accept securities as margins from clients only by way of pledge in the depository system w.e.f September 01, 2020.
  2. Update your e-mail and phone number with your stock broker / depository participant and receive OTP directly from depository on your e-mail and/or mobile number to create pledge.
  3. Check your securities / MF / bonds in the consolidated account statement issued by NSDL/CDSL every month.

Note: As a policy we do not give stock tips or recommendations and have not authorized anyone to give this on behalf of us. If you know anyone claiming to be a part of Dhan / / Raise or our associate companies or partners and offering such services, please report us on help@dhan.co. Important Information for Investors: To prevent unauthorized transactions in your trading / demat account, do not share your account details, credentials or any personal details with anyone. Keep your mobile number updated with your Stock Broker, Depository Participant and ensure that the same is registered with Stock Exchanges, Depository and KRAs. You will receive alerts and information on your registered mobile number / email for debit and other important transactions in your demat account directly from CDSL / Exchange on the same day. KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (Stock Broker, DP, Mutual Fund, etc.), you need not undergo the same process again when you approach another intermediary. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account. This is issued in the interest of investors.


Investors should be cautious on unsolicited emails and SMS advising to buy, sell or hold securities and trade only on the basis of informed decision. Investors are advised to invest after conducting appropriate analysis of respective companies and not to blindly follow unfounded rumours, tips etc. Further, you are also requested to share your knowledge or evidence of systemic wrongdoing, potential frauds or unethical behaviour through the anonymous portal facility provided on BSE & NSE website. Issued in the interest of the investors.


Raise Securities Private Limited also known as Dhan is only an order collection platform that collects orders on behalf of clients and places them on BSE StarMF for execution. Client expressly agrees that Dhan is not liable or responsible and does not represent or warrant any damages regarding non- execution of orders or any incorrect execution of orders with regard to the funds chosen by the client or due to, but not being limited to, any link/system failure, delay in transfer of the funds on account of any unforeseen circumstances/issues in the banking system/payment aggregators or any other problems that may result in a delay in crediting the funds into the BSE Star MF's bank account. Raise Securities Private Limited (Dhan) does not engage in proprietary trading on its own account.


Mutual fund investments are subject to market risks, read all scheme related documents carefully before investing. Dhan is not a distributor or agent of any mutual fund. Mutual Funds are not exchange-traded products. Any related disputes will not have access to the Exchange-investor redressal forum or arbitration mechanism. For other disclaimers please refer https://dhan.co/advertisement-disclaimer/


Download client registration documents (Rights & Obligations, Risk Disclosure Document, Do's & Don'ts) in vernacular language: BSE | NSE | MCX


Kindly, read the Advisory Guidelines of BSE | NSE | MCX for investors as prescribed by the exchange with reference to their circular dated 27th August, 2021 regarding investor awareness and safeguarding client's assets


Important Links: SEBI | BSE | NSE | MCX | CDSL | SCORES | ODR Portal | Investor Charter for Stock Brokers | Investor Charter for DP | Investor Charter for Research Analyst | UCC Advisory | e-Voting for Shareholders | NCL Client Collateral details |
MCXCCL Client Collateral details

Important Information: Terms of Usage | Disclaimers | Privacy Policy | Grievances | Grievances RA | Risk Management Policy | Risk Disclosure | Advertisement Disclaimer | Referral Terms & Conditions | Saarthi 2.0 Mobile App for Investors