Emmvee Photovoltaic Power IPO Review

November 9, 2025

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Emmvee Photovoltaic Power Ltd. IPO Review

Emmvee Photovoltaic Power Ltd., a leading solar module manufacturer and EPC player, is coming out with its mainboard IPO of Rs. 2,900 crore (revised down from Rs. 3,000+ crore earlier). The issue is priced in the band of Rs. 217 per share.

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Business Overview

Emmvee is engaged in manufacturing high-efficiency solar PV modules and executing turnkey EPC projects. The company has a strong presence in both domestic and export markets, with recent capacity expansions allowing it to cater to large utility-scale projects. It has developed integrated capabilities across module manufacturing, project design, and solar park development.

Financial Performance

The company has shown stellar financial growth over the last three years:

Particulars	FY23	FY24	FY25
Total Income (Rs. Cr)	644.37	954.44	2,360.33
PAT (Rs. Cr)	8.97	28.90	369.01
EBITDA (Rs. Cr)	56.27	120.44	721.94
Net Worth (Rs. Cr)	133.97	162.77	531.41
Total Borrowing (Rs. Cr)	1,949.69	1,441.30	519.62

PAT jumped 12.7x YoY, with margins and debt ratios improving sharply.
Debt reduced by Rs. 900+ crore in FY25, indicating strong internal cash generation.
ROE stands at a robust 104.6%, one of the highest in the renewable energy sector.

Valuation & Peer Comparison

At the upper price band of Rs. 217, the issue is valued at a P/E of 34.89x, which appears moderate when compared to peers:

Waaree Energies: 50.47x
Premier Energies: 51.30x

Given Emmvee’s superior return ratios and sharp financial turnaround, the valuation looks reasonable and leaves scope for listing gains.

Chanakya View

Emmvee Photovoltaic has successfully transformed from a modest solar equipment player into a large-scale integrated renewable enterprise. The consistent rise in revenue, sharp profit expansion, and debt reduction reflect strong operational efficiency. The IPO is attractively priced relative to industry peers, considering the fast-growing solar energy market and government-backed manufacturing incentives.

Investment Verdict: Apply for strong listing and medium-term gains.
Solid fundamentals, improving balance sheet, and favorable policy tailwinds make this IPO one of the most promising renewable energy plays of FY26.

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