Emmvee Photovoltaic Power Limited IPO

12 Nov 2025 , 07:08 AM

Emmvee Photovoltaic Power Limited is a Bangalore-based integrated renewable energy company that manufactures photovoltaic (PV) modules and offers solar solutions. It has a diversified range of products spanning the solar value chain. By manufacturing solar modules based on Mono PERC and TOPCon technologies, it caters to utility-scale, commercial and industrial customers in India and overseas. With a growing manufacturing footprint and vertical integration, the company is witnessing robust growth. The IPO comprises a fresh issue and an offer for sale. A bulk of the net proceeds from the fresh issue is earmarked towards deleveraging the balance sheet by repaying borrowings.

 

Offer details of the IPO

• Total Offer Size – The total size of the issue is INR 2,900 crore. It comprises a fresh issue of equity shares worth up to INR 2,143.86 crore together with an offer for sale of up to INR 756.14 crore.
• The shares being sold by the existing shareholder are held by:
• Manjunatha Donthi Venkatarathnaiah (Promoter) – up to INR 3,780.69 million
• Shubha Manjunatha Donthi (Promoter) – up to INR 3,780.69 million

Price Band: INR 206 to INR 217 per Equity Share

Book Running Lead Managers (BRLMs)

• JM Financial Limited
• IIFL Capital Services Limited
• Jefferies India Private Limited
• Kotak Mahindra Capital Company Limited

 

Indian Renewable Energy and PV (Photovoltaic) Industry – Overview

The Indian renewable energy and PV industry is a fast-growing sector, and is leading the country’s shift towards clean, green power. Fueled by an ambitious government target, good policy frameworks (like PLI – Production Linked Incentive scheme for solar manufacturing), falling technology costs and growing corporate/ residential demand for green power, the sector has become a vital pillar of India’s energy security and climate action. The industry is classified on the basis of three main verticals.

Table: Key Segments

Segment	Key Activities	Description
Solar Module Manufacturing	Polysilicon, glass and aluminium frame PV module production	This segment has witnessed a substantial increase in domestic capacity under the PLI scheme with a view to reducing import dependence and making India a manufacturing hub for the world.
Solar Cell Manufacturing	Production of solar panels-Capital-intensive “upstream” process of turning silicon wafers into a working cell	This market is key in terms of value-add and supply chain resiliency, with recent investments focused on high-efficiency PERC and TOPCon cell technologies.
Solar Power Plant Development & EPC (Engineering, Procurement, and Construction)	Utility-scale, commercial and rooftop solar projects installation	This segment is primarily driven by demand and backed with long-term power purchase agreements (PPAs) with state utilities and private off-takers.

Source: RHP

• The sector is also fueled by processors such as inverters, trackers, storage and O&M services that are trending as integration to the network and energy storage begin to matter.
• India had more than 100 GW of solar installed capacity as of March 2025, to reach 500 Gigawatts (GW) non-fossil capacity by the year 2030. The segment could cumulatively attract investment of over $150 billion by 2030, with 2027 domestic manufacturing accounting for 40% of the total module requirement.

 

Table: Industry Growth Rate Analysis (Past and Future)

Segment	CAGR (FY2023–FY2025)	Projected CAGR (FY2026–FY2030)	Comment
Solar Module Manufacturing	68.2%	45.0%	PLI incentives are driving strong growth. As capacity ramps up and competition intensifies, growth is tapering.
Solar Cell Manufacturing	92.5%	58.3%	Technology upgrade cycle (PERC-to-TOPCon) driving high growth; Nascent but strategically critical.
Solar Power Plant Development	22.1%	18.7%	Sustained growth driven by corporate PPAs and rooftop solar mandates, restricted by land acquisition and grid access constraints.
Industry Average	57.6%	40.7%	The entire Indian PV industry continues to be one of the fastest-growing in the world. Whereas earlier growth was driven by policy tailwinds and capacity additions, future growth will be led by technology learning curves, storage integration and export opportunities.

Source: RHP

Takeaways

• The Indian renewables and PV market has been experiencing strong momentum. This is driven by government incentives, technology upgrades and localisation.
• Solar Cell Manufacturing is the fastest growing vertical driven by technology transition from PERC to TOPCon, boosting domestic value addition and energy independence.
• India’s solar capacity was at 105.6 GW as of FY 2025, to achieve the target of adding a non-fossil capacity of 500 GW by year 2030, led by corporate PPAs, rooftop solar installations and integration with energy storage technologies.

 

Emmvee Photovoltaic Power Limited – Overview

Emmvee Photovoltaic Power Limited is an India-based renewable energy company that is involved in the manufacturing of photovoltaic (PV) modules and integrated solar solutions. The company was incorporated in 2007, promoted by Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi as a family-owned business. The company has a subsidiary in Berlin (Emmvee Energy GmbH) for trading and distribution in Europe.

 

Subsidiary and Group Structure

• Subsidiary: Emmvee Energy GmbH (EEG) in Berlin, Germany acts as the company’s main arm for international trading and distribution to export into the EU market.
• Financial Exposure: As of March 31, 2025, EEG has total liabilities of INR 8,144 million , which includes borrowings of INR 5,196 million (which shows leverage-driven international expansion).
• Investor Base: The family will retain a majority stake in the combined company after completion of the public equity offering.

 

Competitive Positioning

Emmvee Photovoltaic Power Pvt Ltd is an integrated, solar cell and module manufacturing company. It uses cutting-edge TOPCon and Mono PERC technologies to manufacture high-efficiency solar products. Emmvee Group’s in-house manufacturing capabilities and access to the EU market afford it cost and quality benefits over domestic peers.

Strengths

1. Founder-Led Vision & Integration: Vertical integration and deep domain expertise from manufacturing to EU distribution through EEG improves margins and reduces reliance on suppliers.
2. Robust Growth: The company’s revenue increased to ₹12.8 billion and net profit rose to ₹2.4 billion during FY 2025, as the company exhibited strong demand and rapid scalability.
3. Access to Export Markets: German subsidiary EEG for EU market access, regulatory compliance and advantage from trade barriers.

Weaknesses

1. High Competition: The industry is highly competitive, and pricing remains a key concern.

 

Financial Profile

Strong revenue growth: Emmvee Photovoltaic Power Limited’s operating revenue witnessed a strong growth – from INR 6,181 million in FY 2023 to INR 23,356 million in FY 2025 (at a CAGR of ≈94%). This growth came from large-scale capacity expansion and an increase in module production to 1,482 MW. The company’s order book increased to 5.36GW on strong utility and C&I demand. The transition to high-efficiency TOPCon and Mono PERC modules supported earnings. EBITDA and PAT margins expanded significantly to 30.9% & 15.8%, respectively.

Improving profitability: The EBITDA margin of Emmvee Photovoltaic Power Limited reported an expansion from 9.1% in FY 2023 to 30.9% in FY 2025, backed by increased capacities and lower input costs. PAT margin expanded from 1.5% to 15.8% indicative of robust operating leverage).

 

Table: Peers Comparison

Name of the Company	Closing Price as on October 31, 2025 (₹)	Revenue from Operations (₹ in million)	P/E	EPS (Basic)	EPS (Diluted)
Emmvee Photovoltaic Power Limited	217.00	23,356.13	34.89*	6.22	6.22
Waaree Energies Limited	3,429.65	144,445.00	50.47	68.24	67.96
Premier Energies Limited	1,095.15	65,187.45	51.30	21.35	21.35
Vikram Solar Limited	326.45	34,234.53	70.97	4.61	4.60
Saatvik Green Energy Limited	524.15	21,583.94	27.49	19.09	19.07
Websol Energy Systems Limited	1,223.80	5,754.60	33.83	36.66	36.17

Source: RHP; * – based on upper end of price band

 

Table: KPI Comparison

Company Name	Particulars (with Units)	FY23	FY24	FY25	CAGR
Emmvee Photovoltaic Power Limited	Revenue from operations (₹ million)	6,181.26	9,519.35	23,356.13	94%
	EBITDA (₹ million)	562.72	1,204.39	7,219.38	258%
	EBITDA Margin (%)	9.10	12.65	30.91	–
	PAT (₹ million)	89.71	288.99	3,690.14	541%
	PAT Margin (%)	1.45	3.04	15.80	–
	Debt to Equity (Times)	3.70	8.54	3.63	–
	Net Debt to Equity (Times)	3.26	5.46	2.55	–
	Return on Equity (%)	6.41	18.69	104.60	–
	Return on Capital Employed (%)	5.90	5.03	23.33	–
	Net Working Capital (₹ million)	134.16	2,867.94	3,351.88	–
	Current Ratio (Times)	1.04	1.41	1.25	–
Waaree Energies Limited	Revenue from operations (₹ million)	67,508.73	1,13,976.09	1,44,445.00	46%
	EBITDA (₹ million)	9,441.34	18,095.77	31,232.00	74%
	EBITDA Margin (%)	13.76	15.56	21.04	–
	PAT (₹ million)	5,002.77	12,743.77	19,281.30	99%
	PAT Margin (%)	7.29	10.96	12.99	–
	Debt to Equity (Times)	0.15	0.08	0.12	–
	Net Debt to Equity (Times)	(0.80)	(0.85)	(0.72)	–
	Return on Equity (%)	26.26	30.26	28.06	–
	Return on Capital Employed (%)	31.61	26.29	25.08	–
	Net Working Capital (₹ million)	5,537.05	25,899.41	NA	–
	Current Ratio (Times)	1.11	1.48	1.50	–
Premier Energies Limited	Revenue from operations (₹ million)	14,285.34	31,437.93	65,187.45	119%
	EBITDA (₹ million)	1,128.81	5,053.18	19,142.16	236%
	EBITDA Margin (%)	7.71%	15.93%	28.78%	–
	PAT (₹ million)	(133.36)	2,313.60	9,371.32	147%
	PAT Margin (%)	(0.91%)	7.30%	14.09%	–
	Debt to Equity (Times)	1.86	2.18	0.69	–
	Net Debt to Equity (Times)	1.70	1.76	0.39	–
	Return on Equity (%)	(3.18%)	43.73%	54.03%	–
	Return on Capital Employed (%)	5.94%	25.65%	42.04%	–
	Net Working Capital (₹ million)	183.10	2,959.48	NA	–
	Current Ratio (Times)	1.02	1.16	NA	–
Vikram Solar Limited	Revenue from operations (₹ million)	20,732.30	25,109.90	34,234.53	28%
	EBITDA (₹ million)	1,861.78	3,985.79	4,920.11	63%
	EBITDA Margin (%)	8.98%	15.87%	14.37%	–
	PAT (₹ million)	144.91	797.18	1,398.31	199%
	PAT Margin (%)	0.70%	3.17%	4.08%	–
	Debt to Equity (Times)	2.02	1.81	0.19	–
	Net Debt to Equity (Times)	2.02	1.79	0.15	–
	Return on Equity (%)	4.05%	19.67%	16.57%	–
	Return on Capital Employed (%)	12.78%	20.76%	24.49%	–
	Net Working Capital (₹ million)	8,863.30	9,314.24	8,289.44	–
	Current Ratio (Times)	1.35	1.39	1.55	–
Saatvik Green Energy Limited	Revenue from operations (₹ million)	6,085.88	10,879.65	21,583.94	96%
	EBITDA (₹ million)	238.66	1,568.44	3,539.32	241%
	EBITDA Margin (%)	3.92%	14.42%	16.40%	–
	PAT (₹ million)	47.45	1,004.72	2,139.30	442%
	PAT Margin (%)	0.77%	9.16%	9.76%	–
	Debt to Equity (Times)	7.13	2.18	1.36	–
	Net Debt to Equity (Times)	NA	NA	NA	–
	Return on Equity (%)	23.40%	83.21%	63.41%	–
	Return on Capital Employed (%)	24.80%	64.07%	60.45%	–
	Net Working Capital (₹ million)	126.26	484.38	1,594.86	–
	Current Ratio (Times)	1.07	1.11	1.14	–
Websol Energy Systems Limited	Revenue from operations (₹ million)	172.24	258.59	5,754.60	423%
	EBITDA (₹ million)	NA	(1,119.00)	2,546.00	228%
	EBITDA Margin (%)	(93.64%)	(25.43%)	44.20%	–
	PAT (₹ million)	(236.86)	(1,209.62)	1,547.40	190%
	PAT Margin (%)	(137.51%)	(467.77%)	26.90%	–
	Debt to Equity (Times)	0.14	1.70	0.55	–
	Net Debt to Equity (Times)	NA	NA	0.22	–
	Return on Equity (%)	(12.37%)	(80.91%)	80.20%	–
	Return on Capital Employed (%)	(12.15%)	(15.76%)	63.10%	–
	Net Working Capital (₹ million)	NA	NA	NA	–
	Current Ratio (Times)	0.30	0.39	NA	–

Source: RHP