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15 Days Price Change

Emmvee Photovoltaic IPO

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WEBSITE Inc. Year: 2007 Industry: Electric Equipment Listed Page

Profile
Issue Size 1680.17 Cr
Profile
Price Range 206  to  217 per share
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Min Investment ₹217
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Lot Size 1
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Face Value ₹2
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Draft Prospectus
Invest Before the IPO Goes Live

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Profile
  • Basic Info
  • IPO Tentative Timetable
  • IPO Lot Size
  • Subscription Status
  • Financials
  • Profit & Loss
  • Balance Sheet
  • Cash Flow
  • Ratios
  • Growth Rates
  • Other info

Overview

We are the second largest pure-play integrated solar photovoltaic (“PV”) module and solar cell manufacturing company andone of the largest solar PV module manufacturers in India, each in terms of production capacity as of March 31, 2025. (Source:Crisil Report) As of May 31, 2025, we have a solar PV module production capacity of 7.80 GW and a solar cell productioncapacity of 2.94 GW, with a track record of over 18 years. In addition, we are one of the first companies in India to adopt higherefficiency tunnel oxide passivated contact (“TOPCon”) technology to manufacture solar cells, and are among a limited numberof solar cell manufacturers in India as of March 2025 to leverage this technology. (Source: Crisil Report) We are currently inthe process of adding a 2.50 GW solar PV module production capacity line, and we intend to add a 6.00 GW integrated solarcell and solar PV module production capacity, pursuant to which we aim to increase our solar PV module production capacityto 16.30 GW and solar cell production capacity to 8.94 GW by the first half of Fiscal 2028. Read More

Basic Info

Face Value 2 per share

Price 206  to  217 per share

P/E (x) 35

Sales( Cr.) 2336

PAT( Cr.) 369

EPS 6.2

Draft Prospectus

Exchange BSE-NSE

Promoter

Company Promoters

Manjunatha Donthi Venkatarathnaiah Shubha Manjunatha Donthi Suhas Donthi Manjunatha Sumanth Manjunatha Donthi

Pre Issue Share Holding 100%

Post Issue Share Holding 80.03%

Listing Details:

Listing Price: 217

Listing Gain: 0%

Current Price: 325.3

Gain On Issue: 325.3 | 0%

GMP: --

GMP %: -- %

IPO Tentative Timetable

Opening Date Nov 11, 2025
Closing Date Nov 13, 2025
Allotment Nov 14, 2025
Refund Nov 17, 2025
Delivery of Shares Nov 17, 2025
Listing Date Nov 18, 2025

IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 69 14,973
Retail (Max) 13 897 194,649
S-HNI (Min) 14 966 209,622
S-HNI (Max) 66 4554 988,218
B-HNI (Min) 67 4623 1,003,191

Objective of the Issue

1. Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by our Company and our Material Subsidiary 2. General corporate purposes.

Issue

Category Nos Bid Bid (x)
QIB 42233010 53196792 1.3x
NII 21116504 6322194 0.3x
Retail 14077669 15525552 1.1x
EMP 0 0 0x
Total 77427183 75044538 1x

Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

Emmvee Photovoltaic Profit & Loss

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 618 952 2336
Other Income 26 20 26
Total Income 644 971 2361
Total Expenditure 562 849 1615
Operating Profit 83 123 747
Interest 28 34 108
Depreciation 43 42 156
Exceptional Income / Expenses 0 0 0
Profit Before Tax 12 48 483
Provision for Tax 3 19 114
Profit After Tax 9 29 369
Adjustments -0 0 0
Profit After Adjustments 9 29 369
Adjusted Earnings Per Share 0.2 0.5 6.2

Emmvee Photovoltaic Balance Sheet

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 140 169 537
Minority's Interest 0 0 0
Borrowings 375 1174 1689
Other Non-Current Liabilities 20 127 338
Total Current Liabilities 304 724 1404
Total Liabilities 839 2194 3969
Fixed Assets 323 291 2046
Other Non-Current Assets 198 892 183
Total Current Assets 318 1011 1740
Total Assets 839 2194 3969

Emmvee Photovoltaic Cash Flow

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 46 53 182
Cash Flow from Operating Activities 59 234 614
Cash Flow from Investing Activities -131 -1000 -986
Cash Flow from Financing Activities 80 894 408
Net Cash Inflow / Outflow 9 129 36
Closing Cash & Cash Equivalent 53 182 219

Emmvee Photovoltaic Ratios

# Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.15 0.49 6.22
CEPS(Rs) 0.87 1.19 8.84
DPS(Rs) 0 0 0
Book NAV/Share(Rs) 2.37 2.84 9.04
Core EBITDA Margin(%) 9.1 10.86 30.86
EBIT Margin(%) 6.44 8.52 25.29
Pre Tax Margin(%) 1.89 5 20.67
PAT Margin (%) 1.45 3.04 15.8
Cash Profit Margin (%) 8.36 7.43 22.48
ROA(%) 1.07 1.91 11.98
ROE(%) 6.39 18.69 104.6
ROCE(%) 6.03 7.15 28.84
Receivable days 40.81 31.68 22.38
Inventory Days 83.49 85.81 83.18
Payable days 50.11 54.94 66.18
PER(x) 0 0 0
Price/Book(x) 0 0 0
Dividend Yield(%) 0 0 0
EV/Net Sales(x) 0.76 0.98 0.7
EV/Core EBITDA(x) 5.68 7.58 2.19
Net Sales Growth(%) 0 54 145.35
EBIT Growth(%) 0 103.7 628.11
PAT Growth(%) 0 222.14 1176.91
EPS Growth(%) 0 223.29 1176.91
Debt/Equity(x) 3.7 8.54 3.63
Current Ratio(x) 1.04 1.4 1.24
Quick Ratio(x) 0.58 0.97 0.7
Interest Cover(x) 1.41 2.42 5.48
Total Debt/Mcap(x) 0 0 0

Sihora Industries Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 145% 0% 0% 0%
Operating Profit CAGR 507% 0% 0% 0%
PAT CAGR 1172% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average 105% 43% 43% 43%
ROCE Average 29% 14% 14% 14%

Company Contact Information

Emmvee Photovoltaic Power Ltd.

Shailesha Barve

+91 80 2217 4524

investorrelations@emmvee.in

13/1, International Airport Road Bettahalasur Post

IPO Lead Manager(s)

Emmvee Photovoltaic Power Ltd.

JM Financial Ltd.

IIFL Capital Services Ltd.

Jefferies India Pvt Ltd.

Kotak Mahindra Capital Co Ltd

Registrar Info

Emmvee Photovoltaic Power Ltd.

K FIN Technologies Ltd.-(Karvy Fintech Pvt Ltd.)

Karvy Selenium Tower B, Plot 31-32 Gachibowli,Financial District, Nanakramguda Hyderabad – 500032 Tel. No. 040 67161500 Fax. No. 040 23001153 E-mail: einward.ris@karvy.com Website: www.karvy.com Toll Free No. of exclusive Call Centre:1-800-345001

040 - 67162222/18003094001

einward.ris@kfintech.com

https://www.kfintech.com

Frequently Asked Questions

All You Need To Know About IPO

When you leave without vesting, generally unvested ESOPs are cancelled. Vested ESOPs usually can be exercised after you depart, often within 3 to 6 months, depending on the company's ESOP plan.

For companies listed on a stock exchange, you can sell the shares any time after you exercise the ESOP option and the shares are in your demat account. If the company is unlisted or otherwise a startup, you can only sell the shares if and when the company announces a buyback or has a process for secondary sales.

Whenever you exercised your options to hold shares, you entered into a market risk situation, and if the valuation of the company drops, so do the shares.

Yes. ESOPs are valuable to the employer in that the employer is able to retain the best talent, align employee interests with company goals, and preserve cash while rewarding performance.

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