Emmvee Photovoltaic IPO opens for subscription from November 11 to November 13, 2025, with a price band of ₹206 to ₹217 per share, and is expected to list on BSE and NSE on November 18, 2025. Emmvee Photovoltaic power is one of India’s leading solar PV module and cell manufacturers, boasting a 7.80 GW module capacity and a 2.94 GW cell capacity, including advanced TOPCon technology for high-efficiency solar cells. The Emmvee Photovoltaic IPO offers exposure to India’s accelerating solar energy sector backed by strong growth and technology leadership.
₹00
₹217
₹217.00
Expert Opinions
Market sentiment for Emmvee Photovoltaic IPO is positive, driven by robust growth in India’s solar energy sector and the company’s strong financial performance. Emmvee’s strengths lie in its integrated manufacturing capabilities with 7.80 GW module and 2.94 GW cell production capacity, advanced TOPCon technology, and a diverse client base across government and private sectors. Risks include high debt levels and dependency on government policies impacting renewable energy tariffs and incentives.
Valuation analysis for Financial Year 2025 highlights Emmvee Photovoltaic IPO with an exceptional Return on Equity (ROE) of 104.60%, ROCE of 23.33%, and a Net Asset Value (NAV) of ₹8.95, reflecting strong profitability and asset utilization. The IPO offers a promising long-term investment opportunity in India’s renewable energy transition, favored by supportive regulatory frameworks and increasing solar capacity expansion plans, making it suitable for investors with a medium to long-term investment horizon.
Investor Considerations
Emmvee Photovoltaic IPO investors should consider the company’s strong performance and fundamentals, with FY 2025 revenue surging 147% to ₹2,360 crore and PAT increasing over 11-fold to ₹369 crore. The sector outlook remains favorable as India rapidly expands solar capacity under supportive government policies. IPO valuation highlights Price to Book Value of 24.25, a healthy PAT margin of 15.80%, and a Debt to Equity ratio at 3.63.
Growth prospects are driven by advanced manufacturing technology (TOPCon), capacity expansions targeting 16.3 GW by FY 2028, and increasing demand for clean energy solutions. Risks involve high debt levels, exposure to policy changes, and intense industry competition. The Emmvee Photovoltaic IPO fits long-term investors focused on renewable energy’s growth potential, while short-term investors should weigh sector cyclicality and valuation dynamics. This IPO is an opportunity to gain exposure to India’s burgeoning solar manufacturing industry.
| Date | GMP | Trend |
|---|---|---|
| 15 Nov 2025 18.54 | ₹00 | --- |
| 14 Nov 2025 19.15 | ₹00 | Down |
| 13 Nov 2025 11.01 | ₹3 | --- |
| 12 Nov 2025 19.44 | ₹3 | Down |
| 10 Nov 2025 20.16 | ₹20 | --- |
| 09 Nov 2025 12.02 | ₹20 | --- |
| 08 Nov 2025 19.35 | ₹20 | --- |
FAQs
The Grey Market Premium showed perfect accuracy in predicting Emmvee Photovoltaic IPO’s listing performance. With a final GMP of ₹0, it projected no premium over the issue price of ₹217, and the stock listed exactly at ₹217 in the pre-open market, resulting in a 0% gain. This led to a zero prediction error, meaning the GMP correctly signaled a flat listing and aligned fully with the actual outcome, reflecting strong reliability in this case.
Emmvee Photovoltaic IPO Current GMP is ₹00.
Emmvee Photovoltaic IPO Expected Returns is 0.00%.
Emmvee Photovoltaic IPO estimated listing price is ₹217.