Emmvee Photovoltaic Power IPO: Should you apply? Here's what Anil Singhvi suggests

Emmvee Photovoltaic Power IPO: The initial public offering (IPO) of Emmvee Photovoltaic Power Limited opened for public subscription on November 11 and will remain open till November 13, 2025. The IPO is a book-build issue of Rs 2,900 crore, comprising a fresh issue and an offer-for-sale (OFS) of shares aggregating to approximately 13.36 crore shares.

Market guru Anil Singhvi's take on Emmvee Photovoltaic Power IPO

On Wednesday, Zee Business Managing Editor Anil Singhvi shared his views on Emmvee Photovoltaic Power IPO and pointed out that one more solar company is hitting the crowded IPO market.

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The market analyst also highlighted that the IPO has a reasonable valuation and expects big competition in future.

He has advised that risk-taking investors can apply only for small listing gains.

Key positives

1) Experienced promoters and professional management

2) Impressive revenue growth in three years. From Rs 64 Cr in FY23 to Rs 2360 Cr in FY25

3) Big jump in profit in three years from Rs 9 crore to Rs 369 crore

4) Amazing improvement in margins from 1.45 per cent to 15.8 per cent in three years

5) Plans to double capacity to 16.3 GW by FY28

6) Strong revenue visibility due to a big order book

7) The integrated model ensures post-control and quality

8) Big promoter holding post IPO at 80.7 per cent

Key negatives

1) Huge debt, which will be repaid on IPO money

2) Very big negative cash flows for the last 3 years

3) Low utilisation levels at 54 per cent

4) Huge working capital requirement due to high inventory levels and debtors

5) Huge finance cost due to capex

6) Execution challenges as the company plans to double capacity by FY28

Emmvee Photovoltaic Power IPO details

The Emmvee Photovoltaic Power IPO is a book-build issue of Rs 2,900 crore, comprising a fresh issue of 9.88 crore shares (Rs 2,143.86 crore) and an offer-for-sale (OFS) of 3.48 crore shares (Rs 756.14 crore).

Through OFS, the company's promoters, Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha and Sumanth Manjunatha Donthi, are offloading their stakes.

The IPO has allocated 75 per cent, 15 per cent and 10 per cent of the net offer for the QIB, NII and retail investor categories, respectively.

Price band: Rs 206 to Rs 217 per equity share

Subscription date: From November 11 to November 13, 2025

Lot size: 69 shares (minimum investment of Rs 14,973)

Allotment date: Tentatively on November 14, 2025

Listing date: Tentatively on November 18, 2025

Emmvee Photovoltaic Power Limited company profile

Emmvee Photovoltaic Power Limited, which was incorporated in March 2007, has an integrated manufacturing setup consisting of solar cells and modules.

The range of products of the company consists of bifacial and mono-facial TOPCon modules & cells, and Mono PERC modules.

Financially, the company reported a revenue increase of 147 per cent and profit after tax (PAT) rose by 1177 per cent in the financial year ending March 31, 2025.