Highlights
| Issue Size – 133,640,552 shares | Issue Open/Close – 11 Nov / 13 Nov, 2025 |
| Price Band (Rs.) – 206 – 217 | Issue Size (Rs.) ~ 29,000 mn |
| Face Value (Rs) – 2 | Lot Size (shares) – 69 |
Emmvee Photovoltaic Power Limited (EPPL) incorporate in 2007, is the second largest pure-play integrated solar photovoltaic (PV) module and solar cell manufacturing company and one of the largest solar PV module manufacturers in India.
Company’s portfolio comprises bifacial and mono-facial formats of TOPCon modules and cells, and bifacial and mono-facial formats of mono passivated emitter and rear contact (Mono PERC) modules and has ability to leverage TOPCon technology to enhance the quality, efficiency, and performance of its solar PV modules.
As of Q1FY26, company operates 4 manufacturing units in Karnataka, spread across 22.44 acres of land and has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW with a zero liquid discharge system for cell manufacturing operations, achieving a 96.80 pct water recovery rate.
Out of the total proceeds from the offer, ~Rs. 16,213 mn would go towards repayment of long-term borrowings, ~Rs. 5,226 mn would go towards general corporate purposes. While ~Rs. 7,561 mn would go towards existing selling shareholders of the company.
Key Highlights
- India is actively developing its solar manufacturing capabilities, and in FY25, India’s cumulative manufacturing capacity reached approximately 89 GW for solar module and approximately 25 GW for solar cell. India aims to build its presence across all stages of solar manufacturing over the next two to three years.
- EPPL is currently in the process of adding a 2.50 GW solar PV module production capacity line, and intend to add a 6.00 GW integrated solar cell and solar PV module production capacity, pursuant to which they aim to increase their solar PV module production capacity to 16.30 GW and solar cell production capacity to 8.94 GW by the first H1FY28.
- As of Q1FY26, the company had six distributors across nine states and two union territories. It plans to expand its distribution network, target small to medium C&I entities through the DCR market, and leverage key government schemes like PM Surya Ghar Yojana, CPSU, and PM KUSUM to boost domestic solar module demand and growth.
- EPPL’s key strategies include (i) Continued expansion of solar cell and module manufacturing capacity (ii) Strategic focus on further backward integration and diversification of supplier base (iii) Continue to focus on leveraging new technologies to improve efficiency (iv) Strengthen presence across diverse customer segments within India (v) Expand sales in international markets.
- Sales of the company has grown by 94.4 pct CAGR in over FY23-25 and EBITDA and profit grew by 258 pct CAGR and 541 pct CAGR over same period. During FY25 the sales of the company jumped by 145.5 pct YoY to Rs. 23,356 mn. While EBITDA of the company grew by 499.4 pct YoY to Rs. 7,219 mn. During FY25, the company reported profit of Rs. 3,690 mn, which grew 1,177 pct YoY.
Key Risk
- The Government of India (GoI) has offered several fiscal benefits, polices, schemes, imposed tariffs, custom duties, on foreign imports, policies and schemes aimed at promoting the solar energy industry. If GoI Reduced such benefits will affect business of company.
- Over the last three fiscals, the company’s solar module and cell facilities operated below optimal levels. Despite capacity expansion from FY23 to FY25, solar module utilization remained under 50 pct, improving to 53.91 pct in FY25, while the new solar cell facility operated at 42.83 pct utilization in FY25.
- The company is highly dependent on a few key customers, with the top 10 contributing over 80 pct of sales across recent periods.
Financial Performance
| Particulars | FY23 | FY24 | FY25 | Q1FY26 |
| Sales (Rs. mn) | 6,181 | 9,519 | 23,356 | 10,278 |
| EBITDA (Rs. mn) | 563 | 1,204 | 7,219 | 3,474 |
| EBITDA Margin (%) | 9.1% | 12.7% | 30.9% | 33.8% |
| Profit (Rs. mn) | 90 | 289 | 3690 | 1877 |
| Profit Margin (%) | 1.5% | 3.0% | 15.8% | 18.3% |
| ROE (%) | 6.4% | 18.7% | 104.6% | 29.9% |
| ROCE (%) | 5.9% | 5.0% | 23.3% | 10.3% |
Peer Comparison
| Peer Comparison | Emmvee Photovoltaic Power Ltd. | Waaree Energies Ltd | Premier Energies Ltd. | Vikram Solar Ltd. |
| Sales (Rs. mn) | 23,356 | 1,44,445 | 65,187 | 34,235 |
| EBITDA (Rs. mn) | 7,219 | 31,232 | 19,142 | 4,920 |
| EBITDA Margin (%) | 30.90% | 21.60% | 29.40% | 14.40% |
| Profit (Rs. mn) | 3,690 | 19,281 | 9,371 | 1,398 |
| Profit Margin (%) | 15.80% | 13.30% | 14.40% | 4.10% |
| Installed Capacity for Modules (MW) | 6,016 | 15,000 | 5,100 | 4,500 |
| Installed Capacity for Cells (MW) | 2,943 | 5,400 | 2,000 | – |
| Order Book (MW) | 4,892 | 25,000 | 5,303 | 10,341 |
Valuation
Emmvee Photovoltaic Power Ltd. is involved in the business of solar cell and module manufacturing. As a solar panel company, EPPL aim at providing universally designed products to support all kinds of contemporary and lavish living. With a premium positioning in PV modules, their quality of the offering, timeliness of execution, customised approach and smart engineering is what makes them different in the solution space. At the upper end of the price of Rs. 217, the issue quotes PE of 20x on FY26 annualized earnings. The issue looks fully priced. One can subscribe this issue from a longer-term perspective.
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Advisor before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
