Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on November 8, 2025
- The company is an emerging leader in solar PV module manufacturing along with related products like solar photovoltaic module, solar cell etc.
• It posted growth in its top and bottom lines for the reported periods.
• Its expanded play coupling with its participation in Government initiated schemes like PM-Kusum, PM – Surya Ghar, has helped it to outperform in FY25.
• Based on its recent financial data, the issue appears fully priced.
• Investors may park funds for medium to long term in this promising player in renewable energy segment.
ABOUT COMPANY:
Emmvee Photovoltaic Power Ltd. (EPPL) is primarily a solar module manufacturer and 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, each in terms of production capacity as of March 31, 2025. (Source: Crisil Report). As of June 30, 2025, it had a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW, with a track record of over 18 years. In addition, it is one of the first companies in India to adopt higher efficiency tunnel oxide passivated contact (“TOPCon”) technology to manufacture solar cells, and are among a limited number of solar cell manufacturers in India as of March 2025 to leverage this technology. (Source: Crisil Report).
The company is currently in the process of adding a 2.50 GW solar PV module production capacity line, and intends to add a 6.00 GW integrated solar cell and solar PV module production capacity, pursuant to which it aims to increase solar PV module production capacity to 16.30 GW and solar cell production capacity to 8.94 GW by the first half of Fiscal 2028. Its product 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. Its ability to leverage TOPCon technology enhances the quality, efficiency, and performance of solar PV modules. It has been included under List I (Manufacturers and Models of Solar PV Modules) of the ‘Approved List of Models and Manufacturers of Solar Photovoltaic Modules’ (“ALMM”) issued by the Ministry of New and Renewable Energy, Government of India (“MNRE”) from time to time, which allows it to supply solar PV modules for government and government assisted grid-connected utility projects as well as renewable energy projects and projects under government schemes that are mandated to source solar modules from ALMM certified manufacturers.
EPPL has a 5.1% market share in terms of ALMM enlisted module manufacturing capacity as of May 2025. (Source: Crisil Report). In addition, as an integrated domestic manufacturer, it is also able to access the domestic content requirement (“DCR”) market in India, which mandates the use of solar cells and modules manufactured domestically in India for renewable energy projects, particularly for projects under government schemes such as the Central Public Sector Undertaking (“CPSU”) scheme, Pradhan Mantri Kisan Urja Suraksha UtthanMahabhiyan (“PM-KUSUM”) scheme, PM Surya Ghar Yojana and grid-connected rooftop solar programmes. Its domestic solar cell manufacturing capabilities have also resulted in its inclusion in the list of solar cell manufacturers under List II (Models and Manufacturers for Solar PV Cells) of the ALMM, which could provide it additional opportunities for growth, particularly in the DCR market. With effect from June 2026, all solar modules used in projects mandated to source their solar modules from ALMM certified manufacturers will also be required to source their solar cells from domestic manufacturers. (Source: Crisil Report).
The Company entered into a research and development contract with Fraunhofer Institute for Solar Energy Systems ISE (“Fraunhofer ISE”) in 2022 to develop its expertise in the use of TOPCon technology to manufacture solar cells and implement advanced production techniques as part of its manufacturing operations, demonstrating EPPL’s commitment to quality, innovation and efficiency. Fraunhofer ISE is a research institute in Europe committed to research areas surrounding energy provision, distribution, storage and utilization. It is engaged in the development of materials, components, systems and processes for sustainable, economic and secure energy supply systems. Pursuant to this contract, Fraunhofer ISE provided technical and scientific support, including employee training in cell production and post-factory acceptance support, in the development of its 2.94 GW TOPCon cell production line at Unit III in 2024. This arrangement has enabled it to not only ramp up production capabilities, but also gain technical know-how through this collaboration. As of June 30, 2025, it had 778 employees on its payroll and additional 713 contract labourers in various departments.
ISSUE DETAILS/CAPITAL HISTORY:
The company is coming out with its maiden book building route combo IPO worth Rs. 2900.00 cr. (approx. 133640553 equity shares at the upper cap), The issue comprises of fresh issue worth Rs. 2143.86 cr. (approx. 98795392 equity shares at the upper cap), and an Offer for Sale (OFS) worth Rs. 756.14 cr. (approx. 34845161 equity shares at the upper cap). The company has announced a price band of Rs. 206 – Rs. 217 per equity shares of Rs. 2 each. The issue opens for subscription on November 11, 2025, and will close on November 13, 2025. The minimum application to be made is for 69 shares and in multiples thereon, thereafter. Post allotment, shares will be listed on BSE and NSE. The issue constitutes 19.30% of the post-IPO paid-up equity capital. From the net proceeds of the fresh equity issue, the company will utilize Rs. 1621.29 cr. for repayment/prepayment of certain borrowings, and the rest for general corporate purposes.
The company has allocated not less than 75% for QIBs, not more than 15% for HNIs and not more than 10% for Retail investors.
The four Book Running Lead Managers (BRLMs) to this issue are JM Financial Ltd., IIFL Capital Services Ltd., Jefferies India Pvt. Ltd., and Kotak Mahindra Capital Co. Ltd., while KFin Technologies Ltd., is the registrar to the issue. JM Financial Services Ltd., and Kotak Securities Ltd., are the syndicate members.
Having issued initial equity shares at par, the company has issued/converted further equity shares at a fixed price of Rs. 10 per share (based on FV of Rs. 2), between March 2009 and July 2010. It has also issued bonus shares in the ratio of 10 for 1 in April 2025. The average cost of acquisition of shares by the promoters/selling stakeholders Rs. 0.21, and Rs. 0.91 per share.
Post-IPO, its current paid-up equity capital of Rs. 118.71 cr. will stand enhanced to Rs. 138.47 cr. Based on the upper cap of the IPO price band, the company is looking for a market cap of Rs. 15023.89 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last three fiscals, the company has (on a consolidated basis) posted a total income/net profit, of Rs. 644.37 cr. / Rs. 8.97 cr. (FY23), Rs. 954.44 cr. / Rs. 28.90 cr. (FY24), and Rs. 2360.33 cr. / Rs. 369.01 cr. (FY25). For Q1 of FY26 ended on June 30, 2025, it posted a net profit of Rs. 187.68 cr. on a total income of Rs. 1042.22 cr. The company marked growth in its top and bottom lines for the reported period, indicating the likely future trends.
For the last three fiscals, the company has posted an average EPS of Rs. 3.30 and an average RoNW of 41.75 %. The issue is priced at a P/BV of 17.92 based on its NAV of Rs. 12.11 as of June 30, 2025, and at a P/BV of 5.25 based on its post-IPO NAV of Rs. 41.35 per share (at the upper cap).
If we attribute FY26 annualized super earnings to its post-IPO fully diluted paid-up equity capital, then the asking price is at P/E of 20.02. Based on FY25 earnings, the P/E stands at 40.71. Thus, the issue appears fully priced.
The company has posted PAT margins of 1.45% (FY23), 3.04% (FY24), 15.80% (FY25), 18.26% (Q1-FY26), and RoCE margins of 5.900%, 5.03%, 23.33%, 10.30%, respectively for the referred periods.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It has already adopted a dividend policy in May 2025, based on its financial performance and future prospects.
COMPARISON WITH LISTED PEERS:
As per the offer document, the company has shown Waaree Energies, Premier Energies, Vikram solar, Saatvik Green, and Websol Energy, as its listed peers which are trading at a P/E of 34.9, 39.1, 44.5, 26.2, and 27.9 (as of November 07, 2025). However, they are not truly comparable on an apple-to-apple basis.
MERCHANT BANKER’S TRACK RECORD:
The four BRLMs associated with the offer have handled 106 pubic issues in the past three fiscals, out of which 23 issues closed below the offer price on the listing date.
Conclusion / Investment Strategy
EPPL is an emerging leader in solar PV module manufacturing along with related products like solar photovoltaic module, solar cell etc. It posted growth in its top and bottom lines for the reported periods. Its expanded play coupling with its participation in Government initiated schemes like PM-Kusum, PM – Surya Ghar, has helped it to outperform in FY25. Based on its recent financial data, the issue appears fully priced. Investors may park funds for medium to long term in this promising player in renewable energy segment.
Review By Dilip Davda on November 8, 2025
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
