IPO Note : Emmvee Photovoltaic Power Ltd by Religare Broking Ltd
Key Highlights
* Company background: Emmvee Photovoltaic Power Ltd is India’s secondlargest pure-play integrated solar PV module and cell manufacturer, with 7.80 GW PV module and 2.94 GW cell production capacity as of June 30, 2025. With over 18 years of experience, it operates four manufacturing units across two Karnataka locations (22.44 acres). Listed under MNRE’s ALMM (Approved List of Models and Manufacturers of Solar Photovoltaic Modules) List I, it can supply modules to government and grid-connected projects, holding a 5.1% share of ALMM-listed capacity (May 2025). As an integrated domestic producer, it also serves the DCR (Domestic Content Requirement) market, enabling participation in major government schemes like CPSU, PM-KUSUM, PM Surya Ghar Yojana, and rooftop solar programs.
* Market opportunity: The company is strategically positioned to take advantage of India's ambitious 500 GW renewable energy goal by 2030, bolstered by the PLI, CPSU, and PM-KUSUM initiatives, along with import restrictions that favor local companies. The company's planned increase to 16.3 GW in module capacity and 8.94 GW in cell capacity by 2028 enhances its competitive edge. The growing adoption of solar energy, demand driven by electric vehicles, and preference for ALMM-approved modules enhance domestic opportunities. Furthermore, advancements in technology, such as TOPCon bifacial modules and the potential for exports, place Emmvee in a strong position for robust and sustained growth in the global clean energy sector.
* key strengths: The company demonstrates strong technological and operational capabilities, being an early adopter of high-efficiency TOPCon solar cell technology and among the few Indian manufacturers leveraging it. Its integrated and closely located facilities drive cost efficiency and process optimization. Supported by scale, reliability, and a diversified customer base across IPPs, C&I, and EPC segments in public and private sectors, the company is well-positioned to capture opportunities in India’s accelerating renewable energy transition.
* Key strategies: The company’s key strategy focuses on expanding its solar PV module capacity to 16.30 GW and solar cell capacity to 8.94 GW by H1 FY2028 to meet rising demand. It aims to enhance efficiency through continuous adoption of advanced technologies while deepening its presence across diverse domestic customer segments, including IPPs, C&I, and EPC players. Additionally, the company plans to establish a foothold in international markets with high growth potential, strengthening its global competitiveness and long-term growth prospects.
* Financials: Between FY23 and FY25, Emmvee Photovoltaic Power Ltd. experienced rapid financial growth, with revenue from operations rising from Rs.618 crore in FY23 to Rs.2,336 crore in FY25 and EBITDA expanding from Rs.56 crore to Rs.722 crore, driving margins from 9.1% to 30.9%. PAT surged from Rs.8.9 crore to Rs.369 crore amid significantly improved return ratios and operational efficiency gains, marking a successful transformation into a leading, highly profitable integrated renewable energy company.
* Valuation: Emmvee Photovoltaic’s post-IPO P/E of 20× is reasonable versus peers, supported by robust growth potential, enhanced profitability, and a reduced debt burden. Long-term investors may consider subscribing due to its strong fundamentals and the favorable outlook for the renewable energy sector.
* Key risks: The company is exposed to raw material price volatility, intense competition, and evolving regulatory frameworks such as ALMM and DCR schemes. Its dependence on a limited number of key customers increases business concentration risk, while potential delays, modifications, or cancellations of outstanding orders could adversely affect revenue stability, cash flows, and overall financial performance.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ000174330
