Emmvee Photovoltaic Power Limited is a prominent integrated solar photovoltaic (PV) module and cell manufacturer in India, holding the position as the second-largest pure-play integrated solar PV module and cell manufacturing company by production capacity as of March 31, 2025. With an 18-year track record, the company operates with a substantial capacity: 7.80 GW for solar PV modules and 2.94 GW for solar cells as of June 30, 2025. Emmvee is a key domestic player, notably being one of the first in India to adopt the high-efficiency Tunnel Oxide Passivated Contact (TOPCon) technology for cell manufacturing. The product line primarily features bifacial and mono-facial formats of TOPCon modules and cells.

Strategically positioned for growth, the company is undergoing significant capacity expansion, aiming to boost solar PV module capacity to 16.30 GW and solar cell capacity to 8.94 GW by the first half of Fiscal 2028. Its inclusion in the MNRE’s ALMM List I and II grants it access to crucial government and Domestic Content Requirement (DCR) markets. Furthermore, the company has demonstrated strong financial performance, with revenue from operations growing at a 94.38% CAGR and EBITDA at a 258.18% CAGR between Fiscal 2023 and Fiscal 2025.

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• Strong Market Position: The Company is one of India’s largest solar module makers and the second-largest fully integrated cell and module manufacturer.
• Advanced Technology Adoption: They are an early leader in India for using the highly efficient TOPCon technology for solar cell production.
• Aggressive Growth Strategy: Major expansion plans are underway to significantly increase manufacturing capacity for both cells and modules by early 2028.
• Access to Key Projects: Being on the government’s ALMM list allows the company to supply modules for critical government-backed renewable energy projects.

The Company EMMVEE PHOTOVOLTAIC POWER LIMITED IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and the Material Subsidiary (₹ 1621.29 Cr.)
• General corporate purposes

At the upper band of IPO ₹ 217, the stock is valued at 20.01 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.