The MV Photovoltaic IPO opens on November 11, 2025, and will close on November 13, 2025. The MV Photovoltaic IPO is a book-built issue. The company will raise approximately ₹2,900 crore through the IPO, consisting of a fresh issue of ₹2,143.86 crore worth of shares and an offer for sale of 3,48,45,069 equity shares with a face value of ₹2.
The price band for the MV Photovoltaic IPO is ₹206 to ₹217 per share. The retail quota is 10%, QIBs 75%, and HNIs 15%. The MV Photovoltaic IPO will be listed on the BSE and NSE on November 18, 2025. The allotment for the MV Photovoltaic IPO will take place on November 14, 2025.
The company reported revenue of ₹2,360.33 crore in 2025, compared to ₹954.44 crore in 2024. The company reported a profit of ₹369.01 crore in 2025, compared to ₹28.90 crore in 2024. Based on the financials, IPO investors should invest in the IPO GMP for the long term.
Emmvee Photovoltaic IPO Details
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Face Value | ₹2 Per Equity Share |
| IPO Price Band | ₹206 to ₹217 Per Share |
| Issue Size | Approx ₹2,900 Crores |
| Fresh Issue | Approx ₹2,143.86 Crores |
| Offer for Sale: | Approx 3,48,45,069 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Emmvee Photovoltaic IPO Review & Key Points
- Review:
Emmvee Photovoltaic IPO Market Lot
The Emmvee Photovoltaic IPO minimum market lot is 69 shares with ₹14,973 application amount. The retail investors can apply up-to 13 lots with 897 shares of ₹1,94,649 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 69 | ₹14,973 |
| Retail Maximum | 13 | 897 | ₹1,94,649 |
| S-HNI Minimum | 14 | 966 | ₹2,09,622 |
| S-HNI Maximum | 66 | 4,554 | ₹9,88,218 |
| B-HNI Minimum | 67 | 4,623 | ₹10,03,191 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
Emmvee Photovoltaic IPO Anchor Investors
| Anchor Bidding Date | November 10, 2025 |
| Anchor Investors List | ' |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | December 14, 2025 |
| lock-in period end date 50% shares (90 Days) | February 12, 2026 |
Emmvee Photovoltaic IPO Dates
The Emmvee Photovoltaic IPO date is November 11 and the close date is November 13. The Emmvee Photovoltaic IPO allotment will be finalized on November 14 and the IPO listing on November 18.
| IPO Open Date: | November 11, 2025 |
| IPO Close Date: | November 13, 2025 |
| Basis of Allotment: | November 14, 2025 |
| Refunds: | November 17, 2025 |
| Credit to Demat Account: | November 17, 2025 |
| IPO Listing Date: | November 18, 2025 |
| IPO Bidding Cut-off Time: | November 13, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha and Sumanth Manjunatha Donthi.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 59,35,49,550 | 100% |
| Promoter Holding Post Issue | 69,23,45,033 | -% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and the Material Subsidiary | ₹1,621.29 |
| General Corporate Purpose | ₹- |
Emmvee Photovoltaic IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹644.37 | ₹632.70 | ₹8.97 | ₹840.79 |
| 2024 | ₹954.44 | ₹906.82 | ₹28.90 | ₹2,189.99 |
| 2025 | ₹2,360.33 | ₹1,877.51 | ₹369.01 | ₹3,913.94 |
| June 2025 | ₹1,042.22 | ₹802.03 | ₹187.68 | ₹4,347.72 |
Emmvee Photovoltaic IPO Valuation – FY2025
Check Emmvee Photovoltaic IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 104.60% |
| ROCE: | 23.33% |
| EBITDA Margin: | 30.91% |
| PAT Margin: | 15.80% |
| Debt to equity ratio: | 3.63 |
| Earning Per Share (EPS): | ₹6.22 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 69.44% |
| Net Asset Value (NAV): | ₹8.95 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Waaree Energies Limited | 68.24 | 50.47 | 20.34% | 329.96 | 14,444.50 Cr. |
| Premier Energies Limited | 21.35 | 51.30 | 33.21% | 62.61 | 6,518.75 Cr. |
| Vikram Solar Limited | 4.61 | 70.97 | 11.26% | 39.24 | 3,423.45 Cr. |
| Saatvik Green Energy Limited | 19.09 | 27.49 | 63.41% | 30.14 | 2,158.39 Cr. |
| Websol Energy Systems Limited | 36.66 | 33.83 | 55.65% | 65.88 | 575.46 Cr. |
About Emmvee Photovoltaic IPO
One of the leading companies, Emmvee Photovoltaic, was founded in 2007 and started work on solar cells and solar panels. In fact, they are one of the substantial solar PV module manufacturers in India, each in terms of production capacity as of March 31, 2025.
Their solar PV modules have received various international quality accreditations that demonstrate their reliability and durability. Moreover, the company has four factories on 22.44 acres in two locations in Karnataka.
The company has skilled and experienced promoters who are one of the main reasons for the company’s growth. Moreover, their strength is the second-largest company in India that manufactures both solar panels and solar cells.
Incorporated in March 2007, MV Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.
As of May 31, 2025, the company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW.
The company's product portfolio includes bi-facial and mono-facial Topcon modules and cells, and mono PERC modules.
The company has four manufacturing units spread over 22.44 acres at two locations in Karnataka.
As of May 31, 2025, the company's solar cell manufacturing unit at Dobbaspet, Bengaluru, Karnataka, is one of the largest Topcon solar cell facilities in India by capacity.
The company's customers include independent power producers ("IPPs"), commercial and industrial ("C&I") sector entities, and engineering, procurement, and construction ("EPC") service providers in both the public and private sectors. Key customers include Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Bluepine Energy, Lineage Power, BN Peak Power-I, KMV Projects, Powertrack Packaging, Silres Energy, Kinch Synergy, Zodiac Energy, E Ramamurthy Minerals & Metals, Insolar Energy, Universal Transformers, and Mars Energy Group. In 2023-2025, we served 525 customers.
As of March 31, 2025, the company had 611 full-time employees.
Competitive Strengths:
The second-largest pure integrated solar PV module and cell manufacturer in India.
One of the largest solar PV module manufacturers in India with a track record of providing quality products.
Early bird advantage in leveraging high-efficiency TOPCon cell technology.
Advanced manufacturing units promote efficient and sustainable operations.
Valuable relationships with a diverse customer base, supported by a large order book.
Experienced promoter-led senior management team.
IPO Lead Managers aka Merchant Bankers
- JM Financial Ltd.
- IIFL Capital Services Ltd.
- Jefferies India Pvt.Ltd.
- Kotak Mahindra Capital Co.Ltd.
Company Address
Emmvee Photovoltaic Power Ltd.
13/1, International Airport Road
Bettahalasur Post
Bengaluru, Karnataka, 562157
Phone: +91 80 2217 4524
Email: investorrelations@emmvee.in
Website: https://www.emmveepv.com/
IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: Emmvee.ipo@kotak.com
Website: https://ipostatus.kfintech.com/