India’s solar energy landscape is transforming, and few names capture that momentum as vividly as Emmvee Photovoltaic Power. With its origins dating back to 21 March 2007, this Bengaluru-based company has evolved from a modest manufacturer of toughened glass and solar modules into one of the nation’s leading integrated photovoltaic (PV) players.
Emmvee Photovoltaic is gearing up for a landmark INR 2,900 crore public issue — comprising a fresh issue of INR 2,143.86 crore and an offer for sale of INR 756.14 crore. The company’s journey from crafting glass to crafting energy solutions mirrors India’s broader transition to sustainability and self-reliance in renewables.
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Emmvee: Powering Tomorrow, Today
In a rapidly evolving global energy landscape, Emmvee Photovoltaic has emerged as the second-largest pure-play integrated solar photovoltaic (PV) module and cell manufacturer in India, and one of the few with a robust order book exceeding 5 GW as of 30 June 2025.
The company’s manufacturing base rests upon a 7.80 GW current installed solar PV module capacity and a 2.94 GW solar cell capacity, with all units strategically clustered across two sites in Karnataka. Notably, Emmvee now operates India’s largest TOPCon cell manufacturing facility, a mark of technological prowess and a harbinger of higher efficiency solar solutions.
Unmatched Scale: From 7.80 GW to 16.3 GW
Emmvee Photovoltaic is all set to double its solar module capacity to a monumental 16.3 GW, with solar cell capacity expanding to 8.94 GW by the first half of FY2028. This phased ramp-up includes an imminent 2.5 GW addition at Unit VI in Sulibele, Bengaluru (targeting commissioning in FY2026) and a landmark 6 GW integrated cell and module complex at ITIR Phase II, Bengaluru. The expansion is backed by INR 3,306 crore of recently sanctioned term loans, reflecting the confidence of leading financial institutions in the company’s vision and execution discipline.
Order Book Strength: 5 GW+ Assured Offtake
The company anchors its growth on an outstanding module order book of 5.36 GW as of June 2025, valued at over INR 7,810 crore, offering robust revenue visibility for the next several quarters. Its client base spans 543 unique customers, strongly diversified across utility-scale IPPs (2.32 GW), public sector undertakings (0.20 GW), and commercial/industrial (2.07 GW).
According to company data, average order size per client has grown exponentially from 0.84 MW in FY2023 to 7.63 MW in FY2025, underlining traction among larger institutional buyers.
Technology Leadership: India’s Pioneer in TOPCon
Emmvee Photovoltaic has leapfrogged legacy technologies by ramping up production on TOPCon (Tunnel Oxide Passivated Contact) cells and modules – the present gold standard for solar efficiency. With a 5.1% market share in ALMM-certified module capacity as of May 2025, the company has not only delivered over 2.04 GW high-efficiency modules globally, but has also cemented relationships with leading government and private clients for DCR-compliant products. Crucially, its manufacturing systems are outfitted with industry-grade automation and advanced AI-driven testing.
Karnataka: The Solar Manufacturing Capital
Operating exclusively from Karnataka, Emmvee Photovoltaic’s cluster of plants ensures logistics efficiency and proximity to India’s talent pool. The flagship TOPCon unit stands as India’s largest such facility, bringing significant operational economies and scalability. All units maintain rigorous environmental standards, with over 63% of energy requirements met from renewables as of June 2025.
Financial Performance: Growth with Profitability
Between FY2023 and FY2025, Emmvee Photovoltaic’s revenue increased at a CAGR of 94%, touching INR 23,356 million for FY2025. EBITDA margins for FY2025 stood at an impressive 30.91%, with PAT margins rising to 15.8%. Despite substantial expansions and investments, the company has prudently managed its capital structure and kept its contingent liabilities at low single digits of its net worth.
| FY 2023 | FY 2024 | FY 2025 | Q1 FY 2026 | |
| Revenue | 618.13 | 951.94 | 2,335.61 | 1,027.82 |
| Expenses | 632.70 | 906.82 | 1,877.51 | 802.03 |
| Net income | 8.97 | 28.90 | 369.01 | 187.68 |
| Margin (%) | 1.45 | 3.04 | 15.80 | 18.26 |
Strategic Vision: Forward Integration and Backward Linkages
Emmvee’s future strategy is laser-focused: expand scale, deepen domestic backward integration into wafers and ancillary supplies, and diversify supplier relationships to reduce risks from overseas disruptions. The ongoing wave of policy support—from ALMM mandates to the Production Linked Incentive (PLI) scheme—positions Emmvee Photovoltaic as a sure-footed beneficiary ready to capitalize on the Indian government’s 500 GW renewable energy target for 2030.
Why Emmvee Photovoltaic Deserves a Place in Your Portfolio
- Market-Leading Capacity: Scaling from 7.8 GW to 16.3 GW in modules, poised to address India’s multi-year solar boom.
- Defensive Order Book: Assured execution pipeline with >5 GW in orders, de-risking near-term cash flows.
- Tech Differentiation: India’s front-runner in TOPCon manufacturing delivers higher efficiency, future-proof modules.
- Execution Track Record: Consistent capacity growth, prudent project funding, and operational resilience.
- Financial Strength: High margins, expanding scale, and a commitment to disciplined capital management.
- National Champion Status: A key enabler for India’s energy transition, recognized across B2G, B2B, and emerging segments.
Conclusion
Emmvee Photovoltaic Power stands at the intersection of innovation, scale, and sustainability—embodying the spirit of India’s renewable energy revolution. Its evolution from a glass manufacturer to a solar powerhouse reflects not only strategic foresight but also operational excellence. With its ambitious capacity expansion to 16.3 GW, industry-leading TOPCon technology, and a rock-solid order book exceeding 5 GW, Emmvee demonstrates both vision and execution discipline.
The company’s impressive financial trajectory—marked by accelerating revenues, strong margins, and efficient capital management—underscores its ability to deliver profitable growth while sustaining reinvestment for the future. Supported by government policy tailwinds and a rising domestic solar ecosystem, Emmvee Photovoltaic Power is well-positioned to emerge as a national champion in renewable manufacturing.
For investors seeking a blend of growth potential, technological leadership, and sustainability-driven value creation, Emmvee represents more than just a stock—it’s a long-term wealth compounder aligned with India’s green future. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.