India’s second largest solar module and cell manufacturer, Emmvee Photovoltaic Power, has filed its DRHP with SEBI for an INR 3,000 crore IPO. This is a big move to strengthen their presence in India’s growing renewable energy space.
Emmvee Photovoltaic IPO comprises of fresh issue of up to INR 2,143.86 crore and an OFS of up to INR 856.14 crore by promoter shareholders including Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha and Sumanth Manjunatha Donthi.
About Emmvee
Founded in 2007 and headquartered in Bengaluru, Emmvee has grown into India’s second largest pure play integrated solar module and solar cell manufacturer. With over 18 years of experience, the company has built a strong manufacturing and technology platform using both Mono PERC and Tunnel Oxide Passivated Contact (TOPCon) solar technologies.
As of 31 May 2025, Emmvee has an installed capacity of 7.80 GW for solar PV modules and 2.94 GW for solar cells. The company plans to increase capacities to 16.30 GW (modules) and 8.94 GW (cells) by H1 FY28. All new capacity addition will be TOPCon technology, which is fast becoming the global standard.
Emmvee IPO Objectives: Deleveraging and Growth
According to the DRHP, the proceeds from the fresh issue will be used as follows:
- INR 1,607.90 crore to repay or prepay certain outstanding borrowings and interest accrued by Emmvee and its material subsidiary.
- The remaining proceeds will be used for general corporate purposes.
This capital infusion is aimed at reducing the company’s net debt-to-equity ratio, which already improved from 5.46x in FY24 to 2.55x in FY25, a clear indication of financial discipline.
Financial Performance
Emmvee has demonstrated exceptional growth in revenue and profitability over the last three financial years:
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 618.13 | 951.94 | 2,335.61 |
| EBITDA | 56.27 | 120.44 | 721.94 |
| PAT | 8.97 | 28.90 | 369.01 |
| EBITDA Margin (%) | 9.10% | 12.65% | 30.91% |
| PAT Margin (%) | 1.45% | 3.04% | 15.80% |
| ROE (%) | 6.41% | 18.69% | 104.60% |
This extraordinary growth has been powered by:
- Expansion of module and cell production capacity.
- Adoption of TOPCon technology.
- Backward integration to reduce input dependency.
- Access to the Domestic Content Requirement (DCR) and ALMM-certified markets.
Technology Advantage: The TOPCon Differentiator
TOPCon technology offers superior efficiency (up to 26%) and long-term durability, making it increasingly popular in high-temperature geographies like India. Emmvee was one of the first in India to adopt this technology and has collaborated with Fraunhofer ISE (Germany) to set up its 2.94 GW cell line in Bengaluru.
The company’s focus on automation, AI-based testing, and ISO-certified cleanroom facilities ensures quality and consistency. Its modules have received global certifications including UL, BIS, and various IEC standards.
Manufacturing Footprint: Strategically Located in Karnataka
Emmvee operates four production units in Karnataka, with a combined land area of 22.44 acres. The plants are located in close proximity, helping reduce logistics costs and streamline operations.
Key upcoming expansions include:
- 2.5 GW module plant at Sulibele (operational by FY26)
- 6 GW integrated solar cell and module facility at ITIR Phase II, Bengaluru (operational by H1 FY28)
Client Base and Order Book
Emmvee has serviced 525 customers over the last three years, including major IPPs and C&I players such as:
- Ayana Renewable Power
- Clean Max
- KPI Green Energy
- Hero Rooftop Energy
As of 31 May 2025, the company had a 5.26 GW order book, comprising:
- 2.75 GW for utility-scale IPPs
- 0.42 GW from PSUs
- 1.22 GW from C&I clients
In FY25 alone, Emmvee secured 5.45 GW of new orders, with 15.78% being DCR orders.
Promoter Background and Management Team
The company is a family-led business with a highly experienced promoter group:
- Manjunatha Donthi Venkatarathnaiah, CMD, with over 30 years in solar
- Shubha Manjunatha Donthi, Non-Executive Director, 29 years in the industry
- Suhas Donthi Manjunatha, CEO, Drexel University alumnus with 6 years of experience
- Sumanth Manjunatha Donthi, Chief Strategy Officer
The professional management team includes industry veterans in manufacturing, legal, compliance, and R&D.
Strategic Positioning: Government Schemes & Policy Support
India’s solar capacity reached 105.6 GW by FY25 and is expected to exceed 200 GW by 2030. Emmvee is well-positioned to capitalize on this growth due to:
- ALMM listing (List I) and DCR eligibility
- Increasing demand under schemes like PM Surya Ghar Yojana, PM-KUSUM, CPSU, and Green Energy Corridor
- Government targets of 50 GW tendering annually and 500 GW by 2030
Conclusion: A bet on India’s clean energy future
Emmvee Photovoltaic is a company that is well positioned to benefit from India’s renewable energy push. With high efficiency technology, vertical integration and proven execution Emmvee offers investors a chance to participate in the next leg of India’s green energy journey.
As the country moves ahead on its climate and clean energy commitments Emmvee IPO could be the most exciting IPO in the solar manufacturing space.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.
Emmvee’s IPO filing shows its intent to expand and strengthen its presence in solar manufacturing. However, Avaada Group’s broader vision, spanning large-scale renewables and green energy diversification, gives it a stronger edge for the future.