The company, one of India’s largest manufacturers of solar photovoltaic (PV) modules and cells, plans to use a significant portion of the proceeds to reduce its debt burden.
The IPO will consist of a fresh issue of equity shares worth ₹2,143.9 crore and an offer-for-sale (OFS) of ₹856.1 crore by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi. Emmvee may also consider a pre-IPO placement of up to ₹428.8 crore. If completed, the fresh issue size will be reduced accordingly.
According to the DRHP, Emmvee intends to use ₹1,607.9 crore from the fresh issue proceeds to pare down its consolidated borrowings, which stood at ₹2,709.7 crore as of June 14, 2025. The remaining funds will be allocated for general corporate purposes.
Emmvee currently operates with a solar PV module production capacity of 7.80 GW and a solar cell capacity of 2.94 GW, leveraging advanced tunnel oxide passivated contact (TOPCon) technology. The company is in the process of expanding its manufacturing footprint by adding a 2.50 GW solar PV module line and a 6 GW integrated solar cell and module facility.
With these additions, Emmvee aims to scale its module capacity to 16.30 GW and its cell capacity to 8.94 GW by the first half of FY28.
Competing with listed peers such as Websol Energy Systems, Waaree Energies, and Premier Energies, Emmvee has built a strong customer base over the past three years, serving over 525 clients including Clean Max Enviro Energy, KPI Green Energy, Aditya Birla Renewables Solar, and Blupine Energy. As of FY25-end, the company had an order book of 4.89 GW, with an additional 1.01 GW of orders secured during April–May 2025.
Financially, Emmvee has shown impressive growth. It reported a net profit of ₹369 crore for FY25, a nearly 13-fold jump from ₹28.9 crore in FY24. Revenue also surged by 145% to ₹2,335.6 crore, up from ₹951.9 crore in the previous year.
(Edited by : Megha Rani, Priyanka Deshpande)
