Emmvee Photovoltaic Power made a quiet entry into the stock market, with its shares debuting at ₹217 on both the NSE and BSE, same as its IPO price.
It then gradually oscillated within a narrow band, drifting between ₹206 and ₹228 through the trading session. However, it settled without significant change at ₹219.40 and ₹219.05 on the NSE and BSE, respectively.
The ₹2,900-cr offer received The IPO comprised a fresh issue of shares worth ₹2,143.86 crore and an offer for sale (OFS) of shares valued at ₹756.14 crore by promoters, at a price band of ₹206-217.
The solar photovoltaic modules and solar cells maker mobilised ₹1,305 crore from anchor investors.
Emphasising on the financial portfolio, Abhinav Tiwari, Research Analyst at Bonanza, said, “Emmvee demonstrates exceptional financial execution with 91 per cent revenue CAGR (FY23-25) and 541 per cent profit CAGR reaching ₹369 crore in FY25. The company has achieved 30.9 per cent EBITDA margins with PAT margins expanding to 15.8 per cent, reflecting operational excellence and pricing power.
Most critically, Emmvee provides revenue visibility through its robust 5.26 GW order book serving marquee B2B clients like SJVN Green and NTPC Renewable Energy.
With India’s renewable capacity targeting 500 GW by 2030, sector tailwinds are structural. Planned capacity expansion to 16.3 GW modules by H1 FY28 positions Emmvee to capture significant market share in India’s renewable manufacturing opportunity, Tiwari added.