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Incorporated on March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturing company. The company has, as of May 31, 2025, a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW. The product range of the company consists of bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules. The company operates four production facilities in two locations in Karnataka spanning 22.44 acres.As of May 31, 2025, the Solar cell manufacturing unit of the company at Dobbaspet, Bengaluru, Karnataka is India's largest TOPCon solar cell facility by capacity.The customers of the company are independent power producers (IPPs), organizations in the commercial and industrial (C&I) sector, and engineering, procurement, and construction (EPC) service providers in public and private sectors. The key customers are Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, BN Peak Power-I, KMV Projects, Powertrack Packaging, SILRES Energy, Kintch Synergy, Zodiac Energy, E Ramamurthy Minerals and Metals, InSolare Energy, Universal Transformers, and Mars Energy Group. During 2023- 2023, we had served 525 customers.As of March 31, 2025, the company employed 611 full-time people.
Sotefin Bharat
| Companies Name | Open - Close | Issue Size | Min. Qty | Issue Price | Apply |
|---|---|---|---|---|---|
Sotefin Bharat SME | 16th Jul 2026 - 20th Jul 2026 | 89.76 Cr | 600 Shares | ₹ 178.00 | |
Caliber Mining & Logistics Mainboard | 17th Jul 2026 - 21st Jul 2026 | 450.00 Cr | 35 Shares | ₹ 402.00 |

Open Date
11 Nov 2025
Close Date
13 Nov 2025
Min Investment
₹14973
Lot Size
69 Shares
Issue Size
₹2900 Cr
Price Range
₹206 - ₹217
Listing Date
Nov 18, 2025
IPO Doc
RHP PDFRevenue Growth
Company Valuation
Earning Expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.
₹1,621.29 crore will be used for debt repayment/prepayment. IPO funds will cover general corporate use and unidentified acquisitions.
Repayment of loans
75.62%
General corporate purposes
24.3%
₹1,621.29 crore will be used for debt repayment/prepayment.
IPO funds will cover general corporate use and unidentified acquisitions.
Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).
In Cr.
| Key Performance Indicator | 30-Jun-25 (In Cr.) | 31-Mar-25 (In Cr.) | 31-Mar-24 (In Cr.) | 31-Mar-23 (In Cr.) |
|---|---|---|---|---|
| Revenue | 1,042.22 | 2,360.33 | 954.44 | 644.37 |
| EBITDA | 347.38 | 721.94 | 120.44 | 56.27 |
| Expenses | ||||
| Profit After Tax | 187.68 | 369.01 | 28.90 | 8.97 |
| Assets | 4,347.72 | 3,913.94 | 2,189.99 | 840.79 |
| Net Worth | 718.79 | 531.41 | 162.77 | 133.97 |
| Reserves | 608.83 | 529.37 | 160.73 | 131.93 |
| Borrowing | 2,032.11 | 1,949.69 | 1,441.30 | 519.62 |
Manjunatha Donthi Venkatarathnaiah
Shubha Manjunatha Donthi
Suhas Donthi Manjunatha
Sumanth Manjunatha Donthi
100%
80.70%
Emmvee Photovoltaic Power
13/1, International Airport Road, Bettahalasur Post, Bengaluru, Karnataka, 562157
The company operates four units across Karnataka, all equipped with fully automated Jinchen machines, AI-based electroluminescence testing, and 90,000 sq ft of ISO Class 6 and 30,000 sq ft of Class 8 cleanrooms. Sustainability initiatives include a zero liquid discharge system with 96.80% water recovery, renewable energy sourcing meeting 63.40% of power needs, and the use of lead-free frames and recycled packaging.
The company serves over 543 unique customers across IPP, C&I, and EPC segments, and has established relationships with leading renewable developers like Ayana Renewable Power, CleanMax, KPI Green Energy, and Aditya Birla Renewables. Order book stood at 5.36 GW as of June 30, 2025, including 515.93 MW of DCR-linked orders. The repeat customer rate of 61.67% as of June 2025 and increasing average order size (7.63 MW in FY25) underscore strong customer stickiness and demand visibility.
Despite its expanding footprint, the company’s capacity utilisation remains uneven across units, ranging from 19% to 67% as of Q1FY26. Inability to effectively utilise its current and proposed production capacities could hurt the business operations and cash flows.
The company sources 94.65% of its raw materials from international suppliers, with 54.7% of total imports from China in Q1FY26. The top 10 suppliers accounted for 68.88% of total purchases, increasing procurement risk. The lack of long-term contracts with these suppliers exposes the company to supply chain disruptions, currency fluctuations, and pricing volatility.
As of June 30, 2025, the company had an outstanding order book of 5.36 GW, valued at approximately ₹7811.73 crore. However, 87.13% of prior-period orders were carried forward, indicating potential fulfilment delays. Any modification, cancellation, or delayed execution of large-scale or DCR-linked orders could defer revenue recognition and strain cash flows.