IPO Listed — 18 Nov 2025

Listing Price: ₹217 (+0% vs ₹217)

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Emmvee Photovoltaic Power IPO Review

Q: What was the actual listing price of Emmvee Photovoltaic Power IPO?

Emmvee Photovoltaic Power IPO listed on November 18, 2025 at ₹217, against the issue price of ₹217 — a gain of +0% (₹0 per share).

Q: What is the price band and lot size of Emmvee Photovoltaic Power IPO?

Emmvee Photovoltaic Power IPO is priced at ₹₹206 to ₹217 per share. The minimum lot size is 69 shares. Subscription ran from 11 Nov 2025 to 13 Nov 2025.

Emmvee Photovoltaic Power IPO has been reviewed by 15 analysts, and the overall consensus is Strong Apply — carrying a score of 97. Out of the 15 analysts who have covered this IPO, 14 recommend subscribing while 1 advises caution or avoidance — reflecting a mixed view from the analyst community.

The issue is priced in the band of ₹₹206 to ₹217 per share , with a minimum application size of 69 shares . Subscription ran from 11 Nov 2025 to 13 Nov 2025. Scroll down for the full analyst breakdown and analyst-wise verdicts.

General Review

Emmvee Photovoltaic Power is one of India's largest solar manufacturers, with 7.80 GW of module and 2.94 GW of cell capacity as of June 2025 and a 5.1 percent share of ALMM-enlisted module capacity. Revenue jumped from ₹954.44 crore in FY24 to ₹2,360.33 crore in FY25. Fourteen of sixteen analysts said subscribe.

Listing Gains

The notes value the issue between about 20 and 40.7 times depending on the earnings basis, clustering near 34.9 times FY25, with EV to EBITDA around 23.2 times. Analysts point out both sit below peer averages, and an industry average near 47 times. That relative discount supported a positive listing.

Short Term Strategy

Profitability improved dramatically, with EBITDA rising from ₹120.44 crore in FY24 to ₹721.94 crore in FY25 and ₹347.38 crore in the June 2025 quarter alone. Capacity utilisation is still below full, so the notes see operating leverage available without fresh capital being required first.

Long Term Strategy

The long-term case is capacity and technology. Analysts cite an expansion path to 16.30 GW of module capacity by the first half of FY28 and leadership in TOPCon cells, tied to India's energy transition and a strong order book. Execution on that expansion is what the ratings assume.

Disclaimer: This review is an AI summary derived from the reviews of all analysts.

Analyst Verdict & Score
Detailed Review
Analyst Reviews
Frequently Asked Questions

Analyst Sentiment

Analytical Score

How it's calculated?

Strong Apply

97 / 100

Recommend Subscribe

Based on 15 analyst reviews

14 / 15

Higher consensus indicates broader analyst agreement.

Analyst Review

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GEPL Capital	Apply
Sushil Finance	Apply
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Kunvarji Wealth	Apply
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SMC Global	Neutral
Reliance securities	Apply
Bajaj finance pvt ltd	Not Rated
IDBI capital	Apply

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Frequently Asked Questions

Should I apply for Emmvee Photovoltaic Power IPO?

Based on analyst coverage tracked on this page, the overall verdict for Emmvee Photovoltaic Power IPO is Strong Apply. Out of 15 analysts who have reviewed this IPO, 14 recommend subscribing. Always cross-check with the full analyst reviews below and consult a SEBI-registered advisor before making any investment decision.

What does the score of 97 mean for Emmvee Photovoltaic Power IPO?

The score of 97 is an aggregate of all analyst ratings tracked for Emmvee Photovoltaic Power IPO. A score in this range indicates strong analyst confidence — most analysts are recommending a subscribe. Scroll down to read individual analyst verdicts for more context.

What was the actual listing price of Emmvee Photovoltaic Power IPO?

Emmvee Photovoltaic Power IPO listed on November 18, 2025 at ₹217 , against the issue price of ₹217 — a gain of +0% (₹0 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of Emmvee Photovoltaic Power IPO?

Emmvee Photovoltaic Power IPO was priced at ₹₹206 to ₹217 per share. The minimum lot size is 69 shares. Subscription ran from 11 Nov 2025 to 13 Nov 2025.

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