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Emmvee Photovoltaic Power IPO Review

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 broadly positive 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. The issue size is ₹2,900 crore, a mix of fresh issue and offer for sale. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
97/ 100
Strong Apply 14 of 15 recommend subscribing
How analysts voted
Apply 14
Neutral 1
Not rated 1

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

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.

How this is written: an AI-assisted summary of the 16 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Latest IPO reviews

How analysts rated the most recent mainboard issues — and, where they have listed, how the call played out.

Frequently asked

Should I apply for Emmvee Photovoltaic Power IPO?

The analyst consensus for Emmvee Photovoltaic Power IPO tracked on this page is Strong Apply, with a score of 97/100. Out of 15 analysts who have reviewed this IPO, 14 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

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. Read the individual analyst verdicts above 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.

Explore Emmvee Photovoltaic Power IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

Emmvee Photovoltaic Power IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
Strong Apply
Score
97 / 100
Listed at
₹217
Full IPO details