Karnataka-based Emmvee Photovoltaic Power, a promoter-funded company with no external equity investors, is coming with a ₹2,900-crore issue on November 11, after a sharp scale-up in capacities along with record profitability in FY25 and Q1 FY26.

As the second-largest pure-play integrated module-cell manufacturer, Emmvee has a track record of 18-plus years, a credible operating model and near-term visibility.

At the upper end of the ₹206-217 IPO price-band, the stock is valued at about 41 times FY25 earnings and roughly 29 times trailing earnings, which include an exceptionally-strong Q1 FY26 (50 per cent of FY25 profit). This makes the issue likely priced off peak-cycle profitability rather than steady-state earnings.

The IPO consists of a ₹2,144-crore fresh issue (9.88 crore shares) an

See Full Page