Business EconomyPosted at: Nov 11 2025 2:35PM


Emmvee challenges Chinese solar giants with Rs 2,900 cr IPO

By BD Narayankar
Bengaluru, Nov 11 (UNI) Emmvee Photovoltaic Power Limited on Tuesday announced that it is betting big on India's Make-in-India manufacturing drive to take on Chinese solar giants as it launched its ₹2,900 crore Initial Public Offering (IPO).
In an interview with UNI, Emmvee Photovoltaic Power Limited Chairman and Managing Director DV Manjunath said it aims to strengthen India's solar manufacturing ecosystem, expand domestic capacity, and deepen backward integration to reduce dependence on imports.
"India's solar manufacturing sector has come of age, and with the right policy and financing support, we can match global quality benchmarks," Manjunath said.
Acknowledging competition from Chinese manufacturers, Manjunath highlighted Emmvee’s early entry, focus on quality, and sustained profitability. “We began solar module manufacturing in 2007, long before many others scaled up. Our modules were among the few globally, including top Chinese firms, to pass all seven long-term reliability tests as top performers,” he noted.
Emmvee currently operates with 7.80 GW of solar module capacity and 2.94 GW of solar cell capacity. It has secured a Rs 33,060 million sanction from the Indian Renewable Energy Development Agency (IREDA) for setting up a 6,000 MWp (6 GW) integrated TOPCon solar cell and module facility at the Devanahalli Industrial Area Phase II near Bengaluru.
The project is a key part of its Make-in-India strategy and will consolidate its domestic manufacturing footprint and ensure a domestic supply chain for high-efficiency solar cells and modules.
Whole Time Director and CEO Suhas Donthi said the company's focus on the domestic market was a result of strong policy tailwinds such as the Basic Customs Duty (BCD) and the Approved List of Models and Manufacturers (ALMM) , which promote a level playing field for Indian firms. "These measures ensure a level playing field for Indian companies and promote self-reliance in renewable manufacturing," he added.
Emmvee's order book stood at 5.36 GW as of June 30, entirely from domestic customers, up from 4.89 GW a year earlier. The company said it had shifted focus from exports, particularly to the US, which once contributed 30 per cent of its revenue but now accounts for less than one per cent.
The company has supplied solar modules to over 543 clients, including Aditya Birla Renewables Solar Limited, Hero Rooftop Energy Private Limited, Clean Max Enviro Energy Solutions, and Bluoine Energy Private Limited.
Emmvee noted that its modules currently deliver 23–24 per cent efficiency, consistent with global technological limits, and that it is not directly into rooftop installation but supplies modules for such projects.
Manjunatha said the company’s consistent profitability since inception has allowed it to fund growth without prior equity dilution. “From 1992, when we started with solar water heaters, we have been profitable every single year. We have never raised equity capital before this. The strength of the company lies in its financial discipline,” he said.
Promoters currently hold around 99.99 per cent of the shareholding pre-issue and will retain a controlling stake post-listing in line with SEBI norms.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 21,438.62 million (Rs 2,143.86 crore) and an Offer for Sale of Rs 7,561.38 million (Rs 756.14 crore) by existing shareholders, taking the total issue size to about ₹29,000 million (₹2,900 crore).
As per the Red Herring Prospectus, not less than 75 per cent of the Net Offer is reserved for Qualified Institutional Buyers (QIBs), not more than 15 per cent for Non-Institutional Investors (NIIs), and not more than 10 per cent for Retail Individual Investors (RIIs).
Following strong engagement with institutional investors, Emmvee will be listed on both NSE and BSE, with NSE as the designated exchange.
UNI BDN
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