Emmvee Photovoltaic Power Ltd IPOEMMVEE

The IPO opens on 11 Nov 2025 & closes on 13 Nov 2025.

Emmvee Photovoltaic Power Limited was originally incorporated as 'Emmvee Toughened Glass and Photovoltaics Private Limited' as a private limited company, dated March 21, 2007. Pursuant to a change in the name of the Company to 'Emmvee Photovoltaic Power Private Limited', a fresh Certificate of incorporation dated November 10, 2010, was issued by the RoC. Subsequently, the status converted to a public Company and the name has changed to 'Emmvee Photovoltaic Power Limited' dated May 7, 2025 issued by the Central Processing Centre, MCA, Haryana. The Company is primarily engaged in manufacturing and sale of solar cells, photovoltaic modules and photovoltaic systems by using solar cell and PV module manufacturing facilities. Further, it executes grid and off-grid photovoltaic power projects on a turnkey basis and operates solar power plants. The customers include independent power producers (IPPs), entities operating in the commercial and industrial (C&I) sector and engineering, procurement and construction (EPC) service providers in both public and private sectors. Company operate four manufacturing units across two locations in Karnataka. The product portfolio comprises bifacial and mono-facial formats of TOPCon modules and cells, and Mono PERC modules. Company has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW, with a track record of over 18 years. The Company commenced commercial production of solar PV modules at Unit I in 2007 and the commercial production of solar cells at Unit III in 2024. Over the years, it has expanded the solar PV module production capacity from 0.50 GW as of April 1, 2022 to 7.80 GW as of May 31, 2025, and have established a solar cell production capacity of 2.94 GW as of May 31, 2025. Company in the process of adding a 2.50 GW module production capacity line at the upcoming unit in Sulibele, Bengaluru, Karnataka, which is expected to be operational in 2026. Company is planning the initial Offer by raising funds aggregating to Rs 3000 Crore equity shares having the face value of Rs 2 each, comprising a fresh Issue of 2144 Crore and the offer for sale of 856 Crore.

Emmvee Photovoltaic Power Ltd IPO will close on 13 Nov 2025.

<ul><li>Second largest pure-play integrated solar PV module and cell manufacturers in India.</li><li>One of the largest solar PV module manufacturers in India with a track record of delivering quality products.</li><li>Early mover advantage in leveraging higher efficiency TOPCon cell technology.</li><li>Advanced manufacturing units driving efficient and sustainable operations.</li><li>Valued relationships with a diverse customer base backed by a substantial order book.</li><li>Experienced Promoter-led senior management team.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Manjunatha Donthi Venkatarathn</td> <td>285988995</td> <td>48.18</td> <td>268566460</td> <td>38.79</td> </tr> <tr> <td>2</td> <td>Shubha Manjunatha Donthi</td> <td>285989000</td> <td>48.18</td> <td>268566460</td> <td>38.79</td> </tr> <tr> <td>3</td> <td>Suhas Donthi Manjunatha</td> <td>10774776</td> <td>1.82</td> <td>10774776</td> <td>1.55</td> </tr> <tr> <td>4</td> <td>Sumanth Manjunatha Donthi</td> <td>10774776</td> <td>1.82</td> <td>10774776</td> <td>1.55</td> </tr> <tr> <td>5</td> <td>Shreiya Suhas Donthi</td> <td>1</td> <td>---</td> <td>1</td> <td>---</td> </tr> <tr> <td>6</td> <td>Man junatha Donthi Family Trus</td> <td>11000</td> <td>---</td> <td>11000</td> <td>---</td> </tr> <tr> <td>7</td> <td>Shu bha Donthi Family Trust^$$</td> <td>11000</td> <td>---</td> <td>11000</td> <td>---</td> </tr> </tbody> </table>

<ul><li>Its business is dependent on certain key customers, with the companies top 10 customers contributing 93.96%, 89.52%, 84.98%, 85.82% and 80.53% of its revenue from operations in the three months ended June 30, 2025 and 2024 and in Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers could have a material adverse effect on the company business, financial condition, results of operations and cash flows.</li><li>Its business is dependent on the success of a limited number of products. Any reduction in demand for these products may adversely affect the company revenues, financial condition and cash flows.</li><li>Under-utilization of its manufacturing capabilities and an inability to effectively utilize the company current and proposed production capacities could have an adverse effect on its business, results of operations and cash flows.</li><li>The company is dependent on Indian and foreign third party suppliers for certain raw materials required for its manufacturing operations. Any disruptions in the supply or availability of such raw materials or any fluctuation in their prices may have an adverse impact on its business operations, cash flows and financial performance.</li><li>The company is subject to import duties and restrictions on certain raw materials imported by it for the company manufacturing operations from other countries. Any disruptions in the supply of these imported raw materials may adversely affect its operations.</li><li>The outstanding orders in its order book may be subject to delays, modifications or cancellations, which may have adversely affect the company business, cash flows and results of operations.</li><li>All of its manufacturing units are located in the state of Karnataka, India, which exposes it to risks arising from local and regional factors.</li><li>The company has pledged 51.00% of its shareholding in the company Material Subsidiary, EEPL as one of the securities for loans availed by EEPL. In the event of a default and invocation of the pledge by the lenders, its may lose control over EEPL, which could adversely affect its business, results of operations and financial condition.</li><li>The company has entered into certain transactions with related parties in the past and may continue to do so in the future. These transactions or any future transactions with its related parties could potentially involve conflicts of interest.</li><li>Certain of its corporate records and filings have inadvertent errors or inaccuracies. The company cannot assure you that regulatory proceedings or actions will not be initiated against it in the future, and the company will not be subject to any penalty imposed by the competent authority in this regard.</li><li>The company is exposed to certain operational and sector-specific risks associated with the manufacturing of solar cells and solar PV modules.</li><li>Changes in technologies employed by it in the manufacturing of solar cells and solar PV modules may render its current technologies obsolete. Due to the outdated nature of multicrystalline technology for solar PV modules and delisting of polycrystalline cells for the manufacture of solar panels, its manufacturing operations at Unit I which manufactured polycrystalline modules were discontinued with effect from May 31, 2025, resulting in an impairment of plant and machinery amounting to Rs. 200.11 million in Fiscal 2025. Its may also be required to incur substantial expenditure towards adapting to new technologies which could adversely affect the company business, results of operations and financial condition.</li><li>Its business has grown significantly in the last three Fiscals, and the company may not be able to sustain similar growth in the future.</li><li>Implementing its growth strategies and the company business operations will depends on its ability to maintain access to multiple funding sources on acceptable terms.</li><li>The company solar module and cell manufacturing facilities have operated at less than 50% capacity utilization in recent fiscal periods, which may adversely affect its operational efficiency, profitability and return on capital employed.</li><li>Its Statutory Auditors have included certain matters of emphasis and remarks in their audit reports on the audited special purpose consolidated interim financial statements of the Company as at and for the three months ended June 30, 2025 and June 30, 2024, and the audited consolidated financial statements of our Company for the financial year ended March 31, 2025. Further, its erstwhile auditors have included an emphasis of matter and certain remarks in their audit reports on the audited special purpose consolidated financial statements of the Company for the financial years ended March 31, 2024 and March 31, 2023.</li><li>Its import some of the equipment used in the company manufacturing operations from suppliers in foreign countries. Any challenges in the supply or availability of such equipment may disrupt its production process.</li><li>The Company, Material Subsidiary and its customers benefit from various government subsidies. In the event such subsidies does not materialize or the central or state governments does not approve the entire subsidy amount or if there are any adverse changes in the availability of subsidies, it may increase the company cost of investment, and adversely impact its customers' affordability of the company products, thereby impacting its overall sale.</li><li>The Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and Senior Management are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on its business, financial condition, cash flows and results of operations.</li><li>There have been certain instances of delays in payment of statutory dues by it in the past. Any delay in payment of statutory dues by it in future may result in the imposition of penalties and in turn may have an adverse effect on its business, financial condition, results of operation and cash flows.</li><li>The company generated negative cash flows from operating activities in the three months ended June 30, 2025 and may, in the future, experience similar negative cash flows.</li><li>The company has certain contingent liabilities that have been disclosed in its financial statements, which if materialized, may adversely affect its results of operations, cash flows and financial condition.</li><li>The company is exposed to counterparty credit risk from its customers and distributors and any delays in receiving payments from them could adversely affect its financial condition and cash flows.</li><li>The company is exposed to risks associated to foreign exchange fluctuations, which could adversely affect its financial condition, results of operations and cash flows.</li><li>Its ability to access capital depends on the company credit ratings. Non-availability of credit ratings or any downgrade of its credit ratings could restrict the company access to capital and adversely affect its business, financial conditions, cash flows and results of operations.</li><li>The size of the Fresh Issue exceeds its Net Worth as of June 30, 2025, which may raise questions regarding the necessity and optimality of the Offer.</li><li>The company is required to comply with certain restrictive covenants under its financing agreements. Any non-compliance may lead to, amongst others, recovery of entire dues payable, cancellation of undrawn commitment and termination of either whole or part of the facility, which may adversely affect its business, results of operations, financial condition and cash flows.</li><li>Certain of its Promoters, Directors, Key Managerial Personnel and Senior Management may be interested in the Company and the company Subsidiaries other than in terms of remuneration, perquisites or benefits and reimbursement of expenses. Additionally, certain of its Subsidiaries are involved in the same line of business as that of the Company.</li><li>If the company is unable to accurately forecast demand for its products and manage the company inventory, its business, results of operations and financial condition may be adversely affected.</li><li>The company has working capital requirements and an inability to obtain sufficient capital to meet these requirements may have an adverse effect on its business, results of operations and financial condition.</li><li>Improper storage, processing and handling of materials and products may cause damage to its inventory leading to an adverse effect on the company business, results of operations and cash flows.</li><li>The nature of its business may subject us to potential warranty claims and instances of product recalls and returns, which could adversely affect the company business, goodwill and prospects.</li><li>Its bid for the supply of solar PV modules for solar installation projects with state power generation companies, government entities and public sector undertakings through a competitive bidding process, which exposes it to certain risks.</li><li>The company faces intense competition from various players in the solar cell and solar PV module manufacturing industry, and its may lack sufficient financial or other resources to maintain or improve its competitive position.</li><li>Geopolitical tensions and trade protectionism, including recent U.S. tariffs on solar power product imports, may adversely impact its export business, supply chain, and financial performance.</li><li>Its business requires it to obtain and renew certain licenses and permits from government, regulatory authorities and the failures to obtain or renew them in a timely manner may adversely affect its business operations.</li><li>The company is subject to strict quality requirements in the course of its manufacturing operations. An inability to maintain these requirements may adversely affect its business and prospects.</li><li>If the company is unable to comply with health, safety, employment and environmental regulations, its business, results of operations, financial condition, cash flows, reputation and prospects could be adversely affected.</li><li>A failures to protect the company intellectual property rights could adversely affect its competitive position, business, financial condition and results of operations.</li><li>If the company inadvertently infringe on the intellectual property rights of others, its business and results of operations may be adversely affected.</li><li>The company depends on domestic and international third-party transportation providers for the supply of materials and equipment for its manufacturing process and delivery of the company finished products.</li><li>Its continued success is dependent on the company Board of Directors, Key Managerial Personnel, Senior Management and skilled manpower. The company inability to attract and retain key personnel or the loss of services of its personnel may have an adverse effect on the company business prospects.</li><li>Its manufacturing units, offices, residential accommodation, plots, coworking spaces and all of the company warehouses are located on premises/land held on leasehold or owned basis. There can be no assurance that these lease agreements will be renewed upon termination, or that the company will be able to obtain other premises on a leasehold basis on the same or similar commercial terms or at all.</li><li>Certain of the lease agreements entered into by it and by the company Material Subsidiary may not be duly registered or adequately stamped, and thus, may not be able to be enforced in the event of a dispute.</li><li>Its operations are dependent on an adequate and uninterrupted supply of utilities such as water and electricity, and any disruption in the supply of such utilities could adversely affect its manufacturing operations.</li><li>Its insurance coverage may not adequately protect it against all losses or the insurance cover may not be available for all the losses as per the insurance policy, which could adversely affect business, results of operations and financial condition.</li><li>The company engage contract labour to carry out certain functions of its business operations. Any default on payments to them by the agencies could lead to disruption of the company business operations.</li><li>Its may be affected by strikes, work stoppages, increased wage demands or litigations by the company employees that could interfere with its operations.</li><li>Fraud, theft, embezzlement or misconduct by its employees could adversely affect the company reputation, financial condition and results of operations.</li><li>Failures in internal control systems and compliance mechanisms could cause operational errors, which may have an adverse effect on its reputation, business, results of operations, financial condition and cash flows.</li><li>Failures to maintain its brand and reputation may adversely affect the company business and prospects.</li><li>Any failures to comply with anti-corruption and anti-money laundering laws in the jurisdictions in which the company operates in will expose it to criminal liability, which would adversely affect the company business, results of operations and financial condition.</li><li>Its customers may engage in certain transactions in or with countries or persons that are subject to U.S. and other sanctions.</li><li>Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the Shareholders of the Company.</li><li>The funding requirements and proposed deployment of the Net Proceeds are not appraised by any independent agency and are based on management estimates and may be subject to change based on various factors, some of which are beyond control.</li><li>Its Promoters and members of the company Promoter Group will continue to hold a significant equity stake in the Company after the Offer and their interests may differ from those of the other shareholders.</li><li>Majority of its Directors does not have prior experience of holding a directorship in a company listed on the Stock Exchanges.</li><li>The Company has issued Equity Shares during the last twelve months at a price which may be lower than the Offer Price.</li><li>The company will not receive any proceeds from the Offer for Sale. The Promoter Selling Shareholders will receive the entire proceeds from the Offer for Sale.</li><li>Certain non-GAAP financial measures relating to its operations and financial performance have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may vary from any standard methodology that is applicable across the industry the company operates.</li><li>Certain sections of this Red Herring Prospectus disclose information from the Crisil Report which is a paid report and commissioned and paid for by it exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.</li><li>Information relating to the installed manufacturing capacity and capacity utilisation of its manufacturing units included in this Red Herring Prospectus are based on various assumptions and estimates. These assumptions and estimates may prove to be inaccurate and the company future production and capacity may vary.</li><li>Its ability to pay dividends in the future will depends upon the company future earnings, financial condition, cash flows, working capital requirements and capital expenditures and the terms of its financing arrangements.</li><li>Its Equity Shares have never been publicly traded, and after the Offer, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. The Offer Price, market capitalization to total revenue multiple and price to earnings ratio based on the Offer Price of the Company, may not be indicative of the market price of the Equity Shares on listing.</li><li>Its may be subject to transfer pricing regulations in respect of transactions with the company foreign Subsidiaries. Any adjustment by tax authorities could result in increased tax liabilities, including interest and penalties.</li><li>A substantial portion of the Net Proceeds will be utilized for the repayment/prepayment, in part or in full, of certain outstanding borrowings and accrued interest thereon availed by our Company and its Material Subsidiary.</li></ul>

The Issue type of Emmvee Photovoltaic Power Ltd is Book Building.

The minimum application for shares of Emmvee Photovoltaic Power Ltd is 69.

The total shares issue of Emmvee Photovoltaic Power Ltd is 133640553.

Initial public offer of 133,640,552 equity shares of face value of Rs.2/- each ("equity shares") of Emmvee Photovoltaic Power Limited ("company") for cash at a price of Rs.217/- per equity share (including a share premium of Rs.215/- per equity share) ("offer price") aggregating to Rs.2900.00 crores comprising a fresh issue of 98,795,483 equity shares of face value of Rs.2/- each aggregating to Rs.2143.86 crores by the company ("fresh issue") and an offer for sale of 17,422,535 equity shares of face value of Rs.2/- each aggregating to Rs.378.07 crores by Manjunatha Donthi Venkatarathnaiah and 17,422,534 equity shares of face value of Rs.2/- each aggregating to Rs.378.07 crores by Shubha Manjunatha Donthi (the "promoter selling shareholders") and such equity shares offered by the promoter selling shareholders ("offer for sale" and together with the fresh issue, the "offer").