Shares of Emmvee Photovoltaic Power staged a smart rebound after a muted listing on Tuesday, November 18, rising over 3% in intraday deals.
Emmvee share price opened at the same level as its issue price of ₹217 on both the BSE and NSE. After a flat start, Emmvee’s share price was trading 2.76% lower at ₹211 on the BSE. At the NSE, the stock hit a low of ₹211.17, down by 2.71%.
However, Emmvee share price soon bounced back, reaching an intraday high of approximately ₹227 on the exchanges. The company’s market valuation stood at ₹15,394.29 crore, as per BSE data.
The company’s IPO had witnessed a tepid demand, with the subscription status at 97% on the last day of bidding. Emmvee IPO, worth ₹2,900 crore, was priced in the range of ₹206 and ₹217 per share.
Emmvee IPO included a fresh issuance of shares amounting to ₹2,143.86 crore and an offer for sale (OFS) of shares worth ₹756.14 crore from promoters.
The funds raised from the fresh issuance, totalling just over ₹1,621 crore, will be used for settling or prepaying loans and interest owed by the company and its primary subsidiary, as well as for general corporate expenditures.
The company is recognised as a leading manufacturer of solar photovoltaic (PV) systems, specialising in both solar modules and solar cells.
Emmvee share price – Should you buy, sell or hold?
Kalp Jain, Research Analyst, INVasset PMS, believes that the muted listing shows that a meaningful portion of optimism was already factored into the valuation. However, he believes the company is entering the market amid a strong momentum for the sector.
“Post-listing, investor attention will naturally shift to execution—timely commissioning of new capacities, stabilisation of operating margins, diversification of its customer base, and the ability to navigate price volatility in solar components. These elements will shape Emmvee’s trajectory in the quarters ahead,” said Jain.
Emmvee’s focus on advanced technologies like Mono PERC and TOPCon strengthens its competitive positioning as global module efficiencies improve, added Kalp.
Further, talking about the fundamentals, Abhinav Tiwari, Research Analyst at Bonanza, believes that Emmvee demonstrates exceptional financial execution with 91% revenue CAGR (FY23-25) and a remarkable 541% profit CAGR reaching ₹369 crore in FY25. The company has achieved 30.9% EBITDA margins with PAT margins expanding to 15.8%, reflecting operational excellence and pricing power.
“Most critically, Emmvee provides revenue visibility through its robust 5.26 GW order book serving marquee B2B clients like SJVN Green and NTPC Renewable Energy. The company’s integrated manufacturing model and early adoption of TOPCon technology, which has 25%+ efficiency vs PERC’s 24%, provide sustainable competitive advantages,” said Tiwari.
With planned capacity expansion to 16.3 GW modules by H1 FY28, Tiwari believes that Emmvee is likely to capture significant market share in India’s renewable manufacturing opportunity.
According to Master Capital Services, investors must keep an eye on Q3FY26 results for sustained margins amid competitive pressures on pricing. As a recent listing, liquidity may build up gradually and therefore fits into growth-oriented portfolios seeking solar exposure, the brokerage said.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
