Solar powerhouse

Emmvee Photovoltaic Power Limited (EPPL), the second-largest pure-play solar module manufacturer in India (by production capacity, as on 31 March 2025, according to a CRISIL report), is gearing up for the next big leap in its growth journey. The Bengaluru-based solar powerhouse has received approval from the Securities & Exchange Board of India (SEBI) to launch its R3,000 crore initial public offering (IPO) – a landmark move that reflects its ambitions to deepen its manufacturing capabilities and strengthen its global footprint.

The IPO comprises a fresh issue aggregating up to Rs2,143.86 crore and an offer for sale (OFS) aggregating up to Rs856.13 crore by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi. The equity shares are proposed to be listed on both BSE and NSE.

Expanding manufacturing: With an installed solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW as of May 2025, EPPL has established itself as a major contributor to India’s renewable energy ecosystem. The company is in the process of adding a 2.5 GW module, an additional 6 GW module and a 6 GW cell. So, a total of 8.5 GW module and 6 GW cell. That will take its total module capacity to 16.30 GW and cell capacity to 8.94 GW by the first half of 2027-28.

EPPL has also been among the first in India to adopt ‘tunnel oxide passivated contact’ (TOPCon) technology – a next-generation, high-efficiency solar cell technology that enhances performance and longevity. Its 2.94 GW TOPCon solar cell unit in Dobbaspet, Karnataka, is one of India’s largest such facilities, underscoring the company’s technological leadership in the segment.

EPPL’s growth trajectory has been nothing short of remarkable. During 2022-23 to 2024-25, its revenues grew at a CAGR of 94.38 per cent, rising from Rs618.12 crore in 2022-23 to Rs2,335.61 crore in 2024-25, while its EBIDTA surged at a CAGR of 258.18 per cent and profit after tax grew at a staggering CAGR of 541.36 per cent, reaching Rs369.01 crore in 2024-25.

Importantly, EPPL has financed its growth entirely through internal accruals and borrowings, without any external equity infusion – a testament to its strong operational fundamentals and disciplined financial management. As of 31 March 2025, its order book stood at 4.89 GW, with an additional 1.01 GW of orders received between April and May 2025. The order book has grown at an impressive CAGR of 209 per cent between 2022-23 and 2024-25, driven by robust demand from both domestic and international customers.

EPPL’s integrated business model – spanning from solar cell manufacturing to module assembly – allows greater control over the supply chain, cost optimisation and enhanced traceability. This positions the

company well to serve a diversified clientele across independent power producers (IPPs), commercial & industrial (C&I) consumers and EPC providers in both public and private sectors.

Its client roster includes industry names such as Ayana Renewable Power, Hero Rooftop Energy, Aditya Birla Renewables, KPI Green Energy and Clean Max Enviro Energy. The company is also a key supplier to NTPC Renewable Energy, having won a 795.4 MW order for DCR (domestic content requirement) cell-based TOPCon modules for the Khavda Solar Park project in Gujarat.

“Being listed under both List I and II of the approved lists of models and manufacturers (ALMM) enables EPPL to cater to government-backed projects under India’s ambitious solar programmes – a significant competitive advantage amid growing emphasis on domestic manufacturing under the ‘Make in India’ initiative,” says Manjunatha Donthi Venkatarathnaiah, the promoter.

IPO proceeds

According to its DRHP, EPPL plans to use the net proceeds from the fresh issue for repayment/ prepayment of all or certain outstanding borrowings and accrued interest availed by the company and its material subsidiary, as also working capital requirements and general corporate purposes. The public issue marks a pivotal moment for EPPL, transitioning it from a privately held leader to a publicly listed company, poised to play a central role in India’s renewable future.

With India targeting 500 GW of non-fossil fuel capacity by 2030, EPPL’s growth story aligns seamlessly with the nation’s green energy roadmap. As the Indian solar sector continues to mature, the company’s blend of technology adoption, capacity expansion and integrated manufacturing is likely to sustain its leadership position. The company’s forthcoming IPO not only aims to fuel its next phase of growth but also represents a milestone in India’s ongoing quest for energy self-reliance.