Emmvee Photovoltaic Power Limited

listedRefreshing

NSE · Source: NSE

DRHP22 Aug 2026completed
RHP22 Aug 2026completed
Price band22 Aug 2026completed
Opened11 Nov 2025completed
Closed13 Nov 2025completed
Allotteddate not on filereached, date not recorded
Listed18 Nov 2025completed

Price band

₹206–₹217

Issue size

₹2,900 Cr

Fresh issue

₹2,143.86 Cr

Offer for sale

₹756.14 Cr

Governance observations

Supported by the filing.

Twelve registered EMMVEE trademarks used by the Company, subsidiaries and certain Promoter Group entities are owned by Promoter Manjunatha Donthi Venkatarathnaiah and licensed under an agreement dated February 20, 2025 for 15 years unless terminated earlier, at a disclosed fee of Rs 0.03 million per entity per Fiscal. (p.219)
The Registered and Corporate Office is partly situated on property leased from Promoter Shubha Manjunatha Donthi. (p.220)
Shubha Manjunatha Donthi has provided land as security for Company banking and IREDA facilities. Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi have provided personal guarantees for specified term loans, and promoter shares have been pledged for working-capital borrowings. (p.314)
Fiscal 2025 included multiple transactions with Emmvee Solar Systems Private Limited, including Rs 215.00 million of borrowings received, Rs 430.48 million of borrowings repaid, Rs 144.53 million of loans advanced and Rs 131.67 million of property, plant and equipment purchases. (p.313)
The statutory auditor could not obtain sufficient appropriate evidence to conclude on operation, tampering and preservation of audit trails for certain accounting software, although the consolidated audit opinion was not modified. (p.268, 269)
Historical financial information required substantial restatement adjustments, including a Rs 1,151.07 million reduction to March 31, 2024 equity and a Rs 688.33 million reduction to March 31, 2023 equity. (p.285)
A 10:1 bonus issue resulted in allotment of 539,590,500 equity shares shortly before the DRHP, and EPS for prior periods has been retrospectively adjusted for both the share subdivision and bonus issue. (p.311, 355)
The entire Rs 8,561.38 million Offer for Sale is attributable to two Promoter Selling Shareholders, while the Company will receive no proceeds from the Offer for Sale.

Counterparty	Nature	Amount	% of revenue	Pages
Emmvee Solar Systems Private Limited	Sales of goods and services	Rs 98.54 million in Fiscal 2025	—	313
Emmvee Solar Systems Private Limited	Loans advanced	Rs 144.53 million in Fiscal 2025	—	313
Emmvee Solar Systems Private Limited	Loan repayments received	Rs 144.53 million in Fiscal 2025	—	313
Emmvee Solar Systems Private Limited	Borrowings received	Rs 215.00 million in Fiscal 2025	—	313
Emmvee Solar Systems Private Limited	Borrowings repaid	Rs 430.48 million in Fiscal 2025	—	313
Emmvee Solar Systems Private Limited	Purchase of property, plant and equipment including land and building	Rs 131.67 million in Fiscal 2025	—	313
Manjunatha Donthi Venkatarathnaiah	Key management remuneration	Rs 78.00 million in Fiscal 2025	—	313
Shubha Manjunatha Donthi	Key management remuneration	Rs 30.05 million in Fiscal 2025	—	313
Suhas Donthi Manjunatha	Key management remuneration	Rs 24.89 million in Fiscal 2025	—	313
Emmvee Foundation - Trust	Corporate social responsibility contribution	Rs 8.81 million in Fiscal 2025	—	313
Emmvee Energy Private Limited	Intra-group sales of goods and services, eliminated in the Restated Consolidated Financial Information	Rs 4,186.96 million in Fiscal 2025 from the Company to the subsidiary	—	314, 315
Emmvee Energy Private Limited	Intra-group purchase of goods and services, eliminated in the Restated Consolidated Financial Information	Rs 3,011.41 million in Fiscal 2025 by the Company	—	314, 315
Emmvee Energy Private Limited	Intra-group loans advanced by the Company	Rs 749.42 million in Fiscal 2025	—	314

Governance observations

Governance observations

Related-party transactions