Emmvee Photovoltaic Makes Stock Market Debut
The much-anticipated listing of Emmvee Photovoltaic Limited's initial public offering (IPO) has been scheduled for today, Tuesday, November 18, 2025. The company's equity shares will begin trading at 10:00 IST on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
According to official notifications from the BSE, the shares will be listed in a special pre-open session during Tuesday's trading hours. The securities have been categorized under the 'B' Group of Securities on the exchange platform.
IPO Allotment and Share Crediting Process
The finalization of Emmvee Photovoltaic IPO allotment occurred on Friday, November 14, 2025. Successful applicants saw their demat accounts credited with the allocated shares on Monday, November 17. The same day also marked the completion of refund processing for investors who did not receive share allocations.
The public offering demonstrated solid market reception, with subscription data from BSE revealing the issue was 97% subscribed on the final bidding day of Thursday, November 13. The offering garnered substantial support from both qualified institutional buyers (QIBs) and retail investors (NIIs).
Grey Market Premium and Financial Performance Analysis
Current data from investorgain.com indicates the Emmvee Photovoltaic IPO GMP (grey market premium) stands at ₹0, meaning shares are trading at their issue price of ₹217 without any premium or discount in the unofficial market.
Market experts observing grey market activities over the past 13 sessions note a downward trend in the IPO GMP, with expectations of further decline. The maximum GMP recorded during this period reached ₹20, while the minimum remained at ₹0.00. The grey market premium typically reflects investor willingness to pay above the official issue price.
Expert Investment Perspective
Bhavik Joshi, Business Head at INVasset PMS, provided valuable insights for potential investors. He emphasized that Emmvee stands to benefit from India's renewable manufacturing push, but advised caution due to the cyclical nature of solar pricing and execution risks surrounding expansion plans.
Joshi recommended that investors with medium to long-term horizons might consider modest exposure, viewing the company as a structural play on India's energy transition rather than a short-term valuation opportunity.
The company's financial trajectory presents a compelling story, with revenues tripling from ₹644 crore in FY23 to ₹2,360 crore in FY25. Profit margins showed remarkable improvement, surging to nearly 16%. The strong Q1 FY26 performance, with a profit after tax of ₹187 crore, indicates sustained operating leverage.
However, Joshi noted that valuations appear to have priced in much of this optimism, with a post-issue P/E ratio of approximately 40 times FY25 earnings and around 20 times annualized FY26 earnings, making it a fully valued offering in the current market scenario.
