Emmvee Photovoltaic is set to make its stock market debut today, and all eyes are on how the solar manufacturer will perform when trading opens at 10:00 AM IST on the BSE and NSE. The listing comes after the IPO received a 97% subscription, backed mostly by institutional and retail investor interest. However, early cues suggest that the stock may see a muted listing, with the grey market premium (GMP) at ₹0, indicating no listing gain signal ahead of opening trade.
Listing Details: Trade Begins at 10 AM
According to a notice from the BSE, Emmvee Photovoltaic Ltd shares will be listed under the ‘B’ Group of securities starting Tuesday, November 18, 2025. The stock will enter price discovery during the special pre-open session before regular trade kicks off.
The IPO allotment was finalized on November 14, share credits hit demat accounts by November 17, and refunds were also completed yesterday for applicants who didn’t receive allotment.
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IPO Subscription Snapshot
The public issue closed at 97% subscription on its final bidding day, with support from:
- Qualified Institutional Buyers (QIBs)
- Non-Institutional Investors (NIIs)
- Retail Investors
GMP Today: Grey Market Turns Silent
Emmvee Photovoltaic IPO GMP today stands at ₹0, meaning there is no premium or discount over the issue price of ₹217 per share, as per data tracked by investorgain.com.
Over the past 13 grey market sessions, the GMP has ranged between ₹20 at peak and ₹0 at the lowest, trending downward in the final listing hours.
For context, the GMP reflects investor sentiment and their willingness to pay over the issue price.
Should You Buy Emmvee Photovoltaic on Listing Day?
Market experts believe the company is well-positioned within India’s solar push, but caution is advised.
Bhavik Joshi, Business Head, INVasset PMS, notes that Emmvee could be a strong renewable energy manufacturing play, but the sector faces cyclical price movements and expansion execution risks.
“Investors with medium- to long-term horizons may consider modest exposure. This is more of a structural story in India’s energy shift, not a quick valuation trade.”
Financial Performance: Strong Growth, But Fully Valued
Emmvee’s recent financials have impressed analysts:
| Financial Metric | Recent Record |
|---|---|
| Revenue | Jumped from ₹644 crore in FY23 to ₹2,360 crore in FY25 |
| Profit Margins | Nearly 16% |
| Q1 FY26 PAT | ₹187 crore |
However, valuations already appear rich:
- Post-issue P/E: ~40x FY25 earnings
- ~20x FY26 annualized
That places it in a fully priced zone for many short-term investors.
The Bigger Picture: India’s Solar Manufacturing Push
India’s solar and renewable energy manufacturing incentives are expected to benefit companies like Emmvee, especially as the nation focuses on reducing dependence on imported solar modules. Long-term investors tracking India’s clean energy roadmap may find the stock interesting—once listing volatility settles.
Disclaimer
This article includes market opinions from brokerage and investment experts. It does not constitute financial advice. Investors are urged to consult certified financial professionals before making investment decisions.
