India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Emmvee Photovoltaic Power / Equity Bottom-Up

<ul>
<li>Emmvee is entering a high-growth phase, anchored by aggressive TOPCon capacity expansion, deeper integration, and rising domestic-content demand across utility-scale, C&amp;I, and government-backed solar projects.</li>
<li>As India’s solar manufacturing cycle matures, scale, technology leadership, and execution discipline will determine winners, positioning Emmvee to outperform as weaker, under-integrated players face margin pressure.</li>
<li>With cell capacity targeted at ~8.9 GW and module capacity at ~16.3 GW by FY28, Emmvee is well placed to compound earnings beyond the current policy-driven solar upcycle.</li>
</ul>


Emmvee is entering a high-growth phase, anchored by aggressive TOPCon capacity expansion, deeper integration, and rising domestic-content demand across utility-scale, C&amp;I, and government-backed solar projects.
As India’s solar manufacturing cycle matures, scale, technology leadership, and execution discipline will determine winners, positioning Emmvee to outperform as weaker, under-integrated players face margin pressure.
With cell capacity targeted at ~8.9 GW and module capacity at ~16.3 GW by FY28, Emmvee is well placed to compound earnings beyond the current policy-driven solar upcycle.


Emmvee: Accelerating the Next Growth Phase Through TOPCon Technology and Capacity Expansion

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Emmvee Photovoltaic Power / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a> (EPPL) raised around US$327m in its India IPO.</li>
<li>EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) raised around US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a> (EPPL) is looking to raise about US$327m in its India IPO.</li>
<li>EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.</li>
<li>In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.</li>
</ul>



Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.


Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Emmvee Photovoltaic has filed RHP for IPO with a total offer size of up to INR 29B, offering 133.6M shares at a price band of INR 206-INR 221 per share.</li>
<li>This includes a fresh issue of INR 21.4B (~ 98.8M shares). The company intends to use the proceeds for debt repayment and general corporate purpose.</li>
<li>Our recommendation would be that investors can buy into this issue as the valuation range looks relatively cheap when compared to peers.</li>
</ul>


Emmvee Photovoltaic has filed RHP for IPO with a total offer size of up to INR 29B, offering 133.6M shares at a price band of INR 206-INR 221 per share.
This includes a fresh issue of INR 21.4B (~ 98.8M shares). The company intends to use the proceeds for debt repayment and general corporate purpose.
Our recommendation would be that investors can buy into this issue as the valuation range looks relatively cheap when compared to peers.


Emmvee IPO: Issue Fairly Priced, Capacity Addition & Future Integration Holds Energy For Future

Thematic (Sector/Industry)

<ul>
<li>From June 1, 2026, government-backed solar projects must source PV cells from ALMM List-II, placing domestic cell procurement at the centre of India’s solar chain.</li>
<li>ALMM-II redirects 40-60 GW of annual project demand to certified Indian cell makers, shifting pricing power and margin upside from modules to cells.</li>
<li>India’s solar story is moving from module assembly to vertical integration. Early cell producers can capture scarce supply, DCR premiums, and a temporary multi-year lead.</li>
</ul>


From June 1, 2026, government-backed solar projects must source PV cells from ALMM List-II, placing domestic cell procurement at the centre of India’s solar chain.
ALMM-II redirects 40-60 GW of annual project demand to certified Indian cell makers, shifting pricing power and margin upside from modules to cells.
India’s solar story is moving from module assembly to vertical integration. Early cell producers can capture scarce supply, DCR premiums, and a temporary multi-year lead.


ALMM-II: India’s Solar Shift From Modules to Cells

India

Emmvee Photovoltaic Power Limited is an integrated solar energy solutions provider specializing in the manufacturing of solar photovoltaic (PV) modules, solar cells, and solar water heating systems. The company also offers project development and EPC services for solar power systems. Emmvee Photovoltaic Power is headquartered in Bengaluru, India, and was founded in 1992.

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Emmvee Photovoltaic Power (EMMVEE IN)

Emmvee: Accelerating the Next Growth Phase Through TOPCon Technology and Capacity Expansion

Emmvee poised for growth in India's solar market with TOPCon expansion, technology leadership, and capacity targets set for FY28.

Sudarshan Bhandari

Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

Emmvee Photovoltaic Power Ltd raised around US$327m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Emmvee IPO: Issue Fairly Priced, Capacity Addition & Future Integration Holds Energy For Future

Emmvee Photovoltaic files for IPO with offer size of up to INR 29B, offering shares at INR 206-221 per share. Investors advised to consider buying...

Tina Banerjee

ALMM-II: India’s Solar Shift From Modules to Cells

Starting June 1, 2026, Indian government mandates solar projects to use PV cells from ALMM List-II, reshaping the solar industry towards domestic...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Emmvee: Accelerating the Next Growth Phase Through TOPCon Technology and Capacity Expansion

​Emmvee poised for growth in India's solar market with TOPCon expansion, technology leadership, and capacity targets set for FY28.

Sudarshan Bhandari

Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

Emmvee Photovoltaic Power Ltd raised around US$327m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Emmvee IPO: Issue Fairly Priced, Capacity Addition & Future Integration Holds Energy For Future

​Emmvee Photovoltaic files for IPO with offer size of up to INR 29B, offering shares at INR 206-221 per share. Investors advised to consider buying...

Tina Banerjee

ALMM-II: India’s Solar Shift From Modules to Cells

​Starting June 1, 2026, Indian government mandates solar projects to use PV cells from ALMM List-II, reshaping the solar industry towards domestic...

Sudarshan Bhandari

Emmvee poised for growth in India's solar market with TOPCon expansion, technology leadership, and capacity targets set for FY28.

Emmvee Photovoltaic files for IPO with offer size of up to INR 29B, offering shares at INR 206-221 per share. Investors advised to consider buying...

Starting June 1, 2026, Indian government mandates solar projects to use PV cells from ALMM List-II, reshaping the solar industry towards domestic...