Emmvee Photovoltaic Power Ltd IPO

Its business is dependent on certain key customers, with the companies top 10 customers contributing 93.96%, 89.52%, 84.98%, 85.82% and 80.53% of its revenue from operations in the three months ended June 30, 2025 and 2024 and in Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers could have a material adverse effect on the company business, financial condition, results of operations and cash flows.

Its business is dependent on the success of a limited number of products. Any reduction in demand for these products may adversely affect the company revenues, financial condition and cash flows.

Under-utilization of its manufacturing capabilities and an inability to effectively utilize the company current and proposed production capacities could have an adverse effect on its business, results of operations and cash flows.

The company is dependent on Indian and foreign third party suppliers for certain raw materials required for its manufacturing operations. Any disruptions in the supply or availability of such raw materials or any fluctuation in their prices may have an adverse impact on its business operations, cash flows and financial performance.

The company is subject to import duties and restrictions on certain raw materials imported by it for the company manufacturing operations from other countries. Any disruptions in the supply of these imported raw materials may adversely affect its operations.

The outstanding orders in its order book may be subject to delays, modifications or cancellations, which may have adversely affect the company business, cash flows and results of operations.

All of its manufacturing units are located in the state of Karnataka, India, which exposes it to risks arising from local and regional factors.

The company has pledged 51.00% of its shareholding in the company Material Subsidiary, EEPL as one of the securities for loans availed by EEPL. In the event of a default and invocation of the pledge by the lenders, its may lose control over EEPL, which could adversely affect its business, results of operations and financial condition.

The company has entered into certain transactions with related parties in the past and may continue to do so in the future. These transactions or any future transactions with its related parties could potentially involve conflicts of interest.

Certain of its corporate records and filings have inadvertent errors or inaccuracies. The company cannot assure you that regulatory proceedings or actions will not be initiated against it in the future, and the company will not be subject to any penalty imposed by the competent authority in this regard.