Emmvee Photovoltaic Power Ltd

EMMVEE

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Market Cap

₹ 13,106 Cr

P/E

35.52

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

EXCEPTIONAL

Profitability

HIGH MARGIN

Technicals

Neutral

Risk

HIGH RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Emmvee Photovoltaic Power Limited specializes in manufacturing solar cells, photovoltaic modules, and systems, serving a diverse clientele including IPPs and EPC providers.

The company's recent capacity expansions have propelled substantial revenue growth, rising 193% year-on-year for H1 FY2026, indicating robust demand and operational scalability.

Emmvee is strategically involved in backward integration, enhancing its technological capabilities with a focus on TOPCon cell manufacturing and expected efficiency gains.

Currently, Emmvee manages an impressive order book exceeding 5 GW, securing demand for 12-18 months and emphasizing long-term revenue visibility.

Emmvee actively invests in advanced manufacturing technologies, leveraging collaborations like Fraunhofer ISE to further increase solar cell efficiency.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Medium / Small

Market Cap

13,106 Cr

Volatility

Low Risk

P/E Ratio

35.5

Industry P/E

27.4

PEG Ratio

0.2

P/B Ratio

4.9

52W High

248.35

52W Low

184.95

Sales CAGR

145.35%

51.39%

29.12%

10Y

—

Profit CAGR

1176.85%

166.67%

108.64%

10Y

—

ROE

TTM

120.98%

29.85%

22.46%

10Y

—

ROCE

TTM

52.56%

35.15%

26.47%

10Y

—

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
EMMVEE	189.30	13,106 Cr	35.52	4.89	0.00	120.98	52.56	10.97
QPOWER	698.00	5,406 Cr	65.17	11.51	0.14	17.40	29.68	12.51
SAATVIKGL	370.45	4,679 Cr	14.02	3.89	0.00	27.74	25.89	11.93
RELTD	161.90	2,862 Cr	34.85	7.27	0.00	20.87	11.67	7.72
INA	129.50	2,854 Cr	22.60	4.63	0.08	21.08	19.14	11.75
CNCRD	2215.00	2,264 Cr	99.93	18.46	0.00	21.92	23.79	16.35
SPECTRUM	1182.00	1,878 Cr	63.18	8.72	0.00	13.79	14.47	6.52

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2024	Jun 2025	Sep 2025
Sales	402	1,028	1,131
Expenses	310	677	732
Operating Profit	93	350	399
OPM %	23.02	34.10	35.31
Other Income	11	14	18
Interest	17	53	55
Depreciation	23	72	71
Profit Before Tax	64	240	292
Tax %	44.95	21.87	18.45
Net Profit	35	188	238
EPS in Rs	—	—	—

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	555	426	555	618	952	2,336
Expenses	453	316	453	562	831	1,614
Operating Profit	102	110	103	56	120	722
OPM %	18.41	25.89	18.50	9.10	12.65	30.91
Other Income	8.89	2.10	12	26	2.51	25
Interest	63	60	47	28	34	108
Depreciation	39	52	42	43	42	156
Profit Before Tax	9.48	0.80	25	12	48	483
Tax %	-43.52	-1,064.99	48.86	23.11	39.31	23.57
Net Profit	14	9.31	13	8.97	29	369
EPS in Rs	—	—	—	—	—	—
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11	11	11	11
Reserves	159	157	170	130	158	526
Borrowings	534	519	482	524	1,447	2,065
Other Liabilities	170	188	178	176	574	1,312
Total Liabilities	873	874	842	841	2,190	3,914
Fixed Assets	593	562	493	323	291	2,046
CWIP	0.98	6.17	15	93	646	13
Investments	0.52	0.52	0.52	0.00	0.00	257
Other Assets	279	305	334	425	1,253	1,598
Total Assets	873	874	842	841	2,190	3,914

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	97	129	59	234	614
Cash from Investing Activity	-24	20	-132	-1,000	-986
Cash from Financing Activity	-76	-84	80	894	408
Net Cash Flow	-2.49	65	7.60	129	36

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jul 2025	Nov 2025
Promoters	100.00%	80.03%
FIIs	0.00%	6.17%
DIIs	0.00%	10.79%
Public	0.00%	3.00%
Total Shareholders	9	1,68,200

Projection

Actions

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Announcements

Last 7 days

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2024	Jun 2025	Sep 2025
Sales	402	1,028	1,131
Expenses	310	677	732
Operating Profit	93	350	399
OPM %	23.02	34.10	35.31
Other Income	11	14	18
Interest	17	53	55
Depreciation	23	72	71
Profit Before Tax	64	240	292
Tax %	44.95	21.87	18.45
Net Profit	35	188	238
EPS in Rs	—	—	—

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	555	426	555	618	952	2,336
Expenses	453	316	453	562	831	1,614
Operating Profit	102	110	103	56	120	722
OPM %	18.41	25.89	18.50	9.10	12.65	30.91
Other Income	8.89	2.10	12	26	2.51	25
Interest	63	60	47	28	34	108
Depreciation	39	52	42	43	42	156
Profit Before Tax	9.48	0.80	25	12	48	483
Tax %	-43.52	-1,064.99	48.86	23.11	39.31	23.57
Net Profit	14	9.31	13	8.97	29	369
EPS in Rs	—	—	—	—	—	—
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11	11	11	11
Reserves	159	157	170	130	158	526
Borrowings	534	519	482	524	1,447	2,065
Other Liabilities	170	188	178	176	574	1,312
Total Liabilities	873	874	842	841	2,190	3,914
Fixed Assets	593	562	493	323	291	2,046
CWIP	0.98	6.17	15	93	646	13
Investments	0.52	0.52	0.52	0.00	0.00	257
Other Assets	279	305	334	425	1,253	1,598
Total Assets	873	874	842	841	2,190	3,914

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	97	129	59	234	614
Cash from Investing Activity	-24	20	-132	-1,000	-986
Cash from Financing Activity	-76	-84	80	894	408
Net Cash Flow	-2.49	65	7.60	129	36

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
EMMVEE	189.30	13,106 Cr	35.52	4.89	0.00	120.98	52.56	10.97
QPOWER	698.00	5,406 Cr	65.17	11.51	0.14	17.40	29.68	12.51
SAATVIKGL	370.45	4,679 Cr	14.02	3.89	0.00	27.74	25.89	11.93
RELTD	161.90	2,862 Cr	34.85	7.27	0.00	20.87	11.67	7.72
INA	129.50	2,854 Cr	22.60	4.63	0.08	21.08	19.14	11.75
CNCRD	2215.00	2,264 Cr	99.93	18.46	0.00	21.92	23.79	16.35
SPECTRUM	1182.00	1,878 Cr	63.18	8.72	0.00	13.79	14.47	6.52

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overview

Detailed Summary

Emmvee Photovoltaic Power Limited specializes in manufacturing solar cells, photovoltaic modules, and systems, serving a diverse clientele including IPPs and EPC providers.

The company's recent capacity expansions have propelled substantial revenue growth, rising 193% year-on-year for H1 FY2026, indicating robust demand and operational scalability.

Emmvee is strategically involved in backward integration, enhancing its technological capabilities with a focus on TOPCon cell manufacturing and expected efficiency gains.

Currently, Emmvee manages an impressive order book exceeding 5 GW, securing demand for 12-18 months and emphasizing long-term revenue visibility.

Emmvee actively invests in advanced manufacturing technologies, leveraging collaborations like Fraunhofer ISE to further increase solar cell efficiency.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Medium / Small

Market Cap

13,106 Cr

Volatility

Low Risk

P/E Ratio

35.5

Industry P/E

27.4

PEG Ratio

0.2

P/B Ratio

4.9

52W High

248.35

52W Low

184.95

Sales CAGR

145.35%

51.39%

29.12%

10Y

—

Profit CAGR

1176.85%

166.67%

108.64%

10Y

—

ROE

TTM

120.98%

29.85%

22.46%

10Y

—

ROCE

TTM

52.56%

35.15%

26.47%

10Y

—