Overview

Detailed Summary

Emmvee Photovoltaic Power Limited is a leading Indian manufacturer of solar cells and photovoltaic modules, providing integrated solar power solutions. The company has notably increased its production capacities and achieved significant growth in financial performance.
In Q3 FY26, Emmvee's revenue reached INR 11,679 million, reflecting a year-on-year growth of 118%. The company's strong financial health is supported by a robust EBITDA margin of 35.9% and net profit after tax margin of 23%.
Emmvee has commissioned a new 2.5 GW module line, boosting its module capacity to 10.3 GW. Additionally, it plans to develop a large-scale integrated facility for cells and modules, supported by government-backed financing.
The order book for Emmvee stands at 9.3 GW, indicating a solid backlog of projects, which includes a long-term 4.5 GW TOPCon cell order. This provides substantial revenue visibility for the upcoming years.
The company leverages advanced manufacturing technologies and maintains a strong focus on sustainability by enhancing operational efficiencies and making strategic partnerships, positioning itself advantageously in the Indian solar sector.

Sector: Capital Goods - Electrical Equipment
Industry: Electric Equipment - General - Large
Market Cap: 12,936 Cr
Volatility: Moderate Risk
P/E Ratio: 29.8
Industry P/E: 51.4
PEG Ratio: 0.6
P/B Ratio: 4.2
52W High: 248.35
52W Low: 171.50

Sales CAGR

1Y: 145.35%
3Y: 51.39%
5Y: 29.12%
10Y: —

Profit CAGR

1Y: 1176.85%
3Y: 166.67%
5Y: 108.64%
10Y: —

ROE

TTM: 76.50%
3Y: 29.85%
5Y: 22.46%
10Y: —

ROCE

TTM: 33.19%
3Y: 35.15%
5Y: 26.60%
10Y: —

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SCHNEIDER	830.00	19,870 Cr	80.98	30.19	0.00	39.30	33.09	11.88
CROMPTON	244.30	15,798 Cr	34.08	4.65	1.22	13.91	19.05	7.86
VGUARD	301.05	13,087 Cr	46.14	5.98	0.50	13.26	16.88	8.61
EMMVEE	185.10	12,936 Cr	29.76	4.17	0.00	76.50	33.19	20.15
VIKRAMSOLR	166.40	6,029 Cr	36.17	2.04	0.00	12.59	20.97	9.37
UTLSOLAR	175.00	5,339 Cr	21.74	4.74	0.00	40.13	25.72	15.66
BBL	2311.10	2,627 Cr	19.92	1.20	1.51	6.70	8.77	4.22

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2024	Dec 2024	Jun 2025	Sep 2025	Dec 2025
Sales	402	528	1,028	1,131	1,152
Expenses	310	326	677	732	739
Operating Profit	93	202	350	399	413
OPM %	23.02	38.23	34.10	35.31	35.88
Other Income	11	10	14	18	16
Interest	17	37	53	55	33
Depreciation	23	54	72	71	74
Profit Before Tax	64	122	240	292	322
Tax %	44.95	18.72	21.87	18.45	18.07
Net Profit	35	99	188	238	264
EPS in Rs	—	—	—	—	4.11

Consolidated Profit Loss (in ₹ Crores)

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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	Dec 2025
Promoters	100.00%	80.03%	80.03%
FIIs	0.00%	6.17%	3.97%
DIIs	0.00%	10.79%	12.57%
Public	0.00%	3.00%	3.43%
Total Shareholders	9	1,68,200	1,01,005

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Frequently Asked Questions about Emmvee Photovoltaic Power Ltd

Emmvee Photovoltaic Power Ltd (EMMVEE) is currently trading at 190.50 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

Emmvee Photovoltaic Power Limited is a leading Indian manufacturer of solar cells and photovoltaic modules, providing integrated solar power solutions. The company has notably increased its production capacities and achieved significant growth in financial performance. In Q3 FY26, Emmvee's revenue reached INR 11,679 million, reflecting a year-on-year growth of 118%. The company's strong financial health is supported by a robust EBITDA margin of 35.9% and net profit after tax margin of 23%. Emmvee has commissioned a new 2.5 GW module line, boosting its module capacity to 10.3 GW. Additionally, it plans to develop a large-scale integrated facility for cells and modules, supported by government-backed financing. The order book for Emmvee stands at 9.3 GW, indicating a solid backlog of projects, which includes a long-term 4.5 GW TOPCon cell order. This provides substantial revenue visibility for the upcoming years. The company leverages advanced manufacturing technologies and maintains a strong focus on sustainability by enhancing operational efficiencies and making strategic partnerships, positioning itself advantageously in the Indian solar sector.

Over the past 52 weeks, Emmvee Photovoltaic Power Ltd has traded between a low of ₹171.50 and a high of ₹248.35. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Emmvee Photovoltaic Power Ltd has a market capitalization of approximately 12,936.47. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Emmvee Photovoltaic Power Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 29.76 and operates in the Capital Goods - Electrical Equipment sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 12,936.47 Cr, Emmvee Photovoltaic Power Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Emmvee Photovoltaic Power Ltd operates in the Capital Goods - Electrical Equipment sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Emmvee Photovoltaic Power Ltd is 29.76. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

The most significant positive is the special one-time measure allowing manufacturing units in Special Economic Zones (SEZs) to sell goods to the domestic market at a concessional duty rate of 2%, enhancing their competitiveness.

Emmvee Photovoltaic Power Ltd

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

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Frequently Asked Questions about Emmvee Photovoltaic Power Ltd

What is Emmvee Photovoltaic Power Ltd share price today?

What does Emmvee Photovoltaic Power Ltd do?

What is the 52-week high and low of Emmvee Photovoltaic Power Ltd?

What is the market capitalization of Emmvee Photovoltaic Power Ltd?

Should I consider investing in Emmvee Photovoltaic Power Ltd stock?

Is Emmvee Photovoltaic Power Ltd a large-cap, mid-cap, or small-cap stock?

Which sector does Emmvee Photovoltaic Power Ltd belong to and why does it matter?

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What is the biggest positive for Emmvee Photovoltaic Power in Union Budget 2026?

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Frequently Asked Questions about Emmvee Photovoltaic Power Ltd

What is Emmvee Photovoltaic Power Ltd share price today?

What does Emmvee Photovoltaic Power Ltd do?

What is the 52-week high and low of Emmvee Photovoltaic Power Ltd?

What is the market capitalization of Emmvee Photovoltaic Power Ltd?

Should I consider investing in Emmvee Photovoltaic Power Ltd stock?

Is Emmvee Photovoltaic Power Ltd a large-cap, mid-cap, or small-cap stock?

Which sector does Emmvee Photovoltaic Power Ltd belong to and why does it matter?

What is the PE ratio of Emmvee Photovoltaic Power Ltd?

What is the biggest positive for Emmvee Photovoltaic Power in Union Budget 2026?

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