Emmvee Photovoltaic Power Ltd logo

Emmvee Photovoltaic Power Ltd

EMMVEE NSE

Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.[1]

AI Verdict: BUY Confidence: 7%

Emmvee Photovoltaic Power delivers exceptional growth with 158% profit CAGR over 5 years and 56% ROE over 3 years, supported by unanimous analyst buy ratings. However, deteriorating working capital cycle and a P/E of 21.4x warrant monitoring given the rapid scaling phase.

Key Fundamentals

SmallcapOther Electrical EquipmentCapital Goods
Market Cap
₹23,263 Cr
Volatility
Moderate
P/E Ratio
20.26
EBITDA
₹1,734 Cr
Debt to Equity
4.98
Book Value
₹53.37
52W High
₹352
52W Low
₹171.51

Technical Indicators

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company has delivered good profit growth of 158% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 56.4%

Weaknesses

2
  • Debtor days have increased from 38.9 to 50.2 days.
  • Working capital days have increased from -13.3 days to 88.3 days

Growth Rate

Revenue Growth
113.95% ↗
Net Income Growth
208.57% ↗
Cash Flow Change
161.77% ↗
ROE
301.52% ↗
ROCE
321.98% ↗
EBITDA Margin (Avg.)
7.43% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk medium

Emmvee Photovoltaic Power delivers exceptional growth with 158% profit CAGR over 5 years and 56% ROE over 3 years, supported by unanimous analyst buy ratings. However, deteriorating working capital cycle and a P/E of 21.4x warrant monitoring given the rapid scaling phase.

Bull Case 8
  • Exceptional profit growth of 158% CAGR over 5 years demonstrates strong earnings momentum and operating leverage
  • 3-year ROE of 56.4% significantly exceeds industry averages, indicating highly efficient capital deployment
  • TTM sales growth of 116% shows accelerating revenue traction in the booming solar energy segment
  • 3-year compounded sales CAGR of 101% reflects sustained demand visibility and order book strength
  • All 5 out of 5 analysts rate the stock as BUY with zero hold or sell ratings, reflecting strong Street consensus
  • Company has actively reduced debt, improving balance sheet quality and lowering financial risk
  • TTM profit growth of 193% indicates margin expansion alongside top-line growth
  • P/E of 21.4x is reasonable relative to the 158% 5-year profit CAGR, implying a PEG ratio well below 1
Bear Case 8
  • Working capital days have deteriorated sharply from -13.3 days to 88.3 days, indicating cash conversion cycle stress
  • Debtor days increased from 38.9 to 50.2 days, suggesting stretched receivables and potential collection risk
  • P/B ratio of 6.25x is elevated, leaving limited margin of safety if growth decelerates
  • Dividend yield of just 0.3% offers negligible income return to shareholders despite strong profitability
  • Market cap of Rs 23,287 crore prices in significant future growth, raising downside risk on any earnings miss
  • Last year ROE of 51% declined from the 3-year average of 56%, hinting at potential return compression as the capital base scales
  • 5-year compounded sales CAGR of 64% versus 3-year CAGR of 101% shows heavy back-ended growth concentration, raising sustainability questions
  • Absence of 52-week high/low data limits technical risk assessment and suggests potential liquidity or coverage concerns

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 1
  • CMO resignation mid-tenure Jun 15

    N Devendiran resigned as Chief Manufacturing Officer on June 15, 2026. Leadership change at manufacturing head level could signal internal challenges or transition risk.

Positives 1
  • Active investor engagement push May 29

    Company scheduled virtual group meetings with sell-side brokers on June 3 and investors on June 4, 2026, followed by an analyst meet and plant visit in Bengaluru on June 30. Heightened IR activity suggests management confidence in showcasing operations.

Neutral 2
  • Immediate CMO succession in place Jun 15

    Dinesh B Shenoy took over as CMO with immediate effect, ensuring no leadership vacuum at the manufacturing level.

  • Analyst plant visit scheduled Jun 15

    Emmvee will host an analyst meet and plant visit on June 30, 2026, in Bengaluru, with discussions based on publicly available information.

TL;DR: Emmvee Photovoltaic Power is actively engaging the investment community through multiple scheduled meets and a plant visit, signaling transparency and confidence in its operations. The CMO resignation is a minor management disruption but was addressed immediately with a successor. No financial or operational red flags are evident from recent disclosures. The trend appears stable with a slight positive tilt from proactive investor outreach heading into late June 2026.

Quarterly Results

  Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
402
528
1,072
1,028
1,131
1,152
1,739
Expenses
310
326
711
677
732
739
1,168
Operating Profit
93
202
361
350
399
413
571
OPM %
23%
38%
34%
34%
35%
36%
33%
Other Income
11
10
3
14
18
16
5
Interest
17
37
46
53
55
33
13
Depreciation
23
54
66
72
71
74
79
PBT
64
122
253
240
292
322
484
Tax %
45%
19%
18%
22%
18%
18%
19%
Net Profit
35
99
207
188
238
264
392
EPS in Rs
32.54
91.92
38.39
3.16
4.01
3.81
5.67
Figures in ₹ Crores

Profit & Loss

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
555
424
555
618
952
2,336
5,050
Expenses
451
312
451
562
832
1,614
3,316
Operating Profit
105
113
104
56
120
722
1,734
OPM %
19%
27%
19%
9%
13%
31%
34%
Other Income
9
2
12
26
3
25
54
Interest
65
62
49
28
34
108
155
Depreciation
39
52
42
43
42
156
296
PBT
9
1
25
12
48
483
1,338
Tax %
-44%
-1064%
49%
23%
39%
24%
19%
Net Profit
14
9
13
9
29
369
1,082
EPS in Rs
12.61
8.63
12.62
8.28
26.78
68.39
15.62
Div. Payout %
0%
0%
0%
0%
0%
0%
6%
Figures in ₹ Crores

Balance Sheet

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
11
11
11
11
11
11
138
Reserves
159
168
170
130
158
526
3,556
Borrowings
570
603
482
524
1,447
2,065
360
Other Liabilities
134
93
178
173
558
1,312
1,717
Total Liabilities
873
874
842
838
2,173
3,914
5,772
Fixed Assets
593
562
493
323
291
2,046
2,634
CWIP
1
6
14
93
646
13
10
Investments
1
1
1
0
0
257
57
Other Assets
279
305
334
421
1,237
1,598
3,072
Total Assets
873
874
842
838
2,173
3,914
5,772
Figures in ₹ Crores

Cash Flow

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
181
75
129
59
234
614
200
Investing
-16
-24
20
-131
-1,000
-986
-304
Financing
-219
-54
-84
80
894
408
130
Net Cash Flow
-55
-2
65
8
129
36
26
Free Cash Flow
150
54
147
-173
-440
-375
-440
CFO/OP
174
71
129
107
207
94
23
Figures in ₹ Crores

Ratios

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
38
61
27
41
37
30
50
Inventory Days
74
148
101
103
148
197
225
Days Payable
60
79
34
50
77
91
116
Cash Conversion Cycle
51
131
94
93
108
136
159
Working Capital Days
-35
-29
-44
-28
-90
-38
88
ROCE %
—
8%
9%
6%
7%
28%
45%

Shareholding Pattern

As of Mar 2026
Promoters 80.03%
DIIs 12.28%
Public 3.87%
FIIs 2.45%
Others 1.37%
Total 100.00%
  Jul 2025Nov 2025Dec 2025Mar 2026
Promoters
100.00%
80.03%
80.03%
80.03%
FIIs
0.00%
6.17%
3.97%
2.45%
DIIs
0.00%
10.79%
12.57%
12.28%
Government
0.00%
0.00%
0.00%
0.00%
Public
0.00%
2.83%
2.87%
3.87%
Others
0.00%
0.17%
0.56%
1.37%
No. of Shareholders
9
9
1,01,005
93,389

Documents

Frequently Asked Questions about Emmvee Photovoltaic Power Ltd

What does Emmvee Photovoltaic Power Ltd do?
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.[1]
Where is Emmvee Photovoltaic Power Ltd (EMMVEE) listed?
Emmvee Photovoltaic Power Ltd is listed on the Indian stock exchanges. It is listed on NSE: EMMVEE and BSE: 544608. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Emmvee Photovoltaic Power Ltd belong to?
Emmvee Photovoltaic Power Ltd operates in the Industrials sector within the Electrical Equipment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Emmvee Photovoltaic Power Ltd?
Emmvee Photovoltaic Power Ltd has a market capitalisation of approximately ₹23262.79 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Emmvee Photovoltaic Power Ltd?
The Price-to-Earnings (PE) ratio of Emmvee Photovoltaic Power Ltd is 20.26. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Emmvee Photovoltaic Power Ltd?
Over the past 52 weeks, Emmvee Photovoltaic Power Ltd has traded between a low of ₹171.51 and a high of ₹352. This range helps investors understand the stock's price volatility and recent trading levels.
Does Emmvee Photovoltaic Power Ltd pay dividends?
Yes, Emmvee Photovoltaic Power Ltd has a dividend yield of 0.30%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
How can I research Emmvee Photovoltaic Power Ltd on Tapetide?
On Tapetide, you can view Emmvee Photovoltaic Power Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.[1]

Website emmveepv.com
CEO Mr. Manjunatha Donthi Venkatarathnaiah
Employees 611
Listed 2025-11-18
Face Value ₹ 2
Issued Size 69,23,45,033

Explore More

More in Industrials → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List