Emmvee Photovoltaic Power Ltd
Emmvee Photovoltaic Power Ltd
Capital GoodsKey Fundamentals
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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45 extracted metrics + investor summaries across FY20–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
4- Company has reduced debt.
- Company is expected to give good quarter
- 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
AI Analysis — Bull vs Bear
Emmvee Photovoltaic Power Ltd is a capital goods company with a market cap of ~₹23,048 Cr, trading at a P/E of 17.2x with exceptional historical profit growth of 158% CAGR over 5 years and ROE averaging 56% over 3 years. However, working capital days have deteriorated sharply from -13.3 to 88.3 days, and debtor days have risen from 38.9 to 50.2 days, signaling emerging cash conversion challenges.
- Compounded profit growth of 158% CAGR over 5 years demonstrates strong earnings momentum in the solar manufacturing space
- 3-year ROE of 56% and last year ROE of 51% indicate highly efficient capital deployment relative to peers in capital goods
- TTM sales growth of 84% shows continued strong revenue acceleration even on a larger base
- Compounded sales CAGR of 101% over 3 years reflects rapid scaling of operations
- P/E of 17.2x appears moderate relative to the 141% TTM profit growth, suggesting earnings have outpaced price expansion
- Company has been actively reducing debt, improving balance sheet resilience for future capex cycles
- 5-year sales CAGR of 64% indicates sustained long-term structural demand tailwinds from India's solar capacity expansion
- Dividend yield of 0.32% shows management willingness to return capital to shareholders even during a high-growth phase
- Working capital days have deteriorated sharply from -13.3 days to 88.3 days, a swing of over 100 days indicating significant cash flow strain
- Debtor days increased from 38.9 to 50.2 days, suggesting slower collections and potential credit risk from customers
- P/B ratio of 5.94x is elevated, implying the stock prices in substantial future growth and leaves limited margin of safety
- TTM profit growth of 141% may be difficult to sustain given the already large base, creating risk of growth deceleration
- 10-year historical data for sales and profit CAGR is unavailable, limiting visibility into performance through full industry cycles
- Capital goods sector is inherently cyclical and dependent on government policy continuity for solar incentives and tariff protection
- 52-week high and low data is unavailable, making it difficult to assess current valuation relative to recent trading range
- Debt-to-equity ratio is not disclosed, limiting full assessment of leverage risk despite the noted debt reduction
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Cost auditor and director reappointment Aug 26
Board appointed M/s. Murthy & Co. LLP as cost auditor for FY27 and proposed re-appointment of director Suhas Donthi Manjunatha (7+ years in renewable energy) at the upcoming AGM.
TL;DR: Limited news flow with only routine corporate governance actions reported. No material positives or risks emerged. The absence of operational or financial updates makes it difficult to assess near-term trajectory; investors should watch for upcoming AGM outcomes and quarterly results for directional cues.
Quarterly Results
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 402 | 528 | 1,072 | 1,028 | 1,131 | 1,152 | 1,739 | 1,556 |
| Expenses | 310 | 326 | 711 | 677 | 732 | 739 | 1,168 | 1,007 |
| Operating Profit | 93 | 202 | 361 | 350 | 399 | 413 | 571 | 548 |
| OPM % | 23% | 38% | 34% | 34% | 35% | 36% | 33% | 35% |
| Other Income | 11 | 10 | 3 | 14 | 18 | 16 | 5 | 16 |
| Interest | 17 | 37 | 46 | 53 | 55 | 33 | 13 | 11 |
| Depreciation | 23 | 54 | 66 | 72 | 71 | 74 | 79 | 84 |
| PBT | 64 | 122 | 253 | 240 | 292 | 322 | 484 | 470 |
| Tax % | 45% | 19% | 18% | 22% | 18% | 18% | 19% | 19% |
| Net Profit | 35 | 99 | 207 | 188 | 238 | 264 | 392 | 380 |
| EPS in Rs | 32.54 | 91.92 | 38.39 | 3.16 | 4.01 | 3.81 | 5.67 | 5.49 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 555 | 424 | 555 | 618 | 952 | 2,336 | 5,050 | 5,578 |
| Expenses | 451 | 312 | 451 | 562 | 832 | 1,614 | 3,316 | 3,646 |
| Operating Profit | 105 | 113 | 104 | 56 | 120 | 722 | 1,734 | 1,932 |
| OPM % | 19% | 27% | 19% | 9% | 13% | 31% | 34% | 35% |
| Other Income | 9 | 2 | 12 | 26 | 3 | 25 | 54 | 56 |
| Interest | 65 | 62 | 49 | 28 | 34 | 108 | 155 | 113 |
| Depreciation | 39 | 52 | 42 | 43 | 42 | 156 | 296 | 308 |
| PBT | 9 | 1 | 25 | 12 | 48 | 483 | 1,338 | 1,567 |
| Tax % | -44% | -1064% | 49% | 23% | 39% | 24% | 19% | — |
| Net Profit | 14 | 9 | 13 | 9 | 29 | 369 | 1,082 | 1,274 |
| EPS in Rs | 12.61 | 8.63 | 12.62 | 8.28 | 26.78 | 68.39 | 15.62 | 18.98 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 6% | — |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Documents
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Company Information
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.[1]