Emmvee Photovoltaic Power logo

Emmvee Photovoltaic Power

EMMVEE NSE

Key Fundamentals

SmallcapOther Electrical EquipmentCapital Goods
Market Cap
₹20,774 Cr
P/E (TTM)
15.81
EBITDA
₹1,788 Cr
Return on Equity
29.27%
Debt to Equity
0.1
Book Value
₹53.37
EPS (TTM)
₹18.98
52W High
₹371.55
52W Low
₹171.51

Price-based figures as of 09 Oct 2026, 15:57 IST · EPS basis: Consolidated · TTM

Tapetide Score

Data-driven rating, 0–100. How it works →

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 56.1%

Weaknesses

2
  • Debtor days have increased from 38.9 to 50.2 days.
  • Working capital days have increased from -14.0 days to 86.1 days

Growth Rate

Revenue Growth
116% higher than 3Y

change over 1 year

Net Income Growth
193% lower than 3Y

change over 1 year

Cash Flow Change
-67.97%

change over 1 year

EBITDA Margin Change
10.75%

change over 1 year Operating margin 35% · Jun 2026

AI Analysis — Bull vs Bear

Figures as of 9 Oct 2026
AI opinion · based on fundamentals
Risk high

As of the 2026-10-09 close, Emmvee Photovoltaic Power Ltd traded at ₹300.05, giving it a market capitalisation of ₹20,773.81 crore, a TTM P/E of 15.81 on EPS of ₹18.98, and a P/B of 5.62. The company reports TTM sales growth of 84% and TTM profit growth of 141%, with ROCE of 34.8% and debt-to-equity of 0.1. Against that, current ROE of 29.27% is well below its 3-year average of 56%, and working capital days have gone from -14.0 to 86.1.

Bull Case 7
  • Profit growth has been very high: compounded profit growth is 141% TTM, 158% CAGR over 5 years and 393% CAGR over 3 years.
  • Revenue has scaled quickly, with compounded sales growth of 84% TTM, 101% over 3 years and 64% over 5 years. This points to strong demand for its solar module and cell output.
  • Capital efficiency is high. ROCE is 34.8% and current ROE is 29.27%, after a 3-year average ROE of 56% and last year's ROE of 51%.
  • The balance sheet carries little debt, with debt-to-equity of 0.1, and the company has reduced its debt. That gives it room to fund expansion without heavy interest costs.
  • A TTM P/E of 15.81 on EPS of ₹18.98 is low next to 141% TTM profit growth. On trailing numbers, the market is pricing the earnings below their growth rate.
  • At ₹300.05, the stock sits about 19% below its 52-week high of ₹371.55, so it has pulled back from its peak despite continued earnings growth.
  • The company is expected to report a good quarter, which could extend its run of high profit growth (158% 5-year CAGR).
Bear Case 7
  • Working capital days have gone from -14.0 to 86.1, an increase of about 100 days. More cash is now tied up in operations, which can weigh on cash flow even while reported profits grow.
  • Debtor days have risen from 38.9 to 50.2, so customers are taking longer to pay. This can signal looser credit terms or weaker bargaining power with buyers.
  • Returns have come down. Current ROE of 29.27% is roughly half the 3-year average of 56% and the 51% recorded last year, partly reflecting a larger equity base.
  • A P/B of 5.62 is a high premium to book value. It assumes the company keeps earning high returns in a cyclical, competitive solar manufacturing industry.
  • The 393% 3-year profit CAGR comes from a low base and is unlikely to last. TTM growth has already slowed to 141% for profit and 84% for sales. Further slowing could put pressure on valuation.
  • The stock has been volatile, trading between ₹171.51 and ₹371.55 over 52 weeks. The current ₹300.05 is about 75% above the 52-week low, and stock CAGR data covering a full year or more is not available.
  • The dividend yield is 0.33%, so shareholders get very little cash return while profits are retained for capacity expansion.

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

AI News Digest

1d ago
Headwinds 1
  • ₹38.44 Cr GST show-cause notice Oct 1

    A subsidiary received a show-cause notice alleging excess Input Tax Credit claimed in FY23, with a ₹20.39 Cr demand plus penalties (₹38.44 Cr total exposure). The company disputes it, but an adverse outcome would hit cash flow and add regulatory overhang.

Positives 2
  • FY26 revenue up 116%, PAT 193% Sep 25

    At its first AGM as a listed entity, Emmvee reported FY26 revenue of ₹5,050 crore, up 116% YoY, and PAT of ₹1,082 crore, up 193%. That implies a net margin of roughly 21%.

  • HC sets 9-month litigation deadline Oct 1

    The Karnataka High Court directed the trial court to dispose of the pending criminal litigation against Emmvee within nine months. That puts a time limit on a legal overhang that had no end date.

Neutral 2
  • All AGM resolutions passed Sep 28

    Shareholders passed all four ordinary resolutions with the required majorities at the 19th AGM, held on September 25, 2026.

  • Murugesh C named Company Secretary Sep 22

    Murugesh C was appointed Company Secretary and Compliance Officer effective September 22, 2026. Nagaraj Shrinivas Ronad stepped down as Compliance Officer but remains CS of a subsidiary.

TL;DR: Emmvee's FY26 numbers are strong: revenue more than doubled to ₹5,050 crore and PAT nearly tripled to ₹1,082 crore, helped by demand for domestic solar manufacturing. The main risks are legal and tax: the ₹38.44 Cr GST notice is small relative to earnings but adds to an ongoing criminal case, now due for resolution within nine months. Governance looks routine and the fundamentals are improving. Over the next few quarters, investors will likely watch whether this growth holds, the outcome of the GST dispute, and the trial court's ruling.

Quarterly Results

Particulars Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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 (₹)
32.54
91.92
38.39
3.16
4.01
3.81
5.67
5.49
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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
1,718
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

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
181
75
129
59
234
625
200
Investing
-16
-24
20
-131
-1,000
-986
-306
Financing
-219
-54
-84
80
894
397
130
Net Cash Flow
-55
-2
65
8
129
36
24
Free Cash Flow
150
54
147
-173
-440
-363
-440
CFO/OP
174
71
129
107
207
96
23
Figures in ₹ Crores

Ratios

Particulars 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
86
ROCE %
—
8%
9%
6%
7%
28%
45%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.61%Promot.80.03%FIIs2.92%Public5.64%DIIs9.80%As ofJun 2026

Documents

Frequently Asked Questions about Emmvee Photovoltaic Power

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 trades as EMMVEE on the NSE and under code 544608 on the BSE.
Which sector does Emmvee Photovoltaic Power Ltd belong to?
Emmvee Photovoltaic Power Ltd is classified under the Capital Goods sector, in the Other Electrical Equipment industry.
What is the market capitalisation of Emmvee Photovoltaic Power Ltd?
Emmvee Photovoltaic Power Ltd has a market capitalisation of ₹20,774 Cr as of 9 Oct 2026, which places it in the Large Cap band.
What is the PE ratio of Emmvee Photovoltaic Power Ltd?
Emmvee Photovoltaic Power Ltd trades at a PE ratio of 15.81 as of 9 Oct 2026, on earnings per share of ₹18.98, against a book value of ₹53.37 per share.
What is the 52-week high and low of Emmvee Photovoltaic Power Ltd?
Over the last 52 weeks Emmvee Photovoltaic Power Ltd has traded between ₹171.51 and ₹371.55 as of 9 Oct 2026.
Does Emmvee Photovoltaic Power Ltd pay dividends?
Emmvee Photovoltaic Power Ltd has a dividend yield of 0.33%.
What is the Return on Equity (ROE) of Emmvee Photovoltaic Power Ltd?
Emmvee Photovoltaic Power Ltd reported a return on equity of 29.27%. Its debt-to-equity ratio is 0.10.

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
Shares Outstanding 69,23,45,033

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