Emmvee Photovoltaic Power Ltd
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.[1]
- Market Cap ₹ 13,412 Cr.
- Current Price ₹ 194
- High / Low ₹ 248 / 191
- Stock P/E 117
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 39.8 %
- ROE 44.5 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company has a good return on equity (ROE) track record: 3 Years ROE 32.9%
- Debtor days have improved from 25.2 to 18.9 days.
Cons
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Other Electrical Equipment
Part of BSE IPO
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 366 | 506 | 705 | 1,232 | 1,763 | |
| 301 | 443 | 636 | 1,048 | 1,502 | |
| Operating Profit | 64 | 63 | 70 | 183 | 262 |
| OPM % | 18% | 13% | 10% | 15% | 15% |
| 2 | 10 | 19 | 12 | 29 | |
| Interest | 34 | 32 | 26 | 31 | 27 |
| Depreciation | 30 | 26 | 36 | 38 | 41 |
| Profit before tax | 2 | 15 | 27 | 126 | 223 |
| Tax % | -34% | 44% | 17% | 26% | 27% |
| 3 | 9 | 23 | 94 | 162 | |
| EPS in Rs | 3.10 | 7.91 | 20.99 | 86.75 | 30.01 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 52% |
| TTM: | 43% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 230% |
| TTM: | 73% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 33% |
| Last Year: | 45% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 119 |
| Reserves | 165 | 173 | 196 | 271 | 432 | 437 |
| 276 | 269 | 237 | 361 | 167 | 109 | |
| 116 | 165 | 168 | 424 | 407 | 220 | |
| Total Liabilities | 567 | 619 | 611 | 1,067 | 1,017 | 885 |
| 136 | 216 | 221 | 198 | 139 | 124 | |
| CWIP | 6 | 14 | 0 | 2 | 0 | 0 |
| Investments | 100 | 64 | 3 | 53 | 116 | 157 |
| 325 | 324 | 387 | 814 | 762 | 604 | |
| Total Assets | 567 | 619 | 611 | 1,067 | 1,017 | 885 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 38 | 115 | 33 | 209 | 351 | |
| -17 | -43 | -13 | -256 | -95 | |
| -20 | -37 | -42 | 47 | -223 | |
| Net Cash Flow | 1 | 36 | -23 | -0 | 33 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 80 | 28 | 23 | 34 | 19 |
| Inventory Days | 88 | 148 | 56 | ||
| Days Payable | 41 | 76 | 32 | ||
| Cash Conversion Cycle | 80 | 28 | 69 | 106 | 43 |
| Working Capital Days | -5 | -62 | 0 | -51 | -39 |
| ROCE % | 9% | 8% | 29% | 40% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication 2d
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
8 Dec - Q2 revenue ₹1,131cr; EBITDA ₹399cr (35%); PAT ₹238cr. 7.8GW modules, 5GW orderbook, ₹3,306cr IREDA loan.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
8 Dec - Subsidiary contract to supply 4.5 GWp TOPCon cells, Dec 2025–2030.
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Payment Of Rs. 211.58 Crore Made By The CompanyS Material And Wholly Owned Subsidiary Emmvee Energy Private Limited To KIADB Towards Land Allotment For The Proposed 6 GW Integrated Solar Module And Cell Facility At Devanahalli Bengaluru.
6 Dec - Subsidiary paid Rs.211.58 Crore to KIADB for 6GW Devanahalli solar facility land; full payment made (Dec 6, 2025).
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Board Meeting Outcome for Revised Outcome - Resubmission Of The Financial Results For The Quarter And Half Year Ended September 30 2025.
5 Dec - Resubmission correcting standalone figures (PAT revised from -1,69,206.34 to 6,926.56 lakhs) for FY Mar 2025 and Sep 2024.
Concalls
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Dec 2025Transcript PPT
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Dec 2025TranscriptAI SummaryPPT REC
Business Profile[1][2]
The Co. is an integrated solar PV player, focused on solar module manufacturing and also producing TOPCon solar cells, and is India’s 2nd pure-play integrated cell-and-module manufacturers by capacity.