Emmvee Photovoltaic Power Ltd

Emmvee Photovol. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Emmvee Photovoltaic Power Ltd

₹ 223 -2.19%
27 Mar - close price
emmveepv.com BSE: 544608 NSE: EMMVEE
About

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

Key Points

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.

Website BSE NSE
  • Market Cap ₹ 15,460 Cr.
  • Current Price ₹ 223
  • High / Low ₹ 248 / 172
  • Stock P/E 114
  • Book Value ₹ 8.02
  • Dividend Yield 0.00 %
  • ROCE 39.8 %
  • ROE 44.5 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 108% CAGR over last 5 years
  • 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

  • Stock is trading at 27.8 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend

* 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 BSE Allcap BSE Industrials Nifty 500 Nifty MidSmallcap 400

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2024 Dec 2024 Jun 2025 Sep 2025 Dec 2025
457 356 445 277 81
352 297 328 256 88
Operating Profit 105 59 117 21 -7
OPM % 23% 17% 26% 8% -8%
-1,753 7 12 18 33
Interest 6 5 3 3 1
Depreciation 7 7 6 6 6
Profit before tax -1,661 54 121 30 20
Tax % 2% 27% 25% 26% 29%
-1,692 40 90 22 14
EPS in Rs -1,567.91 36.69 1.52 0.37 0.20
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
491 363 506 705 1,232 1,763
435 299 443 636 1,048 1,502
Operating Profit 56 64 63 70 183 262
OPM % 11% 18% 13% 10% 15% 15%
9 2 10 19 12 29
Interest 34 34 32 26 31 27
Depreciation 28 30 26 36 38 41
Profit before tax 3 3 15 27 126 223
Tax % -55% -34% 44% 17% 26% 27%
4 3 9 23 94 162
EPS in Rs 3.80 3.10 7.91 20.99 86.75 30.01
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 29%
3 Years: 52%
TTM: 43%
Compounded Profit Growth
10 Years: %
5 Years: 108%
3 Years: 230%
TTM: 73%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: %
Return on Equity
10 Years: %
5 Years: 24%
3 Years: 33%
Last Year: 45%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 11 11 11 11 11 11 119
Reserves 161 165 173 196 271 432 437
264 298 269 237 361 167 109
124 94 165 168 424 407 220
Total Liabilities 560 567 619 611 1,067 1,017 885
153 136 216 221 198 139 124
CWIP 1 6 14 0 2 0 0
Investments 100 100 64 3 53 116 157
305 325 324 387 814 762 604
Total Assets 560 567 619 611 1,067 1,017 885

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
68 16 115 33 209 351
-2 -19 -43 -13 -256 -95
-92 2 -37 -42 47 -223
Net Cash Flow -25 -1 36 -23 -0 33
Free Cash Flow 45 12 26 -7 227 354
CFO/OP 125% 25% 181% 48% 122% 158%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 64 80 28 23 34 19
Inventory Days 73 144 88 148 56
Days Payable 59 76 41 76 32
Cash Conversion Cycle 79 149 28 69 106 43
Working Capital Days -14 -5 -62 0 -51 -39
ROCE % 8% 9% 8% 29% 40%

Insights

In beta
Mar 2023 Mar 2024 Mar 2025
Actual Production - Solar Cells
MW

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Actual Production - Solar PV Modules
MW
Capacity Utilization - Solar Cells
%
Capacity Utilization - Solar PV Modules
%
Installed Capacity - Solar Cells
MW
Installed Capacity - Solar PV Modules
MW
Order Book
MW

Shareholding Pattern

Numbers in percentages

Dec 2025
80.03%
3.97%
12.50%
0.07%
3.43%
No. of Shareholders 1,01,005

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Announcements

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DRHP

Credit ratings

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