Emmvee Photovoltaic Power Ltd

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

₹ 246 6.55%
04 Nov - 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 ₹ 17,060 Cr.
  • Current Price ₹ 246
  • High / Low ₹ 372 / 172
  • Stock P/E 195
  • Book Value ₹ 38.3
  • Dividend Yield 0.41 %
  • ROCE 12.7 %
  • ROE 9.39 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 113% CAGR over last 5 years

Cons

  • Earnings include an other income of Rs.183 Cr.
  • Debtor days have increased from 38.0 to 61.1 days.

* 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 Nifty 500 Multicap 50:25:25 BSE IPO BSE 500 Nifty Smallcap 100 BSE Industrials

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
457.20 356.16 543.86 445.41 276.66 81.07 271.42 216.83 209.97
351.89 297.04 532.83 327.99 255.60 87.69 273.13 213.75 242.48
Operating Profit 105.31 59.12 11.03 117.42 21.06 -6.62 -1.71 3.08 -32.51
OPM % 23.03% 16.60% 2.03% 26.36% 7.61% -8.17% -0.63% 1.42% -15.48%
-1,753.16 7.28 7.57 12.48 17.88 33.45 49.15 52.35 47.82
Interest 6.46 5.21 6.98 3.07 3.33 1.18 0.55 0.82 0.13
Depreciation 6.86 7.03 14.75 6.10 6.06 5.61 5.31 5.25 5.39
Profit before tax -1,661.17 54.16 -3.13 120.73 29.55 20.04 41.58 49.36 9.79
Tax % 1.86% 26.88% -107.35% 25.32% 25.52% 29.29% 29.32% 25.32% 29.93%
-1,692.06 39.59 0.23 90.16 22.01 14.17 29.40 36.87 6.87
EPS in Rs -28.49 0.67 0.00 1.52 0.37 0.20 0.42 0.53 0.10
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
491 363 506 705 1,232 1,763 1,075 779
435 299 443 636 1,048 1,502 944 817
Operating Profit 56 64 63 70 183 262 130 -38
OPM % 11% 18% 13% 10% 15% 15% 12% -4.8%
9 2 10 19 12 29 113 183
Interest 34 34 32 26 31 27 8 3
Depreciation 28 30 26 36 38 41 23 22
Profit before tax 3 3 15 27 126 223 212 121
Tax % -55% -34% 44% 17% 26% 27% 26%
4 3 9 23 94 162 156 87
EPS in Rs 0.07 0.06 0.14 0.38 1.58 2.73 2.25 1.25
Dividend Payout % -0% -0% -0% -0% -0% -0% 44%
Compounded Sales Growth
10 Years: %
5 Years: 24%
3 Years: 15%
TTM: -52%
Compounded Profit Growth
10 Years: %
5 Years: 113%
3 Years: 152%
TTM: -43%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: %
Return on Equity
10 Years: %
5 Years: 16%
3 Years: 19%
Last Year: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 11 11 11 11 11 11 138 138
Reserves 161 165 173 196 271 432 2,540 2,515
264 298 269 237 361 167 54 1
124 94 165 168 424 407 255 249
Total Liabilities 560 567 619 611 1,067 1,017 2,988 2,902
153 136 216 221 198 139 113 105
CWIP 1 6 14 0 2 -0 1 1
Investments 100 100 64 3 53 116 116 152
305 325 324 387 814 762 2,757 2,644
Total Assets 560 567 619 611 1,067 1,017 2,988 2,902

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
68 16 115 33 209 351 -46
-2 -19 -43 -13 -256 -95 -1,860
-92 2 -37 -42 47 -223 1,938
Net Cash Flow -25 -1 36 -23 -0 33 32
Free Cash Flow 45 12 26 -7 227 354 -40
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 125% 25% 181% 48% 122% 158% 29%

Ratios

Standalone / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 64 80 28 23 34 19 61
Inventory Days 73 144 88 148 56 45
Days Payable 59 76 41 76 32 47
Cash Conversion Cycle 79 149 28 69 106 43 59
Working Capital Days -14 -5 -62 0 -51 -39 12
ROCE % 8% 9% 8% 29% 40% 13%

Insights

In beta
Mar 2023 Mar 2024 Mar 2025 Mar 2026
Average Order Size Among Top 10 Customers
MW

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Order Book (Modules + Cells)
MW
Solar PV Module Capacity Utilization
%
Solar PV Module Installed Capacity
MW
Solar PV Module Production
MW
Solar Cell Capacity Utilization
%
Solar Cell Installed Capacity
MW
Solar Cell Production
MW

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Dec 2025Mar 2026Jun 2026Sep 2026
80.03% 80.03% 80.03% 80.03%
3.97% 2.45% 2.92% 2.19%
12.50% 12.28% 9.80% 9.82%
0.07% 0.00% 0.00% 0.00%
3.43% 5.24% 7.24% 7.98%
No. of Shareholders 1,01,00593,3891,32,9311,70,581

* 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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