Emmvee Photovoltaic Power Ltd
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.[1]
- Market Cap ₹ 15,460 Cr.
- Current Price ₹ 223
- High / Low ₹ 248 / 172
- Stock P/E 29.0
- Book Value ₹ 13.8
- Dividend Yield 0.00 %
- ROCE 28.0 %
- ROE 105 %
- Face Value ₹ 2.00
Pros
- Company has delivered good profit growth of 93.5% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 60.9%
Cons
- Stock is trading at 16.2 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
* 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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 555 | 424 | 555 | 618 | 952 | 2,336 | |
| 451 | 312 | 451 | 562 | 832 | 1,614 | |
| Operating Profit | 105 | 113 | 104 | 56 | 120 | 722 |
| OPM % | 19% | 27% | 19% | 9% | 13% | 31% |
| 9 | 2 | 12 | 26 | 3 | 25 | |
| Interest | 65 | 62 | 49 | 28 | 34 | 108 |
| Depreciation | 39 | 52 | 42 | 43 | 42 | 156 |
| Profit before tax | 9 | 1 | 25 | 12 | 48 | 483 |
| Tax % | -44% | -1,064% | 49% | 23% | 39% | 24% |
| 14 | 9 | 13 | 9 | 29 | 369 | |
| EPS in Rs | 12.61 | 8.63 | 12.62 | 8.28 | 26.78 | 68.39 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 33% |
| 3 Years: | 61% |
| TTM: | 145% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 93% |
| 3 Years: | 234% |
| TTM: | 1178% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 42% |
| 3 Years: | 61% |
| Last Year: | 105% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 119 |
| Reserves | 159 | 168 | 170 | 130 | 158 | 526 | 838 |
| 570 | 603 | 482 | 524 | 1,447 | 2,065 | 2,056 | |
| 134 | 93 | 178 | 173 | 558 | 1,312 | 1,437 | |
| Total Liabilities | 873 | 874 | 842 | 838 | 2,173 | 3,914 | 4,449 |
| 593 | 562 | 493 | 323 | 291 | 2,046 | 2,180 | |
| CWIP | 1 | 6 | 14 | 93 | 646 | 13 | 156 |
| Investments | 1 | 1 | 1 | 0 | 0 | 257 | 150 |
| 279 | 305 | 334 | 421 | 1,237 | 1,598 | 1,963 | |
| Total Assets | 873 | 874 | 842 | 838 | 2,173 | 3,914 | 4,449 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 181 | 75 | 129 | 59 | 234 | 614 | |
| -16 | -24 | 20 | -131 | -1,000 | -986 | |
| -219 | -54 | -84 | 80 | 894 | 408 | |
| Net Cash Flow | -55 | -2 | 65 | 8 | 129 | 36 |
| Free Cash Flow | 150 | 54 | 147 | -173 | -440 | -375 |
| CFO/OP | 174% | 71% | 129% | 107% | 207% | 94% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 38 | 61 | 27 | 41 | 37 | 30 |
| Inventory Days | 74 | 148 | 101 | 103 | 148 | 197 |
| Days Payable | 60 | 79 | 34 | 50 | 77 | 91 |
| Cash Conversion Cycle | 51 | 131 | 94 | 93 | 108 | 136 |
| Working Capital Days | -35 | -29 | -44 | -28 | -90 | -38 |
| ROCE % | 8% | 9% | 6% | 7% | 28% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Actual Production - Solar Cells MW |
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| Actual Production - Solar PV Modules MW |
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| Capacity Utilization - Solar Cells % |
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| Capacity Utilization - Solar PV Modules % |
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| Installed Capacity - Solar Cells MW |
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| Installed Capacity - Solar PV Modules MW |
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| Order Book MW |
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Documents
Announcements
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Closure of Trading Window
26 Mar - Trading window closed from April 1, 2026 until 48 hours after audited FY2026 results.
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Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015
17 Mar - Emmvee clarifies March 17, 2026 Moneycontrol article; no undisclosed material information; no material impact.
- Clarification sought from Emmvee Photovoltaic Power Ltd 17 Mar
-
Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015
17 Mar - Customs order (16-03-2026): penalty ₹5,35,98,959; redemption fine ₹1,88,00,000; ₹44,00,000 penalties; company to appeal.
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Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations 2015 - Press Note
25 Feb - Feb 25, 2026: Emmvee says US countervailing duties won't affect its India-focused solar manufacturing operations.
Concalls
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Jan 2026Transcript PPT REC
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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.