Emmvee Photovoltaic Power Ltd
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.[1]
- Market Cap ₹ 12,808 Cr.
- Current Price ₹ 185
- High / Low ₹ 248 / 172
- Stock P/E 22.4
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 28.0 %
- ROE 105 %
- Face Value ₹ 2.00
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 55.3%
Cons
- 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.
Peer comparison
Industrials Capital Goods Electrical Equipment Other Electrical Equipment
Part of BSE IPO
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 426 | 555 | 616 | 952 | 2,336 | |
| 314 | 451 | 540 | 832 | 1,614 | |
| Operating Profit | 113 | 104 | 76 | 120 | 722 |
| OPM % | 26% | 19% | 12% | 13% | 31% |
| 2 | 12 | 19 | 3 | 25 | |
| Interest | 62 | 49 | 27 | 34 | 108 |
| Depreciation | 52 | 42 | 39 | 42 | 156 |
| Profit before tax | 1 | 25 | 28 | 48 | 483 |
| Tax % | -1,064% | 49% | 17% | 39% | 24% |
| 9 | 13 | 23 | 29 | 369 | |
| EPS in Rs | 6.79 | 12.62 | 21.52 | 26.78 | 68.39 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 61% |
| TTM: | 145% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 234% |
| TTM: | 1178% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 55% |
| Last Year: | 105% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 119 |
| Reserves | 157 | 170 | 199 | 158 | 526 | 838 |
| 581 | 482 | 476 | 1,447 | 2,065 | 2,056 | |
| 125 | 178 | 167 | 558 | 1,312 | 1,437 | |
| Total Liabilities | 874 | 842 | 853 | 2,173 | 3,914 | 4,449 |
| 562 | 493 | 316 | 291 | 2,046 | 2,180 | |
| CWIP | 6 | 14 | 114 | 646 | 13 | 156 |
| Investments | 1 | 1 | 1 | 0 | 257 | 150 |
| 305 | 334 | 423 | 1,237 | 1,598 | 1,963 | |
| Total Assets | 874 | 842 | 853 | 2,173 | 3,914 | 4,449 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 97 | 129 | 59 | 234 | 614 | |
| -24 | 20 | -131 | -1,000 | -986 | |
| -76 | -84 | 80 | 894 | 408 | |
| Net Cash Flow | -2 | 65 | 9 | 129 | 36 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 61 | 27 | 26 | 37 | 30 |
| Inventory Days | 101 | 107 | 148 | 197 | |
| Days Payable | 34 | 50 | 77 | 91 | |
| Cash Conversion Cycle | 61 | 94 | 83 | 108 | 136 |
| Working Capital Days | -28 | -44 | -1 | -90 | -38 |
| ROCE % | 9% | 6% | 7% | 28% |
Documents
Announcements
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Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot
2d - ESOS-2025 ratified and extended to subsidiaries; postal ballot passed Jan 1, 2026.
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Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
2d - Postal ballot results: ESOS-2025 ratified and extended to subsidiaries; voting ended Jan 1, 2026; resolutions passed.
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Closure of Trading Window
29 Dec - Trading window closed from Jan 1, 2026 until 48 hours after unaudited results for quarter ended Dec 31, 2025.
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Commencement Of Operations Of 2.5 GW Solar Module Line At Unit VI Bengaluru
20 Dec - 2.5 GW solar module line commissioned at Bengaluru Unit VI on Dec 20, 2025; total capacity 10.3 GW.
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Receipt Of Possession Certificate From Karnataka Industrial Areas Development Board (KIADB) For 100 Acres Of Land By The CompanyS Material And Wholly Owned Subsidiary Emmvee Energy Private Limited
17 Dec - Emmvee subsidiary received KIADB possession certificate for 100 acres on Dec 17, 2025 for backward integration.
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.