Emmvee Photovoltaic Power Ltd
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.[1]
- Market Cap ₹ 13,355 Cr.
- Current Price ₹ 193
- High / Low ₹ 248 / 172
- Stock P/E 25.0
- 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 14.0 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.
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 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 |
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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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.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Feb
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
10 Feb - CARE report: IPO proceeds Rs2143.86cr utilization as of 31-Dec-2025; no deviations; unutilized Rs166.76cr.
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Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2025 - Tax Litigation Update
7 Feb - Deputy Commissioner order (06-Feb-2026) closes ₹121.32 million GST discrepancy; no liability for Emmvee.
-
Announcement under Regulation 30 (LODR)-Credit Rating
23 Jan - ICRA upgraded Emmvee and subsidiary long-term rating to A (Stable), reaffirmed A2+; dated Jan 23, 2026.
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.