Emmvee Photovoltaic Power Ltd

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

Emmvee Photovoltaic Power Ltd

₹ 268 1.09%
08 May - 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 ₹ 18,541 Cr.
  • Current Price ₹ 268
  • High / Low ₹ 300 / 172
  • Stock P/E 17.1
  • Book Value ₹ 53.4
  • Dividend Yield 0.00 %
  • ROCE 44.8 %
  • ROE 51.1 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 158% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 56.4%

Cons

  • Debtor days have increased from 38.9 to 50.2 days.
  • Working capital days have increased from -13.3 days to 88.3 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 BSE IPO BSE Industrials Nifty MidSmallcap 400 Nifty Smallcap 250

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
402 528 1,072 1,028 1,131 1,152 1,739
310 326 711 677 732 739 1,168
Operating Profit 93 202 361 350 399 413 571
OPM % 23% 38% 34% 34% 35% 36% 33%
11 10 3 14 18 16 5
Interest 17 37 46 53 55 33 13
Depreciation 23 54 66 72 71 74 79
Profit before tax 64 122 253 240 292 322 484
Tax % 45% 19% 18% 22% 18% 18% 19%
35 99 207 188 238 264 392
EPS in Rs 32.54 91.92 38.39 3.16 4.01 3.81 5.67
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
555 424 555 618 952 2,336 5,050
451 312 451 562 832 1,614 3,316
Operating Profit 105 113 104 56 120 722 1,734
OPM % 19% 27% 19% 9% 13% 31% 34%
9 2 12 26 3 25 54
Interest 65 62 49 28 34 108 155
Depreciation 39 52 42 43 42 156 296
Profit before tax 9 1 25 12 48 483 1,338
Tax % -44% -1,064% 49% 23% 39% 24% 19%
14 9 13 9 29 369 1,082
EPS in Rs 12.61 8.63 12.62 8.28 26.78 68.39 15.62
Dividend Payout % 0% 0% 0% 0% 0% 0% 6%
Compounded Sales Growth
10 Years: %
5 Years: 64%
3 Years: 101%
TTM: 116%
Compounded Profit Growth
10 Years: %
5 Years: 158%
3 Years: 395%
TTM: 193%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: %
Return on Equity
10 Years: %
5 Years: 51%
3 Years: 56%
Last Year: 51%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 11 11 11 11 11 11 138
Reserves 159 168 170 130 158 526 3,556
570 603 482 524 1,447 2,065 360
134 93 178 173 558 1,312 1,717
Total Liabilities 873 874 842 838 2,173 3,914 5,772
593 562 493 323 291 2,046 2,634
CWIP 1 6 14 93 646 13 10
Investments 1 1 1 0 0 257 57
279 305 334 421 1,237 1,598 3,072
Total Assets 873 874 842 838 2,173 3,914 5,772

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
181 75 129 59 234 614 200
-16 -24 20 -131 -1,000 -986 -304
-219 -54 -84 80 894 408 130
Net Cash Flow -55 -2 65 8 129 36 26
Free Cash Flow 150 54 147 -173 -440 -375 -440
CFO/OP 174% 71% 129% 107% 207% 94% 23%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 38 61 27 41 37 30 50
Inventory Days 74 148 101 103 148 197 225
Days Payable 60 79 34 50 77 91 116
Cash Conversion Cycle 51 131 94 93 108 136 159
Working Capital Days -35 -29 -44 -28 -90 -38 88
ROCE % 8% 9% 6% 7% 28% 45%

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

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Shareholding Pattern

Numbers in percentages

Dec 2025Mar 2026
80.03% 80.03%
3.97% 2.45%
12.50% 12.28%
0.07% 0.00%
3.43% 5.24%
No. of Shareholders 1,01,00593,389

* 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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