Emmvee Photovoltaic Power Ltd
₹ 277
-1.74%
16 Oct
- close price
About
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.[1]
Key Points
- Market Cap ₹ 19,192 Cr.
- Current Price ₹ 277
- High / Low ₹ 372 / 172
- Stock P/E 13.5
- Book Value ₹ 63.4
- Dividend Yield 0.36 %
- ROCE 44.6 %
- ROE 50.7 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is expected to give good quarter
- 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 56.1%
Cons
- Debtor days have increased from 38.9 to 50.2 days.
- Working capital days have increased from -14.0 days to 86.1 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.
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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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 555 | 424 | 555 | 618 | 952 | 2,336 | 5,050 | 6,023 | |
| 451 | 312 | 451 | 562 | 832 | 1,614 | 3,316 | 3,933 | |
| Operating Profit | 105 | 113 | 104 | 56 | 120 | 722 | 1,734 | 2,089 |
| OPM % | 19% | 27% | 19% | 9% | 13% | 31% | 34% | 35% |
| 9 | 2 | 12 | 26 | 3 | 25 | 54 | 40 | |
| Interest | 65 | 62 | 49 | 28 | 34 | 108 | 155 | 67 |
| Depreciation | 39 | 52 | 42 | 43 | 42 | 156 | 296 | 322 |
| Profit before tax | 9 | 1 | 25 | 12 | 48 | 483 | 1,338 | 1,741 |
| Tax % | -44% | -1,064% | 49% | 23% | 39% | 24% | 19% | |
| 14 | 9 | 13 | 9 | 29 | 369 | 1,082 | 1,418 | |
| EPS in Rs | 0.23 | 0.16 | 0.23 | 0.15 | 0.49 | 6.22 | 15.62 | 20.49 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 6% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 64% |
| 3 Years: | 101% |
| TTM: | 60% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 158% |
| 3 Years: | 393% |
| TTM: | 94% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 50% |
| 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 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 138 | 138 |
| Reserves | 159 | 168 | 170 | 130 | 158 | 526 | 3,556 | 4,252 |
| 570 | 603 | 482 | 524 | 1,447 | 2,065 | 360 | 1,108 | |
| 134 | 93 | 178 | 173 | 558 | 1,312 | 1,718 | 1,342 | |
| Total Liabilities | 873 | 874 | 842 | 838 | 2,173 | 3,914 | 5,772 | 6,841 |
| 593 | 562 | 493 | 323 | 291 | 2,046 | 2,634 | 2,638 | |
| CWIP | 1 | 6 | 14 | 93 | 646 | 13 | 10 | 213 |
| Investments | 1 | 1 | 1 | 0 | 0 | 257 | 57 | 33 |
| 279 | 305 | 334 | 421 | 1,237 | 1,598 | 3,072 | 3,957 | |
| Total Assets | 873 | 874 | 842 | 838 | 2,173 | 3,914 | 5,772 | 6,841 |
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 | 625 | 200 | |
| -16 | -24 | 20 | -131 | -1,000 | -986 | -306 | |
| -219 | -54 | -84 | 80 | 894 | 397 | 130 | |
| Net Cash Flow | -55 | -2 | 65 | 8 | 129 | 36 | 24 |
| Free Cash Flow | 150 | 54 | 147 | -173 | -440 | -363 | -440 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 174% | 71% | 129% | 107% | 207% | 96% | 23% |
Ratios
Consolidated / 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 | 86 |
| ROCE % | 8% | 9% | 6% | 7% | 28% | 45% |
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 |
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| Solar PV Module Capacity Utilization % |
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| Solar PV Module Installed Capacity MW |
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| Solar PV Module Production MW |
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| Solar Cell Capacity Utilization % |
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| Solar Cell Installed Capacity MW |
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| Solar Cell Production MW |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
- Pursuant to Regulation 47 of SEBI (LODR) Regulations, 2015, we are attaching herewith newspaper clipping of unaudited financial results for quarter and half year ended …
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Audio recording of Q2FY27 earnings conference call uploaded on company website.
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Announcement under Regulation 30 (LODR)-Investor Presentation
- Please find the attached investor presentation for the quarter and half year ended September 30, 2026.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Q2/H1 FY27 results strong; 6 GW expansion to commission by Dec 2026 and Mar 2027.
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Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026
- Q2/H1 FY27 results: revenue up 39%/45%, PAT up 61%/79%; 6 GW expansion planned.
Concalls
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Oct 2026PPT REC
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Jul 2026Transcript PPT REC
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May 2026Transcript PPT REC
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Jan 2026Transcript PPT REC
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Dec 2025Transcript PPT
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Dec 2025PPT 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.