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Emmvee Photovoltaic Power

EMMVEE NSE
₹246.41 +15.15 (+6.55%)
P/E
12.03
View as Markdown
MCP
Close 4 Nov 2026 ₹246.41 +27.01 +12.3% since 18 Nov 2025
Start ₹219.40

Key Fundamentals

SmallcapElectrical EquipmentCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
44.60%
Debt to Equity
0.25
EPS (TTM)
₹20.49
Book Value
₹63.41
Market Cap
—
P/E (TTM)
12.03
P/B
3.89
ROE
50.70%
Dividend Yield
0.43%
EBITDA
₹1,788 Cr
52W High
₹371.55
52W Low
₹171.51
Day Range
₹228.26 – ₹247.61
Volume
26,72,402

Peer Comparison

Industrials › Capital Goods › Other Electrical Equipment

Emmvee Photovoltaic Power peer comparison
Waaree Energies
₹2,408.0018.15₹67,713 Cr4.320.17%32.50%38.40%₹30,043 Cr₹4,003 Cr
Apar Industries
₹15,998.0054.39₹65,476 Cr7.860.39%20.30%31.80%₹24,389 Cr₹1,181 Cr
Premier Energies
₹904.0024.61₹40,624 Cr9.530.11%41.00%32.70%₹8,466 Cr₹1,674 Cr
Diamond Power Infrastructure
₹385.85111.84₹22,658 Cr—0.00%—10.40%₹2,348 Cr₹182 Cr
MTAR Technologies
₹6,036.50137.95₹19,040 Cr22.570.05%12.60%15.20%₹1,080 Cr₹134 Cr
Emmvee Photovoltaic Power (this company)
₹246.4112.03₹16,196 Cr3.890.43%50.70%44.60%₹6,023 Cr₹1,418 Cr
Avalon Technologies
₹2,041.00102.05₹13,437 Cr18.920.00%16.50%19.30%₹1,764 Cr₹134 Cr
Median 7 companies₹2,041.0054.39₹22,658 Cr8.700.11%26.40%31.80%₹6,023 Cr₹1,181 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

57 Good

Data confidence 100/100

Category scores

Quality
63
Good
Returns, margins, earnings quality 22% weight
Valuation
65
Good
Cheap vs sector & own history 24% weight
Growth
97
Strong
Sales & profit trajectory 9% weight
Financial Health
69
Strong
Solvency, leverage, coverage 9% weight
Momentum
25
Poor
Trend strength, vol-adjusted 12% weight
Ownership
36
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • 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%

Weaknesses

2
  • Debtor days have increased from 38.9 to 50.2 days.
  • Working capital days have increased from -14.0 days to 86.1 days

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1144
OscillatorsBearish342
Moving AveragesStrong Bearish802

Key readings

RSI (14)
37.12
Neutral
MACD (12,26,9)
−20.00
Bearish
SMA (50)
300.39
Bearish
SMA (200)
277.18
Bearish

As of

Analyst Rating

Based on 6 analysts
BUY83%

5 of 6 analysts rate Buy, 0 Hold, 1 Sell.

As of

BUY
5
83%
HOLD
0
0%
SELL
1
17%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
5Y+64.13%
3Y+101.42%
1Y+116.18%
TTM+60.23%

Net profit

Net profit growth by window
5Y+160.61%
3Y+393.55%
1Y+193.22%
TTM+93.72%

Operating cash flow

Operating cash flow growth by window
5Y+21.67%
3Y+50.22%
1Y−68.00%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+7.69 pp
3Y+25.28 pp
1Y+3.43 pp
TTM−0.22 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹555 Cr
Mar 2021₹424 Cr
Mar 2022₹555 Cr
Mar 2023₹618 Cr
Mar 2024₹952 Cr
Mar 2025₹2,336 Cr
Mar 2026₹5,050 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020₹14.00 Cr
Mar 2021₹9.00 Cr
Mar 2022₹13.00 Cr
Mar 2023₹9.00 Cr
Mar 2024₹29.00 Cr
Mar 2025₹369 Cr
Mar 2026₹1,082 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹2,328 Cr +30.2% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

Emmvee Photovoltaic Power Ltd trades at ₹246.41 as of 2026-11-04 with a market cap of ₹16,196 Cr. The company has delivered exceptional profit growth of 158% CAGR over five years with a strong ROE of 29.27%, while trading at a P/E of 12.03x, though deteriorating working capital metrics warrant attention.

Bull Case 7
  • Exceptional profit growth with a 5-year compounded profit CAGR of 158% and a 3-year CAGR of 393%, indicating rapid earnings expansion
  • Strong return on equity at 29.27% as of 2026-11-04, supported by a 3-year average ROE of 56%, reflecting highly efficient capital deployment
  • Robust return on capital employed at 34.8%, indicating the business generates strong returns well above typical cost of capital
  • Near debt-free balance sheet with a debt-to-equity ratio of just 0.10, providing financial flexibility and low interest burden
  • Healthy revenue momentum with TTM sales growth of 60% and a 3-year compounded sales CAGR of 101%
  • TTM profit growth of 94% demonstrates continued earnings acceleration even on a larger base
  • Company is expected to deliver a good upcoming quarter, suggesting near-term earnings momentum remains intact
Bear Case 6
  • Debtor days have increased from 38.9 to 50.2 days, a 29% deterioration indicating slower collections and potential credit risk from customers
  • Working capital days have surged from -14.0 days to 86.1 days, a dramatic swing that signals significant cash conversion cycle deterioration
  • Stock is trading 33.7% below its 52-week high of ₹371.55, reflecting meaningful negative price momentum or a re-rating lower
  • Low dividend yield of 0.43% offers minimal income return to shareholders despite strong profitability
  • The capital goods sector is inherently cyclical, and the extraordinary 393% three-year profit CAGR may not be sustainable as the growth base normalises
  • Rapid sales and profit growth rates may attract competitive entry in the solar photovoltaic segment, potentially compressing future margins

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Emmvee Photovoltaic Power is delivering robust earnings momentum with nearly 80% profit growth in H1FY27 on the back of strong revenue expansion and healthy order inflows. No visible headwinds emerged in the latest coverage. The trend is clearly improving, though sustaining this pace will depend on continued order book strength and execution in H2.

Positives 1
  • H1FY27 PAT surges 79% Oct 14

    Emmvee Photovoltaic Power reported H1FY27 PAT of ₹762.3 crore, a 79.1% YoY jump, underpinned by 45.1% revenue growth and strong order inflows.

Quarterly Results

₹ Cr
EMMVEE quarterly results, ₹ crore
Particulars Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
402
528
1,072
1,028
1,131
1,152
1,739
1,556
1,576
Expenses
310
326
711
677
732
739
1,168
1,007
1,020
Operating Profit
93
202
361
350
399
413
571
548
557
OPM %
23%
38%
34%
34%
35%
36%
33%
35%
35%
Other Income
11
10
3
14
18
16
5
16
3
Interest
17
37
46
53
55
33
13
11
9
Depreciation
23
54
66
72
71
74
79
84
85
PBT
64
122
253
240
292
322
484
470
465
Tax %
45%
19%
18%
22%
18%
18%
19%
19%
18%
Net Profit
35
99
207
188
238
264
392
380
382
EPS (₹)
0.59
1.67
3.49
3.16
4.01
3.81
5.67
5.49
5.52

Profit & Loss

₹ Cr
EMMVEE profit and loss, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
555
424
555
618
952
2,336
5,050
6,023
Expenses
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%
Other Income
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
PBT
9
1
25
12
48
483
1,338
1,741
Tax %
−44%
−1064%
49%
23%
39%
24%
19%
—
Net Profit
14
9
13
9
29
369
1,082
1,418
EPS (₹)
0.23
0.16
0.23
0.15
0.49
6.22
15.62
20.49
Div. Payout %
0%
0%
0%
0%
0%
0%
6%
—

Balance Sheet

₹ Cr
EMMVEE balance sheet, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
11
11
11
11
11
11
138
138
Reserves
159
168
170
130
158
526
3,556
4,252
Borrowings
570
603
482
524
1,447
2,065
360
1,108
Other Liabilities
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
Fixed Assets
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
Other Assets
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 Flow

₹ Cr
EMMVEE cash flow, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
181
75
129
59
234
625
200
Investing
−16
−24
20
−131
−1,000
−986
−306
Financing
−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
174
71
129
107
207
96
23

Ratios

EMMVEE financial ratios, annual
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Emmvee Photovoltaic Power insights

61 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 80.03%
  • DIIs 9.81%
  • Public 6.51%
  • FIIs 2.19%
  • Others 1.45%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Emmvee Photovoltaic Power

What does Emmvee Photovoltaic Power Ltd do?
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.
Where is Emmvee Photovoltaic Power Ltd (EMMVEE) listed?
Emmvee Photovoltaic Power Ltd trades as EMMVEE on the NSE and under code 544608 on the BSE.
Which sector does Emmvee Photovoltaic Power Ltd belong to?
Emmvee Photovoltaic Power Ltd is classified under the Capital Goods sector, in the Other Electrical Equipment industry.
What is the PE ratio of Emmvee Photovoltaic Power Ltd?
Emmvee Photovoltaic Power Ltd trades at a PE ratio of 12.03 as of 4 Nov 2026, on earnings per share of ₹20.49, against a book value of ₹63.41 per share.
What is the 52-week high and low of Emmvee Photovoltaic Power Ltd?
Over the last 52 weeks Emmvee Photovoltaic Power Ltd has traded between ₹171.51 and ₹371.55 as of 4 Nov 2026.
Does Emmvee Photovoltaic Power Ltd pay dividends?
Emmvee Photovoltaic Power Ltd has a dividend yield of 0.43%.
What is the Return on Equity (ROE) of Emmvee Photovoltaic Power Ltd?
Emmvee Photovoltaic Power Ltd reported a return on equity of 50.70%. Its debt-to-equity ratio is 0.25.

Company Information

Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.

Website emmveepv.com
CEO Mr. Manjunatha Donthi Venkatarathnaiah
Employees 611
Listed 18 Nov 2025
Face Value ₹2

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