Emmvee Photovoltaic Power
Emmvee Photovoltaic Power
Capital GoodsKey Fundamentals
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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 56.4%
Weaknesses
2- Debtor days have increased from 38.9 to 50.2 days.
- Working capital days have increased from -13.3 days to 88.3 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoEmmvee Photovoltaic Power Ltd is a capital goods company in the solar energy space with a market cap of ₹23,277 Cr, trading at a P/E of 18.6x. The company has delivered exceptional profit growth of 158% CAGR over 5 years and maintains a 3-year ROE of 56%, though working capital days have deteriorated significantly from -13.3 to 88.3 days.
- Exceptional 5-year compounded profit growth of 158% CAGR, indicating strong earnings momentum in the solar manufacturing segment
- Outstanding 3-year ROE of 56.4%, well above typical capital goods peers, reflecting efficient capital deployment
- TTM sales growth of 84% signals robust demand traction and strong order execution
- 3-year compounded sales CAGR of 101% demonstrates sustained top-line acceleration, not just a one-off spike
- TTM profit growth of 141% outpacing revenue growth of 84%, indicating operating leverage and margin expansion
- Company has been actively reducing debt, strengthening the balance sheet for future capacity expansion
- P/E of 18.6x appears reasonable relative to the company's 158% 5-year profit CAGR, suggesting growth is not excessively priced on a PEG basis
- Positioned in India's solar energy sector which benefits from government PLI schemes and rising domestic module demand, with 5-year sales CAGR of 64% reflecting the structural tailwind
- Working capital days have deteriorated sharply from -13.3 days to 88.3 days, a swing of over 100 days, signaling potential cash flow stress
- Debtor days have increased from 38.9 to 50.2 days, suggesting slower collections and possible customer credit risk
- P/B ratio of 6.42x is elevated, implying the stock prices in significant future growth and leaves limited margin of safety
- Dividend yield of just 0.29% offers minimal income return, with nearly all returns dependent on capital appreciation
- 10-year growth data is largely unavailable, limiting visibility into the company's long-term track record and cyclical resilience
- 52-week high and low data are not available, making it difficult to assess current price positioning relative to recent trading range
- Solar manufacturing in India faces risks from Chinese module dumping, BCD policy changes, and polysilicon price volatility that could compress margins from current elevated levels
- The rapid profit growth of 395% CAGR over 3 years may reflect a low base effect, and sustaining such growth rates is inherently challenging as scale increases
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Investor meet at Jefferies Forum Sep 10
Emmvee Photovoltaic will hold group and one-on-one meetings with investors and analysts at the Jefferies India Forum 2026 on September 17-18 in Gurgaon.
- Cost auditor and director appointed Aug 26
Board appointed M/s. Murthy & Co. LLP as cost auditor for FY27 and re-appointed Mr. Suhas Donthi Manjunatha as director at its August 26, 2026 meeting.
TL;DR: Limited news flow for Emmvee Photovoltaic in recent weeks, with only routine corporate governance updates and an upcoming investor forum appearance. No material headwinds or positive catalysts have emerged. The Jefferies India Forum participation on Sep 17-18 could generate fresh institutional interest, so watch for any guidance or order book commentary coming out of that event.
Quarterly Results
| Particulars | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 402 | 528 | 1,072 | 1,028 | 1,131 | 1,152 | 1,739 | 1,556 |
| Expenses | 310 | 326 | 711 | 677 | 732 | 739 | 1,168 | 1,007 |
| Operating Profit | 93 | 202 | 361 | 350 | 399 | 413 | 571 | 548 |
| OPM % | 23% | 38% | 34% | 34% | 35% | 36% | 33% | 35% |
| Other Income | 11 | 10 | 3 | 14 | 18 | 16 | 5 | 16 |
| Interest | 17 | 37 | 46 | 53 | 55 | 33 | 13 | 11 |
| Depreciation | 23 | 54 | 66 | 72 | 71 | 74 | 79 | 84 |
| PBT | 64 | 122 | 253 | 240 | 292 | 322 | 484 | 470 |
| Tax % | 45% | 19% | 18% | 22% | 18% | 18% | 19% | 19% |
| Net Profit | 35 | 99 | 207 | 188 | 238 | 264 | 392 | 380 |
| EPS in Rs | 32.54 | 91.92 | 38.39 | 3.16 | 4.01 | 3.81 | 5.67 | 5.49 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 555 | 424 | 555 | 618 | 952 | 2,336 | 5,050 | 5,578 |
| Expenses | 451 | 312 | 451 | 562 | 832 | 1,614 | 3,316 | 3,646 |
| Operating Profit | 105 | 113 | 104 | 56 | 120 | 722 | 1,734 | 1,932 |
| OPM % | 19% | 27% | 19% | 9% | 13% | 31% | 34% | 35% |
| Other Income | 9 | 2 | 12 | 26 | 3 | 25 | 54 | 56 |
| Interest | 65 | 62 | 49 | 28 | 34 | 108 | 155 | 113 |
| Depreciation | 39 | 52 | 42 | 43 | 42 | 156 | 296 | 308 |
| PBT | 9 | 1 | 25 | 12 | 48 | 483 | 1,338 | 1,567 |
| Tax % | -44% | -1064% | 49% | 23% | 39% | 24% | 19% | — |
| Net Profit | 14 | 9 | 13 | 9 | 29 | 369 | 1,082 | 1,274 |
| EPS in Rs | 12.61 | 8.63 | 12.62 | 8.28 | 26.78 | 68.39 | 15.62 | 18.98 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 6% | — |
Balance Sheet
| Particulars | 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 |
| Borrowings | 570 | 603 | 482 | 524 | 1,447 | 2,065 | 360 |
| Other Liabilities | 134 | 93 | 178 | 173 | 558 | 1,312 | 1,717 |
| Total Liabilities | 873 | 874 | 842 | 838 | 2,173 | 3,914 | 5,772 |
| Fixed Assets | 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 |
| Other Assets | 279 | 305 | 334 | 421 | 1,237 | 1,598 | 3,072 |
| Total Assets | 873 | 874 | 842 | 838 | 2,173 | 3,914 | 5,772 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | 181 | 75 | 129 | 59 | 234 | 614 | 200 |
| Investing | -16 | -24 | 20 | -131 | -1,000 | -986 | -304 |
| Financing | -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
| Particulars | 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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56 extracted metrics + investor summaries across FY20–FY27.
Documents
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Company Information
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.[1]
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