---
title: "Emmvee Photovoltaic Power Ltd (EMMVEE) — Share Price, Financials & Analysis"
symbol: "EMMVEE"
company: "Emmvee Photovoltaic Power Ltd"
canonical: "https://tapetide.com/stocks/EMMVEE"
isin: "INE1C6T01020"
nse_symbol: "EMMVEE"
bse_code: "544608"
sector: "Capital Goods"
industry: "Other Electrical Equipment"
market_cap_cr: 23276.64
generated_at: "2026-09-13T18:45:57.618Z"
---

# Emmvee Photovoltaic Power Ltd (EMMVEE)

Canonical page: https://tapetide.com/stocks/EMMVEE

## Company

- **NSE Symbol:** EMMVEE
- **BSE Code:** 544608
- **ISIN:** INE1C6T01020
- **Sector:** Capital Goods
- **Industry:** Other Electrical Equipment
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2025-11-18
- **CEO:** Mr. Manjunatha Donthi Venkatarathnaiah
- **Employees:** 611
- **Face Value:** ₹2
- **F&O Eligible:** No
- **Website:** emmveepv.com

## About

Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.[1]

## Latest Price

- **Price:** ₹346
- **Change:** +3.35 (+0.98%)
- **Open:** ₹342.65
- **Day High:** ₹348.2
- **Day Low:** ₹332.9
- **Previous Close:** ₹342.65
- **Volume:** 3747104
- **As Of:** 2026-09-11T10:28:53+00:00

## Key Fundamentals

Observed at 2026-09-11T04:52:32.296079Z.

- **Market Cap:** ₹23276.64 Cr
- **Classification:** Smallcap
- **P/E (reported):** 18.6
- **P/E (TTM):** 18.23
- **EPS (TTM):** ₹18.98
- **Book Value:** ₹53.37
- **Price to Book:** 6.42
- **Dividend Yield:** 0.29%
- **ROE:** 68.74%
- **ROCE:** 23.04%
- **Debt to Equity:** 0.1
- **Revenue (yearly):** ₹5049.88 Cr
- **Net Income:** ₹1138.64 Cr
- **EBITDA:** ₹1734.38 Cr
- **52-Week High:** ₹371.55
- **52-Week Low:** ₹171.51
- **RSI (14):** 63.44

## Key Insights

### Strengths

- 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

- 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 Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | 161.77% | 931.86% | 715.29% |
| ebitda margin growth | -2% | 7.43% | 163.82% | 68.22% |
| net income growth | -3.08% | 208.57% | 395% | 158% |
| revenue growth | -9.85% | 113.95% | 101% | 64% |
| roce | -3.28% | 321.98% | 211.35% | 11.52% |
| roe | -3.08% | 301.52% | 30.75% | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 402 | 528 | 1072 | 1028 | 1131 | 1152 | 1739 | 1556 |
| Expenses | 310 | 326 | 711 | 677 | 732 | 739 | 1168 | 1007 |
| 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 |
| Profit before tax | 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

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 555 | 424 | 555 | 618 | 952 | 2336 | 5050 | 5578 |
| Expenses | 451 | 312 | 451 | 562 | 832 | 1614 | 3316 | 3646 |
| Operating Profit | 105 | 113 | 104 | 56 | 120 | 722 | 1734 | 1932 |
| 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 |
| Profit before tax | 9 | 1 | 25 | 12 | 48 | 483 | 1338 | 1567 |
| Tax % | -44 | -1064 | 49 | 23 | 39 | 24 | 19 | — |
| Net Profit | 14 | 9 | 13 | 9 | 29 | 369 | 1082 | 1274 |
| EPS in Rs | 12.61 | 8.63 | 12.62 | 8.28 | 26.78 | 68.39 | 15.62 | 18.98 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 6 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 | 3556 |
| Borrowings | 570 | 603 | 482 | 524 | 1447 | 2065 | 360 |
| Other Liabilities | 134 | 93 | 178 | 173 | 558 | 1312 | 1717 |
| Total Liabilities | 873 | 874 | 842 | 838 | 2173 | 3914 | 5772 |
| Fixed Assets | 593 | 562 | 493 | 323 | 291 | 2046 | 2634 |
| CWIP | 1 | 6 | 14 | 93 | 646 | 13 | 10 |
| Investments | 1 | 1 | 1 | 0 | 0 | 257 | 57 |
| Other Assets | 279 | 305 | 334 | 421 | 1237 | 1598 | 3072 |
| Total Assets | 873 | 874 | 842 | 838 | 2173 | 3914 | 5772 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 181 | 75 | 129 | 59 | 234 | 614 | 200 |
| Cash from Investing Activity | -16 | -24 | 20 | -131 | -1000 | -986 | -304 |
| Cash from Financing Activity | -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

| Item | 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 |

## Shareholding Pattern

### Quarterly

| Category | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- |
| Promoters | 80.03% | 80.03% | 80.03% |
| FIIs | 3.97% | 2.45% | 2.92% |
| DIIs | 12.57% | 12.28% | 9.8% |
| Government | 0% | 0% | 0% |
| Public | 2.87% | 3.87% | 5.64% |
| Others | 0.56% | 1.37% | 1.61% |
| No. of Shareholders | 101005 | 93389 | 132931 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 4 / 3

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 329.13 | Buy |
| EMA (10) | 332.44 | Buy |
| SMA (20) | 326.98 | Buy |
| EMA (20) | 329.05 | Buy |
| SMA (50) | 327.93 | Buy |
| EMA (50) | 324.5 | Buy |
| SMA (100) | 314.72 | Buy |
| EMA (100) | 307.88 | Buy |
| SMA (200) | 261.85 | Buy |
| EMA (200) | 262.76 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 65.4 | Neutral |
| MACD (12,26,9) | 3.16 | Buy |
| Stochastic (14,3,3) | 81.42 | Sell |
| ADX (14) | 19.46 | Neutral |
| Williams %R (14) | -6.81 | Sell |
| ATR (14) | 10.9 | High Volatility |
| ROC (12) | 3.92 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 55.42 | Neutral |

## Analyst Ratings

| Recommendation | Analysts | Share |
| --- | --- | --- |
| Buy | 6 | 100% |
| Hold | 0 | 0% |
| Sell | 0 | 0% |

Based on 6 analyst ratings, observed at 2026-09-11T04:52:32.292651+00:00.

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 7h - Board meets April 28, 2026 to approve FY26 audited results and consider final dividend. | [Board Meeting Intimation for Audited Financial Results (Standalone And Consolidated) For The Financial Year Ended March 31 2026 Recommendation Of Dividend (If Any). 7h - Board meets April 28, 2026 to approve FY26 audited results and consider final dividend.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/101a1af6-7cc8-4bd7-948e-25889d1002f7.pdf) |
| 7 Feb - Deputy Commissioner order (06-Feb-2026) closes ₹121.32 million GST discrepancy; no liability for Emmvee. | [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.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1baf38c7-2bbd-43d7-ad67-3c02bbc2dd9f.pdf) |
| 6h - Emmvee reported FY2026 revenue ₹5,050 crore, PAT ₹1,082 crore, and 10.3 GW module capacity. | [Announcement under Regulation 30 (LODR)-Press Release / Media Release 6h - Emmvee reported FY2026 revenue ₹5,050 crore, PAT ₹1,082 crore, and 10.3 GW module capacity.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/8fd6d619-d913-4312-aa44-32c4253baec5.pdf) |
| 6h - Board approved FY2025-26 audited results and recommended Re.1 final dividend per share. | [Board Meeting Outcome for Outcome Of Board Meeting For The Financial Result For The Quarter And Year Ended March 31 2026. 6h - Board approved FY2025-26 audited results and recommended Re.1 final dividend per share.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/0f613187-8c04-4abe-9d60-c39eda235a85.pdf) |
| 5 May - FY26 revenue Rs5,049 crore, PAT Rs1,082 crore; order book 9.4 GW; 6 GW expansion underway. | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript 5 May - FY26 revenue Rs5,049 crore, PAT Rs1,082 crore; order book 9.4 GW; 6 GW expansion underway.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/a073e549-706d-4091-bf9d-f6cdbdcff699.pdf) |
| 3 Apr - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026; shares remain fully in demat form. | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018 3 Apr - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026; shares remain fully in demat form.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/612b3de9-127a-4486-be05-122ea80bdd04.pdf) |
| 29 Apr - Emmvee uploaded the Q4 and FY26 earnings conference call audio recording on its website. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 29 Apr - Emmvee uploaded the Q4 and FY26 earnings conference call audio recording on its website.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/47ffa737-2cb5-40c7-b3e1-5803737297c0.pdf) |
| 29 Apr - Emmvee uploaded the Q4 and FY26 earnings conference call audio recording on its website. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 29 Apr - Emmvee uploaded the Q4 and FY26 earnings conference call audio recording on its website.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/47ffa737-2cb5-40c7-b3e1-5803737297c0.pdf) |
| 28 Apr - Board approved FY26 audited results on April 28, 2026 and recommended Re.1 final dividend per share. | [Results - Financial Results For The Quarter And Year Ended March 31 2026 28 Apr - Board approved FY26 audited results on April 28, 2026 and recommended Re.1 final dividend per share.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/bb96a3bb-7600-4cbc-bee1-edfaedc94dff.pdf) |
| 28 Apr - Board approved FY26 audited results on April 28, 2026 and recommended Re.1 final dividend per share. | [Results - Financial Results For The Quarter And Year Ended March 31 2026 28 Apr - Board approved FY26 audited results on April 28, 2026 and recommended Re.1 final dividend per share.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/bb96a3bb-7600-4cbc-bee1-edfaedc94dff.pdf) |

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-10 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f469bc8a-a083-41aa-8ed2-b035a476600e.pdf) |
| 2026-09-03 | [Newspaper Publication - SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8a8c6b2b-0183-47a4-b1db-564b28909550.pdf) |
| 2026-09-02 | [Newspaper Publication Of Notice And Intimation Regarding 19Th Annual General Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ca1a5934-8aac-451e-9496-2800f9af938f.pdf) |
| 2026-09-02 | [Notice Of The 19Th Annual General Meeting Of The Company To Be Held On September 25 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=07369e06-f002-4ab0-90df-ee0f3ad57c32.pdf) |
| 2026-09-02 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f75149a7-f95c-4df5-8ce1-7aecc1b86cb4.pdf) |
| 2026-08-26 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6a6aaf8a-9d0f-46b6-9f72-1fd70243e791.pdf) |
| 2026-08-13 | [Announcement under Regulation 30 (LODR)-Monitoring Agency Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=99d47874-a34c-49f9-99b1-03d92c8c2156.pdf) |
| 2026-07-16 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5eaf24e7-48b1-4dc1-88ed-236c34fbf547.pdf) |
| 2026-07-15 | [Board Meeting Outcome for Outcome Of Board Meeting For The Financial Result For The Quarter Ended June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bed05220-b072-4c02-aaa2-738835597be0.pdf) |
| 2026-07-15 | [Announcement under Regulation 30 (LODR)-Press Release / Media Release](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a01bf7fe-01db-4ee6-ae6c-11eda2c25125.pdf) |

### Earnings Call Transcripts

| Date | Document |
| --- | --- |
| 2026-07-22 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e6f11bde-6a33-4790-bc65-52bad1cf8680.pdf) |
| 2026-05-05 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a073e549-706d-4091-bf9d-f6cdbdcff699.pdf) |
| 2026-01-20 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=497653fe-ec28-487b-bb38-16accdc0c5b5.pdf) |
| 2025-12-08 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=eea9892a-d188-4004-b0f4-27aea3169db1.pdf) |

### Earnings Call Recordings

| Date | Document |
| --- | --- |
| 2026-07-16 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c3e37a21-9db6-453a-9b14-27292a0ed8d0.pdf) |
| 2026-04-29 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=47ffa737-2cb5-40c7-b3e1-5803737297c0.pdf) |
| 2026-01-16 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4f238bdd-0cf5-4366-9667-3671ab4a5ae8.pdf) |
| 2025-12-02 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=02a951b9-4fe4-48ba-baa9-21b3abb89d42.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-07-15 | [Results - Unaudited Financial Results For The Quarter Ended June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=89fb671a-1122-47c5-8572-d799941da06b.pdf) |
| 2026-04-28 | [Results - Financial Results For The Quarter And Year Ended March 31 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bb96a3bb-7600-4cbc-bee1-edfaedc94dff.pdf) |
| 2026-01-15 | [Results For The Quarter Ended December 31 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0961edd0-287b-4912-8d91-3175d02ecb20.pdf) |
| 2025-12-01 | [Results -Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1594ebfa-3372-49ae-8df5-1c374632c0d7.pdf) |

### Investor Presentations

| Date | Document |
| --- | --- |
| 2026-07-15 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1816274d-9bda-4ca7-98b4-b81553a5c236.pdf) |
| 2026-04-28 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=76a304fe-4fef-4790-b489-d53063e24a71.pdf) |
| 2026-01-15 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=42feac3c-be02-4962-9709-fdb2df1a567e.pdf) |
| 2025-12-02 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=706e3ef6-1e68-4b3b-a861-87d4da2cb96a.pdf) |
| 2025-12-02 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1cebe316-01df-46c8-b51c-b0256d120c0a.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a073e549-706d-4091-bf9d-f6cdbdcff699.pdf) |
| Jan 2026 | [Concall - Jan 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/497653fe-ec28-487b-bb38-16accdc0c5b5.pdf) |
| Dec 2025 | [Concall - Dec 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1cebe316-01df-46c8-b51c-b0256d120c0a.pdf) |
| Dec 2025 | [Concall - Dec 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/eea9892a-d188-4004-b0f4-27aea3169db1.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:45:57.618Z.