Emmvee Photovoltaic Power Ltd.

•

emmveepv.comBSE: 544608NSE: EMMVEE

Market Cap₹ 23,962 Cr.

Current Price

High / Low₹ 372 / 172

Stock P/E18.8

Book Value₹ 59

Price to Book5.88

Dividend Yield0.29 %

ROCE28.8 %

ROE104.6 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • PV: 98.6% • Others: 1.4%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 43.2%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.23x)
Working capital cycle has improved - days down from 110 to 52

CONS

Company has a high debt-to-equity of 3.63x
Free cash flow has been persistently negative
Total debt has risen sharply - up 35.3% year on year
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

Part ofNIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	ABB	7269.10	51.56	154038.32	0.54	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	910.00	114.69	143365.96	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	SIEMENS	3960.90	43.07	141055.77	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	POWERINDIA	31415.40	121.72	140025.86	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
5.	GVT&D	4545.00	623.18	116373.15	0.22	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3178.75	76.08	113201.81	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2627.50	19.80	75580.39	0.15	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17496.15	62.01	73260.47	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1114.80	42.84	69960.57	0.90	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	44.16	19.31	60700.73	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1227.70	159.75	29354.80	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	EMMVEE	346.10	18.81	23962.06	0.29	380.29	—	1555.52	51.34	13.18	35.24

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	402	528	1,072	1,028	1,131	1,152	1,739	1,556
	310	326	711	677	732	739	1,168	1,102
Operating Profit	93	202	361	350	399	413	571	453
OPM %	23.02%	38.23%	33.65%	34.10%	35.31%	35.88%	32.84%	29.13%
	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 %	44.95%	18.72%	17.98%	21.87%	18.45%	18.07%	18.92%	19.02%
Net Profit	0	0	0	0	238	264	392	380
	0.59	1.67	3.49	3.16	4.01	4.11	5.67	5.49

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	TTM
	618	952	2,336	5,578
	562	849	1,615	3,741
Operating Profit	56	103	721	1,837
OPM %	9.10%	10.86%	30.86%	32.94%
	26	20	26	56
Interest	28	34	108	113
Depreciation	43	42	156	308
Profit before Tax	12	48	483	1,567
Tax %	23.11%	39.31%	23.57%	18.69%
Net Profit	9	29	369	1,274
EPS	0.15	26.78	68.39	—
Dividend Payout %	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 43%
Last Year:: 105%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11
	130	158	526
	524	1,516	2,046
Trade Payables	69	158	350
	106	351	1,035
Total Liabilities	839	2,194	3,969
	323	291	2,046
Capital Work in Progress	93	646	13
	0	0	257
	141	306	758
	8	96	190
Cash & Bank	61	521	324
	212	334	380
Total Assets	839	2,194	3,969

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025
	60	234	614
Cash from Investing	-131	-1,000	-986
Cash from Financing	80	894	408
	9	129	36

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Nov 2025	Dec 2025	Mar 2026	Jun 2026
	80.03	80.03	80.03	80.03
	6.17	3.97	2.45	2.92
	10.79	12.50	12.28	9.80
Government	0.00	0.00	0.00	0.00
Public	3.00	3.43	5.23	7.25

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Record Date

2026-09-11 - Emmvee Photovoltaic Power Limited has informed the Exchange that Record date for the purpose of Dividend is 18-Sep-2026.

2026-09-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - Emmvee Photovoltaic Power Limited has informed the Exchange about Schedule of meet to be held on September 17-18, 2026.

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Emmvee Photovoltaic Power Limited has informed the Exchange regarding the newspaper publication of the Notice convening the 19th Annual General Meeting of the Company and information relating to remote e-voting.

2026-09-02

Shareholders meeting

2026-09-02 - Emmvee Photovoltaic Power Limited has informed the Exchange regarding Notice of 19th Annual General Meeting to be held on September 25, 2026.

2026-09-02

Copy of Newspaper Publication

2026-09-02 - Emmvee Photovoltaic Power Limited has informed the Exchange about Copy of Newspaper clippings in relation to notice and information regarding the 19th Annual General Meeting.

2026-08-26

Change in Director(s)

2026-08-26 - Emmvee Photovoltaic Power Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-08-26

Change in Management

2026-08-26 - Intimation under regulation 30 of SEBI (LODR) Regualations, 2015.

2026-08-13

Monitoring Agency Report

2026-08-13 - Monitoring Agency Report for the quarter ended June 30, 2026 on the utilisation of proceeds raised through issuance of Equity Shares by way of public issue.

2026-07-22

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-22 - Please find the attached transcript of Q1FY27 earnings conference call held on July 16, 2026.

News

Recent coverage and analyst commentary for EMMVEE

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Emmvee Photovoltaic Power Ltd.

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Free 5nance Account

Name

ABB

7269.10

51.56

154038.32

0.54

3623.00

930.02

35588.70

1110.31

30.18

12.56

CGPOWER

910.00

114.69

143365.96

0.14

308.28

15.52

3280.81

13.99

27.94

12.11

SIEMENS

3960.90

43.07

141055.77

0.45

214.31

-49.38

4713.70

8.44

21.42

9.14

POWERINDIA

31415.40

121.72

140025.86

0.03

2941.50

2135.18

24936.90

1586.18

28.73

14.58

GVT&D

4545.00

623.18

116373.15

0.22

362.99

24.65

1836.14

38.04

75.51

25.10

ENRIN

3178.75

76.08

113201.81

0.13

440.90

67.83

2485.60

39.28

40.19

23.56

WAAREEENER

2627.50

19.80

75580.39

0.15

891.87

15.39

7931.79

79.22

37.92

18.15

APARINDS

17496.15

62.01

73260.47

0.34

4674.50

1677.98

65910.60

1191.31

31.84

11.50

HAVELLS

1114.80

42.84

69960.57

0.90

289.71

-16.64

6518.19

19.48

25.74

7.15

SUZLON

44.16

19.31

60700.73

0.00

305.22

-5.89

3829.09

22.83

35.79

15.55

SCHNEIDER

1227.70

159.75

29354.80

0.00

12.44

-69.84

651.36

4.78

31.01

5.23

EMMVEE

346.10

18.81

23962.06

0.29

380.29

—

1555.52

51.34

13.18

35.24

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

402

528

1,072

1,028

1,131

1,152

1,739

1,556

310

326

711

677

732

739

1,168

1,102

Operating Profit

202

361

350

399

413

571

453

OPM %

23.02%

38.23%

33.65%

34.10%

35.31%

35.88%

32.84%

29.13%

Interest

Depreciation

Profit before Tax

122

253

240

292

322

484

470

Tax %

44.95%

18.72%

17.98%

21.87%

18.45%

18.07%

18.92%

19.02%

Net Profit

238

264

392

380

0.59

1.67

3.49

3.16

4.01

4.11

5.67

5.49

Mar 2023

Mar 2024

Mar 2025

TTM

618

952

2,336

5,578

562

849

1,615

3,741

Operating Profit

103

721

1,837

OPM %

9.10%

10.86%

30.86%

32.94%

Interest

108

113

Depreciation

156

308

Profit before Tax

483

1,567

Tax %

23.11%

39.31%

23.57%

18.69%

Net Profit

369

1,274

EPS

0.15

26.78

68.39

—

Dividend Payout %

0.00%

—

Mar 2023

Mar 2024

Mar 2025

Equity Capital

130

158

526

524

1,516

2,046

Trade Payables

158

350

106

351

1,035

Total Liabilities

839

2,194

3,969

323

291

2,046

Capital Work in Progress

646

257

141

306

758

190

Cash & Bank

521

324

212

334

380

Total Assets

839

2,194

3,969

Mar 2023

Mar 2024

Mar 2025

234

614

Cash from Investing

-131

-1,000

-986

Cash from Financing

894

408

129

Mar 2023

Mar 2024

Mar 2025

Nov 2025

Dec 2025

Mar 2026

Jun 2026

80.03

6.17

3.97

2.45

2.92

10.79

12.50

12.28

9.80

Government

0.00

Public

3.00

3.43

5.23

7.25

Emmvee Photovoltaic Power Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Emmvee Photovoltaic Power Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI