Emmvee Photovoltaic Power Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • PV: 90.0% • EPC: 10.0%
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company is almost debt free
- Company has a good return on equity (ROE) track record: 3 Years ROE 31.0%
- Company has a healthy return on capital (ROCE) of 27.4%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.25x)
- Company has been maintaining a healthy dividend payout of 44.5%
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 73.6% versus prior year
- A large part of profit comes from other income (53.3% of PBT)
- Equity base is being diluted - shares outstanding up 1183.1%
- Working capital days have increased from -31 to 67 days
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| 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 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| 0 | 356 | 544 | 445 | 277 | 81 | 271 | 217 | |
| 0 | 297 | 533 | 328 | 256 | 88 | 273 | 220 | |
| Operating Profit | 0 | 59 | 11 | 117 | 21 | -7 | -2 | -3 |
| OPM % | — | 16.60% | 2.03% | 26.36% | 7.62% | -8.18% | -0.63% | -1.38% |
| 0 | 7 | 8 | 12 | 18 | 33 | 49 | 52 | |
| Interest | 0 | 5 | 7 | 3 | 3 | 1 | 1 | 1 |
| Depreciation | 0 | 7 | 15 | 6 | 6 | 6 | 5 | 5 |
| Profit before Tax | 0 | 54 | -3 | 121 | 30 | 20 | 42 | 49 |
| Tax % | — | 26.90% | 107.35% | 25.32% | 25.52% | 29.29% | 29.29% | 25.31% |
| Net Profit | 0 | 40 | 0 | 90 | 22 | 14 | 29 | 37 |
| 0.00 | 1.17 | 0.00 | 1.52 | 0.37 | 0.22 | 0.42 | 0.53 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| 508 | 705 | 1,232 | 1,763 | 1,075 | 846 | |
| 446 | 636 | 1,066 | 1,503 | 944 | 836 | |
| Operating Profit | 62 | 70 | 166 | 261 | 130 | 10 |
| OPM % | 12.16% | 9.89% | 13.48% | 14.79% | 12.11% | 1.15% |
| 12 | 19 | 29 | 30 | 113 | 153 | |
| Interest | 32 | 26 | 31 | 27 | 8 | 6 |
| Depreciation | 26 | 36 | 38 | 41 | 23 | 22 |
| Profit before Tax | 15 | 27 | 126 | 223 | 212 | 141 |
| Tax % | 44.28% | 17.19% | 25.67% | 27.46% | 26.50% | 27.10% |
| Net Profit | 9 | 23 | 94 | 162 | 156 | 102 |
| EPS | 7.91 | 20.99 | 86.75 | 30.01 | 2.25 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 44.45% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 90%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 22%
- 3 Years:
- 31%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 138 |
| 173 | 196 | 271 | 432 | 2,540 | |
| 270 | 239 | 316 | 114 | 53 | |
| Trade Payables | 37 | 62 | 158 | 109 | 97 |
| 128 | 103 | 331 | 405 | 298 | |
| Total Liabilities | 619 | 611 | 1,087 | 1,072 | 3,126 |
| 216 | 221 | 198 | 139 | 113 | |
| Capital Work in Progress | 14 | 0 | 2 | 0 | 1 |
| 64 | 3 | 53 | 116 | 116 | |
| 111 | 132 | 306 | 193 | 92 | |
| 0 | 0 | 115 | 91 | 180 | |
| Cash & Bank | 59 | 14 | 5 | 39 | 160 |
| 154 | 241 | 409 | 494 | 2,464 | |
| Total Assets | 619 | 611 | 1,087 | 1,072 | 3,126 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 115 | 33 | 209 | 351 | -46 | |
| Cash from Investing | -43 | -13 | -256 | -95 | -1,860 |
| Cash from Financing | -37 | -56 | 47 | -223 | 1,938 |
| 36 | -36 | -0 | 33 | 32 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Emmvee Photovoltaic Power Limited has informed the Exchange about Schedule of meet to be held on September 17-18, 2026.
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 - 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 - 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 - Emmvee Photovoltaic Power Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-08-26 - Intimation under regulation 30 of SEBI (LODR) Regualations, 2015.
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 - Please find the attached transcript of Q1FY27 earnings conference call held on July 16, 2026.
News
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