Emmvee Photovoltaic Power Ltd.

•

emmveepv.comBSE: 544608NSE: EMMVEE

Market Cap₹ 22,792 Cr.

Current Price

High / Low₹ 372 / 172

Stock P/E222.5

Book Value₹ 39

Price to Book8.74

Dividend Yield0.30 %

ROCE40.0 %

ROE44.7 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • PV: 90.0% • EPC: 10.0%

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%

View full sector analysis →

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 31.3%
Company has a healthy return on capital (ROCE) of 27.0%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.13x)
Company comfortably covers its interest (9.4x coverage)
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position

CONS

Recent results are weak - TTM profit is down 73.6% versus prior year

* 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	7393.30	52.44	156670.22	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	927.00	116.83	146044.22	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	POWERINDIA	31580.00	122.36	140759.52	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
4.	SIEMENS	3947.50	42.92	140578.57	0.46	214.31	-49.38	4713.70	8.44	21.42	9.14
5.	GVT&D	4663.20	639.39	119399.62	0.21	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3179.80	76.10	113239.20	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2567.50	19.35	73854.48	0.16	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17440.85	61.81	73028.91	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1121.10	43.08	70355.94	0.89	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	45.60	19.93	62680.10	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1197.05	155.76	28621.95	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	EMMVEE	329.20	17.89	22792.00	0.30	380.29	—	1555.52	51.34	28.84	35.24

Detailed Comparison with:

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	TTM
	508	705	1,232	1,763	846
	446	636	1,066	1,503	836
Operating Profit	62	70	166	261	10
OPM %	12.16%	9.89%	13.48%	14.79%	1.15%
	12	19	29	30	153
Interest	32	26	31	27	6
Depreciation	26	36	38	41	22
Profit before Tax	15	27	126	223	141
Tax %	44.28%	17.19%	25.67%	27.46%	27.10%
Net Profit	9	23	94	162	102
EPS	7.91	20.99	86.75	30.01	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 51%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 167%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 31%
Last Year:: 45%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11	11
	173	196	271	432
	270	239	316	114
Trade Payables	37	62	158	110
	128	103	331	404
Total Liabilities	619	611	1,087	1,072
	216	221	198	139
Capital Work in Progress	14	0	2	0
	64	3	53	116
	111	132	306	193
	0	0	115	91
Cash & Bank	59	14	5	39
	154	241	409	494
Total Assets	619	611	1,087	1,072

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	115	33	209	351
Cash from Investing	-43	-13	-256	-95
Cash from Financing	-37	-56	47	-223
	36	-36	-0	33

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	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

2026-09-10

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.

2026-07-16

Copy of Newspaper Publication

2026-07-16 - Pursuant to Regulation 47 of SEBI (LODR) Regulations, 2015 we are attaching herewith newspaper clipping of unaudited financial results for the quarter ended June 30, 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

7393.30

52.44

156670.22

0.53

3623.00

930.02

35588.70

1110.31

30.18

12.56

CGPOWER

927.00

116.83

146044.22

0.14

308.28

15.52

3280.81

13.99

27.94

12.11

POWERINDIA

31580.00

122.36

140759.52

0.03

2941.50

2135.18

24936.90

1586.18

28.73

14.58

SIEMENS

3947.50

42.92

140578.57

0.46

214.31

-49.38

4713.70

8.44

21.42

9.14

GVT&D

4663.20

639.39

119399.62

0.21

362.99

24.65

1836.14

38.04

75.51

25.10

ENRIN

3179.80

76.10

113239.20

0.13

440.90

67.83

2485.60

39.28

40.19

23.56

WAAREEENER

2567.50

19.35

73854.48

0.16

891.87

15.39

7931.79

79.22

37.92

18.15

APARINDS

17440.85

61.81

73028.91

0.34

4674.50

1677.98

65910.60

1191.31

31.84

11.50

HAVELLS

1121.10

43.08

70355.94

0.89

289.71

-16.64

6518.19

19.48

25.74

7.15

SUZLON

45.60

19.93

62680.10

0.00

305.22

-5.89

3829.09

22.83

35.79

15.55

SCHNEIDER

1197.05

155.76

28621.95

0.00

12.44

-69.84

651.36

4.78

31.01

5.23

EMMVEE

329.20

17.89

22792.00

0.30

380.29

—

1555.52

51.34

28.84

35.24

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

356

544

445

277

271

217

297

533

328

256

273

220

Operating Profit

117

-7

-2

-3

OPM %

—

16.60%

2.03%

26.36%

7.62%

-8.18%

-0.63%

-1.38%

Interest

Depreciation

Profit before Tax

-3

121

Tax %

—

26.90%

107.35%

25.32%

25.52%

29.29%

25.31%

Net Profit

0.00

1.17

0.00

1.52

0.37

0.22

0.42

0.53

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

508

705

1,232

1,763

846

446

636

1,066

1,503

836

Operating Profit

166

261

OPM %

12.16%

9.89%

13.48%

14.79%

1.15%

153

Interest

Depreciation

Profit before Tax

126

223

141

Tax %

44.28%

17.19%

25.67%

27.46%

27.10%

Net Profit

162

102

EPS

7.91

20.99

86.75

30.01

—

Dividend Payout %

0.00%

—

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

173

196

271

432

270

239

316

114

Trade Payables

158

110

128

103

331

404

Total Liabilities

619

611

1,087

1,072

216

221

198

139

Capital Work in Progress

116

111

132

306

193

115

Cash & Bank

154

241

409

494

Total Assets

619

611

1,087

1,072

Mar 2022

Mar 2023

Mar 2024

Mar 2025

115

209

351

Cash from Investing

-43

-13

-256

-95

Cash from Financing

-37

-56

-223

-36

-0

Mar 2022

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