Emmvee Photovoltaic Power Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • PV: 98.6% • Others: 1.4%
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 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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7330.00 | 51.99 | 155328.84 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 908.00 | 114.44 | 143050.87 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3972.00 | 43.19 | 141451.06 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31065.00 | 120.36 | 138464.05 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| GVT&D | 4500.00 | 617.01 | 115220.94 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3180.50 | 76.12 | 113264.13 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2545.00 | 19.18 | 73207.26 | 0.16 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17293.00 | 61.29 | 72409.83 | 0.35 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1116.00 | 42.88 | 70035.88 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.44 | 19.43 | 61085.61 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1195.30 | 155.53 | 28580.11 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| EMMVEE | 342.75 | 18.62 | 23730.13 | 0.29 | 380.29 | — | 1555.52 | 51.34 | 13.18 | 35.24 |
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:
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- 5 Years:
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- 3 Years:
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COMPOUNDED PROFIT GROWTH
- 10 Years:
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STOCK PRICE CAGR
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- 3 Years:
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RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
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- 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 | |
|---|---|---|---|
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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