Emmvee Photovoltaic Power Ltd.
•₹ 324-0.49%
2026-08-21
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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | ABB | 7400.00 | 52.48 | 156812.20 | 0.53 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| 2. | POWERINDIA | 33550.00 | 0.00 | 149540.28 | 0.02 | 294.15 | 123.52 | 2493.69 | 74.46 | 28.73 | 14.58 |
| 3. | SIEMENS | 3880.10 | 42.19 | 138178.32 | 0.46 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| 4. | CGPOWER | 862.90 | 108.75 | 135945.59 | 0.15 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| 5. | ENRIN | 3483.60 | 0.00 | 124058.14 | 0.11 | 4409.00 | 1578.34 | 24856.00 | 1292.81 | 40.19 | 23.56 |
| 6. | GVT&D | 4119.00 | 564.77 | 105465.57 | 0.24 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| 7. | HAVELLS | 1278.00 | 49.11 | 80202.38 | 0.78 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| 8. | WAAREEENER | 2688.00 | 20.26 | 77320.68 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 34.71 | 18.15 |
| 9. | APARINDS | 16607.65 | 58.86 | 69540.11 | 0.36 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 33.47 | 11.50 |
| 10. | SUZLON | 46.78 | 20.45 | 64302.09 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| 11. | SCHNEIDER | 1254.75 | 0.00 | 30001.58 | 0.00 | 124.40 | 201.65 | 6513.60 | 947.83 | 31.01 | 5.23 |
| 12. | EMMVEE | 316.95 | 17.22 | 21943.88 | 0.32 | 380.29 | — | 1555.52 | 51.34 | 28.84 | 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 | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — |
| 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 |
| 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 |
| 1 | 2 | 3 | 3 | 4 | 4 | 6 | 1 | |
| Equity Capital | 11 | 11 | 11 | 119 | 119 | 138 | 138 | 138 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 11 | 11 | 11 | 119 | 119 | 138 | 138 | 138 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Sep 2024
- 402
- 310
- Operating Profit
- —
- OPM %
- —
- Other Income
- 11
- Interest
- 17
- Depreciation
- 23
- 64
- Tax %
- 44.95%
- Net Profit
- 0
- 1
- Equity Capital
- 11
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 11
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 528
- 326
- Operating Profit
- —
- OPM %
- —
- Other Income
- 10
- Interest
- 37
- Depreciation
- 54
- 122
- Tax %
- 18.72%
- Net Profit
- 0
- 2
- Equity Capital
- 11
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 11
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 1,072
- 711
- Operating Profit
- —
- OPM %
- —
- Other Income
- 3
- Interest
- 46
- Depreciation
- 66
- 253
- Tax %
- 17.98%
- Net Profit
- 0
- 3
- Equity Capital
- 11
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 11
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 1,028
- 677
- Operating Profit
- —
- OPM %
- —
- Other Income
- 14
- Interest
- 53
- Depreciation
- 72
- 240
- Tax %
- 21.87%
- Net Profit
- 0
- 3
- Equity Capital
- 119
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 119
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 1,131
- 732
- Operating Profit
- —
- OPM %
- —
- Other Income
- 18
- Interest
- 55
- Depreciation
- 71
- 292
- Tax %
- 18.45%
- Net Profit
- 238
- 4
- Equity Capital
- 119
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 119
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 1,152
- 739
- Operating Profit
- —
- OPM %
- —
- Other Income
- 16
- Interest
- 33
- Depreciation
- 74
- 322
- Tax %
- 18.07%
- Net Profit
- 264
- 4
- Equity Capital
- 138
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 138
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 1,739
- 1,168
- Operating Profit
- —
- OPM %
- —
- Other Income
- 5
- Interest
- 13
- Depreciation
- 79
- 484
- Tax %
- 18.92%
- Net Profit
- 392
- 6
- Equity Capital
- 138
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 138
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 1,556
- 1,102
- Operating Profit
- —
- OPM %
- —
- Other Income
- 16
- Interest
- 11
- Depreciation
- 84
- 470
- Tax %
- 19.02%
- Net Profit
- 380
- 1
- Equity Capital
- 138
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 138
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 83 | 123 | 747 | — |
| OPM % | 13 | 13 | 32 | — |
| Other Income | 26 | 20 | 26 | 56 |
| Interest | 28 | 34 | 108 | 113 |
| Depreciation | 43 | 42 | 156 | 308 |
| 12 | 48 | 483 | 1,567 | |
| Tax % | 23 | 39 | 24 | 19 |
| Net Profit | 9 | 29 | 369 | 1,274 |
| EPS | 0 | 27 | 68 | — |
| Dividend Payout % | 0 | 0 | 0 | — |
| Minority Interest | -0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 0 | 6 | — |
| Minority Interest | -0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 0 | 6 | — |
Mar 2023
- 618
- 562
- Operating Profit
- 83
- OPM %
- 13
- Other Income
- 26
- Interest
- 28
- Depreciation
- 43
- 12
- Tax %
- 23
- Net Profit
- 9
- EPS
- 0
- Dividend Payout %
- 0
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 0
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 0
Mar 2024
- 952
- 849
- Operating Profit
- 123
- OPM %
- 13
- Other Income
- 20
- Interest
- 34
- Depreciation
- 42
- 48
- Tax %
- 39
- Net Profit
- 29
- EPS
- 27
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
Mar 2025
- 2,336
- 1,615
- Operating Profit
- 747
- OPM %
- 32
- Other Income
- 26
- Interest
- 108
- Depreciation
- 156
- 483
- Tax %
- 24
- Net Profit
- 369
- EPS
- 68
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 6
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 6
TTM
- 5,578
- 3,741
- Operating Profit
- —
- OPM %
- —
- Other Income
- 56
- Interest
- 113
- Depreciation
- 308
- 1,567
- Tax %
- 19
- Net Profit
- 1,274
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
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 | |
|---|---|---|---|
| LIABILITIES | - | - | - |
| Equity Capital | 11 | 11 | 11 |
| 130 | 158 | 526 | |
| 145 | 220 | 69 | |
| Trade Payables | 69 | 158 | 350 |
| 484 | 1,647 | 3,013 | |
| Total Liabilities | 839 | 2,194 | 3,969 |
| ASSETS | - | - | - |
| 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 |
| Total Debt | 520 | 1,441 | 1,950 |
| Net Working Capital | 13 | 287 | 335 |
| Contingent Liabilities | 21 | 23 | 19 |
| Book Value per Share | 130.18 | 156.38 | 99.48 |
| Face Value | 10.00 | 10.00 | 2.00 |
| Total Debt | 520 | 1,441 | 1,950 |
| Net Working Capital | 13 | 287 | 335 |
| Contingent Liabilities | 21 | 23 | 19 |
| Book Value per Share | 130.18 | 156.38 | 99.48 |
| Face Value | 10.00 | 10.00 | 2.00 |
Mar 2023
- Equity Capital
- 11
- 130
- 145
- Trade Payables
- 69
- 484
- Total Liabilities
- 839
- 323
- Capital Work in Progress
- 93
- 0
- 141
- 8
- Cash & Bank
- 61
- 212
- Total Assets
- 839
- Total Debt
- 520
- Net Working Capital
- 13
- Contingent Liabilities
- 21
- Book Value per Share
- 130.18
- Face Value
- 10.00
- Total Debt
- 520
- Net Working Capital
- 13
- Contingent Liabilities
- 21
- Book Value per Share
- 130.18
- Face Value
- 10.00
Mar 2024
- Equity Capital
- 11
- 158
- 220
- Trade Payables
- 158
- 1,647
- Total Liabilities
- 2,194
- 291
- Capital Work in Progress
- 646
- 0
- 306
- 96
- Cash & Bank
- 521
- 334
- Total Assets
- 2,194
- Total Debt
- 1,441
- Net Working Capital
- 287
- Contingent Liabilities
- 23
- Book Value per Share
- 156.38
- Face Value
- 10.00
- Total Debt
- 1,441
- Net Working Capital
- 287
- Contingent Liabilities
- 23
- Book Value per Share
- 156.38
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 11
- 526
- 69
- Trade Payables
- 350
- 3,013
- Total Liabilities
- 3,969
- 2,046
- Capital Work in Progress
- 13
- 257
- 758
- 190
- Cash & Bank
- 324
- 380
- Total Assets
- 3,969
- Total Debt
- 1,950
- Net Working Capital
- 335
- Contingent Liabilities
- 19
- Book Value per Share
- 99.48
- Face Value
- 2.00
- Total Debt
- 1,950
- Net Working Capital
- 335
- Contingent Liabilities
- 19
- Book Value per Share
- 99.48
- Face Value
- 2.00
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| 59 | 234 | 614 | |
| Cash from Investing | -131 | -1,000 | -986 |
| Cash from Financing | 80 | 894 | 408 |
| 9 | 129 | 36 | |
| Free Cash Flow | 59 | -328 | -687 |
| OCF / Net Profit | 6.63 | 8.11 | 1.66 |
| Cumulative 5-Year FCF | 0 | 0 | 0 |
| OCF / Net Profit | 6.63 | 8.11 | 1.66 |
| Cumulative 5-Year FCF | 0 | 0 | 0 |
Mar 2023
- 59
- Cash from Investing
- -131
- Cash from Financing
- 80
- 9
- Free Cash Flow
- 59
- OCF / Net Profit
- 6.63
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 6.63
- Cumulative 5-Year FCF
- 0
Mar 2024
- 234
- Cash from Investing
- -1,000
- Cash from Financing
- 894
- 129
- Free Cash Flow
- -328
- OCF / Net Profit
- 8.11
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 8.11
- Cumulative 5-Year FCF
- 0
Mar 2025
- 614
- Cash from Investing
- -986
- Cash from Financing
- 408
- 36
- Free Cash Flow
- -687
- OCF / Net Profit
- 1.66
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.66
- Cumulative 5-Year FCF
- 0
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| PER SHARE | - | - | - |
| EPS (₹) | 8.28 | 26.78 | 68.39 |
| Book Value (₹) | 130.18 | 156.38 | 99.48 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.87 | 1.19 | 8.84 |
| PROFITABILITY | - | - | - |
| Operating Margin % | 13.35% | 10.86% | 30.86% |
| Net Margin % | 1.45% | 3.04% | 15.80% |
| ROE % | 6.39% | 18.69% | 104.60% |
| ROCE % | 6.03% | 7.15% | 28.84% |
| 1.07% | 1.91% | 11.98% | |
| EFFICIENCY | - | - | - |
| Debtor Days | 41 | 32 | 22 |
| Inventory Days | 83 | 86 | 83 |
| Payable Days | 50 | 55 | 66 |
| 74 | 63 | 39 | |
| FINANCIAL HEALTH | - | - | - |
| Debt to Equity (x) | 3.70x | 8.54x | 3.63x |
| Interest Coverage (x) | 1.41x | 2.42x | 5.48x |
| 1.04x | 1.40x | 1.24x | |
| GROWTH | - | - | - |
| Revenue Growth % | 0.00% | 54.00% | 145.35% |
| Operating Profit Growth % | 0.00% | 49.00% | 507.29% |
| Net Profit Growth % | 0.00% | 222.14% | 1176.91% |
| 0.00% | 223.29% | 155.38% | |
| VALUATION | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% |
| 0.00x | 7.58x | 2.19x |
Mar 2023
- EPS (₹)
- 8.28
- Book Value (₹)
- 130.18
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 0.87
- Operating Margin %
- 13.35%
- Net Margin %
- 1.45%
- ROE %
- 6.39%
- ROCE %
- 6.03%
- 1.07%
- Debtor Days
- 41
- Inventory Days
- 83
- Payable Days
- 50
- 74
- Debt to Equity (x)
- 3.70x
- Interest Coverage (x)
- 1.41x
- 1.04x
- Revenue Growth %
- 0.00%
- Operating Profit Growth %
- 0.00%
- Net Profit Growth %
- 0.00%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 26.78
- Book Value (₹)
- 156.38
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.19
- Operating Margin %
- 10.86%
- Net Margin %
- 3.04%
- ROE %
- 18.69%
- ROCE %
- 7.15%
- 1.91%
- Debtor Days
- 32
- Inventory Days
- 86
- Payable Days
- 55
- 63
- Debt to Equity (x)
- 8.54x
- Interest Coverage (x)
- 2.42x
- 1.40x
- Revenue Growth %
- 54.00%
- Operating Profit Growth %
- 49.00%
- Net Profit Growth %
- 222.14%
- 223.29%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 7.58x
Mar 2025
- EPS (₹)
- 68.39
- Book Value (₹)
- 99.48
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 8.84
- Operating Margin %
- 30.86%
- Net Margin %
- 15.80%
- ROE %
- 104.60%
- ROCE %
- 28.84%
- 11.98%
- Debtor Days
- 22
- Inventory Days
- 83
- Payable Days
- 66
- 39
- Debt to Equity (x)
- 3.63x
- Interest Coverage (x)
- 5.48x
- 1.24x
- Revenue Growth %
- 145.35%
- Operating Profit Growth %
- 507.29%
- Net Profit Growth %
- 1176.91%
- 155.38%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 2.19x
Documents
Announcements
- 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.
- 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.
Annual Reports
Nothing filed yet.
Credit Ratings
- Credit Rating- Revision
2026-01-23 - Emmvee Photovoltaic Power Limited has informed the Exchange about the receipt of revised credit rating from credit rating agency i.e., ICRA Limited.
Concalls
Jul 2026
May 2026
Apr 2026