Emmvee Photovoltaic Power Ltd.
•2026-08-21
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
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 |
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 | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — |
| Other Income | 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 |
| 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 | 1 | 0 | 2 | 0 | 0 | 0 | 0 | |
| Equity Capital | 0 | 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 | 0 | 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% |
- 0
- 0
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 0
- Depreciation
- 0
- 0
- Tax %
- —
- Net Profit
- 0
- 0
- Equity Capital
- 0
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 0
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 356
- 297
- Operating Profit
- —
- OPM %
- —
- Other Income
- 7
- Interest
- 5
- Depreciation
- 7
- 54
- Tax %
- 26.90%
- Net Profit
- 40
- 1
- Equity Capital
- 11
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 11
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 544
- 533
- Operating Profit
- —
- OPM %
- —
- Other Income
- 8
- Interest
- 7
- Depreciation
- 15
- -3
- Tax %
- 107.35%
- Net Profit
- 0
- 0
- Equity Capital
- 11
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 11
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 445
- 328
- Operating Profit
- —
- OPM %
- —
- Other Income
- 12
- Interest
- 3
- Depreciation
- 6
- 121
- Tax %
- 25.32%
- Net Profit
- 90
- 2
- Equity Capital
- 119
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 119
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 277
- 256
- Operating Profit
- —
- OPM %
- —
- Other Income
- 18
- Interest
- 3
- Depreciation
- 6
- 30
- Tax %
- 25.52%
- Net Profit
- 22
- 0
- Equity Capital
- 119
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 119
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 81
- 88
- Operating Profit
- —
- OPM %
- —
- Other Income
- 33
- Interest
- 1
- Depreciation
- 6
- 20
- Tax %
- 29.29%
- Net Profit
- 14
- 0
- Equity Capital
- 138
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 138
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 271
- 273
- Operating Profit
- —
- OPM %
- —
- Other Income
- 49
- Interest
- 1
- Depreciation
- 5
- 42
- Tax %
- 29.29%
- Net Profit
- 29
- 0
- Equity Capital
- 138
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 138
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 217
- 220
- Operating Profit
- —
- OPM %
- —
- Other Income
- 52
- Interest
- 1
- Depreciation
- 5
- 49
- Tax %
- 25.31%
- Net Profit
- 37
- 0
- Equity Capital
- 138
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 138
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 73 | 88 | 195 | 291 | — |
| OPM % | 14 | 13 | 16 | 17 | — |
| Other Income | 12 | 19 | 29 | 30 | 153 |
| Interest | 32 | 26 | 31 | 27 | 6 |
| Depreciation | 26 | 36 | 38 | 41 | 22 |
| 15 | 27 | 126 | 223 | 141 | |
| Tax % | 44 | 17 | 26 | 27 | 27 |
| Net Profit | 9 | 23 | 94 | 162 | 102 |
| EPS | 8 | 21 | 87 | 30 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 0 | 2 | 3 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 0 | 2 | 3 | — |
- 508
- 446
- Operating Profit
- 73
- OPM %
- 14
- Other Income
- 12
- Interest
- 32
- Depreciation
- 26
- 15
- Tax %
- 44
- Net Profit
- 9
- EPS
- 8
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
- 705
- 636
- Operating Profit
- 88
- OPM %
- 13
- Other Income
- 19
- Interest
- 26
- Depreciation
- 36
- 27
- Tax %
- 17
- Net Profit
- 23
- EPS
- 21
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
- 1,232
- 1,066
- Operating Profit
- 195
- OPM %
- 16
- Other Income
- 29
- Interest
- 31
- Depreciation
- 38
- 126
- Tax %
- 26
- Net Profit
- 94
- EPS
- 87
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
- 1,763
- 1,503
- Operating Profit
- 291
- OPM %
- 17
- Other Income
- 30
- Interest
- 27
- Depreciation
- 41
- 223
- Tax %
- 27
- Net Profit
- 162
- EPS
- 30
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
- 846
- 836
- Operating Profit
- —
- OPM %
- —
- Other Income
- 153
- Interest
- 6
- Depreciation
- 22
- 141
- Tax %
- 27
- Net Profit
- 102
- 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:
- 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 | |
|---|---|---|---|---|
| LIABILITIES | - | - | - | - |
| Equity Capital | 11 | 11 | 11 | 11 |
| 173 | 196 | 271 | 432 | |
| 103 | 70 | 219 | 68 | |
| Trade Payables | 37 | 62 | 158 | 110 |
| 295 | 273 | 428 | 450 | |
| Total Liabilities | 619 | 611 | 1,087 | 1,072 |
| ASSETS | - | - | - | - |
| 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 |
| Total Debt | 269 | 237 | 359 | 164 |
| Net Working Capital | 44 | 15 | -167 | -149 |
| Contingent Liabilities | 18 | 21 | 23 | 19 |
| Book Value per Share | 170.63 | 191.62 | 261.26 | 82.15 |
| Face Value | 10.00 | 10.00 | 10.00 | 2.00 |
| Total Debt | 269 | 237 | 359 | 164 |
| Net Working Capital | 44 | 15 | -167 | -149 |
| Contingent Liabilities | 18 | 21 | 23 | 19 |
| Book Value per Share | 170.63 | 191.62 | 261.26 | 82.15 |
| Face Value | 10.00 | 10.00 | 10.00 | 2.00 |
- Equity Capital
- 11
- 173
- 103
- Trade Payables
- 37
- 295
- Total Liabilities
- 619
- 216
- Capital Work in Progress
- 14
- 64
- 111
- 0
- Cash & Bank
- 59
- 154
- Total Assets
- 619
- Total Debt
- 269
- Net Working Capital
- 44
- Contingent Liabilities
- 18
- Book Value per Share
- 170.63
- Face Value
- 10.00
- Total Debt
- 269
- Net Working Capital
- 44
- Contingent Liabilities
- 18
- Book Value per Share
- 170.63
- Face Value
- 10.00
- Equity Capital
- 11
- 196
- 70
- Trade Payables
- 62
- 273
- Total Liabilities
- 611
- 221
- Capital Work in Progress
- 0
- 3
- 132
- 0
- Cash & Bank
- 14
- 241
- Total Assets
- 611
- Total Debt
- 237
- Net Working Capital
- 15
- Contingent Liabilities
- 21
- Book Value per Share
- 191.62
- Face Value
- 10.00
- Total Debt
- 237
- Net Working Capital
- 15
- Contingent Liabilities
- 21
- Book Value per Share
- 191.62
- Face Value
- 10.00
- Equity Capital
- 11
- 271
- 219
- Trade Payables
- 158
- 428
- Total Liabilities
- 1,087
- 198
- Capital Work in Progress
- 2
- 53
- 306
- 115
- Cash & Bank
- 5
- 409
- Total Assets
- 1,087
- Total Debt
- 359
- Net Working Capital
- -167
- Contingent Liabilities
- 23
- Book Value per Share
- 261.26
- Face Value
- 10.00
- Total Debt
- 359
- Net Working Capital
- -167
- Contingent Liabilities
- 23
- Book Value per Share
- 261.26
- Face Value
- 10.00
- Equity Capital
- 11
- 432
- 68
- Trade Payables
- 110
- 450
- Total Liabilities
- 1,072
- 139
- Capital Work in Progress
- 0
- 116
- 193
- 91
- Cash & Bank
- 39
- 494
- Total Assets
- 1,072
- Total Debt
- 164
- Net Working Capital
- -149
- Contingent Liabilities
- 19
- Book Value per Share
- 82.15
- Face Value
- 2.00
- Total Debt
- 164
- Net Working Capital
- -149
- Contingent Liabilities
- 19
- Book Value per Share
- 82.15
- Face Value
- 2.00
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 | |
| Free Cash Flow | 115 | 7 | 209 | 350 |
| OCF / Net Profit | 13.47 | 1.44 | 2.23 | 2.17 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 |
| OCF / Net Profit | 13.47 | 1.44 | 2.23 | 2.17 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 |
- 115
- Cash from Investing
- -43
- Cash from Financing
- -37
- 36
- Free Cash Flow
- 115
- OCF / Net Profit
- 13.47
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 13.47
- Cumulative 5-Year FCF
- 0
- 33
- Cash from Investing
- -13
- Cash from Financing
- -56
- -36
- Free Cash Flow
- 7
- OCF / Net Profit
- 1.44
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.44
- Cumulative 5-Year FCF
- 0
- 209
- Cash from Investing
- -256
- Cash from Financing
- 47
- -0
- Free Cash Flow
- 209
- OCF / Net Profit
- 2.23
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 2.23
- Cumulative 5-Year FCF
- 0
- 351
- Cash from Investing
- -95
- Cash from Financing
- -223
- 33
- Free Cash Flow
- 350
- OCF / Net Profit
- 2.17
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 2.17
- Cumulative 5-Year FCF
- 0
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| PER SHARE | - | - | - | - |
| EPS (₹) | 7.91 | 20.99 | 86.75 | 30.01 |
| Book Value (₹) | 170.63 | 191.62 | 261.26 | 82.15 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.59 | 0.98 | 2.21 | 3.42 |
| PROFITABILITY | - | - | - | - |
| Operating Margin % | 14.43% | 12.55% | 13.48% | 14.79% |
| Net Margin % | 1.68% | 3.21% | 7.60% | 9.18% |
| ROE % | 4.64% | 10.95% | 38.31% | 44.66% |
| ROCE % | 10.36% | 11.92% | 29.00% | 40.03% |
| 1.38% | 3.71% | 11.02% | 15.00% | |
| EFFICIENCY | - | - | - | - |
| Debtor Days | 28 | 23 | 23 | 21 |
| Inventory Days | 80 | 68 | 65 | 52 |
| Payable Days | 34 | 41 | 53 | 39 |
| 74 | 50 | 35 | 34 | |
| FINANCIAL HEALTH | - | - | - | - |
| Debt to Equity (x) | 1.46x | 1.15x | 1.27x | 0.37x |
| Interest Coverage (x) | 1.48x | 2.07x | 5.03x | 9.40x |
| 1.18x | 1.07x | 0.76x | 0.74x | |
| GROWTH | - | - | - | - |
| Revenue Growth % | 0.00% | 0.00% | 74.59% | 43.20% |
| Operating Profit Growth % | 0.00% | 0.00% | 120.42% | 49.21% |
| Net Profit Growth % | 0.00% | 0.00% | 313.31% | 72.96% |
| 0.00% | 0.00% | 313.31% | -65.41% | |
| VALUATION | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 1.87x | 0.47x |
- EPS (₹)
- 7.91
- Book Value (₹)
- 170.63
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 0.59
- Operating Margin %
- 14.43%
- Net Margin %
- 1.68%
- ROE %
- 4.64%
- ROCE %
- 10.36%
- 1.38%
- Debtor Days
- 28
- Inventory Days
- 80
- Payable Days
- 34
- 74
- Debt to Equity (x)
- 1.46x
- Interest Coverage (x)
- 1.48x
- 1.18x
- 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
- EPS (₹)
- 20.99
- Book Value (₹)
- 191.62
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 0.98
- Operating Margin %
- 12.55%
- Net Margin %
- 3.21%
- ROE %
- 10.95%
- ROCE %
- 11.92%
- 3.71%
- Debtor Days
- 23
- Inventory Days
- 68
- Payable Days
- 41
- 50
- Debt to Equity (x)
- 1.15x
- Interest Coverage (x)
- 2.07x
- 1.07x
- 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
- EPS (₹)
- 86.75
- Book Value (₹)
- 261.26
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 2.21
- Operating Margin %
- 13.48%
- Net Margin %
- 7.60%
- ROE %
- 38.31%
- ROCE %
- 29.00%
- 11.02%
- Debtor Days
- 23
- Inventory Days
- 65
- Payable Days
- 53
- 35
- Debt to Equity (x)
- 1.27x
- Interest Coverage (x)
- 5.03x
- 0.76x
- Revenue Growth %
- 74.59%
- Operating Profit Growth %
- 120.42%
- Net Profit Growth %
- 313.31%
- 313.31%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 1.87x
- EPS (₹)
- 30.01
- Book Value (₹)
- 82.15
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 3.42
- Operating Margin %
- 14.79%
- Net Margin %
- 9.18%
- ROE %
- 44.66%
- ROCE %
- 40.03%
- 15.00%
- Debtor Days
- 21
- Inventory Days
- 52
- Payable Days
- 39
- 34
- Debt to Equity (x)
- 0.37x
- Interest Coverage (x)
- 9.40x
- 0.74x
- Revenue Growth %
- 43.20%
- Operating Profit Growth %
- 49.21%
- Net Profit Growth %
- 72.96%
- -65.41%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.47x
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

