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10 Yrs X-Ray 
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Analyst Note 
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Emmvee Photovoltaic Power Ltd (EMMVEE)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544608 NSE: EMMVEE Electric Equipment | Small Cap | Emmvee Photovoltaic Share Price
₹346.45 3.70 (1.08%)
As on 11-Sep'26 15:13
Emmvee Photovoltaic Power Ltd (EMMVEE)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544608 NSE: EMMVEE Electric Equipment | Small Cap | Emmvee Photovoltaic Share Price
₹346.45 3.70 (1.08%)
As on 11-Sep'26 15:13
Key Metrics
Valuation Multiples
Market Cap
₹23,730 Cr.
Current Price
₹346.5
52-Week Low / High
₹172 / 371
TTM EPS
₹18.4
TTM Sales
₹5,578 Cr.
Book Value per Share
₹58.9
P/E Ratio
18.62
Lower than its 5-year historical median
Industry PE
54.3
Price to Book (P/B)
5.82
Lower than its 5-year historical median
Price to Sales (P/S)
4.25
Lower than its 5-year historical median
EV/EBITDA
11.85
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
104.60%
Outperforms industry median
Return on Capital Employed (ROCE)
28.84%
Outperforms industry median
Return on Assets (ROA)
11.98%
Operating Profit Margin
31%
Net Profit Margin
15.8%
Gross Profit Margin
27.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
43.2%
Operating Profit Growth (1 Year)
-
596.94%
Net Profit Growth (1 Year)
-
1176.85%
Asset Quality
Promoter Holding
80.03%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹3,937 Cr.
Equity
₹138.5 Cr.
Face Value
₹2
All Time Low / High
₹171.50 / 371.45
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Emmvee Photovoltaic Power Ltd a good quality company?
Emmvee Photovoltaic Power Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Emmvee Photovoltaic Power Ltd performance compare with that of its Peers?
Revenue growth of Emmvee Photovoltaic Power Ltd vs industry peers?
Emmvee Photovoltaic Power Ltd revenue CAGR is 51.39%, compared to the industry median CAGR of 26.34%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Emmvee Photovoltaic Power Ltd?
Promoters hold 80.03% of the Emmvee Photovoltaic Power Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Emmvee Photovoltaic Power Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Emmvee Photovoltaic Power Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0% | 0% | 0% | 0% | 0% | 0% | 10.4% | 11.9% | 29% | 40% | - |
| Value Creation Index ⓘ | NA | NA | NA | NA | NA | NA | -0.1 | 0.1 | 1.6 | 2.6 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 508 | 705 | 1,232 | 1,763 | 846 |
| Sales YoY Gr. | - | NA | NA | NA | NA | NA | NA | 38.8% | 74.6% | 43.2% | - |
| Adj EPS ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0.2 | 1.6 | 2.7 | 1.5 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | 175% | 622.7% | 71.7% | - |
| BVPS (₹) ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 3.1 | 3.5 | 4.8 | 7.5 | 39.2 |
| Adj Net Profit ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 13 | 94.1 | 162 | 102 |
| Cash Flow from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 115 | 32.7 | 209 | 351 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 2.3 | 7.3 | 1.7 | 0.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 51.4% | 43.2% | ||||
| Adj EPS ⓘ | NA | NA | 224.4% | 71.7% | ||||
| BVPSⓘ | NA | NA | 34.1% | 57.3% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 2.7 | 6.6 | 38.5 | 44.7 | 6.3 |
| Op. Profit Mgn % ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 12.6 | 10.3 | 13.6 | 14.8 | 1.9 |
| Net Profit Mgn % ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1.8 | 7.6 | 9.2 | 12.1 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 1.5 | 1.2 | 1.3 | 0.4 | - |
| Working Cap Days ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 165 | 178 | 166 | 64 |
| Cash Conv. Cycle ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57 | 51 | 40 | 15 |
Valuation of Emmvee Photovoltaic - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|
| Sales | 618 | 952 | 2,336 |
| Operating Expenses ⓘ + | 562 | 849 | 1,615 |
| Operating Profit ⓘ | 56 | 103 | 721 |
| Operating Profit Margin (%) | 9.1% | 10.9% | 30.9% |
| Other Income ⓘ + | 26 | 20 | 26 |
| Interest ⓘ | 28 | 34 | 108 |
| Depreciation ⓘ | 43 | 42 | 156 |
| Profit Before Tax ⓘ | 12 | 48 | 483 |
| Tax ⓘ | 3 | 19 | 114 |
| Profit After Tax | 9 | 29 | 369 |
| PAT Margin (%) | 1.5% | 3.0% | 15.8% |
| Adjusted EPS (₹) | 0.2 | 0.5 | 6.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 140 | 169 | 537 | ||||||||
| Debt + | 481 | 1,394 | 1,757 | ||||||||
| Minority Interest | 0 | 0 | 0 | ||||||||
| Trade Payables | 69 | 158 | 350 | ||||||||
| Others Liabilities ⓘ | 148 | 473 | 1,324 | ||||||||
| Total Liabilities ⓘ | 839 | 2,194 | 3,969 | ||||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 323 | 291 | 2,066 | ||||||||
| CWIP ⓘ | 93 | 646 | 13 | ||||||||
| Investments ⓘ | 0 | 0 | 257 | ||||||||
| Inventories | 141 | 306 | 758 | ||||||||
| Trade Receivables | 69 | 96 | 190 | ||||||||
| Cash Equivalents | 61 | 521 | 324 | ||||||||
| Others Assets ⓘ | 151 | 334 | 360 | ||||||||
| Total Assets ⓘ | 839 | 2,194 | 3,969 | ||||||||
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 59 | 234 | 614 |
| Cash Flow From Investing Activity ⓘ + | -131 | -1,000 | -986 |
| Cash Flow From Financing Activity ⓘ + | 80 | 894 | 408 |
| Net Cash Flow ⓘ | 9 | 129 | 36 |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 6.39 | 18.69 | 104.6 | |||||||
| ROCE (%) | 6.03 | 7.15 | 28.84 | |||||||
| Asset Turnover Ratio | 0.74 | 0.63 | 0.76 | |||||||
| PAT to CFO Conversion(x) | 6.56 | 8.07 | 1.66 | |||||||
| Working Capital Days | ||||||||||
| Receivable Days | 40.80 | 31.70 | 22.40 | |||||||
| Inventory Days | 83.50 | 85.80 | 83.20 | |||||||
| Payable Days | 50.10 | 54.90 | 66.20 | |||||||
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Emmvee Photovoltaic Power Ltd FAQs
The current trading price of Emmvee Photovoltaic on 11-Sep-2026 15:13 is ₹346.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Emmvee Photovoltaic stood at ₹23,730.1 Cr
The latest P/E ratio of Emmvee Photovoltaic as of 10-Sep-2026 is 231.6.
The latest P/B ratio of Emmvee Photovoltaic as of 10-Sep-2026 is 8.74.
The 52-week high of Emmvee Photovoltaic is ₹371.4 and the 52-week low is ₹171.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Emmvee Photovoltaic is ₹846 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Emmvee Photovoltaic Power Ltd is a below average quality company.
The key valuation ratios of Emmvee Photovoltaic Power Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Emmvee Photovoltaic Power Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Emmvee Photovoltaic Power Ltd
Emmvee Photovoltaic Power Limited was originally incorporated as ‘Emmvee Toughened Glass and Photovoltaics Private Limited’ as a private limited company on March 21, 2007. The name of the company was changed to ‘Emmvee Photovoltaic Power Private Limited’. The name change was undertaken to align with current business strategy of the company and pursuant to the global renewable energy scenario. Subsequently, the company was converted to a public limited company and the name of the company changed to ‘Emmvee Photovoltaic Power Limited’ pursuant to an approval by the Board pursuant to resolution dated April 28, 2025 and shareholders pursuant to an extra ordinary general meeting dated April 29, 2025.
The company and its subsidiaries (the Group) are primarily engaged in manufacturing and sale of solar cells, photovoltaic modules and photovoltaic systems by using solar cell and PV module manufacturing facilities. The Group also executes grid and off-grid photovoltaic power projects on a turnkey basis and operates solar power plants. The company has been included under List I (Manufacturers and Models of Solar PV Modules) of the ‘Approved List of Models and Manufacturers of Solar Photovoltaic Modules’ (ALMM) issued by the Ministry of New and Renewable Energy, Government of India (MNRE) from time to time, which allows it to supply its solar PV modules for government and government-assisted grid-connected utility projects as well as renewable energy projects and projects under government schemes that are mandated to source solar modules from ALMM certified manufacturers.
In addition, as an integrated domestic manufacturer, the company is able to access the domestic content requirement (DCR) market in India, which mandates the use of solar cells and modules manufactured domestically in India for renewable energy projects, particularly for projects under government schemes such as the Central Public Sector Undertaking (CPSU) scheme, Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan (PM-KUSUM) scheme, PM Surya Ghar Yojana and grid-connected rooftop solar programmes. The company’s domestic solar cell manufacturing capabilities have also resulted in its inclusion in the list of solar cell manufacturers under List II (Models and Manufacturers for Solar PV Cells) of the ALMM, which could provide the company additional opportunities for growth, particularly in the DCR market.
Business area of the company
The company and its subsidiaries (the Group) are primarily engaged in manufacturing and sale of solar cells, photovoltaic modules and photovoltaic systems by using solar cell and PV module manufacturing facilities. The Group also executes grid and off-grid photovoltaic power projects on a turnkey basis and operates solar power plants.
Products of the company
Solar Cells
- N-Type TOPCon Solar Cell
Solar PV Modules
- TOPCon Modules Bifacial formats
- TOPCon Modules Mono-facial formats
- Mono PERC Modules Bifacial formats
- Mono PERC Modules Mono-facial formats
Awards, accreditations and recognition
- 2010: Received the ‘Emerging India’ award.
- 2011: Received the ‘Indo-German Chamber of Commerce' award by the Indo-German Chamber of Commerce.
- 2011: Received the ‘Best Manufacturer Exporter Award - Large Category - Gold’ by the Federation of Karnataka Chambers of Commerce & Industry.
- 2015: Received the ‘CBIP Best PV Module Manufacturer & Solar Power Developer’ by the CBIP.
- 2016: Honoured with a certificate of honour in the category of 'Leading RE Manufactures' at the Renewable Energy India Awards.
- 2017: Received the ‘Consumer Choice Award’ by Solar Quarter as the winner in the category ‘Solar PV Module ES31SP72’ having been voted the most preferred choice by consumers.
- 2018: Received the ‘Solar Consumer Choice Brand Award 2018’ by Solar Quarter as the winner in the category of 'Solar Modules - 1000V, <1000V - Utility Scale', having been voted the most preferred choice by consumers.
- 2025: Received the ‘Leadership Excellence in Marketing and Brand Building’ at the Karnataka Annual Solar Awards 2025.
- 2025: Received the ‘Legacy of Reliability and Performance in Solar PV Module Manufacturing’ award at the Karnataka Annual Solar Awards 2025.
History and milestones
- 2007: Incorporation of the company.
- 2010: Incorporation of one of the direct subsidiaries, EEG.
- 2013: Installed and commissioned a 1 MWp capacity rooftop grid connected solar PV power system at the Cochin Airport.
- 2016: Awarded bids for the development of a total of 40 MW capacity solar power projects in Karnataka.
- 2022: Incorporation of the material subsidiary.
- 2023: Incorporation of one of the direct subsidiaries, EEI.
- 2023: Entered into a research and development contract with Fraunhofer Institute for Solar Energy Systems ISE for research, development and implementation support to the company to establish a production line for PV solar cells production.
- 2023: Commissioned Unit II.
- 2024: Commissioned Units III under the Material Subsidiary.
- 2024: Recognized as a top performer by Kiwa PVEL in 2024 PV module reliability scorecard.
- 2025: Commissioned Unit IV under the Material Subsidiary.
- 2025: Commissioned Unit V under the Material Subsidiary.
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