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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

₹361.75 9.80 (2.78%)

As on 02-Jul'26 16:59

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

₹361.75 9.80 (2.78%)

As on 02-Jul'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹25,046 Cr.
Current Price
₹361.8
52-Week Low / High
₹172 / 362
TTM EPS
₹2.3
TTM Sales
₹1,075 Cr.
Book Value per Share
₹38.7
P/E Ratio
160.81
Higher than its 5-year historical median
Industry PE
55.8
Price to Book (P/B)
9.35
Higher than its 5-year historical median
Price to Sales (P/S)
23.31
Higher than its 5-year historical median
EV/EBITDA
102.58
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
44.66%
Outperforms industry median
Return on Capital Employed (ROCE)
40.03%
Outperforms industry median
Return on Assets (ROA)
15.00%
Operating Profit Margin
14.8%
Net Profit Margin
9.18%
Gross Profit Margin
15%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
43.2%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
57.12%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
72.95%
Asset Quality
Promoter Holding
80.03%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,540 Cr.
Equity
₹138.5 Cr.
Face Value
₹2
All Time Low / High
₹171.50 / 356.75

Emmvee Photovoltaic Power stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Overvalued

Price Trend

Strong
Q.1 Is Emmvee Photovoltaic Power Ltd a good quality company?
Emmvee Photovoltaic Power Ltd is a weak quality company, based on a inconsistent 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?
Q.1 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 24.05%, indicating faster growth and gaining its market share.
Q.1 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.
Q.1 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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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 performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 0%0%0%0%0%0%10.4%11.9%29%40%-
Value Creation
Index
NANANANANANA-0.10.11.62.6-

Growth Parameters

Sales 0000005087051,2321,7631,075
Sales YoY Gr.-NANANANANANA38.8%74.6%43.2%-
Adj EPS 0000000.10.21.62.72.3
YoY Gr.-NANANANANANA175%622.7%71.7%-
BVPS (₹) 0000003.13.54.87.538.7
Adj Net
Profit
00000051394.1162156
Cash Flow from Ops. 00000011532.7209351-
Debt/CF from Ops. 0000002.37.31.70.5-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NANA51.4%43.2%
Adj EPS NANA224.4%71.7%
BVPSNANA34.1%57.3%
Share Price - - - -

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
0000002.76.638.544.79.8
Op. Profit
Mgn %
00000012.610.313.614.82
Net Profit
Mgn %
00000011.87.69.214.5
Debt to
Equity
0000001.51.21.30.40
Working Cap
Days
000000016517816679
Cash Conv.
Cycle
00000005751409

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Sales5087051,2321,763
Operating Expenses + 4466361,0661,503
Manufacturing Costs101419693
Material Costs4015487541,247
Employee Cost 23354362
Other Costs 133872100
Operating Profit 6270166261
Operating Profit Margin (%) 12.2%9.9%13.5%14.8%
Other Income + 12192930
Exceptional Items 0000
Interest 32263127
Depreciation 26363841
Profit Before Tax 1527126223
Tax 753261
Profit After Tax 92394162
PAT Margin (%) 1.7%3.2%7.6%9.2%
Adjusted EPS (₹)0.10.41.62.7
Dividend Payout Ratio (%)0%0%0%0%

Valuation of Emmvee Photovoltaic - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 184207282443
Share Capital 11111111
Reserves 173196271432
Debt +238201315113
Long Term Debt1671679644
Short Term Debt723421968
Minority Interest0000
Trade Payables3762158110
Others Liabilities 159142332405
Total Liabilities 6196111,0871,072

Fixed Assets

Net Fixed Assets +216221198139
Gross Block416456235238
Accumulated Depreciation2002353899
CWIP 15020
Investments 64353116
Inventories111132306193
Trade Receivables394411591
Cash Equivalents 5914539
Others Assets 115197409494
Total Assets 6196111,0871,072

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 11533209351
PBT 1527126223
Adjustment 41337274
Changes in Working Capital 58-2725117
Tax Paid -0-1-15-63
Cash Flow From Investing Activity + -43-13-256-95
Capex -107-26193
Net Investments 0063
Others 6412-281-100
Cash Flow From Financing Activity + -37-5647-223
Net Proceeds from Shares 0000
Net Proceeds from Borrowing 0000
Interest Paid -30-23-30-28
Dividend Paid 0000
Others -6-3377-196
Net Cash Flow 36-36-033

Financial Ratio

PARTICULARSMar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)4.6410.9538.3144.66
ROCE (%)10.3611.922940.03
Asset Turnover Ratio0.821.151.451.63
PAT to CFO Conversion(x)12.781.432.222.17
Working Capital Days
Receivable Days27.9022.7023.5021.30
Inventory Days8068.4064.9051.60
Payable Days33.8041.2053.2039.30

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Emmvee Photovoltaic Power Ltd FAQs

The current trading price of Emmvee Photovoltaic on 02-Jul-2026 16:59 is ₹361.8.

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 01-Jul-2026 the market cap of Emmvee Photovoltaic stood at ₹25,045.6 Cr

The latest P/E ratio of Emmvee Photovoltaic as of 01-Jul-2026 is 160.8.

The latest P/B ratio of Emmvee Photovoltaic as of 01-Jul-2026 is 9.35.

The 52-week high of Emmvee Photovoltaic is ₹361.8 and the 52-week low is ₹171.5.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Emmvee Photovoltaic is ₹1,075 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Emmvee Photovoltaic Power Ltd is a 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 Strong which suggest that the price of Emmvee Photovoltaic Power Ltd is likely to Rise 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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