EMMVEE

Emmvee Photovoltaic Power Limited

Solar cells and modules manufacturer with TOPCon cell technology

Industrials›Capital Goods›Electrical Equipment›Other Electrical Equipment

emmveepv.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹277.20
Market cap
19,192 Cr
Stock P/E
13.5
P/B
4.37
ROE (FY26)
29.3%
ROCE (FY26)
38.5%
Operating margin (FY26)
28.5%
Debt / equity (FY26)
0.05
OCF / EBITDA (FY26)
11.5%
OCF / EBITDA (3Y)
40.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Emmvee (Emmvee Photovoltaic Power) manufactures solar modules and TOPCon solar cells in India, selling DCR and non-DCR modules as well as merchant cells.

Company snapshot

6thBy market cap

Ranked among 32 companies in Other Electrical Equipment.

What we see

Positives
  • ✓Net margin of 21.4% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Only 41% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales1,131 Cr1,152 Cr1,739 Cr1,556 Cr1,576 Cr
Operating expenses (approx.)732 Cr739 Cr1,168 Cr1,007 Cr1,019 Cr
EBITDA399 Cr413 Cr571 Cr548 Cr557 Cr
OPM %35.3%35.9%32.8%35.2%35.3%
Other income18 Cr16 Cr5 Cr16 Cr3 Cr
Interest55 Cr33 Cr13 Cr11 Cr9 Cr
Depreciation71 Cr74 Cr79 Cr84 Cr85 Cr
Profit before tax292 Cr322 Cr484 Cr470 Cr465 Cr
Tax %18.4%18.1%18.9%19.0%17.9%
Net profit238 Cr264 Cr392 Cr380 Cr382 Cr
EPS (₹)₹4.01₹4.11₹5.67₹5.49₹5.52

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2023Mar 2024Mar 2025Mar 2026TTM
Sales618 Cr952 Cr2,336 Cr5,050 CrSign in free for the trailing twelve months
Operating expenses (approx.)562 Cr831 Cr1,614 Cr3,316 CrSign in free for the trailing twelve months
EBITDA56 Cr120 Cr722 Cr1,734 CrSign in free for the trailing twelve months
OPM %9.1%12.7%30.9%34.3%Sign in free for the trailing twelve months
Other income26 Cr3 Cr25 Cr54 CrSign in free for the trailing twelve months
Interest28 Cr34 Cr108 Cr155 CrSign in free for the trailing twelve months
Depreciation43 Cr42 Cr156 Cr296 CrSign in free for the trailing twelve months
Profit before tax12 Cr48 Cr483 Cr1,338 CrSign in free for the trailing twelve months
Tax %23.1%39.3%23.6%19.1%Sign in free for the trailing twelve months
Net profit9 Cr29 Cr369 Cr1,082 CrSign in free for the trailing twelve months
EPS (₹)₹0.15₹0.49₹6.22₹17.17Sign in free for the trailing twelve months
Dividend payout %———0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2023Mar 2024Mar 2025Mar 2026
Equity capital11 Cr11 Cr11 Cr138 Cr
Reserves130 Cr158 Cr526 Cr3,556 Cr
Borrowings520 Cr1,441 Cr1,950 Cr177 Cr
Other liabilities181 Cr580 Cr1,427 Cr1,900 Cr
Total liabilities841 Cr2,190 Cr3,914 Cr5,772 Cr
Fixed assets (net)312 Cr279 Cr1,924 Cr2,632 Cr
CWIP93 Cr646 Cr13 Cr10 Cr
Investments——257 Cr57 Cr
Inventories141 Cr306 Cr758 Cr1,711 Cr
Trade receivables69 Cr96 Cr190 Cr695 Cr
Cash & bank53 Cr182 Cr219 Cr243 Cr
Other assets171 Cr681 Cr552 Cr425 Cr
Total assets841 Cr2,190 Cr3,914 Cr5,772 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity59 Cr234 Cr614 Cr200 Cr
Cash from investing-131 Cr-1,000 Cr-986 Cr-304 Cr
Cash from financing80 Cr894 Cr408 Cr130 Cr
Net cash flow9 Cr129 Cr36 Cr24 Cr
Free cash flow (OCF − Capex)-173 Cr-440 Cr-375 Cr-453 Cr

Ratios

MetricMar 2023Mar 2024Mar 2025Mar 2026
ROCE %6.0%5.0%23.8%38.5%
ROE %6.4%17.1%68.7%29.3%
Debtor days41373050
Inventory days102145182183
Days payable50758494
Cash conversion cycle93107128138
OCF / EBITDA %105.7%194.7%85.0%11.5%
OCF / EBITDA % (3 years)——101.0%40.7%
Debt / equity3.708.543.630.05
Current ratio1.041.411.252.06
Net debt / EBITDA8.2810.452.40-0.04