Price
Financials
Consolidated, Rs crore| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 402 | 528 | 1,072 | 1,028 | 1,131 | 1,152 | 1,739 | 1,556 |
| Expenses | 310 | 326 | 711 | 677 | 732 | 739 | 1,168 | 1,007 |
| Operating Profit | 93 | 202 | 361 | 350 | 399 | 413 | 571 | 548 |
| OPM % | 23% | 38% | 34% | 34% | 35% | 36% | 33% | 35% |
| 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 |
| Profit before tax | 64 | 122 | 253 | 240 | 292 | 322 | 484 | 470 |
| Tax % | 45% | 19% | 18% | 22% | 18% | 18% | 19% | 19% |
| Net Profit | 35 | 99 | 207 | 188 | 238 | 264 | 392 | 380 |
| EPS in Rs | 32.54 | 91.92 | 38.39 | 3.16 | 4.01 | 3.81 | 5.67 | 5.49 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 555 | 424 | 555 | 618 | 952 | 2,336 | 5,050 | 5,578 |
| Expenses | 451 | 312 | 451 | 562 | 832 | 1,614 | 3,316 | 3,646 |
| Operating Profit | 105 | 113 | 104 | 56 | 120 | 722 | 1,734 | 1,932 |
| OPM % | 19% | 27% | 19% | 9% | 13% | 31% | 34% | 35% |
| Other Income | 9 | 2 | 12 | 26 | 3 | 25 | 54 | 56 |
| Interest | 65 | 62 | 49 | 28 | 34 | 108 | 155 | 113 |
| Depreciation | 39 | 52 | 42 | 43 | 42 | 156 | 296 | 308 |
| Profit before tax | 9 | 1 | 25 | 12 | 48 | 483 | 1,338 | 1,567 |
| Tax % | -44% | -1,064% | 49% | 23% | 39% | 24% | 19% | |
| Net Profit | 14 | 9 | 13 | 9 | 29 | 369 | 1,082 | 1,274 |
| EPS in Rs | 12.61 | 8.63 | 12.62 | 8.28 | 26.78 | 68.39 | 15.62 | 18.98 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 6% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 64% | 101% | 84% | ||
| Compounded Profit Growth | % | 158% | 393% | 141% | ||
| Stock Price CAGR | % | % | % | % | ||
| Return on Equity | % | 50% | 56% | 51% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 138 |
| Reserves | 159 | 168 | 170 | 130 | 158 | 526 | 3,556 |
| Borrowings | 570 | 603 | 482 | 524 | 1,447 | 2,065 | 360 |
| Other Liabilities | 134 | 93 | 178 | 173 | 558 | 1,312 | 1,718 |
| Total Liabilities | 873 | 874 | 842 | 838 | 2,173 | 3,914 | 5,772 |
| Fixed Assets | 593 | 562 | 493 | 323 | 291 | 2,046 | 2,634 |
| CWIP | 1 | 6 | 14 | 93 | 646 | 13 | 10 |
| Investments | 1 | 1 | 1 | 0 | 0 | 257 | 57 |
| Other Assets | 279 | 305 | 334 | 421 | 1,237 | 1,598 | 3,072 |
| Total Assets | 873 | 874 | 842 | 838 | 2,173 | 3,914 | 5,772 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 181 | 75 | 129 | 59 | 234 | 625 | 200 |
| Cash from Investing Activity | -16 | -24 | 20 | -131 | -1,000 | -986 | -306 |
| Cash from Financing Activity | -219 | -54 | -84 | 80 | 894 | 397 | 130 |
| Net Cash Flow | -55 | -2 | 65 | 8 | 129 | 36 | 24 |
| Free Cash Flow | 150 | 54 | 147 | -173 | -440 | -363 | -440 |
| CFO/OP | 174% | 71% | 129% | 107% | 207% | 96% | 23% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 38 | 61 | 27 | 41 | 37 | 30 | 50 |
| Inventory Days | 74 | 148 | 101 | 103 | 148 | 197 | 225 |
| Days Payable | 60 | 79 | 34 | 50 | 77 | 91 | 116 |
| Cash Conversion Cycle | 51 | 131 | 94 | 93 | 108 | 136 | 159 |
| Working Capital Days | -35 | -29 | -44 | -28 | -90 | -38 | 86 |
| ROCE % | 8% | 9% | 6% | 7% | 28% | 45% |
| Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|
| Promoters | 80.03% | 80.03% | 80.03% |
| FIIs | 3.97% | 2.45% | 2.92% |
| DIIs | 12.50% | 12.28% | 9.80% |
| Government | 0.07% | 0.00% | 0.00% |
| Public | 3.43% | 5.24% | 7.24% |
| No. of Shareholders | 1,01,005 | 93,389 | 1,32,931 |
Fundamentals
Market Cap₹ 21,778 Cr.
Current Price₹ 315
Stock P/E17.1
Book Value₹ 53.4
ROCE44.6 %
ROE50.7 %
Dividend Yield0.32 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)84%
Compounded Profit Growth (TTM)141%
Consolidated figures.
Valuation
Market capRs 21,179 Cr
Enterprise valueRs 21,642 Cr
P/E (TTM)23.63x
Price to book150.75x
Price to sales4.83x
EV / EBITDA13.74x
EV / EBIT16.73x
EV / sales4.94x
Price to cash flow356.07x
Earnings yield4.23%
Profitability
Operating margin (excl. other income)9.10%
Operating margin (incl. other income)13.35%
EBITDA margin35.95%
Pre-tax margin25.24%
Net profit margin20.45%
Net margin, latest quarter22.88%
ROE5.56%
ROCE6.00%
ROA1.06%
ROE, 3-year average6.16%
ROCE, 3-year average8.16%
ROA, 3-year average1.24%
ROIC (approx.)164.78%
Tax rate23.14%
Other income / net worth18.68%
Growth
Sales growth (latest year)11.28%
Profit growth (latest year)-34.36%
Sales CAGR, 3 years3.63%
Profit CAGR, 3 years-13.07%
Sales growth QoQ1.88%
Profit growth QoQ10.84%
Sales growth YoY (latest quarter)118.11%
Profit growth YoY (latest quarter)165.77%
Per share
EPS (TTM)Rs 12.95
EPS (latest year)Rs 8.28
EPS (latest quarter)Rs 3.81
EPS, 3-year averageRs 9.84
Book value per shareRs 2.03
Sales per shareRs 63.30
Cash flow per shareRs 0.86
Free cash flow per shareRs -6.36
Efficiency
Asset turnover0.74x
Fixed asset turnover1.91x
Inventory turnover3.63x
Inventory days101 days
Debtor days41 days
Debtors turnover8.94x
Creditor days116 days
Cash conversion cycle159 days
Working capital days86 days
Leverage
Total debtRs 524 Cr
Cash and bankRs 61 Cr
Net debtRs 463 Cr
Debt to equity3.73x
Net debt / EBITDA0.29x
Interest coverage6.90x
Current ratio (filing 2026-03-31)2.06x
Quick ratio (filing 2026-03-31)0.91x
Trade payables (filing 2026-03-31)Rs 882 Cr
Owners' fund to total sources16.77%
Debt to assets62.59%
Cash flow
Cash from Operating Activity (latest year)Rs 59 Cr
Cash from Investing Activity (latest year)Rs -131 Cr
Cash from Financing Activity (latest year)Rs 80 Cr
Net Cash Flow (latest year)Rs 8 Cr
Free cash flow (latest year)Rs -440 Cr
FCFE (approx.: FCF + change in debt)Rs -398 Cr
Cash from ops / profit, 5 years0.83x
Sales to cash flow10.39x
Statement figures
Net sales (TTM)Rs 4,383 Cr
Net sales (latest year)Rs 618 Cr
Sales (latest quarter)Rs 1,152 Cr
Operating profit excl. other income (latest year)Rs 56 Cr
Operating profit (latest quarter)Rs 413 Cr
Other income (TTM)Rs 52 Cr
EBITDA (TTM)Rs 1,576 Cr
PBDT (TTM)Rs 1,388 Cr
Profit before tax (TTM)Rs 1,106 Cr
Tax (latest year)Rs 3 Cr
Net profit (TTM)Rs 896 Cr
Net profit (latest year)Rs 9 Cr
Net profit (latest quarter)Rs 264 Cr
Depreciation (TTM)Rs 282 Cr
Depreciation (latest quarter)Rs 74 Cr
Interest (TTM)Rs 187 Cr
Cost of goods sold (latest year)Rs 513 Cr
Total expenditure (latest year)Rs 562 Cr
Total income (latest year)Rs 644 Cr
Share capitalRs 11 Cr
ReservesRs 130 Cr
Shareholders' fundsRs 140 Cr
Total assetsRs 838 Cr
Net blockRs 323 Cr
Capital work in progressRs 93 Cr
ReceivablesRs 69 Cr
InventoryRs 141 Cr
Other liabilitiesRs 173 Cr
Shares outstanding (crore)69.23
Ownership
Promoter holding80.03%
Computed by MarketFriction from the consolidated statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
| Period | EMMVEE | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -3.7% | -2.8% | -0.9 pts |
| 1 month | -4.2% | -6.8% | +2.6 pts |
| 3 months | -14.8% | -7.6% | -7.2 pts |
| 6 months | +40.7% | +0.4% | +40.3 pts |
62 mutual fund schemes hold about ₹1,399 Cr.
Over three months 43 bought more and 6 sold (share counts, price move removed).
| Fund | Weight | Est. Cr | 3m shares |
|---|---|---|---|
| ICICI Pru Energy Opportunities Fund | 2.08% | 172 | -7% |
| Franklin India Mid Cap Fund | 1.28% | 167 | -5% |
| Kotak Equity Savings Fund(M | 1.38% | 147 | +5% |
| Abakkus Flexi Cap Fund | 1.65% | 105 | +11% |
| ICICI Pru Aggressive Hybrid Fund(A | 0.16% | 83 | -4% |
| Franklin India Opportunities Fund | 0.78% | 76 | +4% |
| HDFC Innovation Fund | 1.45% | 46 | -5% |
| Kotak Multi Asset Allocation Fund | 0.28% | 44 | +3% |
| Kotak Manufacture in India Fund | 1.40% | 41 | -1% |
| Motilal Oswal Business Cycle Fund | 2.56% | 40 | +8% |
| ICICI Pru Innovation Fund | 0.50% | 40 | +4% |
| Kotak Infra & Eco Reform Fund | 1.58% | 40 | +8% |
| Abakkus Small Cap Fund | 1.38% | 39 | +1% |
| Kotak Infra & Eco Reform Fund | 1.58% | 39 | +8% |
| JM Flexi Cap Fund | 0.72% | 37 | -17% |
| Edelweiss Recently Listed IPO Fund | 3.01% | 37 | -3% |
| 360 ONE Flexicap Fund | 1.36% | 31 | -28% |
| Altiva Equity Ex-Top 100 Long-Short Fund | 3.16% | 30 | +24% |
| Tata Business Cycle Fund | 1.11% | 29 | -8% |
| Tata India Innovation Fund | 1.65% | 22 | +13% |
| Motilal Oswal Innovation Opportunities Fund | 3.14% | 22 | -31% |
| Motilal Oswal Digital India Fund | 2.23% | 21 | -5% |
| ICICI Pru Retirement Fund-Pure Equity Plan | 0.82% | 18 | +2% |
| Franklin India Balanced Advantage Fund | 0.59% | 17 | +1684% |
| Franklin India Aggressive Hybrid Fund | 0.71% | 17 | +1668% |
Red flags
F-score 5 of 8| explain | Receivables outrunning sales Receivables grew 71% vs sales +11% in 2026 |
| explain | Low interest cover Interest cover 1.4x in 2026 |
| look | Profit leans on other income Other income was 225% of pre-tax profit in 2026 |
| look | Regulator order or action Regulator order or action 2026-03-17: Emmvee Photovoltaic Power Limited has informed the Exchange about order received from Commissioner of Customs, Bengaluru |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹1,556 Cr +51.4% vs Jun 2025.
Net profit ₹380 Cr +102.1%.
Activity
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| Apar Industries Ltd | 74,545 | 61.8 | 31.8 % |
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| MTAR Technologies Ltd | 22,842 | 166 | 15.2 % |
| Diamond Power Infrastructure Ltd | 21,055 | 114 | 24.2 % |
| Avalon Technologies Ltd | 15,396 | 115 | 19.3 % |
| Fujiyama Power Systems Ltd | 12,512 | 29.9 | 35.1 % |
| Genus Power Infrastructures Ltd | 8,934 | 13.7 | 25.3 % |
| Waaree Renewable Technologies Ltd | 8,574 | 16.8 | 85.0 % |
| Vikram Solar Ltd | 5,801 | 16.1 | 30.6 % |
| Ram Ratna Wires Ltd | 5,450 | 42.1 | 23.6 % |
| Saatvik Green Energy Ltd | 5,249 | 21.1 | 32.9 % |
| Shilchar Technologies Ltd | 4,613 | 33.5 | 50.7 % |
| Yash Highvoltage Ltd | 3,293 | 84.6 | 28.6 % |
| Oriana Power Ltd | 3,223 | 12.8 | 39.7 % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2026-09-18 | Dividend - Re 1 Per Sh |
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Quick answers
What is the market cap of Emmvee Photovoltaic Power Ltd?
Emmvee Photovoltaic Power Ltd (EMMVEE) has a market capitalisation of Rs 21,778 Cr. at the 2026-10-01 close.
What is the P/E ratio of Emmvee Photovoltaic Power Ltd?
Emmvee Photovoltaic Power Ltd trades at a P/E of 17.1 on trailing twelve-month profit, at the 2026-10-01 close.
What were Emmvee Photovoltaic Power Ltd's latest quarterly results?
In the Jun 2026 quarter, Emmvee Photovoltaic Power Ltd sales was Rs 1,556 Cr (+51.4% vs Jun 2025) and net profit was Rs 380 Cr.
What is the 52-week high and low of Emmvee Photovoltaic Power Ltd?
The 52-week high is Rs 371.55 and the 52-week low is Rs 171.51.