WEBSITE BSE:544608 NSE: EMMVEE Inc. Year: 2007 Industry: Glass
Last updated: 15:43
Emmvee Photovoltaic Power Ltd., an integrated solar energy company based in Bengaluru, is prominent for its production of high-efficiency solar modules and cells. The company currently has a production capacity of 7.80 GW of modules, and 2.94 GW of cells, and as early adopters of both Mono PERC modules and the more advanced TOPCon technology, Emmvee is one of the leading companies in India utilizing this manufacturing process. Emmvee’s major customers are B2B clients, including independent power producers (IPPs), commercial and industrial con...Read More
Emmvee Photovoltaic Power Ltd., an integrated solar energy company based in Bengaluru, is prominent for its production of high-efficiency solar modules and cells. The company currently has a production capacity of 7.80 GW of modules, and 2.94 GW of cells, and as early adopters of both Mono PERC modules and the more advanced TOPCon technology, Emmvee is one of the leading companies in India utilizing this manufacturing process. Emmvee’s major customers are B2B clients, including independent power producers (IPPs), commercial and industrial consumers, and engineers, procurement and contractors (EPCs), and the company has strong quality certifications globally and in India. Emmvee has a strong overall order book of over 5 GW as of mid-2025 and made a recent announcement of a very ambitious growth plan to increase to 16.3 GW on modules and 8.94 GW on cells by FY28. The company has strong overall financials for FY25 and is reporting very robust growth in revenue and profitability, demonstrating operational efficiency improvements. Emmvee was established in 1992, and the company has evolved from originally manufacturing solar water heaters to one of India’s fastest growing renewable energy technology companies, and is currently using proceeds from its initial public offering (IPO) to pay down debt and fund future capacity expansion. ...Read Less
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Market Cap ₹15061 Cr.
Stock P/E 40.8
P/B 4.5
Current Price ₹217.5
Book Value ₹ 48.6
Face Value 2
52W High ₹248.4
Dividend Yield 0%
52W Low ₹ 171.5
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2024 | Dec 2024 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|
| Net Sales | 402 | 528 | 1131 | 1152 |
| Other Income | 11 | 10 | 18 | 16 |
| Total Income | 413 | 539 | 1149 | 1168 |
| Total Expenditure | 310 | 326 | 732 | 739 |
| Operating Profit | 104 | 212 | 418 | 429 |
| Interest | 17 | 37 | 55 | 33 |
| Depreciation | 23 | 54 | 71 | 74 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 |
| Profit Before Tax | 64 | 122 | 292 | 322 |
| Provision for Tax | 29 | 23 | 54 | 58 |
| Profit After Tax | 35 | 99 | 238 | 264 |
| Adjustments | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 35 | 99 | 238 | 264 |
| Adjusted Earnings Per Share | 0.1 | 1.7 | 4 | 3.8 |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|
| Net Sales | 618 | 952 | 2336 | 3213 |
| Other Income | 26 | 20 | 26 | 55 |
| Total Income | 644 | 971 | 2361 | 3269 |
| Total Expenditure | 562 | 849 | 1615 | 2107 |
| Operating Profit | 83 | 123 | 747 | 1163 |
| Interest | 28 | 34 | 108 | 142 |
| Depreciation | 43 | 42 | 156 | 222 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 |
| Profit Before Tax | 12 | 48 | 483 | 800 |
| Provision for Tax | 3 | 19 | 114 | 164 |
| Profit After Tax | 9 | 29 | 369 | 636 |
| Adjustments | -0 | 0 | 0 | 0 |
| Profit After Adjustments | 9 | 29 | 369 | 636 |
| Adjusted Earnings Per Share | 0.2 | 0.5 | 6.2 | 9.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 145% | 0% | 0% | 0% |
| Operating Profit CAGR | 507% | 0% | 0% | 0% |
| PAT CAGR | 1172% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 105% | 43% | 43% | 43% |
| ROCE Average | 29% | 14% | 14% | 14% |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Shareholder's Funds | 140 | 169 | 537 |
| Minority's Interest | 0 | 0 | 0 |
| Borrowings | 375 | 1174 | 1689 |
| Other Non-Current Liabilities | 20 | 127 | 338 |
| Total Current Liabilities | 304 | 724 | 1404 |
| Total Liabilities | 839 | 2194 | 3969 |
| Fixed Assets | 323 | 291 | 2046 |
| Other Non-Current Assets | 198 | 892 | 183 |
| Total Current Assets | 318 | 1011 | 1740 |
| Total Assets | 839 | 2194 | 3969 |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Opening Cash & Cash Equivalents | 46 | 53 | 182 |
| Cash Flow from Operating Activities | 59 | 234 | 614 |
| Cash Flow from Investing Activities | -131 | -1000 | -986 |
| Cash Flow from Financing Activities | 80 | 894 | 408 |
| Net Cash Inflow / Outflow | 9 | 129 | 36 |
| Closing Cash & Cash Equivalent | 53 | 182 | 219 |
| # | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Earnings Per Share (Rs) | 0.15 | 0.49 | 6.22 |
| CEPS(Rs) | 0.87 | 1.19 | 8.84 |
| DPS(Rs) | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 2.37 | 2.84 | 9.04 |
| Core EBITDA Margin(%) | 9.1 | 10.86 | 30.86 |
| EBIT Margin(%) | 6.44 | 8.52 | 25.29 |
| Pre Tax Margin(%) | 1.89 | 5 | 20.67 |
| PAT Margin (%) | 1.45 | 3.04 | 15.8 |
| Cash Profit Margin (%) | 8.36 | 7.43 | 22.48 |
| ROA(%) | 1.07 | 1.91 | 11.98 |
| ROE(%) | 6.39 | 18.69 | 104.6 |
| ROCE(%) | 6.03 | 7.15 | 28.84 |
| Receivable days | 40.81 | 31.68 | 22.38 |
| Inventory Days | 83.49 | 85.81 | 83.18 |
| Payable days | 50.11 | 54.94 | 66.18 |
| PER(x) | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.76 | 0.98 | 0.7 |
| EV/Core EBITDA(x) | 5.68 | 7.58 | 2.19 |
| Net Sales Growth(%) | 0 | 54 | 145.35 |
| EBIT Growth(%) | 0 | 103.7 | 628.11 |
| PAT Growth(%) | 0 | 222.14 | 1176.91 |
| EPS Growth(%) | 0 | 223.29 | 1176.91 |
| Debt/Equity(x) | 3.7 | 8.54 | 3.63 |
| Current Ratio(x) | 1.04 | 1.4 | 1.24 |
| Quick Ratio(x) | 0.58 | 0.97 | 0.7 |
| Interest Cover(x) | 1.41 | 2.42 | 5.48 |
| Total Debt/Mcap(x) | 0 | 0 | 0 |
| # | Nov 2025 | Dec 2025 |
|---|---|---|
| Promoter | 80.03 | 80.03 |
| FII | 6.17 | 3.97 |
| DII | 10.79 | 12.57 |
| Public | 3 | 3.43 |
| Others | 0 | 0 |
| Total | 100 | 100 |
| # | Nov 2025 | Dec 2025 |
|---|---|---|
| Promoter | 55.41 | 55.41 |
| FII | 4.27 | 2.75 |
| DII | 7.47 | 8.7 |
| Public | 2.08 | 2.37 |
| Others | 0 | 0 |
| Total | 69.23 | 69.23 |
* The pros and cons are machine generated.
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