Emmvee Photovoltaic Power Limited
₹229.00-₹14.85 (-6.1%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹14,711 Cr
- P/E
- 129.0x
- EV / EBITDA
- 76.5x
- Revenue
- ₹1,763 Cr
- Net margin
- 7.6%
- ROCE
- 28.5%
Price chart
Technical chartScreen technicals →+4.5% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -27.5%
- 3M
- -25.5%
- 6M
- -12.7%
- 1Y
- +4.5%
- 5Y
- -1.6%
52-week range
Day change -₹14.85 (-6.1%) from ₹244 to ₹229 · Last close Oct 30, 2026
AI Summary
Indian StockStrengths1
- Healthy return on equity of 33.3%
Concerns1
- Valuation elevated — PE of 129.0x is 138% above peer average of 54.3x
Rule-based from financial data. Not advice.
About the company
Emmvee Photovoltaic Power Limited manufactures and sales solar cells, photovoltaic modules, and photovoltaic systems across India and Europe. Its products include TopCon Photovoltaic Module and TopCon Photovoltaic cells. It also executes grid and off-grid photovoltaic power projects on a turnkey basis and operates solar power plants.
Read moreShow less
Emmvee Photovoltaic Power Limited manufactures and sales solar cells, photovoltaic modules, and photovoltaic systems across India and Europe. Its products include TopCon Photovoltaic Module and TopCon Photovoltaic cells. It also executes grid and off-grid photovoltaic power projects on a turnkey basis and operates solar power plants. The company serves independent power producers, entities operating in the commercial and industrial sector, and engineering, procurement and construction service providers in both public and private sectors. The company was incorporated in 2007 and is based in Bengaluru, India.
- Sector
- Energy
- Shares outstanding
- 69.4 Cr shares
- ISIN
- INE1C6T01020
- BSE code
- 544608
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹14,711 Cr
- P/E
- 129.0x
- EV / EBITDA
- 76.5x
- EV / Sales
- 12.1x
- P/S
- 11.9x
- Earnings yield
- 0.8%
- 52-week high
- ₹365.80
- 52-week low
- ₹173.00
Profitability
- Operating margin
- 14.9%
- Net margin
- 7.6%
- EBITDA margin
- 15.8%
- ROE
- 33.3%
- ROCE
- 28.5%
- ROA
- 8.8%
- Dividend payout
- 0.0%
- Tax rate
- 26.0%
- Other income, % of PBT
- 9.5%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹1,763 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 43.1%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹195 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 119.1%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 72.3%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹209 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 533.3%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹0 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 74.6%
Solvency and efficiency
- Current ratio
- 2.04
- Debt / Equity
- 1.28
- Debt / Assets
- 0.34
- Debt / EBITDA
- 1.85
- Interest coverage
- 5.90
- Financial leverage
- 3.78
- CFO / Net profit
- 2.22
- Cash / Market cap
- 5.5%
- Cash per share
- ₹11.73
- Asset turnover
- 1.15
- Fixed asset turnover
- 6.22
- Capital intensity
- 0.16
- Debtor days
- 34 days
- Inventory turnover
- 2.47
- Cash conversion cycle
- 106 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹9 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹1,501 Cr |
| Sales | Operating profit | ₹262 Cr |
| Operating profit | Interest | ₹27 Cr |
| Operating profit | Depreciation | ₹41 Cr |
| Operating profit | Profit before tax | ₹194 Cr |
| Other income | Profit before tax | ₹29 Cr |
| Profit before tax | Tax and other | ₹61 Cr |
| Profit before tax | Net profit | ₹162 Cr |
Revenue and net profit
Revenue grew 43.1% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹366 Cr | ₹3 Cr |
| FY2022 | ₹506 Cr | ₹9 Cr |
| FY2023 | ₹705 Cr | ₹23 Cr |
| FY2024 | ₹1,232 Cr | ₹94 Cr |
| FY2025 | ₹1,763 Cr | ₹162 Cr |
Cash flows
FY2025: ₹351 Cr from operations, ₹256 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹38 Cr | ₹21 Cr |
| FY2022 | ₹115 Cr | ₹72 Cr |
| FY2023 | ₹33 Cr | ₹20 Cr |
| FY2024 | ₹209 Cr | -₹47 Cr |
| FY2025 | ₹351 Cr | ₹256 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹1,763 Cr+43.1%1Y
- Net profit
- ₹162 Cr+72.3%1Y
- Cash from operations
- ₹351 Cr
- Free cash flow
- ₹256 Cr
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹1,763 Cr | ₹262 Cr | — | ₹162 Cr | ₹351 Cr | ₹256 Cr | 36.6% | +43.1% | +72.3% |
Monthly returns
Month-by-month returns of EMMVEE across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹1,017 Cr |
| Equity capital | ₹11 Cr |
| Reserves | ₹432 Cr |
| Borrowings | ₹167 Cr |
| Other liabilities | ₹407 Cr |
| Assets | ₹1,017 Cr |
| Fixed assets | ₹139 Cr |
| Capital work in progress | ₹0 Cr |
| Investments | ₹116 Cr |
| Other assets | ₹762 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
EMMVEE trades at 129.0x earnings against a peer median of 24.8x (a 420% premium).
Not shown (no positive earnings and no EV / Sales): Reliance Power Limited.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Emmvee Photovoltaic Power LimitedEMMVEEthis companyP/E ↑ premium | ₹14,711 Cr | 129.0x | — | 33.3% | 76.5x |
| Castrol India LtdCASTROLIND | ₹18,555 Cr | 19.0x | 10.2x | — | — |
| Gujarat State Petronet Ltd.GUJARAT | ₹16,858 Cr | 23.0x | 1.5x | 12.5% | 9.0x |
| Kirloskar Oil Engines LimitedKIRLOSENG | ₹16,727 Cr | 38.5x | 5.3x | 13.8% | 28.2x |
| NAVA LIMITEDNAVA | ₹15,907 Cr | 35.6x | 4.3x | 6.0% | 47.1x |
| Reliance Power LimitedRPOWER | ₹13,822 Cr | — | 1.4x | 0.5% | 119.5x |
| ACME Solar Holdings LimitedACMESOLAR | ₹13,620 Cr | 634.0x | 2.9x | 15.5% | 21.5x |
| Chennai Petroleum Corporation Ltd.CHENNPETRO | ₹12,244 Cr | 10.8x | 1.4x | 31.5% | 2.9x |
| Jaiprakash Power Ventures LimitedJPPOWER | ₹11,397 Cr | 15.4x | 0.9x | 6.0% | 8.2x |
| Peer median | — | 24.8x | 3.1x | 12.8% | 15.7x |
Year-to-date ROI
EMMVEE since 1 January, against earlier years.
Historical volatility
EMMVEE's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 18.0% |
| FY2022 | 13.0% |
| FY2023 | 10.0% |
| FY2024 | 15.0% |
| FY2025 | 15.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹1,763 Cr |
| Costs | |
| Interest | ₹27 Cr |
| Expenses | ₹1,502 Cr |
| Operating profitOperating Profit | ₹262 Cr |
| Other income and charges | |
| Profit before tax | ₹223 Cr |
| Tax | |
| Net profitNet Profit | ₹162 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹1,017 Cr |
| Equity capitalEquity Capital | ₹11 Cr |
| Reserves | ₹432 Cr |
| Borrowings | ₹167 Cr |
| Other liabilitiesOther Liabilities | ₹407 Cr |
| AssetsTotal Assets | ₹1,017 Cr |
| Fixed assetsFixed Assets | ₹139 Cr |
| Capital work in progressCWIP | ₹0 Cr |
| Investments | ₹116 Cr |
| Other assetsOther Assets | ₹762 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹351 Cr |
| Investing cash flowCash from Investing Activity | -₹95 Cr |
| Financing cash flowCash from Financing Activity | -₹223 Cr |
| Change in cashNet Cash Flow | ₹33 Cr |
Learn while you research
Academy chapters picked for Emmvee Photovoltaic Power Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 129.0, learn when high multiples are justified.6 min read
- 04 Growth Investing43% revenue growth is in the top tier, learn how to value growth.7 min read
- 05 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 06 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read