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NSE:EMMVEE

EMMVEE PHOTOVOLTAIC PWR L

Capital Goods › Electrical Equipment·NIFTY 500NIFTY MIDSMALLCAP 400NIFTY MIDSMALLCAP400 50:50NIFTY SMALLCAP 100+5
₹239.35
at close · 27 Oct 2026
▲ 0.35 (+0.15%)
ThemesSolar Energy· core

Latest filings

  1. Q2 revenue up 39%, profit after tax up 61%; 10.4 gigawatt order book · Investor Communications
  2. Newspaper clippings of Q2 FY26-27 results filed with exchanges · Compliance
  3. Q2FY27 Earnings Call Audio Recording Link Shared · Investor Communications
All filings ↓
Ask Nexa about EMMVEE PHOTOVOLTAIC PWR L

Snapshot

What the business is, and whether it's a good one at a fair price.

AI · written from filings

Manufactures solar photovoltaic modules and cells for the Indian market, with Photovoltaics Modules making up 99.2% of FY26 segment revenue at ₹5,010.60 cr and the remainder from Others (0.8%). In Q1 FY27 the company produced 970 MW of modules and 454 MW of solar cells, ran cells at 83% utilization, and held an order book of 9.9 GW of which more than half was for DCR (Domestic Content Requirement) projects. Installed manufacturing capacity stands at 10.3 GW for modules and 2.94 GW for cells at its Bengaluru plant, with a 6 GW integrated TOPCon cell-and-module expansion targeting 16.3 GW of module and 8.9 GW of cell capacity by end FY27. The company also plans backward integration into 9 GW of ingot/wafer capacity in two phases — 5 GW by FY29 and 4 GW by FY30. Materials are the largest cost at 67.6% of revenue, and capex runs at 12.9% of revenue as the expansion is funded.

Revenue mix · reported segments
Photovoltaics Modules (PV)99.2%
Others0.8%
Operating scale
Module production
970 MWQ1FY27
Cell production
454 MWQ1FY27
Cell utilisation
83%Q1FY27
Installed module capacity
10.3 GWQ1FY27
Installed cell capacity
2.94 GWQ1FY27
Order book
9.9 GWQ1FY27
Who pays it
Solar project developers, utilities and government-linked DCR projects in India
Biggest cost
Polysilicon, wafers and cell/raw material inputs (materials at 67.6% of revenue)
Kind of business
Asset-heavy solar PV manufacturer with major capacity expansion underway
Where it sits
ALMM List 2-compliant TOPCon cell producer; targeting 16.3 GW module capacity by end FY27
Market Cap
₹16,571 Cr
P / E (TTM)
12.4×
EV / EBITDA
8.3×
Div Yield
—
Growth
—·
Revenue 5y CAGR
PAT — · EBITDA —
Quality
34.8%▲
ROCE (FY26)
ROE 29.3% · margin 35.4%
Leverage
0.05·
Debt / Equity · low
Net cash ₹65 Cr
Moves on a normal day
1.76%·
Median daily move
Last 231 sessions · the yardstick for filing-day moves
Where it sits among 56 Other Electrical Equipment peersBar = share of peers beaten · tick = industry median · latest reported figures
P/E (TTM)#14/52
P/B#33/49
ROCE#6/55
ROE#9/50
Debt / Equity#10/50
EBITDA margin#5/51

Scorecard

Measured from the filed financials, judged against its Other Electrical Equipment peers · as of FY26 — not investment advice

Strengths
Returns on capital 34.8%
#6 of 55 in Other Electrical Equipment on the latest reported figures
Debt at 0.05× equity
lower than 82% of its 50 Other Electrical Equipment peers
Concerns
Nothing flagged in the filed numbers.

Charts

How has the market priced it — with filings on the timeline?

EMMVEE · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Peers

How does it stack up on valuation, returns and growth?

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Financials

Quarterly & annual P&L, balance sheet, cash flow, ratios and segments.

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Ownership

Who owns it — and is the promoter stake clean?

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Common questions

Answered from EMMVEE PHOTOVOLTAIC PWR L's filed financials and exchange disclosures

What does EMMVEE PHOTOVOLTAIC PWR L do?

EMMVEE PHOTOVOLTAIC PWR L is a Electrical Equipment company listed on NSE and BSE, trading under the symbol EMMVEE.

Is EMMVEE PHOTOVOLTAIC PWR L profitable?

Yes. Over the trailing twelve months EMMVEE PHOTOVOLTAIC PWR L reported a net profit of ₹1,274 Cr on revenue of ₹5,578 Cr.

Does EMMVEE PHOTOVOLTAIC PWR L pay a dividend?

Not in the latest reported year — EMMVEE PHOTOVOLTAIC PWR L's dividend payout for FY26 was nil.

Is EMMVEE PHOTOVOLTAIC PWR L debt-free?

On a net basis, yes. It reported borrowings of ₹177 Cr on its 31 Mar 2026 balance sheet, but holds ₹65 Cr more cash than debt.

Is EMMVEE PHOTOVOLTAIC PWR L expensive compared with its peers?

On trailing P/E, EMMVEE PHOTOVOLTAIC PWR L ranks 14 of 52 in Other Electrical Equipment — cheaper than 75% of them, against an industry median of 22.6×. This is a position, not a valuation judgement.

How much does the EMMVEE PHOTOVOLTAIC PWR L share price move in a day?

On a typical session EMMVEE PHOTOVOLTAIC PWR L moves 1.76% — that is the median absolute close-to-close move across its last 231 trading days. MarketPing measures each filing's price reaction against it.

Where can I track EMMVEE PHOTOVOLTAIC PWR L's announcements?

Every NSE and BSE filing by EMMVEE PHOTOVOLTAIC PWR L appears on this page, AI-summarised, alongside the price reaction that followed it. Follow the company to get each new filing on WhatsApp within minutes.

Figures are as last reported and may lag the latest filing. Not investment advice.