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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Photovoltaics Modules (PV) (99%), Others (1%). Asset-heavy solar PV manufacturer with major capacity expansion underway
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 5,050 |
| EBITDA (ex other income) | 1,734 |
| margin % | 34.3 |
| Owners' profit | 1,082 |
| EPS, as reported (₹) | 17.17 |
| ROE % · ROCE % | 29.3 · 34.8 |
| Debt / equity (x) | 0.05 |
| Cash from operations | 200 |
| Capex | (653) |
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 1,131 | 1,152 | 1,739 | 1,556 |
| Profit before tax | 292 | 322 | 484 | 470 |
| Net profit | 238 | 264 | 392 | 380 |
| EPS (₹) | 4.01 | 4.11 | 5.67 | 5.49 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Photovaltics Modules (PV) | 1,735 | 41.2 |
| Others | 16 | 0.4 |
| Photovoltaics Modules (PV) | 1,147 | 27.2 |
| Photovoltaics modules (PV) | 1,301 | 30.9 |
| Engineering, Procurement, and construction (EPC) Projects | 17 | 0.4 |
| Total, before eliminations | 4,216 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 75,508 | 19.8 | 5.03 | 12.2 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 70,293 | 59.5 | 13.03 | 36.9 | 18.1 | 21.9 | 29.1 | 12.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Emmvee fixes Sep 18 2026 as record date for Re. 1 dividend | corporate actions | high | — | — |
| 10 Sept 2026 · Management to meet investors at Jefferies India Forum | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Emmvee Photovoltaic announces 19th AGM on September 25, 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · Annual Report FY26 and 19th AGM notice submitted | results | high | — | — |
| 2 Sept 2026 · Emmvee 19th AGM on Sep 25, 2026; Rs 1 dividend proposed | board shareholder meetings | low | — | — |
| 2 Sept 2026 · 19th AGM scheduled for September 25, 2026 via video conferencing | compliance | minimal | — | — |
| 26 Aug 2026 · Board approves cost auditor appointment and director re-appointment | management changes | low | — | — |
| 13 Aug 2026 · CARE Ratings confirms no deviation in Emmvee IPO fund usage for Q1FY27 | capital market events | medium | — | — |
| 22 Jul 2026 · Emmvee Photovoltaic Q1FY27: Revenue INR 1,555 crores, PAT up 103% YoY | investor communications | medium | — | — |
| 16 Jul 2026 · Emmvee Photovoltaic Q1 FY27 results published in newspapers | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| PREMIER ENERGIES LIMITED |
| 44,224 |
| 26.2 |
| 10.26 |
| 18.0 |
| 35.0 |
| 25.7 |
| — |
| 30.8 |
| EMMVEE PHOTOVOLTAIC PWR L ◆ | 23,872 | 17.9 | 6.46 | 13.3 | 29.3 | 31.2 | — | 36.3 |
| MTAR TECHNOLOGIES LIMITED | 22,531 | 168.8 | 27.39 | 120.2 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 19,448 | 98.9 | — | 94.7 | (26.2) | 8.6 | — | 12.3 |
| AVALON TECHNOLOGIES LTD | 15,293 | 114.3 | 21.19 | 76.2 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 9,830 | 13.7 | 4.43 | 12.1 | 26.7 | 22.7 | 50.8 | 22.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.9 | 26.2 | 21 of 53 | 62% |
| P/B | 6.5 | 3.6 | 37 of 49 | 25% |
| ROCE | 31.2 | 12.3 | 6 of 56 | 91% |
| ROE | 29.3 | 11.5 | 9 of 53 | 85% |
| Debt / Equity | 0.1 | 0.2 | 13 of 53 | 77% |
| EBITDA margin | 36.3 | 12.6 | 5 of 51 | 92% |
| Market cap | 23872 | 641 | 4 of 56 | 95% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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