NSE: EMMVEE · BSE: 544608
EMMVEE PHOTOVOLTAIC PWR L
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
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 65,440 | 17.1 | 4.36 | 10.6 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,809 | 51.5 | 11.27 | 32.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 39,130 | 23.2 | 9.08 | 16.0 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 20,676 | 154.9 | 25.14 | 110.5 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,654 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L ◆ | 16,571 | 12.4 | 4.48 | 9.2 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 14,460 | 108.1 | 20.04 | 72.0 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,156 | 11.4 | 3.68 | 10.4 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.4 | 22.6 | 14 of 52 | 75% |
| P/B | 4.5 | 3.3 | 33 of 49 | 33% |
| ROCE | 31.2 | 12.4 | 6 of 55 | 91% |
| ROE | 29.3 | 12.4 | 9 of 50 | 84% |
| Debt / Equity | 0.1 | 0.3 | 10 of 50 | 82% |
| EBITDA margin | 36.3 | 12.6 | 5 of 51 | 92% |
| Market cap | 16571 | 576 | 6 of 56 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Q2 revenue up 39%, profit after tax up 61%; 10.4 gigawatt order book | investor communications | medium | — | — |
| 17 Oct 2026 · Newspaper clippings of Q2 FY26-27 results filed with exchanges | compliance | minimal | — | — |
| 15 Oct 2026 · Q2FY27 Earnings Call Audio Recording Link Shared | investor communications | low | — | — |
| 14 Oct 2026 · Emmvee Q2FY27 Investor Presentation: Strong Growth Sustained | investor communications | medium | — | — |
| 14 Oct 2026 · Emmvee Q2 FY27 results: revenue up 39%, PAT up 61% | compliance | minimal | — | — |
| 14 Oct 2026 · Emmvee Q2 FY27 PAT up 61% YoY at Rs 382 cr; revenue up 39% | results | high | — | — |
| 14 Oct 2026 · Emmvee Q2 FY27 PAT up 61%, revenue up 39% YoY with 10.4 GW order book | results | high | — | — |
| 12 Oct 2026 · Routine quarterly compliance certificate on dematerialisation of securities | compliance | minimal | — | — |
| 7 Oct 2026 · Q2FY27 board meeting and earnings call intimation | results | low | — | — |
| 7 Oct 2026 · Emmvee Photovoltaic board meeting on Oct 14 to consider Q2FY27 results | results | low | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.