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EMMVEE · NSE · Other Electrical Equipment

Emmvee Photovoltaic Power Ltd

What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Small Cap · AMFI list Jan-Jun 2026 · Vendor sector: Capital Goods - Electrical Equipment
cheap low confidence No valuation within 120 days; P/E 15.6 vs peers 43.0 (2nd of 10); P/B 5.6 vs peers 7.6 (4th of 10).
Statements through FY2026Prices adjusted for corporate actionsNot yet reviewed by the adversarial model

What is Emmvee Photovoltaic Power's share price today?

Emmvee Photovoltaic Power last traded at ₹296.70 on the NSE, as of 12 Oct 2026, 11:00 pm IST, down 1.1% on the day, up 36.8% over a year. Its 52-week range is ₹172 to ₹372. The live price is in the app.

₹296.70 −1.1% today
+36.8% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
11 month-end closes, 30 Nov 2025 to 30 Sep 2026, adjusted for splits and bonuses
52-week range63% of the way up
Low ₹172High ₹372

What is Emmvee Photovoltaic Power's market cap?

Emmvee Photovoltaic Power's market capitalisation is about ₹20,774 crore: what it would cost to buy every share at today's price. That makes it the 114th largest small cap company we cover.

₹20,774 Cr Small Cap114th largest small cap company
Small Cap means the companies ranked 251 and below by size, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →

Key facts

From the exchange
Symbol
NSE: EMMVEE
ISIN
INE1C6T01020
Cap bucket
Small Cap, 114th largest by market cap
Industry (NSE)
Industrials › Capital Goods › Electrical Equipment › Other Electrical Equipment
Listed since
2025
Futures and options
Not traded

Is Emmvee Photovoltaic Power overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 15.6 vs peers 43.0 (2nd of 10); P/B 5.6 vs peers 7.6 (4th of 10).

Valuation

Latest price and trailing 12 months
P/E 15.56
vs peers 43.0 · 2nd of 10
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B 5.60
vs peers 7.6 · 4th of 10
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap ₹20,774 Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield Not available
Last year's dividends as a share of today's price. Learn more →
PEG (vendor) Not available
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth 0.04
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
2 models could be judged
Skipped — Fair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored; P/E vs own history: 0 of 36 months of P/E history

Our valuation range

🔒 Pro
Value range, implied growth at today's price, and the nine models behind it: in the app.

Is Emmvee Photovoltaic Power a quality business?

Quality score 53.5, 6th of 11 in its peer set; WATCH on 25 of 30 flags judged.

Quality and risk

Data as of 12 Oct 2026
Business quality Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score 53.5
vs peers 50.1 · 6th of 11
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level WATCH
25 of 30 flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →

Profitability

ROE 10.0%
vs peers 20.3% · 10th of 11
Return on equity: profit as a share of shareholders' money. Learn more →
ROCE 13.1%
vs peers 22.9% · 9th of 11
Return on capital employed: operating profit as a share of all the capital in the business, debt and equity. Learn more →
Profit margin 22.6%
vs peers 12.0% · 1st of 10
Profit after everything, as a share of revenue. Learn more →
EPS ₹15.62
Trailing 12 months
Profit for each share over the last 12 months.

Scorecard

🔒 Pro
Health scores and red flags with their values and history: in the app.
See the scorecard →
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Has Emmvee Photovoltaic Power made money for shareholders?

Yes: +36.8% over one year.

Shareholder returns

1-year return +36.8%
Price only
What the share price did over the last 12 months. Learn more →
5-year return Not available
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer Not available
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →

Returns

3Y and 5Y are yearly averages
1W
+1.3%
1M
−8.7%
3M
−11.5%
6M
+25.9%
1Y
+36.8%
3Y
—
5Y
—
— not available

Does Emmvee Photovoltaic Power pay a dividend?

Emmvee Photovoltaic Power last paid ₹1.00 a share, ex-dividend 18 Sep 2026; nothing in the past 12 months counts toward a yield.

Dividends

Per share, by ex-dividend date
18 Sep 2026 · Final₹1.00
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.

Is Emmvee Photovoltaic Power growing?

Revenue 3 years 99.3% a year; profit 3 years 394.6% a year; revenue 5 years 58.3% a year.

Growth

Statements through FY2026 (Mar-26)
Revenue 3 years 99.3% a year
vs peers 58.4% · 2nd of 10
Compound annual growth of revenue over three years. Learn more →
Profit 3 years 394.6% a year
vs peers 65.5% · 1st of 9
Compound annual growth of net profit over three years. Learn more →
Revenue 5 years 58.3% a year
Compound annual growth of revenue over five years. Learn more →
Profit 5 years 147.8% a year
Compound annual growth of net profit over five years. Learn more →
EPS 3 years 381.6% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
EPS 5 years 154.7% a year
Growth in earnings per share over five years, so dilution counts against the company. Learn more →
P/E vs own history Not available
Today's P/E against its own 5-year median; negative is cheaper than its history. Learn more →

How did Emmvee Photovoltaic Power do last quarter?

Emmvee Photovoltaic Power reported revenue of ₹1,556 Cr, up 116.2% on a year earlier and a net profit of ₹380 Cr, up 193.1% in the Jun 2026 quarter.

Latest quarter

Jun 2026
Revenue, latest quarter₹1,556 Cr
+116.2% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹380 Cr
+193.1% on a year earlier
What was left for shareholders after every cost and tax.

How does Emmvee Photovoltaic Power compare with its peers?

Compared with 10 Other Electrical Equipment; 2nd of 10 on P/E; 6th of 11 on quality score.

Compared with 10 Other Electrical Equipment

10 companies

Emmvee Photovoltaic Power against its peers

Largest 10 of 10 peers, by market cap
CompanyMarket capP/EP/BROEROCE1YQuality 🔒Rank 🔒
Emmvee Photovoltaic Power Ltd₹20,774 Cr15.65.610.0%13.1%+36.8%
Apar Industries Ltd₹75,303 Cr61.17.720.6%32.1%+111.3%
Waaree Energies Ltd₹66,821 Cr17.56.833.4%38.0%−31.8%
Premier Energies Ltd₹40,645 Cr24.120.87.6%9.8%−13.2%
MTAR Technologies Ltd₹23,936 Cr179.312.912.2%14.7%+311.9%
Diamond Power Infrastructure Ltd₹22,784 Cr102.1—12.6%4.8%+171.6%
Avalon Technologies Ltd₹15,386 Cr114.97.611.6%15.1%+88.8%
Fujiyama Power Systems Ltd₹12,554 Cr—4.736.4%34.5%+96.2%
Genus Power Infrastructures Ltd₹9,022 Cr12.63.029.9%22.7%−3.8%
Waaree Renewable Technologies Ltd₹8,376 Cr16.58.769.1%85.0%−34.8%
Ram Ratna Wires Ltd₹5,454 Cr43.04.620.1%23.1%+87.4%
Peer median—43.07.620.3%22.9%+88.1%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.

Full peer comparison

🔒 Pro
Every peer, every figure, the ranks and the quality and forensic scores side by side: in the app.

Who owns Emmvee Photovoltaic Power?

Emmvee Photovoltaic Power is held by promoters 80.0%, foreign institutions 2.9%, domestic institutions 9.8%.

Shareholding pattern

Latest filing, percent of shares
Promoters80.0%
The founders and controlling group.
Foreign institutions2.9%
Overseas funds investing through the FPI route.
Domestic institutions9.8%
Indian insurers, banks, pension and mutual funds together.
Mutual funds6.2%
Indian mutual fund schemes; part of domestic institutions.
Retail and others5.1%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.

What do analysts say about Emmvee Photovoltaic Power?

6 analysts cover Emmvee Photovoltaic Power, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Analyst consensus

6 analysts
ConsensusBuy
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.

What does Emmvee Photovoltaic Power do and what is it sensitive to?

Emmvee Photovoltaic Power Limited describes itself as a pure-play integrated solar PV module and cell manufacturer, with 10.3 GW of module and 2.94 GW of TOPCon cell production capacity. Sensitive to: international oil prices and input costs.

Business-model card

FY2026 · 33 verified
3Revenue
2Channels
2Regulators
5Reg. dependencies
3Sensitivities
2Costs
2Geographies

Emmvee Photovoltaic Power Limited describes itself as a pure-play integrated solar PV module and cell manufacturer, with 10.3 GW of module and 2.94 GW of TOPCon cell production capacity. Its excerpts show it selling to IPP, C&I, PSU and other solar project buyers, with revenue from operations rising to INR 50,499 Mn in FY26.

Revenue by segment

2026-03-31
Photovaltics Modules (PV)99.2%
Others0.8%

Revenue engine

3 verified
Solar PV modules
Company describes itself as a pure-play integrated module and cell manufacturer with 10.3 GW of module capacity. Interpretation: module sales to project and C&I buyers are the larger capacity line, though no revenue split is given.
Solar TOPCon cells
Company states it has 2.94 GW of TOPCon cell production capacity, which feeds its integrated module output. Interpretation: cells are an upstream line with separate capacity and no separate revenue figure is stated.
Module and cell volume growth in FY26
Company attributes FY26 revenue growth to higher production volumes and a first full year of cell operations. Interpretation: revenue growth tracks production volume ramp across modules and cells.

Customers & channels

2 verified
DCR order channel (15.8%)
Company states that DCR orders were a share of orders received in FY25. Interpretation: the DCR channel is a separate order stream that depends on domestic content rules.
Repeat customer base (32.4%)
Company reports a repeat-customer rate and a 4.9 GW order book. Interpretation: repeat orders are part of the order book and affect revenue visibility.

Regulators

2 verified
Government of India (import duty)
Basic customs duty on imported modules and cells shapes the import-versus-domestic cost gap for module makers.
US trade authorities (tariffs and forced-labour rules)
US tariffs and import rules on Chinese and SEA solar products affect export demand and traceability requirements for US-bound product.

Regulatory dependencies

5 verified
Basic customs duty on imported modules and cells
Interpretation: a higher duty on imported modules and cells raises the landed cost of imports and supports domestic manufacturing volumes; a cut would lower the protection.
Domestic Content Requirement (DCR) market
Company states its integrated facility positions it to benefit from demand under GOI schemes, and that medium and small entities will be served via the DCR market. Interpretation: DCR rules are a demand channel; changes to them would move order intake.
Inter-State Transmission System (ISTS) waiver
Waiver of ISTS charges lowers delivered power cost for RE projects. Interpretation: graded waiver from 75% to 25% then none after June 2028 would raise project costs and could reduce solar offtake.
2 more statements
PM Surya Ghar rooftop subsidy
Capital subsidy per residential rooftop system drives residential solar adoption. Interpretation: subsidy changes would move residential module demand.
US tariffs on Chinese imports
Tariffs on China-origin solar products shape US import demand. Interpretation: the company's export position into the US would depend on how these tariffs apply to its product.

Sensitivities

3 verified
International oil prices and input costs
Company lists change in international oil prices and input costs among factors that could affect its results. Interpretation: rising oil prices and input costs would raise cost of materials and reduce margins.
Pricing environment and intense competition
Company lists intense competition and the pricing environment among factors affecting earnings. Interpretation: falling module prices or tighter competition would compress margins.
Foreign exchange differences
Foreign exchange differences appear as an adjustment in operating cash flow. Interpretation: currency moves affect reported profit, but direction is not stated.

Cost inputs

2 verified
Equipment supply for PECVD and cell lines
Company has an equipment agreement with Centrotherm, including PECVD systems, to maintain TOPCon cell efficiency and yield.
Solar module supply chain (backward integration)
Company states it is diversifying into ancillary components to capture a larger share of the BOM. Interpretation: upstream inputs such as wafers and cells currently bought externally are a cost line.

Geographies

2 verified
Domestic India
Company states it is expanding its network for pan-India presence through distributors, states and UTs.
International markets
Company has an on-the-ground sales office overseas and works with local distributors for export sales.
Each statement is checked word for word against the FY2026 annual report; the passages are in the app.

What changed recently?

Dividend - Re 1 Per Sh (18 Sep 2026).

Change log

5 entries · newest first
  1. Corporate actionDividend - Re 1 Per Sh.
  2. Results filedQ1 FY2027 results filed.
  3. Results filedQ4 FY2026 results filed.
  4. Results filedQ3 FY2026 results filed.
  5. Results filedQ2 FY2026 results filed.
Get alerts →Sign in to be told when any of these change.

What this page does not tell you

What could not be judged, and why. Never empty.
  • Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored; P/E vs own history: 0 of 36 months of P/E history.
  • FlagsWATCH on 25 of 30 flags judged; 1 red; 5 could not be judged.
  • ForensicsForensic scores withheld: share count up 17% in the year.
  • Data gapsDividend yield, PEG (vendor), Business quality, 5-year return, Wealth destroyer, P/E vs own history: not available yet.

What this page rests on

✓7 years of annual statements, through FY2026 (Mar-26)✓9 quarters of results✓11 months of month-end prices, adjusted for bonuses and splits○no valuation of ours yet✓business-model card FY2026 · 33 verified

Questions people ask

What is Emmvee Photovoltaic Power's share price today?

Emmvee Photovoltaic Power last traded at ₹296.70 on the NSE, as of 12 Oct 2026, 11:00 pm IST, down 1.1% on the day, up 36.8% over a year. Its 52-week range is ₹172 to ₹372. The live price is in the app.

What is Emmvee Photovoltaic Power's market cap?

Emmvee Photovoltaic Power's market capitalisation is about ₹20,774 crore: what it would cost to buy every share at today's price. That makes it the 114th largest small cap company we cover.

Is Emmvee Photovoltaic Power Ltd a large cap, mid cap or small cap?

Emmvee Photovoltaic Power Ltd (EMMVEE) is a small cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.

What is Emmvee Photovoltaic Power Ltd's P/E ratio?

15.56, vs peers 43.0 · 2nd of 10. Price divided by last year's earnings per share: how many years of today's profit you pay for.

Is Emmvee Photovoltaic Power Ltd overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 15.6 vs peers 43.0 (2nd of 10); P/B 5.6 vs peers 7.6 (4th of 10).

How does Emmvee Photovoltaic Power Ltd make money?

Emmvee Photovoltaic Power Limited describes itself as a pure-play integrated solar PV module and cell manufacturer, with 10.3 GW of module and 2.94 GW of TOPCon cell production capacity. Its excerpts show it selling to IPP, C&I, PSU and other solar project buyers, with revenue from operations rising to INR 50,499 Mn in FY26.

Who are Emmvee Photovoltaic Power Ltd's peers?

Compared with 10 Other Electrical Equipment: Apar Industries Ltd, Waaree Energies Ltd, Premier Energies Ltd, MTAR Technologies Ltd, Diamond Power Infrastructure Ltd and 5 more. The app shows how they compare on every figure.

Is this investment advice?

No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.

How did Emmvee Photovoltaic Power do last quarter?

Emmvee Photovoltaic Power reported revenue of ₹1,556 Cr, up 116.2% on a year earlier and a net profit of ₹380 Cr, up 193.1% in the Jun 2026 quarter.

Who owns Emmvee Photovoltaic Power?

Emmvee Photovoltaic Power is held by promoters 80.0%, foreign institutions 2.9%, domestic institutions 9.8%.

Does Emmvee Photovoltaic Power pay a dividend?

Emmvee Photovoltaic Power last paid ₹1.00 a share, ex-dividend 18 Sep 2026; nothing in the past 12 months counts toward a yield.

What do analysts say about Emmvee Photovoltaic Power?

6 analysts cover Emmvee Photovoltaic Power, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Everything on Emmvee Photovoltaic Power, and 6,621 other companies, with 212 filters and the full peer tables

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