Announcement
Announcement Under Regulation 30 Of SEBI LODR 1 Oct - Karnataka GST Department issued show cause notice over FY23 ITC, proposing ₹38.45 crore demand.
Source: Bse
Emmvee Photovoltaic Power Limited (EMMVEE)
Large CapIndustrials stocks · Large cap · NSE
Emmvee Photovoltaic Power Limited is a pure-play integrated solar photovoltaic manufacturer in India, producing solar PV modules and TOPCon cells with an established track record and advanced, integrated manufacturing facilities located within a 100 km radius in Karnataka.
Data qualityFresh enough for analysisQuote updated 22 Oct, 05:50 pm ISTDetails
Quote22 Oct, 05:50 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result14 Oct, 07:02 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Jun 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
38BearishSMA20 -9.7% / mo · RSI oversold · MACD −
Stock trend: 33
Sector RS: 45
Sector 3M: -7.4% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
EMMVEED candles · FIT view-8.5%Latest close ₹249.05 on 2026-10-22
Daily history is available from 2025-11-18; the requested 1Y window is partially covered.
Bar
-2.3%
RSI
20
MACD hist
-5.23
52W pos
39%
2026-10-22O ₹255.00H ₹260.95L ₹247.10C ₹249.05Vol 19.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
EMMVEENifty India ManufacturingNifty 500
- EMMVEE
- -22.7%
- Nifty 500
- -6.2%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -16.4 pp
Chart stats
22 Oct 2026- From 52W high
- -33.0%
- 52W range position
- 39%
- ATR (14)
- 5.5%
- Volume vs 20D
- 0.73x
- Avg traded value
- ₹78.8 Cr
- 20D price channel
- ₹247.1 - ₹341.9
₹371.6
₹171.5 - ₹371.6
₹13.7
Latest completed session
20-session average
36.9% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE82
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +39.4% · PAT +60.5% YoY
Technical
Bearish38
Price trend and sector-relative-strength timing.
Valuation
Legacy model+69.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 67/100Rev +39% YoY · PAT +61% YoY · operating leverage · margin compression
Filed 14 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,576.4 Cr | +39.4% | +1.3% |
| EBITDA | ₹556.9 Cr | +39.6% | +1.6% |
| Operating margin | 35.3% | +33 bps | +9 bps |
| PAT | ₹382.1 Cr | +60.5% | +0.5% |
| PAT margin | 24.2% | +320 bps | -21 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 13.50
- P/B
- 4.37
- EV/EBITDA
- 9.87
- Market Cap
- 19192.00Cr
Profitability
- ROE
- 50.70%
- ROCE
- 44.60%
- ROA
- 20.73%
- Dividend Y
- 0.33%
Growth (CAGR)
- Revenue 5Y
- 64.00%
- EPS 5Y
- 158.00%
- Revenue 3Y
- 101.00%
- EPS 3Y
- 393.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 25.88×
- Altman Z
- 7.52
- Book Value
- 63.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 200.00 Cr
- EPS TTM
- 20.49
Shareholding
- Promoter Hold
- 80.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 53%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 1,576+1.3% vs prev
Net Profit
₹ CrLatest: 382+0.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 20.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~10.7% over last month) — short-term momentum negative.
- RSI(14) at 20 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 33% off 52W high · 45% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
46
RS percentile
Stage 1 Base / Transition
1M return
-26.7%
3M return
-22.7%
6M return
-3.0%
1Y return
-
RS 1D
+6
RS 20D
-38
Sector rank
#7
Industry rank
-
Stage evidence
- Price is 17.4% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +4.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
unranked
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
230 observations
22 Oct 2026Value 124.65-1.68%
RS vs Nifty 500125
Valuation & peers
U-Score 82 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 82 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation19/30
Growth25/25
Quality20/20
Balance Sheet10/15
Cash Flow3/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
82
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
82/100 · legacy band DEEP VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 69.1%.
- Growth contributes 25/25 to the score.
Main drags
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Valuation is weaker at 19/30; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
13.5
PB
4.4
EV/EBITDA
9.9
ROE
50.7%
ROCE
44.6%
FCF Yield
—
Debt/Equity
0.3
MoS
+69.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
82
Previous: 82
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+69.1%
Previous: +68.3%
Score history
12 stored score snapshots. Latest stored move: +1 points.
22 Oct 2026
v4.3-runtime-valuation
79
79
79
79
79
65
79
78
78
81
81
82
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹170.96
-45.7% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹805.26
+69.1% MoS
PEG
0.05
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VIKRAMSOLR
Micro
Vikram Solar Limited
Solar Manufacturing
match 226
80
13.2
21.4%
+65%
DEEP VALUE
WEBELSOLAR
Micro
Websol Energy System Limited
Solar Manufacturing
match 225
80
8.5
66.9%
+78%
DEEP VALUE
BORORENEW
Micro
BOROSIL RENEWABLES LIMITED
Solar Manufacturing
match 224
49
16.1
25.7%
-118%
FAIR VALUE
WAAREEINDO
Small
Indosolar Limited
Solar Manufacturing
match 223
95
6.8
151.0%
+83%
DEEP VALUE
PREMIERENE
Mid
Premier Energies Limited
Solar Manufacturing
match 221
64
24.7
41.0%
+39%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-22T03:40:25.003Z
Management commentary snapshot
Q2FY27 revenue grew 37.4% YoY to Rs 15,789 mn with a stable EBITDA margin of 35.3% and PAT up 60.6% YoY to Rs 3,820 mn, driven by high cell utilization and lower finance costs.
The investment thesis remains intact. Capacity utilization for cells reached an impressive 89% in Q2FY27 while modules operated at 44%, providing volume headroom. Order book stands strong at 10.4 GW, backed by 1.5 GW of new order inflows during the quarter and ongoing execution of the 6 GW integrated expansion.
Current business mix
Split of Solar Module Order Book
Latest issuer-disclosed distribution across 3 reported categories.
IPPs53.0%
C&I24.0%
Others22.0%
Growth engines
6 GW Integrated Expansion
ON_TRACKProgress is in-line on the 6 GW integrated TOPCon cell and module expansion, targeting total capacities of 16.3 GW of modules and 8.9 GW of cells by early FY28.
DCR and ALMM Mandates
STRONGALMM List-II enforcement from June 2026 and domestic content requirements across schemes like CPSU, PM-KUSUM, and PM Surya Ghar create a steady demand floor.
Complex Tender Integration
EXPANDINGGrowth in complex tenders such as FDRE, RTC, and firm power requiring up to 2x DC module capacity to drive further demand.
Capacity and execution
6 GW Integrated Facility
ON_TRACKProject cost estimated at about Rs 5,500 crore, with the module line commissioning by December 2026 and the cell line by March 2027.
Wafer and Ingot Backward Integration
PLANNEDPlans in place for a 9 GW ingot and wafer facility in two phases (5 GW in FY29 and 4 GW in FY30) funded largely through internal accruals.
Tailwinds
Power Demand Surge
FAVORABLEIndia's power demand projected to grow at a 5-7% CAGR over FY25-30E, supported by EVs, green hydrogen, and data centers.
Favorable Policy Environment
FAVORABLEALMM II enforcement and stringent DCR rules protect domestic pricing and insulate local manufacturers from import pressures.
Headwinds
Upstream Dependency
MONITORWafer and ingot capacity in India remains negligible at around 2 GW, leaving domestic producers heavily dependent on external sources until backward integration scales.
Risk radar
Execution and Commissioning Delays
MONITORAny unforeseen delays in the commissioning timeline of the 6 GW module and cell expansion could impact medium-term volume growth.
Raw Material Price Volatility
MONITORFluctuations in input costs such as polysilicon, wafers, and silver paste can exert pressure on gross margins.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both comparisons are relevant: YoY provides insight into structural demand scaling and capacity growth, while QoQ tracks sequential momentum, plant utilization ramp-ups, and execution milestones.
Sector KPIs management disclosed
Order Book
STRONGTotal order book stands at 10.4 GW as of Q2FY27, comprising 16.3 GW module capacity and 8.9 GW cell capacity targets.
Order Inflow
STABLENew order inflow for Q2FY27 was reported at 1.5 GW.
Capacity Utilization
STRONGSolar cell capacity utilization reached 89% in Q2FY27, while solar module capacity utilization was 44%.
EBITDA Margin
STABLEEBITDA margin remained steady at 35.3% for Q2FY27.
Management forward view
Durable Cost Efficiencies
Management highlights that increasing internal cell integration and durable cost efficiencies helped sustain a 35% EBITDA margin.
Strategic Backward Integration
Management views backward integration into ingots and wafers as a key margin-protection investment to reduce upstream supply risk.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Cell Capacity Utilization | 89% in Q2FY27 | Sustained high utilization rates ahead of the 6 GW expansion commissioning. |
| 6 GW Expansion Timelines | Module line by Dec 2026, Cell line by Mar 2027 | Adherence to commercial sales alignment with commissioning dates. |
| Order Book Conversion | 10.4 GW total order book | Execution speed and order inflow conversion to revenues. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
cash flow improvementnot yet verifiablequantified
The reduction in long-term debt will result in a decrease in interest outgo by approximately 35 to 40 crores quarterly.
Timeframe: QuarterlyDirection: decreaseConfidence: high
"reduction in the interest outgo by around 35 to 40 crores quarterly"
debt reductionnot yet verifiablequantified
The company will repay almost 45 crores of long-term debt in the next two quarters, reducing the balance to 50-55 crore by March 2026.
Timeframe: Next two quartersDirection: decreaseConfidence: high
"repaying almost 45 crores in next two quarters"
demand outlookcontradictedquantified
Confirmed order book of over 5 gigawatts provides clear revenue and demand visibility for the next 12 to 18 months.
Timeframe: Next 12 to 18 monthsDirection: stableConfidence: high
"order book of over 5 gigawatt gives us clear visibility"
Outcome check: Revenue YoY averaged 62.2% across 1 later quarter(s).
project executionnot yet verifiablequantified
The second 2.5 gigawatt module line is scheduled to come online in FY 2026.
Timeframe: FY 2026Direction: expansionConfidence: high
"The second 2.5 gigawatt module line will come online in FY 2026"
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 93rd percentile of the scored universe and 92nd percentile within Industrials. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
34 docs text-extracted · 7 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Industrials: 92nd pctile, median 68 · Large: 82nd pctile, median 73
Evidence depth
Financial-only
34 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
0% delivered or partly delivered
1/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 80%.
- ▸Promoter pledge is zero.
- ▸ROCE is 44.6%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Emmvee Photovoltaic Power Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d - The Company''s Q1Fy27 Earnings conference call with Investors/Analysts will be held on Thursday, July 16, 2026 at 4:00 PM IST.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer 30 Jun - Mr. Shailesha Barve resigns as Company Secretary; Mr. Nagaraj Ronad appointed Compliance Officer from July 1, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 13 Aug - Monitoring agency report for quarter ended June 30, 2026 shows nil deviation in IPO proceeds utilisation.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul - Pursuant to Regulation 47 of SEBI (LODR) Regulations, 2015 we are attaching herewith newspaper clipping of unaudited financial results for quarter ended June 30, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Jun - Emmvee schedules an in-person analyst plant visit in Bengaluru on June 30, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 29 May
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 May - Emmvee will attend investor meetings in Mumbai on May 26-27, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Apr
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.