Emmvee Photovoltaic Power Limited (EMMVEE)
Large CapIndustrials stocks · Large cap · NSE
Emmvee Photovoltaic Power Ltd. is an integrated manufacturer of solar modules (10.3 GW) and TOPCon cells (2.94 GW). With two decades of experience, it leverages advanced manufacturing across five units, is ALMM-compliant, and focuses on DCR ecosystem opportunities in India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +51% YoY · PAT +102% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,556 Cr | +51.4% | -10.5% |
| EBITDA | ₹548 Cr | +56.6% | -4.0% |
| Operating margin | 35.0% | +100 bps | +200 bps |
| PAT | ₹380 Cr | +102.1% | -3.1% |
| PAT margin | 24.4% | +613 bps | +188 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1FY27 revenue grew 51% YoY to INR 15,555 mn, with PAT up 103% YoY to INR 3,803 mn. EBITDA margin expanded to 35%. Record module production at 970 MW (45% utilization) and cell production at 454 MW (83% utilization). Order inflow of 1.5 GW, with a 9.9 GW order book.
The company delivered strong Q1FY27 results with significant YoY growth in revenue and PAT, driven by increased production and margin expansion. Strategic capacity expansion and backward integration plans are well underway, aligning with favorable DCR policies and growing solar demand, reinforcing long-term competitive positioning.
Solar Module Order Book by Customer Type (Q1 FY27)
Latest issuer-disclosed distribution across 3 reported categories.
ALMM II Implementation
Mandates domestic solar cells for covered projects, materially expanding the addressable DCR market beyond government schemes.
6 GW Integrated Facility
Expansion timed to match expected acceleration in domestic cell demand from ALMM II and improving internal cell sourcing.
Wafer/Ingot Backward Integration
Strategic margin-protection investment aiming to reduce upstream supply risk and protect DCR economics by integrating further.
TOPCon Technology
Early mover advantage in leveraging higher efficiency technology, with capacity to reach 8.94 GW by H1 FY28.
6 GW Integrated TOPCon Cell & Module Expansion
Will increase total capacity to ~16.3 GW modules and 8.9 GW cells by early FY28.
Module Line Commissioning
Expected by December 2026.
Cell Line Commissioning
Expected by March 2027.
Wafer/Ingot Facility (9 GW)
Rollout in 2 phases: 5 GW in FY29 and 4 GW in FY30, subject to ALMM III timelines.
ALMM II Enforcement
To drive demand across key DCR-linked schemes like CPSU, PM-KUSUM, PM Surya Ghar, providing ~40GW opportunity.
Power Demand Surge
India's power demand to grow at 5-7% CAGR over FY25-30E, with solar projected to be 45% of installed capacity by 2035-36.
Solar Demand Quad
IPP, C&I, KUSUM, and Rooftop segments are driving demand, with future growth drivers like FDRE/RTC tenders and PM Surya Ghar target.
Module Demand Multipliers
Complex tenders need up to ~2x modules of plain solar; data centers, green hydrogen, RTC power can add 15-20 GW p.a.
Domestic Cell Supply Tightness
Domestic cell supply remains tight, especially for TOPCon cells.
C&I Transition Impact
C&I may see a brief transition impact as developers align procurement with new ALMM II requirements.
Wafer/Ingot China Dependence
Wafers/ingots barely ~5 GW and almost fully China-dependent - the next bottleneck to localize.
Forward-Looking Statements
Risk and uncertainties regarding fluctuations in earnings, market growth, intense competition, pricing, consumption levels, and ability to manage customer relationships.
Regulatory Changes
Changes in regulatory environments, political instability, change in international oil prices and input costs.
Project Execution Risk
Ability to implement business strategies successfully, including new or changed priorities of the trade.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The company explicitly highlights YoY growth for key financial metrics (Revenue, EBITDA, PAT) and production volumes, indicating a focus on annual performance trends. While QoQ is also presented, YoY provides a clearer picture of underlying business growth given potential seasonality or project-based revenue recognition.
Order Inflow
1,484 MW (Q1FY27)
Order Book
9,914 MW (Q1FY27)
Revenue Visibility
9.9 GW order book provides strong revenue visibility for the coming quarters.
Module Production
970 MW (Q1FY27), +53% YoY
Deepen Backward Integration
Emmvee continues to move steadily on the path to deepen backward integration, progressively lowering costs, bolstering supply-chain resilience.
Strengthen Competitive Sustainability
Strategic margin-protection investment aiming to reduce upstream supply risk and protect DCR economics by integrating further.
Align Commercial Sales
Commercial Sales to be aligned with the commissioning dates, with utilisations scaling steadily for new capacities.
Focus on Customer Quality
Focus is on improving quality, size & repeat customers, with repeat customer rate at 57% in Q1FY27.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Module Capacity Utilization | 45% (Q1FY27) | Ramp-up towards higher utilization as new 6 GW module capacity comes online by Dec 2026. |
| Cell Capacity Utilization | 83% (Q1FY27) | Sustained high utilization and further ramp-up as new 6 GW cell capacity comes online by Mar 2027. |
| Order Book Growth | 9.9 GW (Q1FY27) | Continued strong order inflows and growth in the order book, especially for DCR-compliant projects. |
| Backward Integration Progress | 60% of hard cost orders in place for 6 GW expansion. | Timely commissioning of 6 GW integrated facility and progress on 9 GW ingot/wafer facility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The reduction in long-term debt will result in a decrease in interest outgo by approximately 35 to 40 crores quarterly.
"reduction in the interest outgo by around 35 to 40 crores quarterly"
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.
"repaying almost 45 crores in next two quarters"
Confirmed order book of over 5 gigawatts provides clear revenue and demand visibility for the next 12 to 18 months.
"order book of over 5 gigawatt gives us clear visibility"
Outcome check: Revenue YoY averaged 62.2% across 1 later quarter(s).
The second 2.5 gigawatt module line is scheduled to come online in FY 2026.
"The second 2.5 gigawatt module line will come online in FY 2026"
Trend score and candlestick chart
52NeutralSMA20 -1.6% / mo · MACD +
Technical chart
EMMVEEdaily · 1Y · AUTO+67.8%Daily history is available from 2025-11-18; the requested 1Y window is partially covered.
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 50. Wait for confirmation.
- SMA20 falling (~1.6% over last month) — short-term momentum negative.
- RSI(14) at 50 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 12% off 52W high · 90% 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.
Relative Strength & Trend Stage
- Price is 16.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.1%.
Valuation & score drivers
U-Score 79 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 79 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 56.7%.
- 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 15/30; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 80%. Key concern: OPM spread across recent quarters is 15%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 92nd pctile, median 68 · Large: 83rd pctile, median 73
25 documents have extracted text, but claim history is not strong enough yet.
1/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 80%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.10.
- ▸ROCE is 44.8%.
Trust risks
- ▸OPM spread across recent quarters is 15%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 17.70
- P/B
- 6.09
- EV/EBITDA
- 11.20
- Market Cap
- 22515.00Cr
Profitability
- ROE
- 51.10%
- ROCE
- 44.80%
- ROA
- 22.07%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 64.00%
- EPS 5Y
- 158.00%
- Revenue 3Y
- 101.00%
- EPS 3Y
- 395.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 15.35×
- Altman Z
- 9.05
- Book Value
- 53.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 200.00 Cr
- EPS TTM
- 18.98
Shareholding
- Promoter Hold
- 80.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 77%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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