About
Emmvee Photovoltaic Power Limited manufactures and sales solar cells, photovoltaic modules, and photovoltaic systems across India and Europe. Its products include TopCon Photovoltaic Module and TopCon Photovoltaic cells. It also executes grid and off-grid photovoltaic power projects on a turnkey basis and operates solar power plants. The company serves independent power producers, entities operating in the commercial and industrial sector, and engineering, procurement and construction service providers in both public and private sectors. The company was incorporated in 2007 and is based in Bengaluru, India.
Key Metrics
as of Sep 2026Market Cap22,515 Cr
P/E17.70
Div Yield0.00 %
Book Value₹53.40
52w High₹372.00
52w Low₹172.00
Face Value₹2.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Sales | 217.00 | 271.00 | 81.00 | 277.00 | 445.00 | 544.00 | 356.00 | 457.00 |
| Expenses | 214.00 | 273.00 | 88.00 | 256.00 | 328.00 | 533.00 | 297.00 | 352.00 |
| Operating Profit | 3.00 | -2.00 | -7.00 | 21.00 | 117.00 | 11.00 | 59.00 | 105.00 |
| OPM % | 1.40 | -0.60 | -8.00 | 8.00 | 26.00 | 2.00 | 17.00 | 23.00 |
| Other Income | 52.00 | 49.00 | 33.00 | 18.00 | 12.00 | 8.00 | 7.00 | -1,753.00 |
| Depreciation | 5.00 | 5.00 | 6.00 | 6.00 | 6.00 | 15.00 | 7.00 | 7.00 |
| Interest | 1.00 | 1.00 | 1.00 | 3.00 | 3.00 | 7.00 | 5.00 | 6.00 |
| Profit before tax | 49.00 | 42.00 | 20.00 | 30.00 | 121.00 | -3.00 | 54.00 | -1,661.00 |
| Tax % | 25.00 | 29.00 | 29.00 | 26.00 | 25.00 | -107.00 | 27.00 | 2.00 |
| Net Profit | 37.00 | 29.00 | 14.00 | 22.00 | 90.00 | 0.00 | 40.00 | -1,692.00 |
| EPS in Rs | 0.53 | 0.42 | 0.20 | 0.37 | 1.52 | 0.04 | 36.69 | -1,567.91 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|---|
| Sales | 1,075.00 | 1,763.00 | 1,232.00 | 705.00 | 506.00 | 363.00 | 491.00 |
| Expenses | 944.00 | 1,502.00 | 1,048.00 | 636.00 | 443.00 | 299.00 | 435.00 |
| Operating Profit | 130.00 | 262.00 | 183.00 | 70.00 | 63.00 | 64.00 | 56.00 |
| OPM % | 12.00 | 15.00 | 15.00 | 10.00 | 13.00 | 18.00 | 11.00 |
| Other Income | 113.00 | 29.00 | 12.00 | 19.00 | 10.00 | 2.00 | 9.00 |
| Interest | 8.00 | 27.00 | 31.00 | 26.00 | 32.00 | 34.00 | 34.00 |
| Depreciation | 23.00 | 41.00 | 38.00 | 36.00 | 26.00 | 30.00 | 28.00 |
| Profit before tax | 212.00 | 223.00 | 126.00 | 27.00 | 15.00 | 3.00 | 3.00 |
| Tax % | 26.00 | 27.00 | 26.00 | 17.00 | 44.00 | -34.00 | -55.00 |
| Net Profit | 156.00 | 162.00 | 94.00 | 23.00 | 9.00 | 3.00 | 4.00 |
| EPS in Rs | 2.25 | 30.01 | 86.75 | 20.99 | 7.91 | 3.10 | 3.80 |
| Dividend Payout % | 44.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 138.00 | 11.00 | 11.00 | 11.00 | 11.00 | 11.00 | 11.00 |
| Reserves | 2,540.00 | 432.00 | 271.00 | 196.00 | 173.00 | 165.00 | 161.00 |
| Borrowings | 54.00 | 167.00 | 361.00 | 237.00 | 269.00 | 298.00 | 264.00 |
| Other Liabilities | 255.00 | 407.00 | 424.00 | 168.00 | 165.00 | 94.00 | 124.00 |
| Total Liabilities | 2,988.00 | 1,017.00 | 1,067.00 | 611.00 | 619.00 | 567.00 | 560.00 |
| Fixed Assets | 113.00 | 139.00 | 198.00 | 221.00 | 216.00 | 136.00 | 153.00 |
| CWIP | 1.00 | 0.00 | 2.00 | 0.00 | 14.00 | 6.00 | 1.00 |
| Investments | 153.00 | 116.00 | 53.00 | 3.00 | 64.00 | 100.00 | 100.00 |
| Other Assets | 2,720.00 | 762.00 | 814.00 | 387.00 | 324.00 | 325.00 | 305.00 |
| Total Assets | 2,988.00 | 1,017.00 | 1,067.00 | 611.00 | 619.00 | 567.00 | 560.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -46.00 | 351.00 | 209.00 | 33.00 | 115.00 | 16.00 | 68.00 |
| Cash from Investing Activity | -1,860.00 | -95.00 | -256.00 | -13.00 | -43.00 | -19.00 | -2.00 |
| Cash from Financing Activity | 1,938.00 | -223.00 | 47.00 | -42.00 | -37.00 | 2.00 | -92.00 |
| Net Cash Flow | 32.00 | 33.00 | 0.00 | -23.00 | 36.00 | -1.00 | -25.00 |
| Free Cash Flow | -40.00 | 354.00 | 227.00 | -7.00 | 26.00 | 12.00 | 45.00 |
| CFO/OP % | 29.00 | 158.00 | 122.00 | 48.00 | 181.00 | 25.00 | 125.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 61.00 | 19.00 | 34.00 | 23.00 | 28.00 | 80.00 | 64.00 |
| Inventory Days | 45.00 | 56.00 | 148.00 | 88.00 | — | 144.00 | 73.00 |
| Days Payable | 47.00 | 32.00 | 76.00 | 41.00 | — | 76.00 | 59.00 |
| Cash Conversion Cycle | 59.00 | 43.00 | 106.00 | 69.00 | 28.00 | 149.00 | 79.00 |
| Working Capital Days | 12.00 | -39.00 | -51.00 | 0.00 | -62.00 | -5.00 | -14.00 |
| ROCE % | 13.00 | 40.00 | 29.00 | 8.00 | 9.00 | 8.00 | — |
Corporate Actions
No corporate actions recorded.
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSECredit Ratings
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Rating update27 Jan from icra
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Rating update27 Aug 2025 from icra