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Swing Capital

Emmvee Photovoltaic Power Ltd

NSE: EMMVEE BSE: 544608Energy

Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.[1]

₹252
52W: ₹172 — ₹300
PE 112 · Book ₹38.7 · +551% vs book
Market Cap₹17,416 Cr
Stock P/E112Price to Earnings
ROCE13.2%Return on Capital
ROE9.98%Return on Equity
Div. Yield0%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 115% CAGR over last 5 years

Weaknesses

  • −Earnings include an other income of Rs.113 Cr.
  • −Debtor days have increased from 38.0 to 61.1 days.

Shareholding Pattern

Promoters80.03%
FIIs2.45%
DIIs12.28%
Public5.24%
CategoryDec 2025Mar 2026
Promoters80.03%80.03%
FIIs3.97%2.45%▼1.5
DIIs12.5%12.28%▼0.2
Public3.43%5.24%▲1.8

Financial Statements

MetricSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales45735654444527781271
Expenses35229753332825688273
Operating Profit105591111721-7-2
OPM %23%17%2%26%8%-8%-1%
Net Profit-1,69240090221429
EPS ₹-1567.9136.690.041.520.370.20.42

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,075Cr, down 39% YoY. OPM at 12%.

Debt Position

Borrowings at ₹54Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 13% (Mar 2026). Working capital days: 12.

Valuation

PE 112x with 13.2% ROCE. Price is 551% above book value of ₹38.7. Dividend yield: 0%.

Recent Announcements