Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,269.30 last close on 13 Oct 2026 +6.79%
Research updated
Emmvee Photovoltaic Power Limited
NSE: EMMVEETechnologySolar
- Last close
- ₹299.05
- Day change
- +₹2.15 (+0.72%)vs
- Market cap
- ₹20,729 crIndian rupees
- Research updated
- 2 reports
About Emmvee Photovoltaic Power
Emmvee Photovoltaic Power Limited is a leading Indian renewable energy company specializing in the development and manufacture of solar photovoltaic (PV) modules and solar cells. Headquartered in Bengaluru and founded in 2007 as part of the broader Emmvee Group, the company has rapidly grown to become one of India’s largest integrated solar technology providers, with a module manufacturing capacity of approximately 7.80 gigawatts (GW) and cell capacity of around 2.94 GW as of May 2025. Emmvee serves a diverse clientele, including independent power producers, commercial and industrial entities, and engineering, procurement, and construction firms. Its product portfolio features advanced TOPCon and Mono PERC module technologies designed for both utility-scale ground-mounted installations and rooftop solar projects. The company operates several state-of-the-art manufacturing units in Karnataka, reflecting its commitment to innovation, quality, and reliability in clean energy solutions. Through strategic industry partnerships and a consistent track record in large-scale project execution, Emmvee Photovoltaic Power Limited plays a significant role in advancing India’s solar energy sector and accelerating the global transition to sustainable power.
- Sector
- Technology
- Industry
- Solar
- Listing
- NSE: EMMVEE
- Chief executive
- Mr. Suhas Donthi Manjunatha
- Employees
- 611
- Headquarters
- Bengaluru, India
- ISIN
- INE1C6T01020
- Website
- emmveepv.com
Public research · Report of
Business model & financial foundation
Emmvee (NSE: EMMVEE), Solar PV module and TOPCon cell manufacturing: revenue of ₹5,050 crore in FY26 (+116.2% on FY25), an EBITDA margin of 34.3% and net profit of ₹1,082 crore.
- Revenue, FY26 (₹ crore)
- 5,050
- consolidated
- Revenue growth, FY26
- +116.2%
- on FY25
- EBITDA margin, FY26
- 34.3%
- EBITDA (revenue less cogs, employee, other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 1,082
- to owners
- Return on equity, FY26
- 51.1%
- on average equity
- Market capitalisation (₹ crore)
- 20,729
- at the close of 14 Oct 2026
Company profile
Emmvee is India's second-largest pure-play integrated solar cell-and-module manufacturer, with 10.3 GW of module and 2.94 GW of TOPCon cell capacity in Karnataka. It sells modules (DCR and non-DCR) and merchant cells to IPPs, C&I buyers and government-scheme projects (PM-KUSUM, PM Surya Ghar); revenue is almost entirely domestic. A 6 GW integrated cell-and-module plant at Devanahalli is due by Mar 2027, and a 9 GW ingot/wafer plant is planned for FY29-FY30. Listed on NSE and BSE on 18 Nov 2025 after a 2,900 cr IPO.
| Item | Value |
|---|---|
| Legal name | Emmvee Photovoltaic Power Limited (formerly Emmvee Photovoltaic Power Private Limited) |
| Exchange and ticker | NSE: EMMVEE; BSE: 544608 |
| ISIN | INE1C6T01020 |
| CIN | L26101KA2007PLC042197 |
| Sector | Capital Goods / Renewable energy equipment |
| Industry | Solar PV module and TOPCon cell manufacturing |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | MSKC & Associates LLP |
| Market capitalisation | ₹20,729 crore (14 Oct 2026) |
| Shares outstanding | 62.99 crore shares (FY26) |
| Price | ₹299.0 (close, 14 Oct 2026) |
| Website | https://www.emmveepv.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Emmvee Energy Private Limited (EEPL) | 100% | Material subsidiary: TOPCon cell plant (2.94 GW), new module lines and the 6 GW Devanahalli integrated expansion; 51% of its shares pledged to IREDA |
| Emmvee Energy Inc | 100% | US subsidiary, negligible revenue |
| Emmvee Energy GmbH | 100% | German subsidiary holding solar parks (Solarpark Emmvee Sokrates, Solarpark Doberschutz, Emmvee Verwaltungs) that sell power |
Promoter family (D.V. Manjunatha and Shubha Manjunatha 38.46% each; sons 1.56% each) holds 80.03%. EEPL holds 14.35% of a group-captive renewable SPV (Clean Renewable Energy KK 1C) with Hero Rooftop Energy.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoter | 80.03% | 80.03% | 80.03% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 3.97% | 2.45% | 2.92% |
| Domestic institutions | 12.50% | 12.28% | 9.80% |
| Retail | 3.43% | 5.24% | 7.24% |
| Other | 0.07% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Photovoltaic modules and cells | 5,723 | 97.9% | 1,408 | 98.4% |
| EPC projects | 85.1 | 1.5% | 17.5 | 1.2% |
| Others (solar pumps, German power plants) | 39.3 | 0.7% | 5.86 | 0.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Waaree Energies (WAAREEENER) | |
| Premier Energies | Integrated cell-and-module maker, closest in cell intensity and DCR exposure |
| Vikram Solar | Module maker building cell capacity; listed 2025 |
| Saatvik Green Energy | Module maker, cell capacity under construction; listed 2025 |
| Websol Energy System (WEBELSOLAR) | Merchant cell supplier exposed to the same DCR cell scarcity |
| Waaree Renewable Technologies | Solar EPC adjacent to Emmvee's small EPC segment |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from operations | 604.6 | 941.5 | 2,336 | 5,050 |
| Cost of revenue (vendor classification) * | 506.5 | 760.0 | 1,407 | 2,786 |
| Other operating costs (vendor classification) * | 31.6 | 14.8 | 105.2 | 341.5 |
| EBITDA (vendor classification) * | 57.1 | 150.9 | 759.0 | 1,766 |
| EBIT * | 37.3 | 77.2 | 583.1 | 1,479 |
| Finance costs | 25.6 | 29.6 | 107.9 | 154.7 |
| Profit before tax | 11.7 | 47.6 | 482.8 | 1,338 |
| Total tax expense | 2.70 | 18.7 | 113.8 | 256.0 |
| Profit after tax | 8.97 | 28.9 | 369.0 | 1,082 |
| Diluted EPS (INR) | 0.13 | 0.42 | 6.22 | 17.17 |
| Other income | 24.7 | 53.5 | ||
| Materials consumed incl. change in FG inventories | 1,402 | 2,776 | ||
| Employee benefits expense | 66.5 | 136.7 | ||
| Other expenses | 144.9 | 403.3 | ||
| EBITDA (revenue less cogs, employee, other expenses) | 721.9 | 1,734 | ||
| Depreciation and amortisation | 156.0 | 295.6 | ||
| Exceptional items | 0.00 | 0.00 | ||
| Non-controlling interest | 0.00 | 0.00 | ||
| PAT attributable to owners | 369.0 | 1,082 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Total equity * | 140.5 | 168.8 | 536.8 | 3,695 |
| Borrowings * | 524.4 | 1,447 | 2,065 | 360.1 |
| Cash and cash equivalents * | 53.5 | 182.4 | 218.6 | 242.6 |
| Trade receivables * | 69.1 | 96.1 | 190.3 | 695.0 |
| Inventories * | 141.4 | 306.2 | 758.4 | 1,711 |
| Trade payables * | 69.0 | 158.2 | 350.3 | 1,022 |
| Net property, plant and equipment * | 4.86 | 5.04 | 77.9 | 103.4 |
| Capital work in progress * | 183.1 | 873.7 | 154.3 | 20.1 |
| Total assets * | 840.8 | 2,190 | 3,914 | 5,772 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Net cash from operating activities | 11.0 | 103.4 | 624.9 | 200.1 |
| Free cash flow (vendor definition) * | -385.1 | -440.1 | -374.7 | -452.9 |
| Purchase of PPE and CWIP incl. capital advances | -232.7 | -673.1 | -988.3 | -653.1 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shares (crore, FV INR 2; weighted average for EPS years) | 69.23 | 69.23 | 59.33 | 62.99 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 528.3 | 1,072 | 1,028 | 1,131 | 1,152 | 1,739 | 1,556 | 1,576 |
| Cost of revenue (vendor classification) * | 624.8 | 560.4 | 594.8 | 608.5 | 1,013 | 878.2 | ||
| Other operating costs (vendor classification) * | -22.6 | 78.6 | 98.9 | 89.5 | 111.8 | 95.9 | ||
| EBITDA (vendor classification) * | 356.3 | 355.5 | 417.8 | 429.1 | 576.1 | 564.6 | ||
| EBIT * | 290.8 | 288.5 | 346.9 | 355.1 | 497.0 | 480.7 | 472.3 | |
| Finance costs | 36.7 | 45.9 | 53.1 | 55.3 | 33.3 | 13.0 | 11.1 | 9.47 |
| Profit before tax | 122.0 | 252.5 | 240.2 | 291.7 | 321.8 | 483.9 | 469.6 | 465.3 |
| Total tax expense | 22.9 | 45.4 | 52.5 | 53.8 | 58.2 | 91.6 | 89.3 | 83.3 |
| Profit after tax | 99.2 | 207.1 | 187.7 | 237.9 | 263.6 | 392.4 | 380.3 | 382.1 |
| Diluted EPS (INR) | 1.67 | n.d. | 3.16 | 4.01 | 4.11 | 5.67 | 5.49 | 5.52 |
| Other income | 10.3 | 3.25 | 14.4 | 18.4 | 15.7 | 5.03 | 16.5 | 2.52 |
| Materials consumed incl. change in FG inventories | 267.7 | 620.6 | 559.4 | 594.8 | 608.5 | 1,013 | 878.2 | 907.2 |
| Employee benefit expense | 21.9 | 36.4 | 33.8 | 37.8 | 40.8 | 43.2 | 33.3 | 32.9 |
| Other expenses | 36.8 | 54.1 | 84.1 | 98.9 | 89.5 | 111.8 | 95.9 | 79.4 |
| EBITDA | 202.0 | 360.7 | 350.5 | 399.4 | 413.4 | 571.1 | 548.1 | 556.9 |
| Depreciation and amortisation | 53.5 | 65.5 | 71.6 | 70.9 | 74.0 | 79.2 | 83.9 | 84.6 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| PAT attributable to owners | 99.2 | 207.1 | 187.7 | 237.9 | 263.6 | 392.4 | 380.3 | 382.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | 55.7% | 148.1% | 116.2% | |
| EBITDA margin | 30.9% | 34.3% | ||
| Net margin | 15.8% | 21.4% | ||
| Return on equity | 104.6% | 51.1% | ||
| Return on capital employed | 5.6% | 6.8% | 27.6% | 44.4% |
| Return on assets | 12.1% | 22.3% | ||
| Borrowings less cash (₹ crore) | 470.9 | 1,265 | 1,847 | 117.4 |
| Borrowings less cash / EBITDA | 2.56x | 0.07x | ||
| Interest cover | 1.46x | 2.61x | 5.40x | 9.56x |
| Asset turnover | 0.72x | 0.62x | 0.77x | 1.04x |
| Receivable days | 42 | 37 | 30 | 50 |
| Inventory days (on revenue) | 85 | 119 | 119 | 124 |
| Payable days (on revenue) | 42 | 61 | 55 | 74 |
| Cash conversion | 1.69x | 0.19x | ||
| Capex intensity | 38.5% | 71.5% | 42.3% | 12.9% |
| Free cash flow (₹ crore) | -221.7 | -569.7 | -363.4 | -452.9 |
| EPS, diluted (₹) | 0.13 | 0.42 | 6.22 | 17.17 |
| Book value per share (₹) | 2.03 | 2.44 | 9.05 | 58.66 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cogs, employee, other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (revenue less cogs, employee, other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Emmvee Photovoltaic Power includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Emmvee Photovoltaic Power
- Research reportLatest
- Research report
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Prices are the last close on the NSE, 13 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 14 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.