Inve India ▾

Emmvee Photovoltaic Power share price & results

Emmvee Photovoltaic Power Limited· Capital Goods· Industrials

Results to
Sept 2026
Latest analysed call
Q2 FY27
Ownership as of
Sept 2026

Bengaluru-based pure-play integrated manufacturer of TOPCon solar PV modules and solar cells.

Company research is public. Sign in to keep your own companies, notes and cases.

Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue210 ₹ crore−24.1% YoYQuarterly, as filedQuarter to Sept 2026Revenue from operations as filed.
Operating margin-15.5 %−23.1 pts YoYOperating profit / revenueQuarter to Sept 2026For the quarter; a change is in percentage points.
Net profit6.9 ₹ crore−68.8% YoYQuarterly, as filedQuarter to Sept 2026Profit after tax as filed.
Return on equity32.30 %−53.8 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin-8.71 %+6.8 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)60.23 %−29.2 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Guidance

What management said, and what became of it

0 of 3 judged targets kept · 14 open · verdicts reflect calls analysed to Q1 FY27.

Emmvee Photovoltaic Power Limited management guidance track record on Inve: 17 targets tracked across analysed earnings calls (0 achieved, 3 missed, 14 open).

TargetOriginal wordingSaidLatest callVerdict
Silver Paste ConsumptionReduce by another 40%
Call transcript, Q3 FY26 · 16 Jan 2026		Q3 FY26Q1 FY27:Topic of silver paste consumption reduction was not discussed for the second consecutive quarter.
Call transcript, Q1 FY27 · 16 Jul 2026		Ghosted
Total Module Capacity16.3 GW by FY28
Call transcript, Q3 FY26 · 16 Jan 2026		Q3 FY26Q1 FY27:Target of 16.3 GW modules by end of FY27 reiterated. Expansion work is progressing as planned.
Call transcript, Q1 FY27 · 16 Jul 2026		On Track

Source: Inve Guidance Tracker for Emmvee Photovoltaic Power Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

3 of Emmvee Photovoltaic Power Limited's 17 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 15 more targets are in the full ledger.

Free account: 5 full ledgers a month and one Inve Case. Pro opens 100 a month, ₹499.
See the full record

Price

₹240.65 +0.08% · +₹0.2

Last close 27 Oct 2026 · NSE · INR · Source: Inve

Performance +9.7% 1Y

₹200₹250₹300₹350Nov 25Dec 25Feb 26Mar 26May 26Jun 26Jul 26Sept 26Oct 26Q2 FY26 — 2 Dec 2025Q3 FY26 — 16 Jan 2026Q4 FY26 — 29 Apr 2026Q1 FY27 — 16 Jul 2026Q2 FY27 — 15 Oct 2026

1Y: ₹219.4 on 18 Nov 2025 → ₹240.65. High ₹365.35 (16 Jul 2026), low ₹172.93 (18 Dec 2025).

Previous close
₹240.45
Market cap
₹16.6k Cr
52-week range
₹172.93 – ₹365.35
Price to earnings (TTM to Sept 2026)
11.74×
Return on equity (TTM to Sept 2026)
32.30%

Overview

Symbol
NSE:EMMVEE
Industry
Industrials
Exchange
NSE
Currency
INR

What Emmvee Photovoltaic Power Limited does

Based on the company's own presentations, annual report and earnings calls.

Emmvee Photovoltaic Power Limited is a pure-play integrated manufacturer of solar photovoltaic modules and TOPCon solar cells, founded in 2007 and headquartered in the Bengaluru region of Karnataka. It operates five manufacturing units, all within a 100 km radius, housing 10.3 GW of solar module and 2.94 GW of TOPCon solar cell capacity, with a further integrated cell-and-module facility under construction. The company sells to independent power producers, commercial & industrial customers and other buyers in India, and exports to North America and Europe under certifications such as CEC, the EU Low Voltage Directive and CSA. Emmvee has a long-standing technology collaboration with Germany's Fraunhofer ISE research institute and is featured on India's ALMM List II of approved module manufacturers.

Segments

  • Solar Modules
  • Solar Cells
Installed solar module manufacturing capacity
10.3 GW
Installed solar cell (TOPCon) manufacturing capacity
2.94 GW
Manufacturing units
5 operational units (Unit 2-6) plus Unit 7 under construction, all within a 100 km radius in the Bengaluru region
Total manufacturing floor area (current units)
~977,616 sq. ft.
Workforce
587 engineers and 3,800+ personnel (incl. contract labour and trainees) deployed across units
Technology base
100% TOPCon cell and module technology; R&D collaboration with Fraunhofer ISE (Germany)
Founded 2007Headquarters Bengaluru, Karnataka, India Company website

How the price took the results

close before → close after

Q2 FY27
−5.8%
15 Oct
Q1 FY27
+8.2%
16 Jul
Q4 FY26
+6.8%
29 Apr
Q3 FY26
−1.4%
16 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Your own record

Start an Inve Case for Emmvee Photovoltaic Power Limited

Free account: one company. Everything above stays public.

Write why you follow Emmvee Photovoltaic Power Limited and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.

What an account adds

Keep reading

Other Capital Goods companies

All Capital Goods companies → · Capital Goods earnings growth →

Learn to analyse Emmvee Photovoltaic Power Limited

Guides on how to read this kind of business and the numbers that matter.