EMMVEE
Emmvee Photovoltaic Power share price & financials
- Price
- ₹345.05
- Market cap
- ₹22.3k Cr
- Sector
- Capital Goods
- Calls analysed
- 4
Emmvee Photovoltaic Power Limited Q1 FY27
What went well
- Revenue from operations grew 51% YoY to INR 1,555 crores in Q1FY27, reflecting strong business fundamentals.
- EBITDA increased 56% YoY to INR 548 crores, with EBITDA margin expanding to 35% from 34% in Q1FY26.
- Profit after tax surged 103% YoY to INR 380 crores, and PAT margin improved to 24% from 18% in Q1FY26.
What to watch
- Revenue saw a sequential decline, though EBITDA was only 4% lower QoQ due to operating leverage and cost optimization.
- Some inventory was added this quarter due to high production, though management expects liquidation with a healthy order book.
What Emmvee Photovoltaic Power Limited does
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)
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 0 delivered 3 missed 14 open- Silver Paste Consumption went quiet said Q3 FY26 Promised: Reduce by another 40% Q1 FY27: Topic of silver paste consumption reduction was not discussed for the second consecutive quarter.
- Ingot and Wafer Facility Setup revised up said Q4 FY26 Promised: Set up first facility in FY29 Q1 FY27: Timeline refined and slightly accelerated. Management now targets 5 GW in FY2029, with commissioning planned by mid-CY2028.
- Total Module Capacity on track said Q3 FY26 Promised: 16.3 GW by FY28 Q1 FY27: Target of 16.3 GW modules by end of FY27 reiterated. Expansion work is progressing as planned.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 51.4%, net profit up 102.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 402 | 528 | 1,072 | 1,028 | 1,131 +181% | 1,152 +118% | 1,739 +62% | 1,556 +51% |
| EBITDA | 93 | 202 | 361 | 350 | 399 +329% | 413 +104% | 571 +58% | 548 +57% |
| Net profit | 35 | 99 | 207 | 188 | 238 +580% | 264 +167% | 392 +89% | 380 +102% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +83.2% YTD
YTD: ₹188.86 on 1 Jan 2026 → ₹346. High ₹365.35 (16 Jul 2026), low ₹184.91 (5 Jan 2026).
How the price took the results
close before → close after
- 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.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹5.0k Cr |
| Operating profit | ₹1.7k Cr |
| Operating margin | 34.3% |
| Interest | ₹154 Cr |
| Depreciation | ₹296 Cr |
| Net profit | ₹1.1k Cr |
| Net margin | 21.4% |
| ROCE | 45.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹119 Cr | ₹138 Cr |
| Reserves | ₹168 Cr | ₹170 Cr | ₹130 Cr | ₹158 Cr | ₹838 Cr | ₹3.6k Cr |
| Borrowings | ₹603 Cr | ₹482 Cr | ₹524 Cr | ₹1.4k Cr | ₹2.1k Cr | ₹360 Cr |
| Other liabilities | ₹93 Cr | ₹178 Cr | ₹173 Cr | ₹558 Cr | ₹1.4k Cr | ₹1.7k Cr |
| Total liabilities | ₹874 Cr | ₹842 Cr | ₹838 Cr | ₹2.2k Cr | ₹4.4k Cr | ₹5.8k Cr |
| Fixed assets | ₹562 Cr | ₹493 Cr | ₹323 Cr | ₹291 Cr | ₹2.2k Cr | ₹2.6k Cr |
| Capital work in progress | ₹6 Cr | ₹14 Cr | ₹93 Cr | ₹646 Cr | ₹156 Cr | ₹10 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹150 Cr | ₹57 Cr |
| Other assets | ₹305 Cr | ₹334 Cr | ₹421 Cr | ₹1.2k Cr | ₹2.0k Cr | ₹3.1k Cr |
| Total assets | ₹874 Cr | ₹842 Cr | ₹838 Cr | ₹2.2k Cr | ₹4.4k Cr | ₹5.8k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Dec 2025, the public added +3.81 pp while DIIs trimmed −2.70 pp. The shareholder count grew 32% to 1,32,931.
- Promoters
- 80.0%
- FIIs
- 2.9%
- DIIs
- 9.8%
- Public
- 7.2%
Since Dec 2025
- Public +3.81 pp
- DIIs −2.70 pp
- FIIs −1.05 pp
How it drifted, 3 quarters
Over this window the public went from 3.4% to 7.2% — +3.8 pp.
Ownership split by quarter, oldest first. Dec '25: Promoters 80.0%, FIIs 4.0%, DIIs 12.5%, Government 0.1%, Public 3.4%.Mar '26: Promoters 80.0%, FIIs 2.5%, DIIs 12.3%, Public 5.2%.Jun '26: Promoters 80.0%, FIIs 2.9%, DIIs 9.8%, Public 7.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential S&P BSE 500 ETF Mutual fund newly disclosed 1.61% held
- Kotak Equity Savings Fund Mutual fund newly disclosed 1.29% held
- Franklin India Mid Cap Fund Mutual fund newly disclosed 1.17% held
The same filing shows 0 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Emmvee Photovoltaic Power Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Shubha Manjunatha Donthi | 38.46% | unchanged |
| Manjunatha Donthi Venkatarathnaiah | 38.46% | unchanged |
| ICICI Prudential S&P BSE 500 ETF Mutual fund | 1.61% | newly disclosed |
| Sumanth Manjunatha Donthi | 1.56% | unchanged |
| Suhas Donthi Manjunatha | 1.56% | unchanged |
| Kotak Equity Savings Fund Mutual fund | 1.29% | newly disclosed |
| Franklin India Mid Cap Fund Mutual fund | 1.17% | newly disclosed |
| Emmvee Technologies Private Limited | 0.00% | unchanged |
| Emmvee Solar Systems Private Limited | 0.00% | unchanged |
| Emmvee Green Power Private Limited | 0.00% | unchanged |
| Shubha Donthi Family Trust (Trustee Manjunatha Donthi Venkatarathnaiah ) | 0.00% | unchanged |
| Manjunatha Donthi Family Trust (Trustee Manjunatha Donthi Venkatarathnaiah ) | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in EMMVEE
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.04 L shares (+1.1%).
- Held by funds
- ₹12 Cr
- 5 schemes
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹7 Cr · 0.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹7 Cr | +0.03 L | Mar '26 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹3 Cr | +0.01 L | Mar '26 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Mar '26 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Mar '26 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +3,838 shares (+1.1%)
- Funds are sitting on
- +39%
- vs est. average cost
- Held by funds
- ₹12 Cr
- 5 schemes · ≈ 0.06% of the company
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹7 Cr · 0.2% of that fund
Shares held by these funds +32%
Mar '26 3.56 L shares Jul '26
What the price assumes
AttractiveTo justify its price of ₹346, this stock must grow earnings at 7% every year for 5 years. Our analysis caps realistic growth at ~25%. At that growth it is worth ₹875 — upside of 153%.
- Growth the price implies
- 6.7% a year
- for 5 years, fading to 5%
- It has actually compounded at
- Not enough history
- The gap
- -0.2 pp
- 153% downside if it only repeats history
Why this baseline, and what it is built on
EMMVEE demonstrates strong historical earnings growth, with TTM net profit more than doubling over the past year and a half, culminating in a recent TTM growth of over 20%. The company has aggressive capacity expansion plans, targeting 16.3 GW for modules and 8.9 GW for cells by FY27, alongside a new ingot and wafer facility by FY29. These substantial investments, coupled with a very low debt-to-equity ratio, underpin a robust growth outlook. While management's promise track record is mixed, with some instances of ghosted or at-risk guidance, there have also been positive revisions, suggesting a degree of reliability. A conservative stage-1 growth rate of 25% for five years is estimated, reflecting the significant capacity additions and market opportunity, while prudently accounting for potential execution risks and the mixed track record. A four-year fade period is applied, transitioning to a 5% terminal growth rate, and an 11% discount rate is deemed appropriate given the company's growth profile, sector, and moderate execution risk.
Through 2026-03-31
All earnings calls (3)
Read the Q1 FY27 call →Learn to analyse Emmvee Photovoltaic Power Limited
Guides on how to read this kind of business and the numbers that matter.