EMMVEE
Large CapEmmvee Photovoltaic Power Limited
Industrials
Emmvee Photovoltaic Power Ltd. is an integrated manufacturer of solar PV modules (10.3 GW) and TOPCon cells (2.94 GW). It leverages advanced technology and strategic collaborations, focusing on domestic content requirements and expanding capacity to meet India's growing solar demand.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +62% YoY · PAT +89% YoY · +51% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,739 Cr | +62.2% | +51.0% |
| EBITDA | ₹571 Cr | +58.2% | +38.3% |
| Operating margin | 33.0% | -100 bps | -300 bps |
| PAT | ₹392 Cr | +89.4% | +48.5% |
| PAT margin | 22.5% | +323 bps | -38 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue surged 116% YoY to INR 50,499 mn, with PAT up 193% to INR 10,816 mn, driven by higher production volumes and improved cell utilization. EBITDA margin expanded to 34% (from 31%). Q4FY26 also showed strong sequential growth.
The company delivered strong FY26 results, significantly growing revenue and PAT while expanding margins. Capacity additions are on track, and the order book provides multi-year visibility. The strengthened balance sheet and focus on integrated TOPCon manufacturing position it well for future growth, aligning with India's solar policy push.
Solar Module Order Book by Customer Type (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Capacity Ramp-up
Plans to increase module capacity to 16.3 GW and cell capacity to 8.9 GW by FY28 to meet market demand.
Strong Order Book
Order book of 9.4 GW provides multi-year revenue visibility, including a 4.5 GW cell order spanning Dec 2025 to 2030.
Backward Integration
Strategic focus on diversifying into manufacturing ancillary components to capture a larger share of the Bill of Materials (BOM).
TOPCon Technology Leadership
Early-mover advantage in high-efficiency TOPCon technology, supported by collaboration with Fraunhofer ISE, positions the company to respond to market deficit.
Module Manufacturing Lines
Successfully commissioned a 2.5 GW solar module line in May 2025 and another 2.5 GW line in Dec 2025 (Unit V & VI), increasing aggregate capacity to 10.3 GW.
Integrated Cell and Module Facility
Initiated plans for a new 6 GW integrated cell and module manufacturing facility, targeting total installed capacity of 16.3 GW for modules and 8.9 GW for cells by FY28.
Land Allotment and Funding
Completed payment for land allotment for the proposed 6 GW facility at Devanahalli, Bengaluru. IREDA sanctioned a term loan of INR 33,060 mn.
Domestic Content Requirement (DCR)
Well positioned to capitalize on growing demand from government's DCR push, including schemes like CPSU, PM-KUSUM, and PM Surya Ghar.
ALMM Enforcement
Company features in ALMM List II, benefiting from the mandate to prioritize domestically approved solar modules in eligible projects.
Policy Support for Manufacturing
PLI Scheme for Solar PV Manufacturing and proposed ALMM for Cells (from June 2026) support domestic capacity building.
Green Energy Transition
India's power demand is projected to grow 5-7% CAGR over FY25-30E, with solar projected to be 45% of installed capacity by 2035-36.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for assessing full-year growth and margin expansion, especially given the significant capacity additions. QoQ comparison is relevant for Q4FY26 to track sequential momentum in production volumes, utilization, and financial performance.
Revenue from Operations
FY26: INR 50,499 mn (116% YoY growth); Q4 FY26: INR 17,388 mn (62% YoY, 51% QoQ growth).
EBITDA Margin
FY26: 34% (vs 31% in FY25); Q4 FY26: 33% (vs 34% in Q4 FY25, 36% in Q3 FY26).
PAT Margin
FY26: 21% (vs 16% in FY25); Q4 FY26: 23% (vs 19% in Q4 FY25, 23% in Q3 FY26).
Solar PV Modules Production
FY26: 2,999 MW (vs 1,482 MW in FY25); Q4 FY26: 952 MW (vs 598 MW in Q4 FY25, 731 MW in Q3 FY26).
FY28 Capacity Targets
Management targets 16.3 GW for modules and 8.9 GW for cells by FY28, with progress in-line to achieve target COD for the new 6 GW facility.
Integrated Manufacturing Focus
Company aims to enhance its status as a premier integrated manufacturer, leveraging its advanced facilities and TOPCon technology.
Customer Relationship Focus
Focus is on improving quality, size, and repeat customers, as evidenced by increasing average order size among top 10 customers.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | 9.4 GW (FY26) | Sustained growth in order inflows and execution against the multi-year visibility provided by current orders. |
| Solar Cell Capacity Utilization | 79% (Q4FY26) | Maintenance or improvement in utilization rates, especially as new capacities come online. |
| Progress on 6 GW Integrated Facility | Land in possession, IREDA loan sanctioned | Timely commissioning and ramp-up of the new 6 GW integrated cell and module manufacturing facility by FY28. |
| Net Debt / Equity | (0.06)x (FY26) | Maintenance of a strong balance sheet and efficient capital deployment for ongoing expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The reduction in long-term debt will result in a decrease in interest outgo by approximately 35 to 40 crores quarterly.
"reduction in the interest outgo by around 35 to 40 crores quarterly"
The company will repay almost 45 crores of long-term debt in the next two quarters, reducing the balance to 50-55 crore by March 2026.
"repaying almost 45 crores in next two quarters"
Confirmed order book of over 5 gigawatts provides clear revenue and demand visibility for the next 12 to 18 months.
"order book of over 5 gigawatt gives us clear visibility"
Outcome check: Revenue YoY averaged 62.2% across 1 later quarter(s).
The second 2.5 gigawatt module line is scheduled to come online in FY 2026.
"The second 2.5 gigawatt module line will come online in FY 2026"
Trend score and candlestick chart
56NeutralSMA20 +39.4% / mo · near 52W high
Technical chart
EMMVEEdaily · 5Y+52.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 70. Wait for confirmation.
- SMA20 rising (~9.7% over last month) — short-term momentum positive.
- RSI(14) at 70 — overbought zone; risk of mean reversion.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 52.3%.
- Growth contributes 25/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Valuation is weaker at 11/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 87th percentile of the scored universe and 87th percentile within Industrials. Main check: results consistency is weak at 53/100.
High Trust Lite: Promoter holding is 80%. Key concern: OPM spread across recent quarters is 15%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 87th pctile, median 68 · Large: 68th pctile, median 74
23 documents indexed, but claim history is not strong enough yet.
1/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 80%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.10.
- ▸ROCE is 44.8%.
Trust risks
- ▸OPM spread across recent quarters is 15%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 21.10
- P/B
- 6.18
- EV/EBITDA
- 11.43
- Market Cap
- 22851.00Cr
Profitability
- ROE
- 51.10%
- ROCE
- 44.80%
- ROA
- 18.75%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 64.00%
- EPS 5Y
- 158.00%
- Revenue 3Y
- 101.00%
- EPS 3Y
- 395.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 11.19×
- Altman Z
- 8.96
- Book Value
- 53.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 200.00 Cr
- EPS TTM
- 15.62
Shareholding
- Promoter Hold
- 80.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 93%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.