EMMVEE share price, P/E, ROE & financials

Emmvee Photovoltaic Power (EMMVEE) had a P/E of 12.1× on 6 Nov 2026, below the industry P/E of 15.5×, and the shares are 32% below their 52-week high. Sales grew 103% a year over 3 years; its ROCE of 34% is the highest among the 7 largest Solar peers. Debt is 0.25× equity, and its dividend yield is 0.4%. It is a small-cap company with a market cap of ₹17,399 Cr, ranked 3rd of 27 Solar companies by market cap; the shares rose 15% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year

Open: ₹250.85
Day high: ₹252.20
Day low: ₹243.05
Prev. close: ₹252.02
Volume: 18.4 L

Health check

5 good · 1 to check

ReturnsAhead
+14.5% over a year, better than 6 of 7 peers.
Price tagCheaper
P/E 12.1 vs industry 15.5.
GrowthStrong
Sales +102.7%, profit +394.4% a year over 3 years.
ProfitabilityStrong
ROCE 34.5% vs peer median 27.4%.
Balance sheetSolid
Debt 0.25× equity, interest covered 10.5×, Piotroski 8 of 9.
Red flags1 to check
32% below its 52-week high.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Solar

26 listed peers. Screen the industry

Small cap

₹17,399 Cr, #3 of 27 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Sep 2026: sales ₹6,023 Cr · profit ₹1,418 Cr

Market cap: ₹17,399 Cr; Small cap
P/E: 12.1; Industry 15.5
Price to book: 3.96; Peers 4.38
Dividend yield: 0.40%
ROE: 53.1%; Peers 29.9%
ROCE: 34.5%; Peers 27.4%
Debt to equity: 0.25; Debt ₹1,108 Cr
EPS (TTM): ₹20.79; Face value ₹2
OPM (TTM): 34.7%; Net margin 23.5%
Sales growth: +39.4%; Latest quarter vs a year ago
Profit growth: +60.6%; Latest quarter vs a year ago
Price to sales: 2.89; EV/EBITDA 8.7

Strengths

Return on equity of 53.1%.
Return on capital employed of 34.5%.
Quarterly profit up 60.6% on a year ago.
Quarterly sales up 39.4% on a year ago.
Net margin of 23.5%.

Risks to check

32% below its 52-week high.

Derived automatically from reported figures. Not a recommendation.

About Emmvee Photovoltaic Power

Emmvee Photovoltaic Power Limited manufactures and sales solar cells, photovoltaic modules, and photovoltaic systems across India and Europe. Its products include TopCon Photovoltaic Module and TopCon Photovoltaic cells. It also executes grid and off-grid photovoltaic power projects on a turnkey basis and operates solar power plants. The company serves independent power producers, entities operating in the commercial and industrial sector, and…

Headquarters: Bengaluru
Sector: Technology
ISIN: INE1C6T01020
Website: emmveepv.com

Price range

52 weeks

₹171.51₹371.55

Today

₹243.05₹252.20

Avg volume (3M): 23.6 L
1-year return: plus 14.5%
From 52-week high: minus 32.4%

Analyst consensus

5 analysts

BuyMean target ₹371.00 47.6%

Target range, with today’s price

Low ₹285.00High ₹430.00

Today’s price ₹251.31 is below the lowest analyst target.

Consensus from Yahoo Finance. Not a recommendation.

Peers · Solar

Capital-heavy industry columns

Compare with peers Screen the whole industry

Company
WAAREEENERWaaree Energies	2,438.00	minus 0.46%	70,129	19.0	12.0	30.1%	19.9%	0.31	57.8%	minus 27.3%
PREMIERENEPremier Energies	890.00	plus 0.85%	40,316	22.5	17.4	27.4%	29.9%	0.86	76.2%	minus 15.3%
EMMVEEEmmvee Photovoltaic Power	251.31	minus 0.28%	17,399	12.1	9.7	34.5%	34.7%	0.25	102.7%	plus 14.5%
KARAMTARAKaramtara Engineering	375.70	minus 0.96%	12,091	52.8	27.7	18.1%	9.0%	0.91	40.4%	plus 6.7%
UTLSOLARFujiyama Power Systems	351.80	minus 9.21%	10,811	35.7	22.5	28.9%	18.8%	0.41	58.7%	plus 68.8%
BORORENEWBOROSIL RENEWABLES	403.20	minus 2.55%	5,934	13.4	12.1	9.5%	30.1%	0.07	20.2%	minus 37.6%
VIKRAMSOLRVikram Solar	142.39	plus 1.95%	5,160	14.1	6.0	20.5%	15.4%	0.20	32.3%	minus 56.6%
SAATVIKGLSaatvik Green Energy	358.60	plus 0.01%	4,558	26.5	8.9	30.8%	9.7%	0.69	95.5%	minus 32.1%
Median of 7 peers	–	−0.46%	10,811	22.5	12.1	27.4%	18.8%	0.41	57.8%	−27.3%

Quarterly results

Consolidated, ₹ crore

SalesSelect a row below to chart it

Sep 25	Dec 25	Mar 26	Jun 26	Sep 26
1,131	1,152	1,739	1,556	1,576
732	739	1,168	1,007	1,019
399	413	571	548	557
35.3%	35.9%	32.8%	35.2%	35.3%
18.4	15.7	5	16.5	2.5
55.2	33.3	13	11.1	9.5
70.9	74	79.2	83.9	84.6
292	322	484	470	465
18.4%	18.1%	18.9%	19.0%	17.9%
238	264	392	380	382
3.44	4.11	5.67	5.49	5.52

Profit & loss

Yearly, ₹ crore

Sales CAGR 3Y: +102.7%
Profit CAGR 3Y: +394.4%
EPS CAGR 3Y: +410.2%
ROE: 53.1%

Net profitSelect a row below to chart it

Mar 2023	Mar 2024	Mar 2025	Mar 2026
605	942	2,326	5,034
–	+55.7%	+147.0%	+116.5%
545	822	1,579	3,237
59.7	119	746	1,797
9.9%	12.6%	32.1%	35.7%
−2.6	31.8	12.8	−30.9
25.6	29.6	100	141
42.7	41.8	156	296
22.9	−31.8	−19.9	8.6
11.7	47.6	483	1,338
23.1%	39.3%	23.6%	19.1%
8.9	28.9	369	1,082
–	+223.3%	+1176.9%	+193.1%
0.13	0.42	5.33	17.17

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore

Total assetsSelect a row below to chart it

Mar 2023	Mar 2024	Mar 2025	Mar 2026
10.8	10.8	10.8	138
130	158	526	3,556
524	1,447	2,065	360
176	574	1,312	1,717
841	2,190	3,914	5,772
506	1,163	2,199	2,652
183	874	154	20.1
–	–	–	27.3
53.5	182	475	273
98.6	−28.7	1,085	2,800
841	2,190	3,914	5,772

Cash flow

Yearly, ₹ crore

Cash from operationsSelect a row below to chart it

Mar 2023	Mar 2024	Mar 2025	Mar 2026
59.5	234	625	200
−131	−1,000	−986	−304
79.8	894	397	130
8.6	129	36.2	26.3
−445	−675	−988	−653
−385	−440	−363	−453

Shareholding pattern

Source: NSE filings

80.0%

promoters

Promoters80.03%
Public19.97%
As of 30 Sep 2026

Quarter	Promoters	Public	Promoter change
30 Sep 2026	80.03%	19.97%	0.00
30 Jun 2026	80.03%	19.97%	0.00
31 Mar 2026	80.03%	19.97%	0.00
31 Dec 2025	80.03%	19.97%	0.00
17 Nov 2025	80.03%	19.97%	–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you