Emmvee Photovoltaic Power Ltd.
EMMVEEIndustrials filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
4 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 4 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20251208 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260120 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260505 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260722 | 2026-06-30 | yes |
EMMVEE
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 317.60 |
| 52-week range | not reported for this period |
| Return 1M | -4.82% |
| Return 3M | -5.83% |
| Return 1Y | not reported for this period |
| Return 3Y | not reported for this period |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 1,556.00 |
| Other income | 16.00 |
| Total income | 1,572.00 |
| Cost of materials consumed | 953.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | -74.00 |
| Employee benefit expense | 33.00 |
| Finance costs | 11.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.80 | 0.00 |
| institutions foreign | 0.03 | 0.00 |
| institutions domestic | 0.10 | -0.02 |
| mutual funds | 0.06 | -0.01 |
| public | 0.20 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 4 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|
| Revenue from operations | 1,131.00 | 1,152.00 | 1,739.00 | 1,556.00 |
| Other income | 18.00 | 16.00 | 5.00 | 16.00 |
| Total income | 1,149.00 | 1,168.00 | 1,744.00 | 1,572.00 |
| Cost of materials consumed | 722.00 | 874.00 | 1,145.00 | 953.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | -127.00 | -266.00 | -132.00 | -74.00 |
| Employee benefit expense | 38.00 | 41.00 | 43.00 | 33.00 |
| Finance costs | 55.00 | 33.00 | 13.00 | 11.00 |
| Depreciation and amortisation | 71.00 | 74.00 | 79.00 | 84.00 |
| Other expenses | 99.00 | 90.00 | 112.00 | 96.00 |
| Total expenses | 858.00 | 846.00 | 1,260.00 | 1,102.00 |
| Profit before exceptional items and tax | 292.00 | 322.00 | 484.00 | 470.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 292.00 | 322.00 | 484.00 | 470.00 |
| Current tax | 39.00 | 44.00 | 82.00 | 86.00 |
| Deferred tax | 15.00 | 14.00 | 9.00 | 3.00 |
| Tax expense | 54.00 | 58.00 | 92.00 | 89.00 |
| Profit for the period | 238.00 | 264.00 | 392.00 | 380.00 |
| Profit attributable to owners | — | 0.00 | 392.00 | 0.00 |
| Profit attributable to non-controlling interests | — | 0.00 | 0.00 | 0.00 |
| Other comprehensive income | -2.00 | -1.00 | 3.00 | 2.00 |
| Total comprehensive income | 236.00 | 263.00 | 396.00 | 383.00 |
| Earnings per share, basic | 4.01 | 4.11 | 5.67 | 5.49 |
| Earnings per share, diluted | 4.01 | 4.11 | 5.67 | 5.49 |
Annual results, as filed
| Line | 2026-03-31 |
|---|---|
| Revenue from operations | 5,050.00 |
| Other income | 54.00 |
| Total income | 5,103.00 |
| Cost of materials consumed | 3,412.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | -636.00 |
| Employee benefit expense | 137.00 |
| Finance costs | 155.00 |
| Depreciation and amortisation | 296.00 |
| Other expenses | 403.00 |
| Total expenses | 3,766.00 |
| Profit before exceptional items and tax | 1,338.00 |
| Exceptional items | 0.00 |
| Profit before tax | 1,338.00 |
| Current tax | 199.00 |
| Deferred tax | 57.00 |
| Tax expense | 256.00 |
| Profit for the period | 1,082.00 |
| Profit attributable to owners | 1,082.00 |
| Profit attributable to non-controlling interests | 0.00 |
| Other comprehensive income | -3.00 |
| Total comprehensive income | 1,078.00 |
| Earnings per share, basic | 17.17 |
| Earnings per share, diluted | 17.17 |
Balance sheet, as filed
| Line | 2025-09-30 | 2026-03-31 |
|---|---|---|
| Total assets | 4,449.00 | 5,772.00 |
| Non-current assets | 2,505.00 | 2,713.00 |
| Current assets | 1,944.00 | 3,060.00 |
| Property, plant and equipment | 2,179.00 | 2,632.00 |
| Capital work-in-progress | 156.00 | 10.00 |
| Goodwill | 0.00 | 0.00 |
| Other intangible assets | 1.00 | 1.00 |
| Inventories | 1,096.00 | 1,711.00 |
| Trade receivables | 278.00 | 695.00 |
| Cash and cash equivalents | 43.00 | 243.00 |
| Total equity and liabilities | 4,449.00 | 5,772.00 |
| Equity | 957.00 | 3,695.00 |
| Equity share capital | 119.00 | 138.00 |
| Other equity | 838.00 | 3,556.00 |
| Total liabilities | 3,493.00 | 2,078.00 |
| Non-current liabilities | 2,081.00 | 593.00 |
| Current liabilities | 1,411.00 | 1,485.00 |
| Borrowings, non-current | 1,546.00 | 49.00 |
| Borrowings, current | 317.00 | 128.00 |
| Trade payables | 326.00 | 882.00 |
Cash flow, as filed
| Line | 2025-09-30 | 2026-03-31 |
|---|---|---|
| Net cash from operating activities | 121.00 | 200.00 |
| Net cash from investing activities | -103.00 | -304.00 |
| Net cash from financing activities | -189.00 | 130.00 |
| Purchase of property, plant and equipment | 334.00 | 653.00 |
| Net increase in cash | -175.00 | 24.00 |
| con:CFO.BEFORE_TAX | 143.00 | 391.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 23.00 | 190.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 26.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 13.00 | 13.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2025-11-18 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|
| Promoter and promoter group | 0.80 | 0.80 | 0.80 | 0.80 |
| Domestic institutions | 0.11 | 0.13 | 0.12 | 0.10 |
| Mutual funds | 0.07 | 0.07 | 0.08 | 0.06 |
| Insurance companies | 0.02 | 0.03 | 0.02 | 0.01 |
| Foreign institutions | 0.06 | 0.04 | 0.02 | 0.03 |
| Government | — | — | — | 0.00 |
| Public | 0.20 | 0.20 | 0.20 | 0.20 |
| Non-institutional | 0.03 | 0.03 | 0.05 | 0.07 |
| Shares outstanding | 692345033 | 692345033 | 692345033 | 692345033 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-07-22 | Q1FY27 | Read the call | |
| 2026-05-05 | FYFY26 | Read the call | |
| 2026-01-20 | Q3FY26 | Read the call | |
| 2025-12-08 | Q2FY26 | Read the call |
What they said about it, quarter by quarter
| Topic | FYFY26 | Q1FY27 | Q2FY26 | Q3FY26 |
|---|---|---|---|---|
| Capex | We can see in the cash flow statement that I think you have spent almost INR650-odd crores on capex. | The capital expenditure for the same is expected to be funded largely through internal accruals. | The next question is... “What is the peak revenue potential per one GW and what amount of Capex is required for one GW TopCon facility?” | Then what is also going to be the biggest differentiator is how much of this capacity is going to come in and how much of this capacity is going to be… |
| Capital allocation | And rest, land if you see almost INR 311 crores was the land acquisition for the expansion project. | — | — | — |
| Costs | So, this is the scale of ramp-up, so naturally both on the raw material and finished goods side, it has increased to that extent because this has come… | Secondly, I when I see the financials, I see a sharp quarter-on-quarter drop in the cost of raw materials consumed, about 18%-19% Q-on-Q, while the pr… | So, one is on a short to medium term basis it will be a fixed price contract where the price is locked, and we receive a sizeable advance to block our… | — |
| Debt and cash | As of March 31, 2026, our net debt to equity stood at negative 0.06x. | — | So after repayment, the company’s long-term debt is around 100 crore, plus some small working capital fund utilisation. | — |
| Demand | Schemes such as PM Surya Ghar, PM- KUSUM and other domestic content-linked programs are also creating a more stable demand environment for Indian manu… | Our order book further strengthened to 9.9 gigawatt, supported by fresh order inflows and approximately 1.5 gigawatt. | I’ll go to the next question. “What is the current order book? | I have a two-part question first being can you share some light on the current DCR pricing and where do you see the trend going let's say in the next … |
| Guidance | So, it is in line with the planned progress of the project and we expect to see the module line getting commissioned by the end of this calendar year … | We expect DCR demand to strengthen progressively during FY2027 as grandfathered non-DCR projects are completed and procurement aligned with ALMM requi… | And our Capex outlook for the 6 gigawatt of integrated facility of TopCon cell and module is about 5,500 crores. | — |
| Margin | We closed the financial year with revenue of INR 5,049 crores, EBITDA of INR 1,734 crores, PAT of INR 1,082 crores and an order book of 9.4 gigawatt. | During the quarter, we delivered revenue from operations of INR 1,555 crores, EBITDA of INR 548 crores, and profit after tax is INR 380 crores, with a… | I’ll go to the next question. “As a large chunk of capital raised through IPO was used to repay debt, will it result in increment of profit margin in … | I mean there is no pricing pressures in the market which basically is seen by our EBITDA that we have shown. |
| People | Capacity utilization also improved meaningfully, especially in cells. | We achieved record production across both solar module and solar cells, with higher cell utilization further strengthening the advantages of our integ… | So, with this best integration, the dependency or the, you know, the over-utilization of the transmission lines have been eased out, and that is being… | So, this if you see that it's kept in intentionally basically like you know module capacities have a tendency of peak utilization to be at 60 to 65% w… |
| Pricing | Are you seeing any difficulty in orders or are solar cell plus DCRs pricing going up currently? | Do we -- are we facing any challenges because of that, either in terms of securing the raw materials or in terms of the pricing in India? | So my first question is regarding the pricing trend in both DCR and non-DCR market. | Is this because of a change in your sales mix between DCR and non DCR or are there any pricing pressures you are experiencing in the market right now? |
| Revenue growth | For FY2026, our revenue from operations stood at INR5,049 crores, registering a growth of 116% year-on-year. | Revenue from operations for Q1FY2027 stood at INR 1,555 crores, registering growth of 51% over Q1FY26. | — | — |