Emmvee Photovoltaic Power

Listed Integrated — per-stock model.

As of 21 Aug 2026

Integrated—

CMP ₹324NSE: EMMVEE

Latest concall

Q4 FY26 · 29 Apr 2026

FY26 revenue ₹5,049 cr (+116%), EBITDA ₹1,734 cr (34% margin), PAT ₹1,082 cr (+193%).
Module capacity 10.3 GW, cell 2.94 GW as of Mar-2026; 100% TOPCon.
Q4 PAT ₹392 cr (+89% YoY); cell utilisation 79% in Q4.
Nov-2025 IPO raised ₹2,900 cr; ₹1,621 cr debt repaid; net cash.

Order-book execution

Order book 9.4 GW (up from 4.9 GW); Q4 inflow 1.27 GW; FY26 domestic-led, zero exports.

Management guidance

New 6 GW integrated cell+module plant at Devanahalli; ₹3,306 cr loan sanctioned.
Targeting 16.3 GW modules, 8.9 GW cells by FY27.
Ingot-wafer backward integration ~9 GW planned, first facility FY29.

Q4 FY26 earnings call (AlphaStreet / SaurEnergy)

Revenue FY26E

5,050₹ cr

EBITDA margin

34%

P/E

17.6×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY20	555	105	19.0%	14	—	—	—	—	—	12.6	—
FY21	424	113	27.0%	9	—	—	—	—	—	8.6	—
FY22	555	104	19.0%	13	—	—	—	—	—	12.6	—
FY23	618	56	9.0%	9	—	—	—	—	—	8.3	—
FY24	952	120	13.0%	29	—	—	—	—	—	26.8	—
FY25	2,336	722	31.0%	369	—	—	—	—	—	68.4	—
FY26	5,050	1,734	34.0%	1,082	—	—	—	—	—	15.6	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q2FY25	402	93	23.0%	35	8.7%
Q3FY25	528	202	38.0%	99	18.8%
Q4FY25	1,072	361	34.0%	207	19.3%
Q1FY26	1,028	350	34.0%	188	18.3%
Q2FY26	1,131	399	35.0%	238	21.0%
Q3FY26	1,152	413	36.0%	264	22.9%
Q4FY26	1,739	571	33.0%	392	22.5%
Q1FY27	1,556	548	35.0%	380	24.4%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

17.6×

EV / EBITDA

11.8×

P/B

6.1×

Operating metrics

What the rest of the dashboard tracks for Emmvee Photovoltaic Power — capacity, auctions, offtake, manufacturing and returns.

2.9 GW

Cell nameplate

ALMM-II 1.553 GW

7.8 GW

Module nameplate

ALMM List-I

19.7%

Greenfield IRR · Cell

at its 34% margin

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
ITIR Phase-II integrated cell line (Bengaluru)	6 GW	Q4 FY27	Q4 FY27	—	on track

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026